111

COMPANHIA DE GÁS DE SÃO PAULOCOMGÁS

Financial Results

- September 2009 -

222

Highlights: September 2009

Consistent increase in the residential market: over 89 thousand residential units added in the last

12 months;

Investment Program Continuity: R$ 290 MM invested in 2009;

Short-Term agreement with Petrobrás through an auction in which Comgás contracted quantities

varying from 1.5 to 2.0 MM Cu.M./day between May 2009 to March 2010.

Contracts:

Natural Gas Supply

Contracts TCQ BG Firm Contract Firm of Energy Interruptible Contract Auction

Contract Models Firm Firm Firm Firm of Energy Interruptible Firm of Short Term

Gas Source Bolivian Bolivian Not determinated Not determinated Not determinated

Exceeding contracts of PB with

others distributor / thermal

power plants

DCQ

End of Contract Jun/19 May/11 Dec/12 Dec/12 Dec/10 Mar/10

Commodity + TransportationFixed Charge +

Variable Charge

Fixed Charge +

Variable Charge

Fixed Charge +

Variable Charge

Fixed Charge +

Variable Charge

Transport: annual adjustment

according to USA Inflation (CPI)

Fixed Charge: annual adjustment

according to USA Inflation (PPI)

Fixed Charge: annual adjusted

by IGP-M

Fixed Charge: annual adjusted

by IGP-M

Fixed Charge: annual adjusted

by IGP-M

Commodity: quarterly adjusted

based on Oil Basket (Brent)

+ Exchange Rate

Variable Charge: monthly

adjusted based on oil basket

(including diesel)

+ Exchange Rate

Variable Charge: quarterly

adjusted based on Oil Basket

Variable Charge: quarterly

adjusted based on Oil Basket

Variable Charge: quarterly

adjusted based on Oil Basket

Price According to the Auction

Winner

8.75 MMm3/day until may/2011

8.10 MMm3/day until jun/2019 0.65 MMm³/day 3.5 MMm³/day 1.0 MMm³/day 0 to 1.5 MMm³/day 1.8 MMm³/day

444

Type of Contracts:

Natural Gas Supply

For the Firm GSA, the business model is the traditional one: Comgás buys natural gas from Petrobras and distributes to existing

markets receiving its distribution margin. Natural Gas distribution couldn’t be interrupted.

Firm Flexible Agreement for the Purchase and Sale of Natural Gas: under this type of agreement, Petrobras supplies natural gas

or indemnifies clients for the additional costs incurred due to the consumption of an alternative fuel. Given this distinction, the

number of clients involved is restricted and their chief characteristic is their fuel flexibility (bi-fuel). Gas supply may be interrupted

at the discretion of Petrobras, but with no risk of supply cuts for Comgás consumers. Petrobras will also bear the cost of the

financial impacts incurred by Comgás and the clients in question;

Interruptible Agreement for the Purchase and Sale of Natural Gas: under this type of agreement, Comgás may request a given

volume of gas and Petrobras may or may not comply with this request. Once the request has been complied with, however, supply

may only be interrupted in order to meet demand for the dispatch of thermal power.

General Provisions Contract: establishes the operational and legal rules to be applied to any and all agreements entered

between Comgás and Petrobras.

555

Comgás: Sales per Segment

In thousand Cu. M.

* Excluding Thermal Generation

3Q09 2Q09 3Q08 D

3Q09/2Q09

D

3Q09/3Q089M09 9M08

D

9M09/9M08

41,409 36,150 38,334 14.5% 8.0% Residential 106,770 99,946 6.8%

23,774 23,423 26,087 1.5% -8.9% Commercial 69,005 74,204 -7.0%

914,757 798,173 1,003,070 14.6% -8.8% Industrial 2,415,280 2,972,836 -18.8%

101 2,232 55,439 -95.5% -99.8% Thermal Generation 20,584 261,841 -92.1%

93,649 78,909 75,028 18.7% 24.8% Cogeneration 231,325 230,994 0.1%

88,784 93,202 127,288 -4.7% -30.2% NGV 275,852 400,369 -31.1%

1,162,474 1,032,089 1,325,246 12.6% -12.3% 3,118,816 4,040,190 -22.8%

12.6 11.3 13.8 MMm3/day* 11.3 13.8

666

Comgás: Meters by Segment

* UDAs (Householders)

Sep/09 Jun/09 Sep/08D

Sep09/Jun09

D

Sep09/Sep08

667,151 651,911 604,430 Residential 2.3% 10.4%

834,303 816,212 745,144 Number of UDAs* 2.2% 12.0%

9,123 9,002 8,755 Commercial 1.3% 4.2%

988 991 1,011 Industrial -0.3% -2.3%

2 2 2 Thermal Generation 0.0% 0.0%

22 22 19 Cogeneration 0.0% 15.8%

375 383 403 NGV -2.1% -6.9%

677,661 662,311 614,620 2.3% 10.3%

777

Volumes per Segment

MM Cu.M.

4,040 3,119-22.8%

73.6% 77.4%

2.5%3.4%1.8%

2.2%9.9%8.8%

5.7%

7.4%6.5% 0.7%

9M08 9M09

Thermal Generation

Cogeneration

NGV

Commercial

Residential

Industrial

888

Gross Revenue per Segment

R$ thousand

+ 0.9%3,669,787 3,703,564

73.1% 74.1%

8.7% 9.2%3.8% 4.0%

8.4% 7.8%3.9% 4.7%

2.1% 0.2%

9M08 9M09

Thermal Generation

Cogeneration

NGV

Commercial

Residential

Industrial

999

Margin per Segment

R$ thousand

1,076,255 881,234-18.1%

65.7%61.5%

19.1%23.0%

6.9% 7.9%

4.7% 3.9%2.8% 3.5%

0.8% 0.0%

9M08 9M09

Thermal Generation

Cogeneration

NGV

Commercial

Residential

Industrial

101010

Comgás: Financial Results

R$ Thousand

3Q09 2Q09 3Q08D

3Q09/2Q09

D

3Q09/3Q089M09 9M08

D

9M09/9M08

959,708 986,585 1,130,233 -2.7% -15.1% Net Revenue 2,925,886 2,934,273 -0.3%

-657,692 -727,918 -727,908 -9.6% -9.6% Cost of Goods and/or Services Rendered -2,069,569 -1,894,255 9.3%

302,016 258,667 402,325 16.8% -24.9% Gross Income 856,317 1,040,018 -17.7%

-116,648 -104,831 -115,218 11.3% 1.2% Selling, General and Administrative Expenses -333,912 -330,376 1.1%

-44,141 -40,051 -34,772 10.2% 26.9% Depreciation and Amortization -122,445 -99,546 23.0%

-40,204 -32,085 -32,199 25.3% 24.9% Financial Results -109,344 -87,285 25.3%

0 -10,338 -16,816 -100.0% -100.0% Other Operating Income -26,457 -46,383 -43.0%

145,164 111,413 238,092 30.3% -39.0% Operating Income 386,604 575,974 -32.9%

96,577 79,679 167,550 21.2% -42.4% Net Income 272,061 411,239 -33.8%

229,509 193,887 321,879 18.4% -28.7% EBITDA 644,850 809,188 -20.3%

Note:

For the Ebitda calculation, Comgás has not considered other operating income, since property, plant and equipment write-offs were considered in the operational results according to the Law 11.638.

111111

529468

264

153

2008 1Q09 2Q09 3Q09

D = 61

D = 204

D = 111R$

Mill

ion

Comgás: Regulatory Current Account Balance Evolution

Balance of Gas bill receivables: Cash Effect

121212

Comgás: Financial Indicators

3Q09 2Q09 3Q08 9M09 9M08

10.7 9.9 9.7 Equity per Share ($) 10.7 9.7

0.8 0.7 1.4 Earnings per Share($) 2.3 3.4

1.1 1.3 1.1 Net Debt per Equity (x) 1.1 1.1

1.6 1.9 1.0 Net Debt per EBITDA (x) 2.3 1.6

0.7 0.7 0.8 Current Ratio (x) 0.7 0.8

31.5% 26.2% 35.6% Gross Margin (%) 29.3% 35.4%

10.1% 8.1% 14.8% Net Margin (%) 9.3% 14.0%

23.9% 19.7% 28.5% EBITDA Margin (%) 22.0% 27.6%

10.0% 8.5% 18.2% Return on Assets (%) 9.7% 15.7%

30.2% 26.9% 57.4% Return on Equity (%) 28.3% 47.0%

Note:

Results achieved the period were annualized.

131313

Dividends Paid

R$ MM

---- PAYOUT

11 16 27 25

303330 334

275

200

2001 2002 2003 2004 2005 2006 2007 2008 9M09

17%15%

26%

10%

95%

77% 75%

53%

2009 - Dividends of R$ 200 million declared to be paid in 3 installments during the year:

June 31st, 2009: R$ 100 million (already paid)

August 31st, 2009: R$ 50 million (already paid)

November 30th, 2009: R$ 50 million

141414

100

229 200

230

276

474

426 397 403

290

2000 2001 2002 2003 2004 2005 2006 2007 2008 9M09

Investments – 2000 to 9M09

Over R$ 3.0 billion invested in the period

Network Extension:

Sep /08: 5,590 Kms

Sep/09: 6,098 Kms

D: 508 Kms

Main Projects:

São Bernardo do Campo

Santos

Campinas

Householders Added:

89,159

CAPEXR$ MM

295

9M

08

151515

Investor Relations

Companhia de Gás de São Paulo – COMGÁSwww.comgas.com.br/en/investors

Roberto Lage

CFO and IRO

Paulo Polezi

Treasury and Investor Relations

Renata Oliva

Investor Relations

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