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
2

3. CPFL Energia – Corporate Structure
Free Float
28.6%1 31.1% 12.7% 27.6%
100% 100% 100% 99.99% 100% 100%
COMMERCIALIZATION
GENERATION
DISTRIBUTION
100% 100%
99.95% 65%
100% 25.01%
48.72%
51%
96.56%
100% 100% 90.15%
90.15%
89.81%
87.80% 59.53% Paulista
Lajeado
89.75%
3 (1) Including 0.2% from others Note: Position March 31st 2008

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: 21.4%
• 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
4

5. Consolidation with scale gains and operating efficiency
DISTRIBUTION
1Q07 1Q08
Delinquency1 (%) 1Q08 Delinquency Recovery2:
R$ 73 million
-0.5 p.p.
3.7 -0.3 p.p.
-0.4 p.p. 3.2
-0.3 p.p. -0.1 p.p. -0.3 p.p.
0.0 p.p.
0.1 p.p. 1.8
0.2 p.p. 1.5 1.5
1.3 1.3 1.2 1.4
0.8 0.8 1.0 1.1 1.1
0.6 0.5 0.6
0.4
CPFL CPFL CPFL Leste CPFL CPFL CPFL CPFL RGE Consolidated
Jaguari Sul Paulista Paulista Santa Cruz Piratininga Paulista Mococa
Rebilling Index – to each 10 thousand billed accounts3
24.5 -82.4%
Customers satisfaction and costs reduction
-13.3% -18.2% -5.0% ABRADEE3 Average= 6.7 -14.3%
4.3
2.2 2.0 1.9 1.8 2.1 1.8
1.5 1.8 1.5 1.6
1.3 1.1
RGE CPFL CPFL CPFL CPFL Leste CPFL CPFL CPFL Consolidated4
Piratininga Paulista Santa Cruz Paulista Mococa Sul Paulista Jaguari
(1) Bills overdue for more than 30 days - % of total billing (2) CPFL Paulista, CPFL Piratininga and RGE. Until Dec/08, all distributors will be covered
5 (3) Source: ABRADEE (Last available figures) – Simple average of the competitors distributors to 2006 ABRADEE prize (4) 1Q07 consolidated figures exclude CPFL Jaguariúna

6. Consolidation with scale gains and operating efficiency
DISTRIBUTION
1Q07 1Q08 Brazilian Average1
DEC - Hours
16.3%
18.9 -6.6%
3.3%
16.0 15.8
-12.4% -19.9% -10.1% 0.4% 4.0% 30.7%
10.8 11.2
9.1 8.5
6.5 7.3 7.1 6.4 6.7 6.8 6.8 7.1 7.2
5.7 5.8 5.5
CPFL CPFL CPFL Leste CPFL CPFL CPFL CPFL Sul RGE Consolidated
Santa Cruz Mococa Paulista Paulista Piratininga Jaguari Paulista
FEC - Times
-14.5%
10.4%
-4.5% -23.7% 9.6% 11.8 -1.4%
12.0 -2.0%
5.7% 6.1% 10.1
9.0 9.3
8.2 7.8 7.8 8.4
6.9 7.1 6.7 6.5 6.9 6.8
5.6 5.9 5.6 5.9
CPFL CPFL CPFL Leste CPFL CPFL CPFL CPFL Sul RGE Consolidated
Santa Cruz Mococa Paulista Paulista Piratininga Jaguari Paulista
6 Source: ANEEL – Last available figures (Feb/08)

7. CPFL is constituting the company “CPFL Atende” with the purpose of creating
business opportunities for the Group and reducing call center costs
DISTRIBUTION
Operation in Dec/08
CPFL Atende
Contact Center
Campinas
Main operating benefits
• Virtual integration
• VoiP phone solution – possibility of call transfer to the
available site, permitting more rapid services
Call
“CPFL Atende” Caxias
dispatch
Ourinhos do Sul
• Standardization of processes and working hours
• 24/7 commercial and emergency services
• Electronic Service
6.3 million clients served
Expected results Opportunities
• Cost reduction of R$ 1.8 million/year • Provide services to subsidiaries and third-parties
• Possibility of negotiating tax benefits with • PIS/COFINS rate of 3.65% on provided services to
the municipal authorities third-parties (call center company)
• Developing the economy in CPFL Santa Cruz’s region
7

8. Opportunities in distribution business: cooperatives and private network
DISTRIBUTION
Cooperatives of Electrification Breakdown of Cooperatives by Region
South
34%
Northeast Southeast
33% 18%
Mid-West
North
14%
5 states with 1%
larger number of
cooperatives
125 cooperatives in Brazil: SP and RS States
concentrate 26% of this market
Private Network
• Into CPFL’s concession area there are 35,000 Km of private network (equivalent to 17% of CPFL
Energia’s total network)
• Potential investment: R$ 400 million
• Additional amount to the reference company
8 Source: Atlas de Energia Elétrica do Brasil – Aneel, 2005

9. 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
(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
9 (3) Among the 9 SPP’s of CPFL Jaguariúna, 6 are in the situation mentioned in note 2

10. Continuous program of SPP’s repowering and increase of assured energy
GENERATION
Installed Capacity Assured Energy
SPP (MW) (MWmedium)
Before Current Before Current
Dourados 6.40 10.80 5.80 7.76
Repowered
Esmeril 1.76 5.04 1.00 2.88 Addition of
Salto Grande 3.35 4.55 3.30 2.72 9.9 MWmedium
São Joaquim 5.52 8.05 2.90 5.63 R$ 14 million/year
Gavião Peixoto 4.10 4.80 2.20 3.82
Capão Preto 5.52 4.30 1.00 2.28
Chibarro 2.28 2.60 0.70 1.69
Total 28.93 40.14 16.90 26.78
39% 58%
Installed Capacity Assured Energy
SPP (MW) (MWmedium) Addition of
Repowering
Current Future Current Future 4.6 MWmedium
Projects
Andorinhas 0.51 2.40 0.46 1.50 R$ 6 million/year
Guaporé 0.67 5.00 0.62 3.78
Três Saltos 0.64 1.35 0.60 0.99
Total 1.82 8.75 1.68 6.27
ANEEL approval/ 2008/
Construction beginning 2009
381% 273%
10

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 2008/2009 24 months
11

12. CPFL Total: Payment collection solutions and other services
COMMERCIALIZATION
Points of Service
104%
1Q07 417 850 1Q08
Expectation of 1,815 points up to 2009
Main services:
• Payments and Services’ Network Transaction – ‘000 units
• Collection of electricity bills, telephone bills, water bills, 1,668
100%
credit card bills and others
• Mobile phone recharge
836
• Customer’s Services
• Requests for: bill copies, debt consultations and
reconnection electricity 1Q07 1Q08
• Possible offering of services for other utilities
Gross Revenue – ‘000 units
• Services in Bills
116% 1,417
• Other collections through the electricity bills:
newspaper, magazines, home insurance, etc.
656
1Q07 1Q08
12

13. Value-Added Services expressive growth
COMMERCIALIZATION
Transmission Distribution Self production
Fixed Asset Management
System System projects
Highlight:
3 projects 23 projects 2 contracts R$ 3 million long term agreement
delivered in 1Q08 in 1Q08 in 1Q08 with a big client
Opportunities:
• Sales of other services to the client
• 128 MVA R$ 1 million R$ 4 million • Extension to the other plants
• 13.3 km LT
• “Knowledge Partnership” and
R$ 7 million “Learning Curve”
14 projects under Negotiation of CPFL - Jan to Apr/08:
construction • 60 contracts
• 595 MVA • 48 clients
• 130.5 km LT • Gross revenue: R$ 4 million
R$ 46 million
28
Gross Revenue – R$ Million
25
19 21
17 425%
4
2004 2005 2006 2007 1Q07 1Q08
13

14. 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
7,120
33,076 31,235 31,778 35,245 12,050 3,209
2,882 2,085
9,168
2004 2005 2006 2007 1Q08 2004 2005 2006 2007 1Q08
Concession Area Sales – GWh – 1Q08
6.3%
8.1% Sul2
4.8%1 5.9%
4.4%
Brasil2
4.3% Sudeste2
3.9%
Note: excludes intercompany transactions (consolidation accounting basis), CCEE and generation sales (except to the free market)
14 1) CPFL Jaguariúna 2) Source: EPE (1Q08)

15. 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
15 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. Debt profile – 1Q08
Adjusted Net Debt (R$ million)
(6,636)
(5,969) (667)
(5,117)
1,147
372
1Q08 Financial Private Pension Cash & Cash Regulatory Asset 1Q08 Adjusted
Debt1 Fund Equivalents Net Debt
Adjusted Net Debt / EBITDA2 (R$ billion)
6.28
5.09 5.12
4.39 4.42
3.78 3.70
4.92
2.85 2.25 1.74 1.64
1.57 1.53
2002 2003 2004 2005 2006 2007 1Q08
Adjusted Net Debt Net Debt / EBITDA
16 (1) Includes derivatives and excludes judicial deposit of R$ 382 million (2) Last twelve months EBITDA

17. Debt profile – 1Q08
Debt breakdown Capital structure1 Debt profile
improvement
TJLP
29% Extension of CPFL Geração
CDI and RGE’s debt
52%
Offering total value: R$ 787 million
IGP Equity Debt
16%
49% 51% Term: 3 years
Dollar
3% Cost: ~105% of the CDI
Nominal cost of debt evolution
26.9%
19.8%
17.7%
13.9% 13.4% 12.3%
12.1%
2002 2003 2004 2005 2006 2007 1Q08
17 (1) Adjusted Net Debt + Shareholders’ equity

18. Summary
Energy market overview
CPFL Energia’s investments
Dividends
Capital market performance
18

19. 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)
19

20. 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
20 Market breakdown: Acende Brasil

21. Participation of business segments in the CPFL Energia’s results
1Q08 EBITDA Breakdown1 1Q08 Net Income Breakdown1
G G
18% 12%
C
C 16%
D D
12%
70% 72%
Margin Evolution1
36.7%
Excluding
EBITDA Margin 32.8%
non-recurring
effects, EBITDA
margins exceeded
Net Margin 30%
17.7% 15.8%
1Q07 1Q08
21 Note: % breakdown not consider eliminations among companies in the Group (1) 1Q07 and 1Q08 results without non-recurring effects

22. 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)
22 (1) Considers minority shareholder participation’s acquisitions (2) Considers CERFRA Cooperative assets acquisition Note: Hedge not included

23. 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
23

24. Dividend distribution aligned with the shareholder’s value creation
CPFL distributes 95% of net income in dividends:
R$ 1,561 million in 2007 – R$ 3,25 per share
Declared dividend1 (R$ million) vs. CPFE3 (R$/share)
Declared dividend 35.99
Average price – R$/share 31.74
30.05
28.25
23.33
18.85
16.58 842
722 719
612
498
401
140
2H04 1H05 2H05 1H06 2H06 1H07 2H07
Annualized Dividend yield2 3.7% 6.5% 9.1% 8.7% 9.6% 10.9% 9.7%
Since the IPO (2H04), CPFL Energia’s dividend yield has already reached 49.7%3
24 (1) Declared dividend: payment in the next half year (2) Considering last two half year’s dividend yield (3) IPO’s price per share: R$ 17.22

25. CPFL’s performance in capital market – 1Q08
Share performance – Bovespa1 Share performance – Nyse1
9.1%
12.0%
IBOVESPA IEE Dow Jones DJ Br 20
CPFE3 CPL
-2.6% -4.7%
-4.6% -7.6%
CPFL’s performance vs. main indexes Daily Average Volume – R$ thousand
5%
+9.1% CPFE3 32,561 34,119
14,960
-7.0% IBrX50 19,755
-10.1% IGC 17,270
-10.5% ISE
-13.4% ITAG 9,141
19,158
12,807
8,128
JAN FEB MAR 2006 2007 1Q08
NYSE BOVESPA
25 (1) Closing price adjusted for dividends – until Mar 31, 2008 (ON = R$ 35.31 and ADR = US$ 60.98)

26. CPFL’s performance in capital market and investors proximity
Market Cap Evolution1 – R$ billion
20.1 R$ billion
158%
1 year with CPFL
Energia composing
12.1 USD billion the portfolio
7.8 347%
2.7
2004 2005 2006 2007 1Q08 May 5th,2008
Commitment with the investor – 1Q08:
• 4 APIMEC meetings (SP, RJ, RS and BA)
• 1 Expomoney – Curitiba
• 4 conferences – 3 national and 1 international
• 1 Non-Deal Roadshow at Europe
• 25 sell side institutions coverage
42 one-on-one meetings
26 (1) Closing price not adjusted for dividends - (Each period last day closing price)