1. 111
COMPANHIA DE GÁS
DE SÃO PAULO
Financial Results
- December 2008 -

2. 222
Highlights: 2008
 Volume sold 5.2 billion Cu.M. in 2008, up 3.6% when compared to 2007;
 Net Revenue of R$ 4.0 billion in 2008, an increase of 24.2% related to 2007;
 Net Income of R$ 514.0 million in 2008, 16.0% growth compared to 2007;
 EBITDA of R$ 1,035 billion in 2008, 11.9% growth compared 2007;
 R$ 275.4 million in dividends paid in 2008, related to 2007 results;
 Over 81.4 thousand residential units added in 12 months, reflecting the focus of the company in the
expansion of residential market;
 Annual CAPEX totaled R$ 403 million.

3. 333
Contracts:
Natural Gas Supply – Year 2008
• DCQ: 0.6 MM Cu.M./day
• Contract Expiration: May 2011
 Commodity:
Oil Basket (Brent)
+ Exchange Rate
 Transport:
USA Inflation (CPI)
 TCQ CONTRACT: Natural Gas coming from Bolivia
• DCQ: 8.7 MM Cu.M./day
• Contract Expiration: June 2019
 BG CONTRACT: Natural Gas coming from Bolivia
FIRM GSA “Novo Contrato Firme”
• DCQ: 3.5 MM Cu.M./day
• Contract Expiration : December 2012
 70%
Oil Basket (Brent) +
Exchange Rate
 30%
Brazilian PPI (IGPM)
FIRM ENERGY GSA “Contrato Firme Flexível”
• DCQ: 1.0 MM Cu.M./day
•Contract Expiration: December 2012
PREFERENCIAL GSA “Contrato Interruptível”
• DCQ: 0 to 1.5 MM Cu.M./day
• Contract Expiration: December 2010
PRICE:
 70%
Oil Basket (Brent) +
Exchange Rate
 30%
Brazilian PPI (IGPM)
FIRM

4. 444
Comgás: Sales per Segment
In Thousand Cu.M.
* MMm3/day excluding thermal generation
4Q08 3Q08 4Q07
D
4Q08/3Q08
D
4Q08/4Q07
2008 2007
D
2008/2007
35,999 38,334 31,755 -6.1% 13.4% Residential 135,944 120,742 12.6%
25,429 26,087 25,484 -2.5% -0.2% Commercial 99,633 98,600 1.0%
882,194 1,003,070 961,239 -12.1% -8.2% Industrial 3,855,030 3,960,145 -2.7%
71,459 55,439 76,942 28.9% -7.1% Thermal generation 333,301 81,937 N.A.
73,408 75,028 75,856 -2.2% -3.2% Cogeneration 304,403 225,875 34.8%
124,356 127,288 150,367 -2.3% -17.3% NGV 524,725 582,066 -9.9%
1,212,846 1,325,246 1,321,643 -8.5% -8.2% 5,253,036 5,069,365 3.6%
12.4 13.8 13.5 MMm3/day* 13.4 13.7

5. 555
Comgás: Meters per Segment
* UDAs (Householders).
Dec-08 Sep-08 Dec-07
D
Dec08/Sep08
D
Dec08/Dec07
Residential
Number of UDAs *
Commercial
Industrial
Thermal Generation
Cogeneration
NGV
620,191 604,430 562,175 2.6% 10.3%
765,103 745,144 683,692 2.7% 11.9%
8,885 8,755 8,563 1.5% 3.8%
1,004 1,011 989 -0.7% 1.5%
2 2 2 0.0% 0.0%
20 19 16 5.3% 25.0%
401 403 384 -0.5% 4.4%
630,503 614,620 572,129 2.6% 10.2%
NGV401 403 384

6. 666
78.1%
73.4%
2.4%
2.6%
1.9%
1.9%
11.5%
10.0%
4.5%
5.8%
1.6%
6.3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008
Thermal Generation
Cogeneration
NGV
Commercial
Residential
Industrial
Volumes per Segment
MM Cu.M.
5,069 5,253
+ 3.6%

7. 777
74.0% 72.7%
8.9% 8.9%
4.1% 3.8%
9.4%
8.5%
3.0% 4.0%
0.6% 2.1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008
Thermal Generation
Cogeneration
NGV
Commercial
Residential
Industrial
Gross Revenue per Segment
R$ thousand+ 24.2%
4,025,920 4,999,759

8. 888
65.0% 64.8%
19.4% 19.9%
7.5% 7.1%
5.7% 4.7%
2.2% 2.8%
0.3%
0.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008
Thermal Generation
Cogeneration
NGV
Commercial
Residential
Industrial
Margin per Segment
R$ thousand
1,223,359 1,415,535
+ 15.7%

9. 999
Comgás: Financial Results
R$ thousand
1,054,801 1,130,233 836,377 -6.7% 26.1% 3,989,074 3,211,912 24.2%
(728,483) (727,908) (514,817) 0.1% 41.5% (2,622,738) (1,998,081) 31.3%
326,318 402,325 321,560 -18.9% 1.5% 1,366,336 1,213,831 12.6%
(135,915) (115,218) (117,348) 18.0% 15.8% (466,291) (397,639) 17.3%
(35,400) (34,772) (30,223) 1.8% 17.1% (134,946) (109,125) 23,7%
(34,874) (32,199) (38,502) 8.3% -9.4% (122,159) (134,120) -8.9%
155,529 254,908 165,710 -39.0% -6.1% 777,886 682,072 14.0%
(14,902) (16,816) (18,241) -11.4% -18.3% (61,285) (59,419) 3.1%
225,803 321,879 234,435 -29.8% -3.7% 1,034,991 925,317 11.9%
Net Sales Revenue
Cost of Goods Sold and/or Services Rendered
Gross Income
Selling, General and Administrative Expenses
Depreciation and Amortization
Financial Results
Operating Income
Net Income
EBITDA
2.3%-38.6%100,495167,550102,806 514,045 442,991 16.0%
Non Operating Result
23.7%
4Q08 3Q08 4Q07 4Q08/3Q08 4Q08/4Q07 2008 2007 2008/2007
DD D

10. 101010
Comgás: Financial Indicators
Note:
(1) Results achieved during the period were annualized;
4Q08 3Q08 4Q07 2008 2007
9.5 9.7 8.9 Equity per shares ($) 9.5 9.0
0.9 1.4 0.8 Earnings per shares ($) 4.3 3.7
124.7% 109.0% 108.5% Net Debt/ Equity (%) 124.7% 108.5%
0.8 0.8 0.7 Current Ratio (x) 0.8 0.7
30.9% 35.6% 38.4% Gross Margin (%) 34.3% 37.8%
9.7% 14.8% 12.0% Net Margin (%) 12.9% 13.8%
21.4% 28.5% 28.0% EBITDA Margin (%) 25.9% 28.8%
10.2% 18.2% 12.8% Return on Assets (%) 12.8% 14.1%
36.2% 57.4% 37.3% Return on Equity (%) 45.2% 41.2%
4Q08 3Q08 4Q07 2008 2007
9.5 9.7 8.9 Equity per shares ($) 9.5 9.0
0.9 1.4 0.8 Earnings per shares ($) 4.3 3.7
124.7% 109.0% 108.5% Net Debt/ Equity (%) 124.7% 108.5%
0.8 0.8 0.7 Current Ratio (x) 0.8 0.7
30.9% 35.6% 38.4% Gross Margin (%) 34.3% 37.8%
9.7% 14.8% 12.0% Net Margin (%) 12.9% 13.8%
21.4% 28.5% 28.0% EBITDA Margin (%) 25.9% 28.8%
10.2% 18.2% 12.8% Return on Assets (%) 12.8% 14.1%
36.2% 57.4% 37.3% Return on Equity (%) 45.2% 41.2%
4Q08 3Q08 4Q07 2008 2007
9.5 9.7 8.9 Equity per shares ($) 9.5 9.0
0.9 1.4 0.8 4.3 3.7
126.5% 109.0% 108.5% Net Debt/ Equity (%) 126.5% 108.5%
0.8 0.8 0.7 0.8 0.7
30.9% 35.6% 38.4% Gross Margin (%) 34.3% 37.8%
9.7% 14.8% 12.0% 12.9% 13.8%
21.4% 28.5% 28.0% EBITDA Margin (%) 25.9% 28.8%
10.2% 18.2% 12.8% 12.8% 14.1%
36.2% 57.4% 37.3% Return on Equity (%) 45.2% 41.2%

11. 111111
R$ MM
153(b)
100(c)
50(a)
152(b)
178(a)
120(b)
59.5(b)
46(a)
59.4(b)
49(a)
150(b)
62.7(b)
62.7(b)
Dividends Paid
(c) Intermediate dividends over retained earnings
(b) Dividends referring to previous year
(a) Interpolate dividends over the current year result
10% 77%95%26%15%17% 75% PAYOUT53%

12. 121212
Investments – 2000 to 2008
Over R$ 2.7 billion invested in the period
Network Extension:
Dec/07: 5,255 km’s
Dec/08: 5,704 km’s
Main Projects:
Campinas Project
Castelo Branco Project
Santos/ São Vicente Project
CAPEX
R$ MM

13. 131313
Investor Relations
Companhia de Gás de São Paulo – COMGÁS
www.comgas.com.br/en/investors/
Roberto Lage
CFO and IRO
Renata Oliva
Investor Relations
Rua Olimpíadas, nº 205, 10º andar - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil