1

INSTITUTIONAL PRESENTATION

Financial and Operational Results

March 31st, 2013

Disclaimer

The statements contained in this report regarding the outlook on business,

estimations on financial and operational results and growth prospects for COMGÁS

are merely estimations and, as such, are based exclusively on management

expectations regarding future events and tendencies, that affect or may affect the

business. These estimations are subject to many risks and uncertainties and are

made considering the information currently available, and depend, substancially on

market conditions, the Brazilian economys performance, the business sector and

international markets, and are therefore subject to change without pior notice.

Because of these uncertainties, the investor should not make any investment

decisions based on these estimations and declarations on future operations.

Company Overview

4

HistóricoThe Company’s Course– Over 100 years of history

The British company San Paulo Gas receives authorization to

explore the concession of public services of ilumination in São

Paulo;

Cosan aquires60.1% of Comgás’

social capital from British Gas (BG)

2012

2011

Comgás reached customer

1,000,000;

1996

The company goes public and is traded on the São Paulo Stock Exchange (Bovespa) beginning in 1997;

1959

The company is nationalized and renamed CompanhiaPaulista de Serviçosde Gás (Comgás);

1872

1912The Canadian company Light assumes ownership;

1999

Privatization: The consortium formed by British Gas and Shell obtain a controlling stake in Comgás;

Comgás is consolidated as Brazil’s largest natural gas distributor responsible for more than 30% of the sales of natural gas in the country;

2010

Regulada ...

5

Comgás’ Highlights

Diversified clientbase

Impressive trackrecord: Significant

growth with profibilityand sound capital

structure

Solid regulatoryframework and

transparent concessionscheme

Favorableprospects for natural gas in

Brazil

Premium assetlocated in a strategic

concession area

Substantial growth in the residential

segment

314,034

899,789

1999 2012

# Meters

17

71

1999 2012

# Municipalities

2,500

9,308

1999 2012

Network

1.3

5.3

1999 2012

Volume bi m³

341

5,280

1999 2012

Net Revenue R$ mm

6

Growth since Privatization

50

616

1999 2012

CAPEX R$ mm

Comgás: uma combinação de competências e princípios

7

SHELL BRAZIL HOLDING BV

6.34%

INTEGRAL INVESTMENTS BV

11.86%

SHELL GAS BV

100%

OTHER SHAREHOLDERS

(free float)

21.75%60.05%

Note: On November 5th, 2012, Cosan concluded the acquisition of a 60,05% of participation in Comgás from the BG Group for the

sum amount of R$ 3.4 billion.

Comgás’ Shareholder StructureCurrent Shareholder Structure

Listing of Comgás’ shares in the Stock Exchange: As inserted in the Edict of Privatisation and reflected in the Company’s Bylaws, Comgás is a

publicly traded company with its shares negotiated in the Stock Exchange, condition which must be maintained during the entire concession period.

177 Cities

27% of Brazil’s GDP

Área de concessão

Segments (March 2013)

Residential: 1,230 thousand householders

Commercial: 11.4 thousand meters

Industrial: 1,011 meters

Cogeneration : 25 meters

Thermal Generation : 2 plants

NGV: 318 gas stations

Gas Brasiliano

PresidentePresidentePrudentePrudente

AraçatubaAraçatuba

S.J. Rio S.J. Rio PretoPreto

MaríliaMaríliaBauruBauru

CentralCentral(Araraquara)(Araraquara)

RibeirãoRibeirãoPretoPreto

FrancaFrancaBarretosBarretos

Natural GasSPS

RegistroRegistro

SorocabaSorocabaCOMGÁS

8

Concession Area Advantages

Pipeline intersection (GASBOL, GASAN, GASPAL)

Short distance to supply (Santos Basin)

High demographic density

Population 29.6 Mi

Homes 9.2 Mi

Vehicles 10.0 Mi

POTENTIAL (approximate data)

Concession Area

9

Note: With the opening trading, in 2011, the users with consumption over 300,000 m3/month are considered potentiallyfree.

Market CustomersResidential and Commercial

(small volumes)

Trading and distribution during the concession period

Other Markets Customers (large volumes)

Trading up to 12 years (starting on contract subscription date)

and distribution for the entire concession period

Production and Transportation:

ANP (Federal Parts)

..................

Distribution:

ARSESP (Government Parts)

www.arsesp.sp.gov.br

As a public service provider, Comgás’ activities

are regulated by ARSESP, a government

institution of São Paulo State, which delegated

to Comgás a 30-year term, starting in May

1999 for public service exploration with a one-

time renewal possibility for 20 more years.

REGULATED PRICES AND TARIFFS RULES

Regulated FrameworkComgás is a Regulated Company

The Concession Agreement forcees tariff reviews every 5 years

10

Maximum MarginReview

•Considering the WACC

over the Regulatory Asset

Base + Investments

•Operational Costs

•Depreciation

•Sales Volume

Maximum Pre-defined Tariffs

(discounts may be applied)

•Initial Tariff Structure

includes:

TariffsReadjustments

•Annual Margin adjustment

by inflation index (IGPM)

excluding the X Factor and

the K Factor:

•Gas Costs pass through

(comoddity & transport)

every May 31st (or

eventually before, as

defined by the regulator).

In Tariff Reviews, TheX Factor and The K

Factor are also Defined

• X Factor: Fixed efficiency

factor to be considered in the

PO annual update. In this 3rd

tariff cycle, the X Factor was

set at 0.82% per year.

•K Factor: Adjustment factor

that compensates deviations

from the maximum margin

earned regarding the

maximum margin permitted.

The K Factor was set at

0.009991 R$/m3 in the 4th

year of the 3rd cycle.

P gas + P transport +

Maximum Margin Average (P0)

= TariffP0 * (IGPM – X Factor) + K Factor

Tariff review for the 3rd Cycle (2009-2014):

P0 established in 0.3052 R$/m3

Commercialization Margin set at 1.9%

= + +

Tariff Settlement Process

Santos Basin Pre-Salt

CurrentExpansion

Comgás’ Concession Area

Expansion activities simultaneously progressing in the cities inside the concession area

Targets for 2009-2014 period:

5,000km of network to be established

282km of network renewal

500k+ clients to be connected

15 working fronts simultaneously

1,000 direct employees and more than 4,000 indirect working on the expansion

Aims for excellence in operational safety and integrity of the distribution network

Extensive field analysis and selection of the best opportunities considering:

Distance from existing network

Demographic density

Economic profile and propensity for consumption

Perspective of future development

Potential for integration of various market segments

11

Business PlanGeographic Expansion

1Q12 1Q13

68%

6%

4%

3%

2%17%

66%

5%0%

20%

7%

2%

+15%

12

Volumein million of m3

1,187

1,367

413.7 mi R$

1.4 bi m³

Margin

Volume

72,0%

6,8%

5,2%

3,8%

2,1%

10,0%

Industrial Cogeneration NGV Residential Commercial Thermal Generation

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Industrial Segment: Sector Composition

CAGR (00-12)

10.0%

1,676

2,243

2,952

3,418

3,812

4,342

4,761

5,069

4,261

5,253 5,259

4,8354,910

+8.8%

13

Volumein million of m3

72,0%

6,8%

5,2%

3,8%

2,1%

10,0%

Industrial Cogeneration NGV Residential Commercial Thermal Generation

22.7%

19.0%

14.4%

12.3%

10.1%

7.6%

6.4%

3.4%

2.2%

1.0%

0.7%

0.2%

CHEMICAL / PETROCHEMICAL

CERAMICS

PAPER AND CELLULOSE

METALS / FOUNDRY AND NON

FERROUS

GLASS / CRYSTALS

DRINKS / FOOD

AUTOMOTIVE / PNEUMATIC

TEXTILE / LAUNDRY / DRY

CLEANING

OTHERS

STEEL SECTOR

PHARMACEUTICAL

ELECTRO / ELECTRONIC

Fornecimento de Gás Natural: CONTRATOS

14

Daily quantity contracted:

approximately 13.3 millions of m³/day, besides auction contracts.

Daily quantity demanded:

approximately 12.9 millions of m³.

Contracts

Natural Gas Supply

Contracts TCQ Firm Contract Auction Thermoelectric

Contract Models Firm Firm Firm of Short Term Back to Back

Gas Source Bolivian UndeterminedSurplus of PB's contracts with other

distributors / thermal power plantsUndetermined

End of Contract Jun/19 Dec/13 Sep/13 Dec/13

Commodity + TransportationFixed Charge +

Variable Charge

Transportation: annual

readjustment according to USA

Inflation: CPI

Fixed Charge: annual readjustment

by IGP-M

Commodity: quarterly correction

based on Oil Basket

+ Exchange Rate

Variable Charge: quarterly

correction based on Oil Basket

2.76 MMm3/day

PPI + IGPM and exchange

variation according to the

American dollar

DQC

Price

8.10 MMm3/day 5.22 MMm3/day according to bids

According to the bid made by the

Auction Winner

Key growth strategy for Comgás:

Geographic expansion, capturing the existing potential and connecting around 100.000 clients per year

Increase average unit consumption by optimizing and expanding customer base

High potential market, with growth driven by:

New real estate developments

Gas conversions in built residences

Large customer base with more than 1 million residential clients

Alternative for LPG and electricity

Concession Area Potential(1)

15

+ 47 thousand new buildings (launches/developments) to be captured

ResidentialDescription

Note(1): MM of households

Casas7.5

Apart.1.7

31.2%

65.5%

3.3%

87.8%

10.9%

1.3%customers to be captured

market to be studied

already connected to NG

16

IndustrialDescription

Comgás is present in all of the relevant industries in the concession area;

A diversified customer base with more than 1,000 corporate clients;

A multi-use product: from the production of heat and low-pressure steam to more

complex processes;

Many advantages compared to other fuels:

No storage requirements

Environmental issues

Guarantee of supply

Low operational costs

Growth Strategy:

Maintain a strong consumer base with future growth in line with growth in GDP / industrial

production

Approach small and medium enterprises (SMEs) to anchor expansion projects

Bring new industrial corporate clients into the concession area

Natural gas vehicle (NGV) may be used as fuel for both individual and mass

transportation;

Stands out for savings and environmental benefits:

Currently, it is more cost competitive than gasoline and ethanol

Strong economic benefit for heavy users

Comgás is currently working with the government to implement public policies that

should benefit the sector:

Fiscal incentives (IPVA reduction)

Public transportation policy

Growth Strategy:

Project in development: use of NGV in public transportation and other heavy users

17

Natural Gas Vehicle- NGVDescription

Over 11.1 thousand clients;

Focus on medium and large establishments;

Growth platform integrated with the expansion of the residential segment;

New applications have a high development potential:

Emerging market with high consumption potential

Structure dedicated in developing non conventional application development: acclimatization,

commercial cogeneration and generation during peak hours

18

CommercialDescription

Cogeneration:

Industrial strategic decision aiming efficiency and energy security in the medium and

long term

Sustainable growth depends on firm gas supply and price visibility vis-a-vis electricity

Market with a high potential development

Thermal Generation:

Demand depends on the level of thermal dispatch (determined by the government)

Back to back gas contracts

19

Cogeneration and Thermal GenerationDescription

Financial and Operational Highlights

21

Highlights1Q13

Total volume of 1,367mm³ during 1Q13, 15% above that of 1Q12;

Growth of 44% in investments compared to 1Q12, summing R$ 175mm in 1Q13;

EBITDA of R$ 314mm, variation of +43% compared to 1Q12, due to the regulatory current account;

Network extension of 300 km during the quarter, 15% above that of the same period in 2012;

Third issuance of the Company’s promissory notes in the value of R$ 400mm.

Meters

22

Total per Segment

*UDA’s (Unidade Domiciliar Autônoma)

897,974 887,162 840,915 1.2% 6.8%

1,229,713 1,202,805 1,116,668 2.2% 10.1%

11,435 11,268 10,595 1.5% 7.9%

1,011 1,008 1,010 0.3% 0.1%

2 2 2 0.0% 0.0%

25 25 23 0.0% 8.7%

318 324 347 -1.9% -8.4%

910,765 899,789 852,892 1.22% 6.79%

1,242,504 1,215,432 1,128,645 2.2% 10.1%

1Q13 4Q12 1Q12 1Q13 x 1Q12

RESIDENTIAL

NUMBER OF UDA's*

COMMERCIAL

INDUSTRIAL

1Q13 x 4Q12

THERMAL GENERATION

COGENERATION

AUTOMOTIVE

TOTAL METERS

TOTAL CUSTOMERS

23

Volume per Segmentin thousands of m3

*Excluding Thermal Generation

41,815 50,469 40,882 -17.1% 2.3% 198,872 183,028 8.7%

25,793 28,274 26,196 -8.8% -1.5% 111,662 108,272 3.1%

928,145 937,275 934,538 -1.0% -0.7% 3,788,744 3,850,930 -1.6%

82,659 89,344 86,034 -7.5% -3.9% 357,530 345,754 3.4%

59,961 66,759 67,679 -10.2% -11.4% 274,809 290,878 -5.5%

1,138,373 1,172,121 1,155,329 -2.88% -1.47% 4,731,617 4,778,862 -1.0%

12.6 12.7 12.7 12.9 13.1

527,014 55,884 843.0%

1,367,015 1,428,911 1,187,547 -4.33% 15.11% 5,258,631 4,834,746 8.8%

228,642 256,790 32,218 -11.0% 609.7%

TOTAL

MMm³/day*

THERMAL GENERATION

TOTAL

INDUSTRIAL

COGENERATION

AUTOMOTIVE

RESIDENTIAL

COMMERCIAL

2012 2011 2012 x 20111Q13 4Q12 1Q12 1Q13 x 4Q12 1Q13 x 1Q12

75

129 122

1Q12 4Q12 1Q13

220258

314

1Q12 4Q12 1Q13

269 270 262

1Q12 4Q12 1Q13

110143

92

1Q12 4Q12 1Q13

22%

43%

-5%

63%

-3%

-3%

-36%

-16%

EBITDA

in million of R$

Normalized IFRS

Net Income

Financial Performance

24

25

Financial Performancein thousand of R$

1,447,744 1,467,168 1,120,356 -1.3% 29.2% 5,279,523 4,102,660 28.7%

-1,032,376 -1,083,253 -801,415 -4.7% 28.8% -3,881,871 -2,996,617 29.5%

415,368 383,915 318,941 8.2% 30.2% 1,397,652 1,106,043 26.4%

-99,656 -124,929 -94,249 -20.2% 5.7% -426,442 -387,744 10.0%

-1,358 -1,520 -4,516 -10.7% -69.9% -9,450 -2,015 369.0%

314,354 257,466 220,176 22.1% 42.8% 961,760 716,284 34.3%

-79,702 -73,438 -67,124 8.5% 18.7% -290,008 -240,595 20.5%

-50,023 -28,957 -39,749 72.7% 25.8% -163,650 -159,960 2.3%

184,629 155,071 113,303 19.1% 63.0% 508,102 315,729 60.9%

121,591 129,280 74,509 -5.9% 63.2% 366,655 236,139 55.3%

Normalized by Current Account (unaudited figures)

-46,420 18,757 53,916 -347.5% -186.1% 230,528 380,025 -39.3%

262,013 269,935 268,735 -2.9% -2.5% 1,169,892 1,107,120 5.7%

91,893 142,598 110,077 -35.6% -16.5% 522,561 490,712 6.5%NET INCOME

Financial Results

OPERATIONAL RESULT

NET INCOME

CURRENT ACCOUNT

EBITDA

Cost of Assets and / or Services Rendered

GROSS MARGIN

Expenditures with Sales, General and Adm.

Other Operational Results

EBITDA

Depreciation and Amortization

2012 2011 2012 x 2011

NET SALES

1Q13 4Q12 1Q12 1Q13 x 4Q12 1Q13 x 1Q12

26

Financial IndicatorsAnnualized figures

19.15 18.84 11.02

4.06 4.32 2.49

0.99 0.97 1.55

2.15 2.27 2.74

0.40 0.39 0.33

0.68 0.58 0.62

28.7% 26.2% 28.5%

21.7% 17.5% 19.7%

8.4% 8.8% 6.7%

7.8% 8.7% 6.6%

21.2% 22.9% 22.6%

Normalized by Current Account (unaudited figures)

27.6% 30.1% 35.4%

19.9% 20.5% 25.8%

7.0% 10.8% 25.8%

1Q13 4Q12 1Q12

Gross Revenue (%)

Equity per share ($)

Earnings per share ($)

Net Debt over Equity (x)

Net Debt over EBITDA (x)

Short Term Debt over Total Debt (x)

Current Ratio (x)

Gross Revenue (%)

EBITDA Margin (%)

Net Margin (%)

Return on Assets (%)

Return on Equity (%)

Net Margin (%)

EBITDA Margin (%)

27

Current Accountin million of R$

29 12

-55

-157

-230

-198

-128

-5

150

204

360 362 381

334

dec.09 mar.10 jun.10 sep.10 dec.10 mar.11 jun.11 sep.11 dec.11 mar-12 jun.12 sep.12 dec.12 mar.13

751

244 162 186 101 188

297

55 94 99 276 147

2013 2014 2015 2016 2017 2018 forward

Local Currency Foreign Currency

Estrutura de Endividamento

299256 285

377335

1,048

Debt Structurein thousands of R$

Debt Amortization Schedule (R$ mm) Debt Composition – Mar/13

*EBITDA considering the last 12 months

Short

Term40%

Long

Term60%

EIB20%

BNDES

41%

Others

38%

Debt Mar 13 Mar 12

Short Term Debt 1,048,314 708,298

Long Term Debt 1,551,233 1,437,644

Total Debt 2,599,547 2,145,942

(-) Cash 327,504 104,341

(=) Net Debt 2,272,044 2,041,601

EBITDA 1,057,385 744,082

Net Debt / EBITDA 2.15 2.74

Short Term Debt / Total Debt 0.40 0.33

Investimentos

29

Investmentsin million of R$

121

175

mar/12 mar/13

+44%

262300

mar/12 mar/13

Network Extension (in thousands of km)

São João da Boa Vista

Hortolândia

Monte Mor

Capivari

Taubaté

Piracicaba

Osasco II

Rio Claro

Main Projects

+15%

2.6 2.93.3 3.6 3.9

4.54.9 5.1

5.76.2

6.9

8.0

9.3

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

100

229200

230

276

474

426397 403 406 405

510

616

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Investimentos

Main Projects:Network Extension (in thousand of km):

Mogi das CruzesTaubatéOsasco IIGuarulhos

São José dos CamposItaquera

São Bernardo do CampoRio Claro

Jabaquara IIHortolândiaCampinas IIPiracicaba

New Projects:

SJBV / AguaíTaboão da Serra

Santo AndréSantos Noroeste

30

71 municipalities

connected

Investmentsin million of R$ +21%

31

PAY OUT Previous Accountability

PAY OUT IFRS

Shareholder Remunerationin million of R$

Nota: Payout calculated based on remuneration deliberated by the Company during the period

11 1627 25

303330 334

275 268

427450

200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

17% 15%26%

10%

95%77% 75%

53%

73%

105%92%

38%

74%

190%

55%

32

Market Performance(Jan – Mar 2013)

-

2.000

4.000

6.000

8.000

10.000

12.000

14.000

80

85

90

95

100

105

Volume CGAS5 IBOV

CGAS5Dec 12 = R$ 58.50Mar 13 = R$ 56.00Var = -4.27%

IBOVDec 12 = 60,952Mar 13 = 56,352Var = -8.16%

Base 100 Vol CGAS5 (R$ 000)

INVESTOR RELATIONS

investidores@comgas.com.br

www.comgas.com.br/en/investors

ROBERTO LAGE CFO and

IRO

ANDRÉ SALGUEIROInvestor Relations

Rua Olimpíadas, nº 205, 10º floor - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil33