2. Summary
Energy market overview
CPFL Energia – Highlights and Results
CPFL Energia – Evolution 4 years since IPO
2

3. Brazilian market has 64 distribution’s companies
Market Share1 (%)
Distribution Business – 2007
CPFL Energia 13,3%
Distributors (#) 64
Brasiliana Energia 12,1%
Clients (million) 61 Cemig 8,6%
Distributed Energy (TWh) Neoenergia 7,4%
376.9
Copel 6,8%
EdB 5,7%
Market Breakdown
Celesc 4,0%
• The 5 largest groups have 50%
of market-share Ashmore Energy 3,7%
• State-owned companies: 34% Energisa 3,5%
• Private Company: 66% Others 34,8%
Spreading proposes consolidation opportunities
3 1) ANEEL – Ref. 2Q07 annualized (Recalculation of CPFL’s participation)

4. Brazilian market has 1,695 hydroelectric plants. The public sector
concentrates 70% of the assets
Market Share (%)
Generation Business – 1Q08
Chesf 10%
Hydroelectric plants (#) 1,695 Furnas 9%
Eletronorte 9%
Installed Capacity (MW) 108,852
Cesp 7%
Itaipu 7%
Cemig 6%
Market Breakdown Tractebel 6%
Copel 4%
• The 6 largest groups have 50%
Petrobrás 4%
of the market
AES Tietê 3%
• State-owned companies: 70% Duke 2%
• Private Company: 30% CPFL Energia 2%
Others 31%
4th largest private generation company in Brazil
4 Source: Aneel – last information available Market breakdown: Acende Brasil

5. Summary
Energy market overview
CPFL Energia – Highlights and Results
CPFL Energia – Evolution 4 years since IPO
5

6. CPFL Energia – Highlights
• Brazilian’s largest player in distribution and commercialization
businesses
• Energy market is concentrated in the most developed regions of Brazil
(South/Southeast)
• CPFL is listed in the Novo Mercado in Bovespa and ADR level III in
NYSE
• Differentiated Dividend Policy: payment of 50% of the net income on a
semi-annual basis
• 100% hydraulic generation portfolio, with a strong growth in the
installed capacity in the last few years
• Long term generation and distribution concessions
• 5 distribution companies’ acquisition, 9 SPP’s and RGE’s stake (33%),
Foz do Chapecó HPP’s stake (11%) and Lajeado HPP’s stake (7%) in
the last 2 years, with a R$ 1.1 billion investment
• First company in the Brazilian electric sector to negotiate carbon
credits, through a run-of-stream HPP
• Constitution of CPFL Bioenergia, for investments in energy generation
from biomass
6

7. 7
7

8. CPFL Energia’s Investment Case join the current portfolio growth with acquisition
opportunities
• Operational efficiency focus
• Small distribution companies acquisition, strategically located
Distribution • Large distribution companies acquisition
• Cooperatives acquisition
• Private networks incorporation
• Projects’ conclusion
• SPP’s repowering, construction and acquisition
Generation
• Energy cogeneration through biomass
• Green field projects - Auctions
• Increasing in Value Added Services (VAS) and new products and services
Commercialization • New opportunities - clients between 0.5 and 3.0 MW, supplied by cogeneration or SPP’s
8

9. Increasing scale gains through CPFL Energia’s management expertise
DISTRIBUTION
DEC1 - Hours
14.6 17.0
9.5
8.4
6.4 7.1 7.2
5.4 5.5 6.1
CPFL Mococa CPFL Santa CPFL Leste CPFL Paulista CPFL CPFL Jaguari CPFL Sul RGE Consolidated
'
Cruz Paulista Piratininga Paulista
FEC1 - Times
12.0
9.80
7.76 8.32
6.66 6.74
5.85 5.78 5.82 5.69
CPFL Mococa CPFL Santa CPFL Leste CPFL Paulista CPFL
'
CPFL Jaguari CPFL Sul RGE Consolidated
Cruz Paulista Piratininga Paulista
3Q08 Brazilian Average2
9 (1) Sep/2008 – Annualized values (2) Source: ANEEL. Last available figures – Aug/08

10. Strong growth in the installed capacity and long term concessions in the generation
ventures
GENERATION
Installed Capacity (MW) %
25.1
Assured Energy (MWmedium) 9.3% 2,174
%
Concession Term 48.2
1,737 1,738
1,588
%
25.5
1,072 7.6%
812 854 915 40.2
%
861 862 1,082
800
434 472 525 571
2003 2004 2005 2006 20073 2008(e) 2009(e) 2010(e)
SPP’s CPFL Geração Monte Claro Barra Grande Campos Novos Castro Alves Foz do Chapecó
2027 2036 2036 2035 2036 2036
Serra da Mesa1 CPFL Sul2 Lajeado 14 de Julho
2028 2032 2036
SPP’s
CPFL Jaguariúna3
2015
(1) CPFL has the right of 51.54% of the Assured Energy until 2028 (2) Hydroelectric projects with installed capacity <= 1,000 kW are not eligible to concession
10 (3) Among the 9 SPP’s of CPFL Jaguariúna, 6 are in the situation mentioned in note 2 Note: Includes expected two SPP’s repowering in 2009

11. SPP’s: Greenfield Projects
GENERATION
Partnership to studies and implementation of SPP’s
Feasible in the
medium and long
term
70 analysed projects and
enrollment in ANEEL for 10 projects Capacity:
6 75.6 MW
60
4 Estimated
discarded investment:
• Low Internal Rate of Return
• PPA’s already signed with unattractive prices
projects R$ 285 million
• Impracticable environmental requirements
Feasible in the
short term
Basic projects
and
Technical ANEEL and Installation
environmental
Feasible Projects in the short studies and studies environmental License and
term (up to 30 months) enrollment agencies’ construction of
(necessary for
in ANEEL approval the SPP’s
the previous
license)
OK 2008/2009 2008/2009 24 months
11

12. 12
12

13. CPFL Energia is alert to the opportunities of business involving sugar cane biomass
GENERATION Business Model COMMERCIALIZATION
• High pressure boilers
CPFL invests in the
• Condensing turbines Energy purchased from biomass source to sell
generation-related
• Back pressure turbines in the free market
machinery…
• Substation and transmission
…and receives
the exceed
energy, for a
Energy supply
certain period
contract
Baldin Project – CPFL Bioenergia’s 1st project
• Contract signed: Aug 2008
Amount: over R$ 500 million Sold
• Construction of a sugar cane 100%
CPFL Contract period: 2009 to 2023
bagasse-fired thermoelectric Investment:
generation plant R$ 98 million
• Location: Pirassununga – SP
% of bioelectricity energy purchased in
• Expected operations: April 2010 CPFL Brazil contracts
13%
CPFL will have the right to 25 MW of energy exported 10%
during harvest season: 112 GWh/year
Current After the contract
13

14. 14

15. CPFL presents sales growth in the concession area and in the free market
Concession Area Sales - GWh Free Market Sales (GWh)
27.8%
TUSD
46,475 178.9%
CAPTIVE
41,363
36,364 38,498 36,549
11,230
3,288 7,263 9,585 9,334 8,951
8,887
7,120 6,659
33,076 31,235 31,778 35,245 3,209
27,662
2004 2005 2006 2007 9M08 2004 2005 2006 2007 9M08
Concession Area Sales – GWh – 9M08
6,6%
Brazil1 South1
4,5%
4,1% Southeast1 4,9%
4,3%
3,9%
Note: excludes intercompany transactions (consolidation accounting basis), CCEE and generation sales (except to the free market)
15
15 (1) Source: EPE (3Q08)

16. Conclusion of the 2nd Periodic Tariff Revision cycle for the Group’s distributors,
with CPFL Paulista and RGE’s indexes released in April
1st Cycle 20031 2nd Cycle 2007/083
CPFL Paulista, CPFL Paulista, Acquisitions (CPFL
CPFL Piratininga CPFL Piratininga Santa Cruz and Total
and RGE and RGE CPFL Jaguariúna)
Gross RAB 8,173 9,897 21% 528 10,425 28%
Reintegration Quote 371 430 16% 23 454 22%
Net RAB 3,857 4,547 18% 284 4,832 25%
Parcel B1 1,823 2,208 21% 173 2,381 31%
Reference Company 783 1,028 31% 104 1,132 45%
R$ million
Note: Nominal values (1) Values for the 1st and 2nd cycle using the same methodology: 2nd cycle – exclude PIS/COFINS and R&D charges (2) With financial components
16 (3) Includes adjustment of CPFL Piratininga’s Tariff Revision in Oct. 2008

17. 17
17

18. 18
18

19. 19
19

20. 20
20

21. CPFL Energia supports investment politics aligned with the Group’s growth strategy
Actual Investment (R$ million)
1,425 1,551
418
627
606 633
1,133
606 627 797
2004 2005 2006 2007
Capex Total(1) Acquisitions(2)
May, 2006 Aug, 2006 Oct, 2006 Apr, 2007
Asset
Acquired 32.69% 11% 99.9% 100%
Stake
Investment –
Equity 414 9 203 412
(R$ million)
21 (1) Considers minority shareholder participation’s acquisitions (2) Considers CERFRA Cooperative assets acquisition Note: Hedge not included

22. CPFL’s estimated Capex
CPFL Energia’s investment in the next 5 years: R$ 5 billion
Total Capex (R$ million)
1,196 1,124
890 837
677 789 Distribution
828 Generation
782
815 783
519
296 22 6
108
2008E 2009E 2010E 2011E 2012E
Distribution - R$ million 362 Generation - R$ million
570 546
515 512
391 225
285 258 267 269 271 157
71 81
27 17 5 6 0,3
2008E 2009E 2010E 2011E 2012E 2008E 2009E 2010E 2011E 2012E
Expansion Maintenance Debt Equity
22

23. 23

24. Summary
Energy market overview
CPFL Energia – Highlights and Results
CPFL Energia – Evolution 4 years since IPO
24

25. CPFL Energia – Evolution 4 years since IPO
1
and
1.672 +106%
6
25
25 (1) Considers CPFL’s stake in HPPs

26. Since the IPO, CPFL presents an excellent performance in the capital market
Share performance – Since the IPO1
Bovespa NYSE
158.5% Performance CPFL1 vs. main indexes - 2008
136.0% 211.7%
68.5%
79.0% +4.7% CPFE3
-36.8% ISE
-15.4% -39.5% IBX-100
Ibovespa IEE CPFE3 Dow Jones DJ BR 20 CPL -40.9% IBX-50
-42.4% ITAG
-43.5% IGC
1Q08 2Q08 3Q08 4Q08
Good support of the share price during the crisis:
Share performance – 20081
Bovespa 4.7% NYSE
• Defensive share
• Predominance of readjustments indexed by IGP-M, making
-9.9%
the share attractive in times of inflation acceleration
-20.8%
-35.3%
• Financial crisis has limited impact on the company's
performance (energy consumption is inelastic)
-53.1%
-38.7% • Without currency exposure (Debt with hedge; CVA)
Ibovespa IEE CPFE3 Dow Jones DJ BR 20 CPL • Dividends
26 1) Adjusted per dividends – until December 19th, 2008 (ON = R$ 32,68 and ADR = US$ 41.61)