2. 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
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3. 3

4. CPFL Energia’s Investment Case join the current portfolio growth with acquisition
opportunities
• Organic growth and leadership in market-share
• Operational efficiency focus
• Small distribution companies acquisition, strategically located
Distribution
• Large distribution companies acquisition
• Cooperatives acquisition
• Private networks incorporation
• High EBITDA margin
• Long term concessions
• Projects’ conclusion
Generation
• SPP’s repowering, construction and acquisition
• Energy cogeneration through biomass
• Green field projects - Auctions
• Leadership in market-share: 21.3%
• 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
• Consistent results
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5. 5

6. 6

7. Strong growth in the installed capacity and long term concessions in the generation
ventures
GENERATION
Installed Capacity (MW) %
25.1
Assured Energy (MWmedium) 9.4% 2,174
%
Concession Term 48.2
1,738 1,738
1,588
%
25.5
1,072 7.7%
812 854 915 40.2
%
862 862 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
7 (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
7 (3) Among the 9 SPP’s of CPFL Jaguariúna, 6 are in the situation mentioned in note 2

8. 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 2008/2009 24 months
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10. 10
10

11. 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
38,498 41,363
36,364 11,230
3,288 7,263 9,585 9,334 8,951
24,117 7,120
5,828
33,076 31,235 31,778 35,245 3,209 4,277
18,289
2004 2005 2006 2007 1H08 2004 2005 2006 2007 1H08
Concession Area Sales – GWh – 1H08
6,0%
South2
4,8%
Brazil2
3,4%1 3,5% Southeast2
2,8%1 2,8%
Note: excludes intercompany transactions (consolidation accounting basis), CCEE and generation sales (except to the free market)
11
11 1) Excluding the effect of acquisition of CPFL Jaguariúna 2) Source: EPE (2Q08)

12. 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 2007/08
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 2,206 21% 173 2,378 30%
Reference Company 783 1,028 31% 104 1,132 45%
R$ million
12 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

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15. Summary
Energy market overview
CPFL Energia’s investments
Dividends
Capital market performance
15

16. Brazilian market has 64 distribution’s companies
• Distribution Business: 2007
Market ShareMarket Share1 %
Distribution 1 (%)
Distributors (#) 64
CELESC 4.0%
Clients (million) 61 COPEL 6.8% EdB 5.7%
Ashmore Energy
Neoenergia
3.7%
7.4%
Distributed Energy (TWh) 376.9 Energisa 3.5%
CEMIG
Companhia
Energética
8.6%
Others 34.8%
Market Breakdown Brasiliana
Energia 12.1%
• The 5 largest groups have 50% of market-share CPFL Energia
13.3%
• State-owned companies: 34%
• Private Company: 66%
Spreading proposes consolidation opportunities
1) ANEEL – Ref. 2Q07 (Recalculation of CPFL’s participation) – last information available
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16

17. Brazilian market has 1,695 generation companies. The public sector
concentrates 70% of the assets
• Generation Business: 1Q08
Market Share (%)
Generation Companies (#) 1,695
Installed Capacity (MW) 108,852
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: 70%
• Private Company: 30%
Source: Aneel – last information available
17
17 Market breakdown: Acende Brasil

18. 18
18

19. 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)
19 (1) Considers minority shareholder participation’s acquisitions (2) Considers CERFRA Cooperative assets acquisition Note: Hedge not included

20. CPFL’s estimated Capex
CPFL Energia’s investment in the next 5 years: R$ 5 billion
Total Capex (R$ million)
1,196 1,124
890 837 789
677
828
782 815 783
519
296
108 22 6
2008E 2009E 2010E 2011E 2012E
Generation Distribution
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
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