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UBS Latam/EMEA Conference
                New York
Summary




    CPFL Energia and Brazilian Electricity Sector




    CPFL Energia – 3Q07 Highlights and Results




    CPFL Energia – Performance 3 Years Since IPO




2
Since 1997, CPFL Energia has developed an aggressive strategy of
                                             growth in the distribution, generation and commercialization



                                                                             IPO




                                                                                                  CPFL
                                                                                                  Jaguariúna1

    1997           1998              2000               2001   2002   2003   2004   2005   2006     2007




                Recent Acquisitions:

                • CPFL Jaguariúna1 in Apr/07

                • CPFL Santa Cruz2 in Oct/06

                • 11% of CEEE stake in HPP Foz do Chapecó in Aug/06

                • 32.69% of PSEG stake in RGE in May/06




     1) Old company name: CMS Energy Brasil
3    1) Old company name: Cia. Luz e Força Santa Cruz
     2) Base: set/07
CPFL Energia – Distribution Business

                                                                                                               Concession Area
              Concession area: 8 distributors in São Paulo, Rio
              Grande do Sul, Paraná and Minas Gerais States

              Leadership in the distribution business: 13,8%
              of market share1

              Presence in the regions with high growth market
              rate

              73% EBITDA’s and 74% Net Income’s
              contribution to CPFL Energia’s results2


    Concession Area Sales by Segment – 3Q07 (GWh¹)

                                                                             Rubber and
                                                              Chemical         Plastic
                                                  Food and          10%         9%
       23%                                                                                                  Key Indicators – 3Q07
                                                  Beverage
                                                     16%
                                                                                                  Municipalities                     568

    9%                                   49%                                                      Concession Area (km2)             208.300
                                                                                        39%
     6%                                                                                           Population (million)               18,50
                                                       26%                              Others
          13%                                  Metallurgy and
                                             Non-Metallic Minerals                                Clients (million)                  6,22

             Residential        Industrial        Commercial         Rural      Other             Employees                          6.620

       1) Source ANEEL (Sep/07). Considers Brazilian market share
4      1) Ref.: 3Q07
       2) Base: set/07
Brazilian market has 64 distribution’s companies

    Distribution Business:                                                                   Distribution Market Share1 %
                                                              2006

    Distributors (#)                                             64
                                                                                                                   CELESC 4.8%
    Clients (million)                                          59.1                                        COPEL 6.7%            EdB 5.7%
                                                                                                                                   ENDESA 4.2%
                                                                                                 Neoenergia
    Distributed Energy (TWh)                                  347.4                              7.3%                                 Ashmore Energy
                                                                                                                                      3.7%

                                                                                              CEMIG
                                                                                              Companhia
                                                                                              Energética
                                                                                              8.6%

                           Market Breakdown                                                     Brasiliana
                                                                                                                                       Others 33,1%
                                                                                                Energia 12.1%


         The 5 largest groups have 50% of market-share                                                          CPFL Energia
                                                                                                                13.8%
         State-owned companies: 34%

         Private Company: 66%




                                       Spreading proposes consolidation opportunities

      1) 1Q07
5     Source: Aneel – Installed capacity: PDEE 2007-2016   Market breakdown: Acende Brasil
CPFL Energia – Generation Business




                                                              EBITDA Margin around 90%

                                                              16% EBITDA’s and 14% Net Income’s
                                                              contribution to CPFL Energia’s results1




                                                  Operating                    Under Construction

                  Power Plants                5 HPPs1 and 31 SPPs                       3 HPPs

         Installed Capacity                       1,587 MW                              587 MW

             Assured Energy                     797 MWmedium                       285 MWmedium

6   1) Considers 6.93% stake in HPP Lajeado
CPFL Energia’s generation capacity have been increasing since
                                                           2000, reaching 2.2 thousand MW until 2010

                                 Monte Claro       Barra Grande    Campos Novos          Castro Alves         14 de Julho       Foz do Chapecó




         CPFL’s stake (%)            65.00             25.01             48.72                65.00              65.00                 51.00

     CPFL’s capacity (MW)            84.5              172.5             428.8                 84.5               65.0                 436.1

                                                                                            1Q08                  3Q08               3Q10
                      Status        Operating          Operating      Operating           Operating             Operating          Operating

    Installed Capacity and Assured Energy Evolution

                   Installed Capacity (MW)                                                                               25% 2.174
                   Assured Capacity (MWmedium)
                                                                                    48% 1.588         1.737        1.737

                                                                                                                         26%
                                                                             1.072
                                     812        812       854      915                  40%
                          801
                                                                                                                               1.082
                                                                                              801       861         861
             143
                                                          472      525           571
                          440        440        434
              82
             2000         2001       2002       2003      2004     2005          2006     2007(e)     2008(e)     2009(e)      2010(e)


7
Brazilian market has 1,600 generation companies.
                                                                The public sector concentrates 72% of the assets



    Generation Business:                                                 Generation Market Share %
                                                            2006

    Generation Companies (#)                                1,660

    Installed Capacity
                                                           104,822
    (MW)
                                                                                                 Others 35%

                                                                           CPFL Energia 2%

                                                                                                                      Chesf 10%
                                                                             Duke 2%

                                                                          AES Tietê 3%
                                                                                                                      Furnas 9%
                           Market Breakdown                               Copel 4%
                                                                            Tractebel 6%
                                                                                                                 Eletronorte 9%
                                                                                     Cemig 6%
          The 5 largest groups have 50% of the market                                                       CESP 7%
                                                                                                Itaipu 7%
          State-owned companies: 72%

          Private Company: 28%




      Source: Aneel – Installed capacity: PDEE 2007-2016
8     Market breakdown: Acende Brasil
CPFL Energia - Commercialization

           Leadership in the commercialization business: 23% of market share1
           11% EBITDA’s and 12% Net Income’s contribution to CPFL Energia’s results1


                          Growth in the free market
                                                                       91

                                                        600%
                                                                       74

                                               13
                                               9                       14
                                               4
                                          2003                       3Q07
                              Outside Concession Area    Group's Distribution Company


    Commercial Expertise:
    Competitive performance in the free market and value added services – VAS




9   1) Ref.: 3Q07 - CPFL Brasil Consolidated
Captive and Free Market’s Sales Evolution in Brazil

     Sales Evolution - TWh
                                                                                                   30.5
                                                                                      28.9
                                                                         28.0
                                                               26.7                                 25%
                                                        25.6                          24%
                                24.3                           12%       21%
                                                        4%
                                1%


                                                        96%    88%                    76%
                                99%                                      79%                        75%



                                2002                    2003   2004      2005         2006          2007
                                ACR - Free Contracting Ambience         ACL - Regulated Contracting Ambience




                   Currently, free market is responsible for 25% of Brazilian’s energy consumption




10          Source: EPE – Information until Apr, 2007
11
11
Summary




     CPFL Energia and Brazilian Electricity Sector




     CPFL Energia – 3Q07 Highlights and Results




     CPFL Energia – Performance 3 Years Since IPO




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CPFL Energia issues R$ 450 million in Debentures




                                                       Issuer Rating brAA-

                                                       Issuer Rating brA+




                             Issue Characteristics

     Offering Total Value   R$ 450 million

     Issuing Date           September 3rd, 2007

     Term                   Equal three payments in Sep/2012, Sep/2013 and Sep/2014

     Cost                   CDI + 0.45% per year

     Yield Payment          Half-yearly

     Objective              Extension of term from acquisition of CMS Energy Brasil
22
Summary




     CPFL Energia and Brazilian Electricity Sector




     CPFL Energia – 3Q07 Highlights and Results




     CPFL Energia – Performance 3 Years Since IPO




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Investor Relations
Phone.: 55 19 3756 6083
E-mail: ri@cpfl.com.br
Website: www.cpfl.com.br/ri

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UBS Pactual´s Forth Annual LATAM'

  • 2. Summary CPFL Energia and Brazilian Electricity Sector CPFL Energia – 3Q07 Highlights and Results CPFL Energia – Performance 3 Years Since IPO 2
  • 3. Since 1997, CPFL Energia has developed an aggressive strategy of growth in the distribution, generation and commercialization IPO CPFL Jaguariúna1 1997 1998 2000 2001 2002 2003 2004 2005 2006 2007 Recent Acquisitions: • CPFL Jaguariúna1 in Apr/07 • CPFL Santa Cruz2 in Oct/06 • 11% of CEEE stake in HPP Foz do Chapecó in Aug/06 • 32.69% of PSEG stake in RGE in May/06 1) Old company name: CMS Energy Brasil 3 1) Old company name: Cia. Luz e Força Santa Cruz 2) Base: set/07
  • 4. CPFL Energia – Distribution Business Concession Area Concession area: 8 distributors in São Paulo, Rio Grande do Sul, Paraná and Minas Gerais States Leadership in the distribution business: 13,8% of market share1 Presence in the regions with high growth market rate 73% EBITDA’s and 74% Net Income’s contribution to CPFL Energia’s results2 Concession Area Sales by Segment – 3Q07 (GWh¹) Rubber and Chemical Plastic Food and 10% 9% 23% Key Indicators – 3Q07 Beverage 16% Municipalities 568 9% 49% Concession Area (km2) 208.300 39% 6% Population (million) 18,50 26% Others 13% Metallurgy and Non-Metallic Minerals Clients (million) 6,22 Residential Industrial Commercial Rural Other Employees 6.620 1) Source ANEEL (Sep/07). Considers Brazilian market share 4 1) Ref.: 3Q07 2) Base: set/07
  • 5. Brazilian market has 64 distribution’s companies Distribution Business: Distribution Market Share1 % 2006 Distributors (#) 64 CELESC 4.8% Clients (million) 59.1 COPEL 6.7% EdB 5.7% ENDESA 4.2% Neoenergia Distributed Energy (TWh) 347.4 7.3% Ashmore Energy 3.7% CEMIG Companhia Energética 8.6% Market Breakdown Brasiliana Others 33,1% Energia 12.1% The 5 largest groups have 50% of market-share CPFL Energia 13.8% State-owned companies: 34% Private Company: 66% Spreading proposes consolidation opportunities 1) 1Q07 5 Source: Aneel – Installed capacity: PDEE 2007-2016 Market breakdown: Acende Brasil
  • 6. CPFL Energia – Generation Business EBITDA Margin around 90% 16% EBITDA’s and 14% Net Income’s contribution to CPFL Energia’s results1 Operating Under Construction Power Plants 5 HPPs1 and 31 SPPs 3 HPPs Installed Capacity 1,587 MW 587 MW Assured Energy 797 MWmedium 285 MWmedium 6 1) Considers 6.93% stake in HPP Lajeado
  • 7. CPFL Energia’s generation capacity have been increasing since 2000, reaching 2.2 thousand MW until 2010 Monte Claro Barra Grande Campos Novos Castro Alves 14 de Julho Foz do Chapecó CPFL’s stake (%) 65.00 25.01 48.72 65.00 65.00 51.00 CPFL’s capacity (MW) 84.5 172.5 428.8 84.5 65.0 436.1 1Q08 3Q08 3Q10 Status Operating Operating Operating Operating Operating Operating Installed Capacity and Assured Energy Evolution Installed Capacity (MW) 25% 2.174 Assured Capacity (MWmedium) 48% 1.588 1.737 1.737 26% 1.072 812 812 854 915 40% 801 1.082 801 861 861 143 472 525 571 440 440 434 82 2000 2001 2002 2003 2004 2005 2006 2007(e) 2008(e) 2009(e) 2010(e) 7
  • 8. Brazilian market has 1,600 generation companies. The public sector concentrates 72% of the assets Generation Business: Generation Market Share % 2006 Generation Companies (#) 1,660 Installed Capacity 104,822 (MW) Others 35% CPFL Energia 2% Chesf 10% Duke 2% AES Tietê 3% Furnas 9% Market Breakdown Copel 4% Tractebel 6% Eletronorte 9% Cemig 6% The 5 largest groups have 50% of the market CESP 7% Itaipu 7% State-owned companies: 72% Private Company: 28% Source: Aneel – Installed capacity: PDEE 2007-2016 8 Market breakdown: Acende Brasil
  • 9. CPFL Energia - Commercialization Leadership in the commercialization business: 23% of market share1 11% EBITDA’s and 12% Net Income’s contribution to CPFL Energia’s results1 Growth in the free market 91 600% 74 13 9 14 4 2003 3Q07 Outside Concession Area Group's Distribution Company Commercial Expertise: Competitive performance in the free market and value added services – VAS 9 1) Ref.: 3Q07 - CPFL Brasil Consolidated
  • 10. Captive and Free Market’s Sales Evolution in Brazil Sales Evolution - TWh 30.5 28.9 28.0 26.7 25% 25.6 24% 24.3 12% 21% 4% 1% 96% 88% 76% 99% 79% 75% 2002 2003 2004 2005 2006 2007 ACR - Free Contracting Ambience ACL - Regulated Contracting Ambience Currently, free market is responsible for 25% of Brazilian’s energy consumption 10 Source: EPE – Information until Apr, 2007
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  • 12. Summary CPFL Energia and Brazilian Electricity Sector CPFL Energia – 3Q07 Highlights and Results CPFL Energia – Performance 3 Years Since IPO 12
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  • 22. CPFL Energia issues R$ 450 million in Debentures Issuer Rating brAA- Issuer Rating brA+ Issue Characteristics Offering Total Value R$ 450 million Issuing Date September 3rd, 2007 Term Equal three payments in Sep/2012, Sep/2013 and Sep/2014 Cost CDI + 0.45% per year Yield Payment Half-yearly Objective Extension of term from acquisition of CMS Energy Brasil 22
  • 23. Summary CPFL Energia and Brazilian Electricity Sector CPFL Energia – 3Q07 Highlights and Results CPFL Energia – Performance 3 Years Since IPO 23
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  • 35. Investor Relations Phone.: 55 19 3756 6083 E-mail: ri@cpfl.com.br Website: www.cpfl.com.br/ri