1. 1

2. CPFL Energia - Non Deal Road Show
4th quarter and full year 2004 Results
José Antonio Filippo – CFO
Paulo Cezar Tavares – VP for Energy Management
Vitor Fagá de Almeida – Investor Relation
April, 2005
CPFL Energia 2004 Business
2004 Highlights Business Outlook
Results Highlights
CPFL Energia Generation
Distribution Commercialization
Commercialization Distribution
Generation
2

3. CPFL Energia – 2004 Highlights
CPFL Energia was consolidated as a market leader
CPFL Energia’s Initial Public Offering (IPO), in September 2004, listed on Novo
Mercado (Bovespa) and NYSE (Level 3 ADR);
Net income of R$ 279 million in 2004 against net losses of R$ 297 million in
2003;
Energy consumption increase of 4.9% in CPFL’s Group concession area
above Brazilian average;
Reduction of 8.9% in the total financial debt and improvement in the Group’s
debt profile, seeking an optimum capital structure;
Monte Claro Hydroelectric Plant starts it's commercial operations and indeed
14 de Julho and Castro Alves Hydroelectric Plants started the construction;
Commercialization company confirmation as market leader (19% market
share) and efficiency in retaining free customers in CPFL´s Group.
MENU 3

4. Highlights CPFL Energia
Private Company
Leader in Energy Sector
R$ 9.5 billion gross revenues and R$ 1.7 billion EBITDA in 2004
Well-established operations leading the distribution and commercialization markets
Successful history of acquisitions, restructuring and consolidation
Distribution Commercialization Generation
The largest distribution Market leader, with a 19% High growth on installed
platform, with a 12.2% market share capacity
market share
Outstanding performance in Generate energy totally
Operating in a high capturing free customers contracted with distributors of
consumption regions the Group
Development of value added
Benchmark in operating services EBITDA Margin above 90%
efficiency
Efficient Distribution
Success in Strong Growth in the
Operation in a
Commercialization Business Generation Business
High Growth Area
High Corporate Governance Standards
MENU 4

5. Best Corporate Governance Practices
Shareholders Market
37.69% 33.04% 13.62% 5.09% 10.56%
One Class of Common shares with 100% tag along rights – equal rights to
Shares shareholders
Benchmark in
Dividend Policy
Minimum dividend payout of 50% adjusted net profit, paid in
semiannual basis
Commitment to
increase Free Current Free Float of 15.65%, to be increased to 25% by 2007
Float
Alignment with Sarbanes-Oxley Act Compliance – NYSE (Level III ADR)
the Best Market Commitment to Novo Mercado – BOVESPA Rules (Level III)
Practices
Annual Report in compliance with the Global Reporting Initiative
Free-Float
Best Equity Deal 2004
MENU 5

6. Investor relations
Commitment to Consistent Information Disclosure
Periodic meetings with equity research analysts
• - ABAMEC Meeting (Rio de Janeiro) – April, 06
• - APIMEC Meeting (São Paulo) – April, 07
Presence in the main local and international conferences
Financial Results Conference Calls and Webcasts
Presentations available on the IR web site
Disclosure of material facts and press releases
Newsletter – “CPFL Investor”
ri.cpfl.com.br MENU 6

7. Commitment to liquidity and stock performance
Since December 2004, the Market Maker contributed to increase CPFL’s
shares liquidity, targeting future participations in the main Bovespa´s
Market Maker indexes,
and liquidity - IBX – 100 – Sept/05; IBX – 50 and Ibovespa – from Jan/06;
- Currently 56º major trading index.
ADR Liquidity Included in the index Dow Jones Brazil Titans 20 ADR
Research Currently, 9 banks covers CPFL stocks - 7 of them with “buy”
analysts recommendation
4 institutions are under research process.
Share price
CPFL’s shares exceeds the variation of the main indexes
evolution
Common share price evolution 1 ADR price evolution ¹
CPFE3 9.8% CPL 15.6%
IEE 4.9% Dow Jones 3.9%
Ibovespa 14.6% S&P 500 5.7%
¹ - From 09/29/04 (IPO) to 03/22/05 MENU 7

8. CPFL ENERGIA
MENU
8

9. Business Structure
Distribution Commercialization Generation
94.94% 100% 97.01%
97.41% 100%
100%
67.07%
65.00%
48.72%
40.00% (1)
Plants under construction 25.01%
(6 Hydroelectric Power Plants)
(1) 66.67% stake in Foz do Chapecó Energia S.A., which has a 60% interest in the Foz do Chapecó Energy Consortium MENU 9

10. R$ 9.5 billion Gross Revenues in 2004 an 18%
increase compare to 2003
Sales (GWh) Gross Revenues (R$ million)
36647
34945
4.9% 9549
8082
18%
9158 9500
2235 2553
3.7% 14%
4Q03 4Q04 2003 2004 4Q03 4Q04 2003 2004
2.2%, 3.9% and 5.8% consumption 4.9% increase in energy sold
increase rate in the residential, Increase in energy tariff of Paulista, RGE e
commercial and industrial segments, Piratininga
respectively TUSD revenue increase in 495%
Increase in energy sold by CPFL Readjustment in generation contracts
Brazil (SHP’s and Semesa)
Increase number of costumers in 2.4%
MENU 10

11. R$ 6.7 billion Net Revenue in 2004 an increase
of 11% compare to 2003.
Comparing the Net Revenue in 2004, excluding the adjustment effects of PIS
and Cofins the Net Revenue would present an increase of 19.5%
Net Revenue Pro-forma Change in the accounting criteria
(R$ million) of PIS/Cofins credits
Before the After the
7241 R$ (million) change change
19.5%
Gross Revenue 9,548 9,548
6057
6.736
Deductions credits 505 -
11.2%
Total deductions (2,307) (2,812)
24%
2048 Net Revenue 7,241 6,736
1648 Credit on operation
- 472
-6.4% costs and expenses
1543
EBITDA 1.714 1.681
4Q03 4Q04 2003 2004 Credit on deprec./amort. 0 12
Credit on financial
0 21
results
Net Income 279 279
Change in the criteria of PIS / Cofins credits account do not affect net income
Accounting effected of PIS / Cofins credit were fully recognized on the 4th quarter
MENU 11

12. Net income of R$ 279 million in 2004
EBITDA (R$ million) Net Income (R$ million)
279
1681
1541 160
9% 72%
93 194%
429 484
13%
-297
4Q03 4Q04 2003 2004
4T03 4T04 2003 2004
11.2% increase in net revenues 9% EBITDA increase
6.6% reduction in operating costs and 27% financial expenses reduction
expenses Group results were affected by non-
Positive effect of the change in the current items :
goodwill amortization criteria • IPO expenses (R$ 44 million)
• RTE provision (R$ 32 million)
MENU 12

13. Non-recurring events impacted the EBITDA and
the net income of the Company in 2004
EBITDA Proforma Net Income Proforma
(R$ million) (R$ million)
11 1.724
32
311
1.681 44 355
32
279
279
R e p o rte d RTE IP O o p e r . A d ju s te d Reported RTE IPO total Adjusted
E b itd a E ffe c te d E xp. E b itd a Net Income Effected expenses Net Income
Excluding the non-recurring events
EBITDA would present a 12% growth when Net Income would present an increase of
compared with 2003 220% when compared with 2003
MENU 13

14. All business units have positively contributed to
the consolidated net income
Generation Commercialization Distribution
R$ Million
2003 2004
+9% +11%
6313 6736
5775 6057
+13% +150%
783
Net 276 313 313
Revenue
+5% +9%
1681
1295 1541
+12% +114%
1235
251 282
152
71
EBITDA
+2267% +100% +888% +194%
323 279
71 51 102
Net 3
Income
-4 1
-2 9 7
MENU 14

15. Dividend payout of 95% of 2004 net income
Net Income R$ million Dividends R$ million
279 265
154 140
125 125
1ºS 04 2ºS 04 2004 1ºS 04 2ºS 04 2004
Dividend per share Dividend Yield
1ºS04¹ – R$ 0.30
2ºS04 – R$ 0.31 2004E² - 3.2%
2004 – R$ 0.61
Dividend payment higher than the minimum payment of 50% as
established by the company policy
¹ - Consider the dividend paid, divided by the number of shares before the IPO issued
² - Dividend paid in the 1ºS plus the dividend of the 2ºS divided by the share price on 03/21/05 MENU 15

16. Debt profile
Financial debt restructuring resulted in reduction of cost and maturity
Reduction in nominal Debt Cost:
19.63% -10%
Higher cost debt repayment and
17.75% lower costs borrowing;
Debt Cost IGPM + 5.3%
102% CDI
2003 2004
Increased average maturity:
Amortization of short-term debt and new
6.0% longer-than-average terms funding:
5.5%
Average 9% Payment of CPFL Energia
Maturity Debentures – ST
(years) CPFL Geração Funding - LT
IFC Funding – LT
R$ 775¹ million will over due in the
2003 2004 next 12 months (17% of the total)
¹ Adjusted debt = total debt + Pension funds – regulatory assets / CVA MENU 16

17. Debt Profile
CPFL Energia reduced its CDI debt exposure replacing it by IGP and TJLP,
thus reducing the interest rate volatility risk
2003 2004
Debt Breakdown Debt Breakdown
by Index Type by Index Type
Dólar D ó la r
TJLP TJLP
4% 5%
19% 23%
CDI
31%
CDI
46%
IGP IGP
31% 41%
Main Borrowings
Main amortizations
CPFL Paulista Debentures
CPFL Energia Debentures - R$ 787 million (CDI);
R$ 255 million (IGP and CDI);
FRN’s - R$ 350 million (CDI);
FIDC - R$ 200 million (CDI);
Short Term Financing - R$ 100 million (CDI)
IFC - R$ 115 million (CDI);
BNDES - R$ 150 million (TJLP).
Significant indebtedness reduction in Parent Company
MENU 17

18. Capital structure
CPFL Energia seeks optimum capital structure in order to minimize WACC
and maximize shareholder value
Significant debt reduction Ideal leverage parameters:
(R$ billion) Net Debt / EBITDA = 2.5
Debt / Equity ratio - 65% / 35%
6.3 • Respecting the minimum limit on
distribution business - 50% / 50%
4.9
4.4
3.8
2.9
2004 Year-end Capital Structure
2.3
Equity 44% Debt 56%
Net Debt / EBITDA = 2.3
2002 2003 2004
Adjusted Net Debt *
Net Debt/EBITDA
* Adjusted net debt = total debt + Pension funds – regulatory assets / CVA – cash and cash equivalents MENU 18

19. Capex is aligned with the financial reality of the
Group
Until 2008, CPFL Energia will invest approximately R$ 2.6 billion in
maintenance and business expansion
TOTAL CAPEX
(R$ million)
723
672 681
179 626
166 158 559
159
161
506 544 523
467
398
2004 2005E 2006E 2007E 2008E
E x p a n s io n M a in t e n a n c e
In 2004, CPFL Energia generated R$ 1.7 billion of EBITDA
MENU 19

20. Small CAPEX needs to maintain Distribution and
Generation businesses
CPFL Energia will invest approximately R$ 657 million until 2008 in business
maintenance
CAPEX – MAINTENANCE
(R$ million)
179
166 161
15 158 159
14 9 10
15
152 164
143 150 151
2004 2005E 2006E 2007E 2008E
D is t r ib u t io n G e n e r a t io n
MENU 20

21. Funding needs for the new projects are already
dully provided – Current business plan
By 2008 R$ 1.9 billion will be invested in expansion of Generation and
Distribution businesses
CAPEX – NEW PROJECTS GENERATION AND
DISTRIBUTION (R$ million) Additional funds provided through
financings:
544 • Generation – BNDES
506 523
467 • Distribution – Finem BNDES
398 Equity guaranteed by IPO
320 270
298 218 (R$ 310 million) plus operating cash
347 373 374 311 240
180 generation
93 Generation investments will add 1,177
53 104
49 60 MW to the Group's
capacity (R$ 2.03 million per MW)
159 171 149 156 158
Investments to distribution will attend
to nearly 600 thousand of new
2004 2005E 2006E 2007E 2008E
customers to the Group in the next 4
Capex distribution Capex generation - Debt years (R$ 1.05 thousand per
Capex generation - Equity customers)
* - December 2004 MENU 21

22. Expectation of growth of controlling companies
results and financial expenses reduction
forecast strong net income increase
Equity pickup in results of
investees (R$ million)
Growth in controlling companies results due to:
477
Start up of new generation projects
271
Growth in energy volume sold by distribution Co.
9%
206
4
31
32% Increase in revenues from generation projects with
15
EBITDA margin over 90%.
1H04 2H04 2003 2004
Financial Expenses Pró-Forma¹
(R$ million) -4
2
307
% Financial expenses reduction:
178
1 1 1 -3
Reduction in net debt;
9%
67
Improvement in the average debt cost.
1H04 2H04 2003 2004
Net Income Pró-Forma²
(R$ million)
207 355
% Increase in expected profits of Parent
0%
104
100
22
Company results
-2 9 7
MENU
1H 04 2H 04 2003 2004
¹ - Exclude non current expenses incurred with the IPO as well as the proportional adjustment of the goodwill amortization which was fully booked on the 4ºQ 04
² - Include the adjustment in the financial expenses plus the RTE effect 22

23. Business Highlights
MENU
23

24. CPFL Energia – Business Highlights in 2004
CPFL Energia’s business units’ excellent performance in 2004 is the
consequence of management actions targeting value creation
Distribution Commercialization Generation
Consolidation as the CPFL Brasil consolidation as Beginning of construction of
industry’s operating indicators the largest energy Castro Alves and 14 de Julho
benchmark commercialization company hydroelectric plants
Transmission operation in the country, reaching 19% Startup of operations of Monte
centralization and operating market share Claro hydroelectric plant
unification consolidation Success in the free customer R$ 300 million additional
100% automation of CPFL retention strategy financing by BNDES for Barra
Piratininga’s substations Increase sales of value added Grande
services Issuance of installation license
for Foz do Chapecó
Foz do Chapecó project
Acceptance by BNDES
MENU 24

25. Distribution - Sales
CPFL serve 5.5 million customers (2004) a 2.4% Sales (GWh)
growth compared to 2003
33644 33039
The amount of energy sold was virtually flat in the
power supply market, however the increase in
charges for the usage of the energy distribution
system (TUSD) presented a strong growth
8883 8452
4Q 03 4Q 04 2003 2004
Adjusted Sales Evolution
(GWh)
33039
31572 4.6%
Operation Center - Santos
C e n tr o d e O p e r a ç õ e s - S a n to s 2003 A D J 2004
ADJ¹ = excludes from 2003 basis the effect of the free customers migration in 2004 MENU 25

26. Reducing the risk of captive customers
migration on distribution business
The potential free market represented 13,111 GWh/year in 2003 and in
2004 it represents 7,714 GWh/year (41% reduction)
Annual Captive Market
of distributors
base 100
Energy sold to potential free customers reduced
from 37% in 2003 to 22% in 2004;
22 Of those potential free customers in 2004,
37 80% requested a negotiation with CPFL;
78 Of those 80%, 78% renew in the captive
63 market;
19% have migrated to the free market and
were retained by CPFL Brasil;
Only 3% of those who migrated to free market
were not retained by CPFL Brasil;
2003 2004
Captive market Potentially free market
MENU 26

27. Distribution –Business results
17% increase in the gross revenue in 2004 compare to 2003
Gross Revenue (R$ million)
9067 Increase in the residential, commercial and
7763 17%
industrial sector’s consumption
8.7% reduction of operating costs and
expenses
2153 2411 Change in the goodwill amortization curve
12%
4Q 03 4Q 04 2003 2004
Net Income (R$ million)
EBITDA (R$ million) 323
1295 220
1235
139 58% 888%
5%
372 397
7%
(4 1 )
4Q 03 4Q 04 2003 2004
4Q 03 4Q 04 2003 2004
MENU 27

28. Distribution – TUSD and
migration of captive customers
Charges for the system utilization (TUSD) presented growth in 2004
Revenues from the system utilization
presented 495% increase in 2004 compared
to 2003;
In 2004, 38 captive customers have left the
captive market and became free customers.
Revenues for the System Utilization Operating center - Campinas
(TUSD) (R$ million)
217
The 38 customers which have become free,
represent 2,060 GWh/year:
495%
30 customers were retained in the Group
552% 67 through the commercialization unit,
36 represent 1,764 GWh/year (86%)
13
Only 8 customers have left the Group,
4Q03 4Q04 2003 2004 representing 296 GWh/year (14%)
MENU 28

29. Distribution –
Consumption by customer class
Excluding the effect of captive customer migration, all classes
experienced an increase in the period
Consumption Mix by Customer Class The major driver for residential
2004 (GWh) class growth was the customers
Others base increase in the concession
Rural 9% Residential area;
5% 25%
The commercial class performance
was driven by the economy’s
Commercial 1 5 %
warming up;
The reduction in the industrial
segment was mainly motivated by
46% Industrial the migration of captive customers
to free customers.
Consumption Consumption
Classes Var.(%) 03-04 Var.(%) ADJ¹
Residential 2.2% 2.1% Excluding the effect of the
captive customers migration, the
Industrial -6.6% 7.1%
industrial consumption presented
Commercial 3.9% 4.6% an increase of 7.1%
Rural 4.5% 4.3%
ADJ¹ = excludes from 2003 basis the effect of the free customers migration in 2004 MENU 29

30. Commercialization – Business Result
CPFL Brasil: Commercialization business presented strong revenues,
EBITDA and net profit growth
Gross revenue (R$ million) EBITDA (R$ million)
152
893
166%
71
336
39 114%
243
87 180% 388%
8
4Q 03 4Q 04 2003 2004 4Q 03 4Q 04 2003 2004
Net income (R$ million)
Highlights
102 Retention of customers in CPFL Group
Capture of new free customers
Energy sales to other market agents,
51 100%
including distribution companies
19 Solution based on value added services
217%
6 sales, such as the construction of
substations for major customers
4Q 03 4Q 04 2003 2004
MENU 30

31. Commercialization – Free Customers
CPFL Brasil maintains its focus on the free market
Energy sold to
Free Customers (GWh) Remarkable growth in the amount of
2889 energy sold to free customers;
270%
Customers in different industries, such
as automobiles, beverage and food,
925
278% 780 chemical, steel, retail and many others,
245
mitigate the demand oscillation risks.
4Q 03 4Q 04 2003 2004
Free Customer Flow 2004 (GWh)
2,347
Outside the
Migration of distributors’ captive
28% 583
concession area customers is more than offset by the
86% 1764 14% capture of free customers in the
287
commercialization company
-2 0 6 0 50 free customers in 2004, 13 of them
Retained by the being customers outside the distribution
Migration at Commercialization
Distributors Company Balance companies’ concession area
MENU 31

32. Generation – Business Results
Gross Revenues of the Generation business increased 14% in 2004
compare to 2003
Gross Revenue (R$ million) EBITDA (R$ million)
331
291 282
14% 251
12%
74 18% 87 74
62 19%
4Q 03 4Q 04 2003 2004 4Q 03 4Q 04 2003 2004
Net Income (R$ million)
Energy supply contracts are related to
71
IGP-M
Total generated energy are contracted
2267%
Monte Claro plant has begun its operation
EBITDA margin above 90% 6
217% 19
3
4Q 03 4Q 04 2003 2004
MENU 32

33. Generation – Business Highlights
Generation projects
Monte Claro Hydroelectric plant start its commercial operations in December 2004;
14 de Julho Hydroelectric Plant started its construction in October 2004;
Foz do Chapecó Installation License Obtained
Acceptance of Foz do Chapecó by BNDES, considering it eligible for financing.
Barra Grande – Current Stage Campos Novos – Current Stage
Monte Claro – Plan Concluded
MENU 33

34. CPFL Energia launched Monte Claro
Hydroelectric Plant in RS State
Inauguration of Monte Claro:
Built in less than 3 years;
High technology employed;
- Turbine and generator;
- Digital Control and Supervision System
Excellent installed power output by flooded area ratio
– with low environmental impact level - 93 MW/Km²
5.1 MW/KM² average of the new energy projects¹
14 MW/Km² average of the public projects bided
between 2000 and 2002²
Construction concluded 14 months ahead
of Aneel´s concession agreement
timetable;
Proving the planning and administrative
experience on generating projects
implementation
¹ New generation projects to be auctioned by Aneel MENU 34

35. Business Outlook
MENU
35

36. Business Outlook – Generation
To add value through the continuous increase in operating efficiency and the
conclusion of ongoing generation projects
Barra Campos Foz do
Monte Claro Castro Alves 14 de Julho
Grande Novos Chapecó
PPA’s OK OK OK OK OK OK
Environmental
OK OK OK OK OK OK
Licenses
Terms
Financing OK OK OK OK OK released by
BNDES
Current Stage Concluded 92% 87% 13% 4% 2005
Installed capacity (MW Average) New projects will increase the Group installed
%
power capacity by 2.5x
2. 0 1990
: 2
3-08) Power capacity addition of 1,177 MW – 56% to be
R (0 1647
CAG 1498
delivered by January, 2006
897 954 • Barra Grande: 173 MW (Oct/05)
• Campos Novos: 429 MW (Jan/06)
• Group will present a 22% CAGR in installed
power capacity from 2004 to 2008
2004 2005 2006 2007 2008
MENU 36

37. Business Outlook – Generation Projects
Leverage competitive advantages to grow the generation business
Plants in which CPFL is involved, will account CPFL seeks to be the 3° biggest private player
for 35% of all new energy added to Brazilian in generation until 2010
electric sector until 2008
Investment in construction, acquisition,
energy added to Brazilian electric and repotentiation of SHPs
sector (MW)*
Bid in the “new energy” auction,
3411
investment in generation Greenfields
(sale in ACR);
2676
1340
295 Purchase existing assets
Competitive Advantages
2381
2071 888
716
230 Experience in planning, management and
855
486 33 implementation of generation projects
2005 2006 2007 2008
Operational efficiency benchmark with an
O t h e r P la n s C P F L P la n s
EBITDA margin above 90%
* - Energy to be generated by power plants whose construction has already been initiated MENU 37
Source: Aneel Jan/05

38. Business Outlook - Generation
SHP’s CPFL – Repowering
PCH Gavião Peixoto PCH Chibarro PCH Capão Preto
SHP - Gavião Peixoto: SHP - Chibarro: SHP - Capão Preto:
‒ Feasibility study ‒ Under feasibility study; ‒ Under feasibility study;
approved by ANEEL;
‒ Beginning of construction ‒ Beginning of
‒ Beginning of forecast to August, 2005 construction forecast to
construction forecast by August, 2005
June, 2005.
MENU 38

39. Business Outlook - Commercialization
Commercialization keep working successfully on free customer
retention/capturing strategy in CPFL Group and growing on free customer
market
Operating in buying and selling energy to distributors (including the Group distributors)
through long term regulated contracts
The free customer market reached 12% of the Brazilian market in 2004. Forecasting a
growth of 50% in 2005
Strong growth on sales of value added services with adequate margins (CPFL Brasil has
the biggest portfolio of energy substation under construction)
CPFL Brasil has competitive prices due to the purchase of big energy volume:
― Among the commercialization companies, CPFL Brasil is the largest buyer from
Biomass projects, Petrobrás thermoelectric plan and Tractebel
CPFL Brasil is a strong and reliable brand making the difference for free customers
decisions to buy energy
Offices established on the main Brazilians cities to identify new business opportunities
which include the development of value added services and support the free market
MENU 39

40. Business Outlook – Distribution
Adding value through maximizing the distribution business
operational efficiency
Technical and commercial indicators are reference in the
Benchmark in
sector
Technical and
Commercial 1,5% reduction loss is the CPFL target for the next 2 years
Losses
Losses reduction add more than R$ 100 million
EBITDA/year to CPFL results
Continuous Reduction of manageable costs by 9.5% per year
Reduction of Costs into the limits of the model company established by
the ANEEL
Manageable
Low investment required by the universalization program
Costs
MENU 40

41. Business Outlook –
CPFL universalization program requires low
investments
Residential customers level without access to electric energy in CPFL’s area
is lower if compared to the average of the main regions of the country
Percentage of non-served Total non-served residential
residential customers customers
2.443.028
5,46%
1,99%
1,23%
248.098
0,22% 142.041
5.074
Brazil CPFL Southeast South Brazil CPFL Southeast South
Low investment needed to meet the universalization target
There are only 5 thousand residential customers not served in CPFL’s concession area,
against 2.4 million residential customers in Brazil
The high population density in CPFL’s concession area does not demand large
investments to meet the universalization targets
Source: Aneel MENU 41

42. Business Outlook – Distribution
Growing focus linked to low cost of capital
Adequate capital structure – (Debt/Equity ratio of 56%/44%
Adequate by 2004 year-end)
Capital
Debt Cost compatible with the parameters of the model
Structure
company established by ANEEL
presenting
minimum WACC Minimum WACC achievement , maximizing value to the
shareholders
Proven experience in acquisition, restructuring and integration
― Piratininga acquisition
Distribution Search for opportunities in the industry’s consolidation
expansion ― Players seeking to leave the industry;
― Players with high operational synergies.
MENU 42

43. Business Outlook –
CPFL in high-growth rate market
Annual Market CPFL Energia Power Consumption 1Q05
(GWh)¹ (Concession Area)
5,3%
CPFL2 vs Brazil vs. Southeast
38.384
36.449
36.397 34.517
34.298 895 3 .2 0 9
419
5 .6 8 8
28.794 29.522 5 .7 6 6
6 .0 8 6 6 .4 1 8 7 ,2 %
5 .8 8 6
7 ,0 %
1 0 .6 6 7
1 0 .2 3 5 1 0 .4 6 4 1 0 .3 1 5 9 .8 4 0
1 0 .1 6 1 1 0 .0 1 3
6 ,1 %
1 8 .5 5 9 1 9 .0 5 8 2 0 .0 4 2 1 9 .1 5 3
1 8 .3 7 1 1 8 .1 9 9 1 8 .9 1 7
1998 1999 2000 2001 2002 2003 2004
P a u lis t a P ir a t in in g a RGE C P F L B r a s il
CPFL B r a z il S ou th east
CPFL Energia’s energy demand has The consumption growth of CPFL
already reached a higher level than the Energia distributors concession area
pre-rationing period (2000) in the 1Q05 was higher than in
CPFL Brasil had a key role in market southeast region and in Brazil
increase, preventing free customers from
leaving CPFL Group
1 Consider 100% of RGE
2 CPFL Paulista + Piratininga + RGE
Source: ONS MENU 43

44. CPFL Energia - Non Deal Road Show
4th quarter and full year 2004 Results
José Antonio Filippo – CFO
Paulo Cezar Tavares – VP for Energy Management
Vitor Fagá de Almeida – Investor Relation
April, 2005
44