Summary

CPFL Energia Highlights and Results

Performance in Capital Market

Value Creation Agenda

3

4

5

6

Distribution – 3Q05 Results

Gross Revenue – R$ million

7.443

6.656

2.5592.235

3Q04 3Q05 9M04 9M05

14%

12%

EBITDA– R$ million

Net Income – R$ million

1.242

867

443219

3Q04 3Q05 9M04 9M05

103%

43%

501

103

190

(21)

3Q04 3Q05 9M04 9M05

1.026%

385%

R$ 324 million Gross Revenue increase (14%)3.1% energy sales growth in concession area

111% “TUSD” revenue growth

Tariff adjustment of distribution companies

CPFL Piratininga: 14% (Oct/04)

CPFL Paulista: 18,76%1 (Apr/05)

RGE: 21,93% (Apr/05

R$ 224 million EBITDA increase (103%)

324 million gross revenue increase (14%)

54 million Taxes2 increase (8%)

6% operating expenses increase

R$ 211 million Net Income increase (1026%)R$ 224 million EBITDA increase (103%)

R$ 55 million financial income3 improvement (57%)

1 In April/05: 17,74% + adjustment of 1,01% homologated by ANEEL in July/05 3 Expense net of revenue

2 Revenue deduction

Commercialization – 3Q05 ResultsGross Revenue – R$ million

1.013

649

373257

3Q04 3Q05 9M04 9M05

45%

56%

EBITDA – R$ million

164

114

4938

3Q04 3Q05 9M04 9M05

31%

44%

11276

3425

3Q04 3Q05 9M04 9M05

38%

48%

R$ 116 million Gross Revenue increase(45%)

85% energy sales growth in Free Market

77% Value Added Services Revenue increase

R$ 11 million EBITDA increase (31%)

R$ 116 million revenue increase (45%)

Energy Cost growth above the gross revenue increase

R$ 9 million Net Income Increase (38% )

R$ 11 million EBITDA increase (31%)

Financial revenues Growth

Net Income – R$ million

Generation – 3Q05 Results

320

243

11077

3Q04 3Q05 9M04 9M05

42%

31%

258208

8965

3Q04 3Q05 9M04 9M05

36%

24%

87

52

32

14

3Q04 3Q05 9M04 9M05

125%

66%

R$ 33 million Gross Revenue increase (42%)

Beginning of HPP Monte Claro operation, increasing 88 GWh in 3Q05 (9% of the total)

• Average price increase• Semesa 12,42% (Jan/05)• Centrais Elétricas 11,12% (Apr/05)

R$ 24 million EBITDA increase (36%)

R$ 33 million gross revenue increase (42%)

Taxes: R$ 7 million Pis/Cofins increase (182%)

R$ 18 million Net Income increase (125%)

R$ 24 million EBITDA increase (36%)

6% Financial income improvement

Gross Revenue – R$ million

EBITDA – R$ million

Net Income – R$ million

10

Summary

CPFL Energia Highlights and Results

Performance in Capital Market

Value Creation Agenda

Shares Performance - BOVESPA1 Shares Performance - NYSE1

1 2005. Share´s price on 30/12/2005: CPFE3 (R$ 28,00) – CPL (US$ 34,85)2 2005

60% 61%

39%40%

IPO 28-dez-05

49,6%

50,4%

Stock Total Trading Volume2

ADRON

Liquidity maintenance in both markets

65%

43%

28%

IBOVESPA IEE CPFE3

-1%

48%

85%

Dow Jones DJ BR 20 CPL

Performance in Capital Market - Returns

12

BOVESPA

ITAGDifferentiated Tag Along Shares Index

IGCDifferentiated Corporate Governance Shares Index

NYSE

DJBr20 Dow Jones Brazil Titans 20 ADR Index

Aiming for inclusion in IBX-50

Negotiability Index: 68th place over 12 last months

IBrX Brazil Index – IBrX (IBX-100)

IEE Electric Energy Index

3,6

7,1

Bovespa Bovespa + Nyse

CPFL EnergiaDaily average trade volume - 2005

R$ million

ISE Corporate Sustainability Index

13

Performance in Capital Market - Liquidity

Summary

CPFL Energia Highlights and Results

Performance in Capital Market

Value Creation Agenda

15

16

17

19