1

INSTITUTIONAL PRESENTATION

Financial and Operational Results

December 31st, 2012

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

History

1872: The British company San Paulo Gas receives authorization to explore the concession of public services of

ilumination in São Paulo;

1912: The Canadian company Light assumes ownership;

1959: The company is nationalized and renamed Companhia Paulista de Serviços de Gás (Comgás);

1968: The joint-stock company is incorporated under the control of the city government and is named

Comgás;

1984: Comgás is taken over by Companhia Energética de São Paulo (CESP), the state-owned power utility;

1996: The company goes public and is traded on the São Paulo Stock Exchange (Bovespa) beginning in 1997;

1999: PRIVATIZATION: The consortium formed by British Gas and Shell obtain a controlling stake in Comgás;

2010: Comgás is consolidated as Brazil’s largest natural gas distributor responsible for more than 30% of the

sales of natural gas in the country;

2011: Comgás reached customer 1,000,000;

2012: Cosan aquires 60.1% of Comgás’ social capital from British Gas (BG)

The Company’s Course

Regulada ...

5

Comgás’ Highlights

Premium asset locatedin a strategic concession

area

Substantial growth in theresidential segment

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

1999 2012 CAGR

R$ 341mm Net Revenue R$ 5,280mm 26%

1.3 bi m3 Volume 5.3 bi m3 12%

R$ 50mm CAPEX R$ 616mm 23%

2,500 km Network 9,308 km 12%

17 # Municipalities 71 13%

314,034 # Meters 899,789 9%

6

Growth since Privatization

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 (December 2012)

Residential: 1,203 thousand householders

Commercial: 11.3 thousand meters

Industrial: 1,008 meters

Cogeneration : 25 meters

Thermal Generation : 2 plants

NGV: 324 gas stations

Gas Brasiliano

PresidentePresidentePrudentePrudente

AraçatubaAraçatuba

S.J. Rio S.J. Rio PretoPreto

MaríliaMaríliaBauruBauru

CentralCentral(Araraquara)(Araraquara)

RibeirãoRibeirãoPretoPreto

FrancaFrancaBarretosBarretos

Natural GasSPS

RegistroRegistro

SorocabaSorocabaCOMGÁS

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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

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Business PlanGeographic Expansion

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%

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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

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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)

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

ResidencialDescription

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

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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

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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

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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

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Cogeneration and Thermal GenerationDescription

Financial and Operational Highlights

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Highlights

Record volume: the total volume distributed was 5,259mm³, 8.8% above that of 2011;

Record investments: R$ 616 million in 2012, in which R$ 189 million were invested during the 4Q2012;

Record residential connections: 115 thousand new households connected during the year;

Record network extension: 1,282 km of network built during the year;

Record revenue: R$ 6,5bi of gross revenue and R$ 5,3bi of net sales during the year;

Extraordinary tariff adjustment: because of the dollar volatility and consequent raise of gas cost, on 11/29

ARSESP authorized new tariffs. Despite the adjustment, the account balance closed the year in R$ 381mm;

Funding: on October 2nd, a long term funding contract was signed with BNDES, of the sum total of R$ 1.1

billion;

ARSESP’s approval: transfer of 60.1% of BG’s participation in Comgás to Provence Participações S.A.

(company controlled by Cosan S.A. Indústria e Comércio);

Incorporation: in December, Provence Participações S.A. was incorporated by Comgás, resulting in the

amount of R$ 844mm recorded as a deferred tax.

Year of 2012

Meters

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Total per Segment

*UDA’s (Householders)

887.162 871.934 824.457 1,7% 7,6%

1.202.805 1.177.761 1.087.705 2,1% 10,6%

11.268 11.106 10.381 1,5% 8,5%

1.008 1.012 1.002 -0,4% 0,6%

2 2 2 0,0% 0,0%

25 23 23 8,7% 8,7%

324 329 357 -1,5% -9,2%

899.789 884.406 836.222 1,74% 7,60%

1.215.432 1.190.233 1.099.470 2,1% 10,5%

4Q12 4Q11

THERMAL GENERATION

INDUSTRIAL

3Q12 4Q12 x 4Q11

RESIDENTIAL

NUMBER OF UDA's*

COMMERCIAL

4Q12 x 3Q12

COGENERATION

AUTOMOTIVE

TOTAL METERS

TOTAL CUSTOMERS

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Volume per Segmentin thousands of m3

*Excluding Thermal Generation

50,469 56,789 48,399 -11.1% 4.3% 198,872 183,028 8.7%

28,274 29,293 27,993 -3.5% 1.0% 111,662 108,272 3.1%

937,275 970,248 932,850 -3.4% 0.5% 3,788,744 3,850,930 -1.6%

89,344 92,440 87,553 -3.3% 2.0% 357,530 345,754 3.4%

66,759 70,081 75,799 -4.7% -11.9% 274,809 290,878 -5.5%

1,172,121 1,218,851 1,172,594 -3.8% 0.0% 4,731,617 4,778,862 -1.0%

12.7 13.2 12.7 12.9 13.1

256,790 75,356 10,479 240.8% 2350.5% 527,014 55,884 843.0%

1,428,911 1,294,207 1,183,073 10.4% 20.8% 5,258,631 4,834,746 8.8%

AUTOMOTIVE

4Q12 x 3Q12 4Q12 x 4Q11

COMMERCIAL

TOTAL

INDUSTRIAL

COGENERATION

4Q11

TOTAL

MMm³/day*

THERMAL GENERATION

4Q12 3Q12

RESIDENTIAL

2012 2011 2012 x 2011

72%

7%

5%

4%

2%

10%

56%

4%

3%

27%

9%

1%

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Margin x Volume

Margin Volume

in IFRS

5.3 bi m³1.4 bi R$

72,0%

6,8%

5,2%

3,8%

2,1%

10,0%

Industrial Cogeneration NGV Residential Commercial Thermal Generation

107 177

347 330

549 668

860 925

1.035

838 928

1.107

962

1.363 1.182

716

1.170

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

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CAGR (00-12)

22.1%

EBTIDAin million of R$

Normalized IFRS

Note: Calculation of CAGR using normalized results

45 64 108 103

242

319

427 443

514

368 413

487

367

690

580

236

523

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

25

Net Incomein million of R$

CAGR (00-12)

22.7%

Normalized IFRS

Note: Calculation of CAGR using normalized results

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Financial Performancein thousand of R$

1.467.168 1.413.476 1.067.984 3,8% 37,4% 5.279.523 4.102.660 28,7%

-1.083.253 -990.012 -833.143 9,4% 30,0% -3.881.871 -2.996.617 29,5%

383.915 423.464 234.841 -9,3% 63,5% 1.397.652 1.106.043 26,4%

-124.929 -104.439 -117.250 19,6% 6,5% -426.442 -387.744 10,0%

-1.520 -2.217 -1.496 -31,4% 1,6% -9.450 -2.015 369,0%

257.466 316.808 116.095 -18,7% 121,8% 961.760 716.284 34,3%

-73.438 -77.293 -63.437 -5,0% 15,8% -290.008 -240.595 20,5%

-28.957 -47.312 -19.234 -38,8% 50,6% -163.650 -159.960 2,3%

155.071 192.203 33.424 -19,3% 364,0% 508.102 315.729 60,9%

129.280 127.087 35.155 1,7% 267,7% 366.655 236.139 55,3%

Normalized by Current Account (unaudited figures)

18.757 2.486 155.205 654,5% -87,9% 230.528 380.025 -39,3%

269.935 312.348 270.455 -13,6% -0,2% 1.169.892 1.107.120 5,7%

142.598 129.670 138.529 10,0% 2,9% 522.561 490.712 6,5%

4Q12

EBITDA

4Q12 x 3Q12

OPERATIONAL RESULT

NET SALES

Cost of Assets and / or Services Rendered

Expenditures with Sales, General and Adm.

GROSS MARGIN

Depreciation and Amortization

3Q12 4Q11

Financial Results

Other Operational Results

NET INCOME

NET INCOME

CURRENT ACCOUNT

EBITDA

4Q12 x 4Q11 2012 x 20112012 2011

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Financial IndicatorsAnnualized figures

18,84 12,38 10,40 18,84 10,40

3,06 4,24 1,97 3,06 1,97

0,97 1,35 1,47 0,97 1,47

2,28 2,45 2,56 2,28 2,56

0,39 0,40 0,22 0,39 0,22

0,58 0,59 0,59 0,58 0,59

26,2% 30,0% 22,0% 26,5% 27,0%

17,5% 22,4% 10,9% 18,2% 17,5%

8,8% 9,0% 3,3% 6,9% 5,8%

6,1% 10,3% 5,5% 6,1% 5,5%

16,2% 34,3% 18,9% 16,2% 18,9%

Normalized by Current Account (unaudited figures)

30,1% 32,0% 39,8% 33,2% 39,6%

20,5% 23,9% 27,7% 24,2% 29,3%

10,8% 9,9% 14,2% 10,8% 13,0%

4Q12 3Q12 4Q11

Return on Assets (%)

Return on Equity (%)

Gross Margin (%)

Net Debt over Equity (x)

Net Debt over EBITDA (x)

Short Term Debt over Total Debt (x)

Current Ratio (x)

Gross Margin (%)

Net Margin (%)

EBITDA Margin (%)

2012 2011

Equity per share ($)

Earnings per share ($)

EBITDA Margin (%)

Net Margin (%)

28

Current Accountin million of R$

528

469

264

153

2912

-55

-157

-230-198

-128

-5

150

204

360 362 381

dec.08 mar.09 jun.09 sep.09 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

EIB 24%

BNDES46%

Others 30%

Long Term61%

Short Term39%

638

277 135 170 114 164

287

52

85 91 184163

2013 2014 2015 2016 2017 2018

forward

Local Currency Foreign Currency

Estrutura de Endividamento

329

220261

298 327

925

Debt Structurein million of R$

Debt Amortization Schedule (R$ mm) Debt Composition - 2012

Debt 2012 2011 2012 x 2011

Short Term Debt 925.305 421.104 120%

Long Term Debt 1.435.120 1.452.956 -1%

Total Debt 2.360.425 1.874.060 26%

(-) Cash 169.725 41.110 313%

(=) Net Debt 2.190.700 1.832.950 20%

EBITDA 961.760 716.284 34%

Net Debt / EBITDA 2,28 2,56 -11%

Short Term Debt / Total Debt 0,39 0,22 74%

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%

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

80

90

100

110

120

130

140

150

CGAS5 - Volume IBOV CGAS5 CGAS3

Ibovespa7.4%

Comgás PNA

33.6%

Comgás ON

27.8%

32

Market Performance(Jan – Dec 2012)

INVESTOR RELATIONS

investidores@comgas.com.br

www.comgas.com.br/en/investors

ROBERTO LAGE CFO and

IRO

PAULO POLEZITreasury and

Investor Relations

ANDRÉ SALGUEIROInvestor Relations

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

33