This document provides an agenda for a corporate meeting covering CPFL Energia's operations. It includes sections on corporate overview, distribution, generation, commercialization, sales and financials. For distribution, CPFL Energia has leadership in Brazil with 8 distribution companies serving 7 million customers. The company focuses on operational efficiency initiatives across its business segments. Generation growth will come from expanding renewable energy capacity to over 4 GW by 2020 through projects like incorporating CPFL Renováveis. Commercialization aims to increase its market share above 10% through expanding services.

1. March, 2012

2. 2

3. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
3

4. Corporate overview – Highlights
The largest ~R$ 27 billion of Market Cap as of March 22, 2012
private player Leadership in distribution of energy through 8
in the Brazilian subsidiaries Presence concentrated in the most developed
Electric Sector regions of Brazil
Leadership in Commercialization and a world-class
provider of Value-Added Services
Leadership in Renewable Energy in Latin America
2,768 MW of generation installed capacity, more than
90% from renewable sources
2011 EBITDA of R$ 3.8 billion and net income of R$ 1.6
billion
Listed on Bovespa’s Novo Mercado and on NYSE (ADR
Level III)
Differentiated Dividend Policy: minimum of 50% of net
income, semi-annually. Practice of 95% since IPO in 2004
4

5. Brazil’s largest player in the electric sector
CPFL Energia Market-share
COMMERCIALIZATION
Distribution (2011) CPFL 13%1
Concession Area (captive + TUSD)
• 7.0 million customers
Others:
• 569 municipalities
87%
• Sales of 54,590 GWh2
3 major
Market leader players: 34%
Generation (Mar-12) CPFL 2%3
Focused mainly on renewables
• 65 power plants in operation Others:
• 2,768 MW of installed capacity 98%
• 30 plants under construction4
3 major
GENERATION
3rd private generator players: 28%
DISTRIBUTION
9 SPPs
Commercialization (2011)
CPFL 11%5
2 TPPs Fuel Oil Free Energy market and Services
• 140 free customers
• Sales of 12,173 GWh6 Others:
35 SPPs
5 (SC) and 4 (RS) • Added value services 89%
33 Wind Farms
8 (CE), 21 (RN) and 4 (RS)
8 TPPs Sugarcane
Main player 3 major
5 (SP), 1 (RN), 1 (MG) and 1 (PR)
players: 29%
1) Aneel – last available information 2) Concession area sales (excludes CCEE) 3) In Apr, 2011. Generation figures after ERSA and Jantus’ deals closing 4) Includes CPFL Energia’s
5 stake in CPFL Renováveis (63.0%) 5) 2011 accumulated (October, 2011) 6) Take into account sales of commercialization and generation outwards the Group

6. Corporate structure | CPFL Energia (December 2011)
Increased stake at CPFL Renováveis to 63.00% and at Epasa to 52.75% as from Dec/11
1
Free Float
DISTRIBUTION
COMMERCIALIZATION
GENERATION
3
Paulista Lajeado
Inv estco
SERVICES
RENEWABLES
1) C ontrolling shareholders; 2) Includes the 0.1% direct stake ow ned by C amargo Corrêa S .A.; 3) Termoparaíba and Termonordeste Thermoelectric F acilities;
6 4) C P FL E nergia ow ns a 63.0% indirect interest in C P FL Renováveis through C PFL G eração, with 35.5% and C PFL Brasil w ith 27.5%

7. Best corporate governance practices
World-Class Corporate Governance Practices:
1st Brazilian company
• Shares listed in differentiated segments:
• Bovespa Novo Mercado
Annual Client Leadership
• NYSE (ADR Level III) Award IFC 2008
• Compliant with the Sarbanes-Oxley Act
• Board of Directors composed by 7 members: Member of the Companies
Circle – OCDE/IFC
• 1 Independent Member
• Advised by 3 Committees
• Self-Assessment through Fiscal Council
• Enforcement of policies for information disclosure and trading 1st Place – May, 2011
of company’ shares by employees Energy Sector – The Most Sustainable Large
Companies in Latin America for the 3 rd
• Dividend Payout Policy: consecutive year
• Minimum of 50% of net income, semi-annually
Ranked in the 50 Largest Sustainable Latin
American companies list (2008/2009)
Ranked in Ibovespa’s Transparency in
Sustainability list (2 nd place - 2009)
7

8. CPFL Energia strategic plan 2012-2016
Leadership in the Brazilian electricity sector, with a diversified portfolio
GENERATION DISTRIBUTION
Leader in renewable sources Market leader, doubling
of energy in Latin America market share;
(> 4 GW through 2020)
Operational excellence
Operational excellence: through use of innovation and
EBITDA margin > 70% for best-in-class technologies
renewables and > 80% for
conventional energy
Successful track record in COMMERCIALIZATION
the development and Leader in energy sales, with
construction of generation a market share of over 10%
capacity
Expansion of range of
Pursuing new opportunities services and integration
(HPP and thermoelectric)
with the other business
segments (more synergies)
8
8

9. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
9

10. Distribution business
Leadership in the distribution business:
8 distribution companies;
13% of market share;
7.0 million customers;
569 municipalities;
Sales of 54,590 GWh 1 | 6.0% CAGR from 2004 to 2011
Southeast region
Number of customers
+1.5 million
7,0
6,6 6,7
6,3 6,4
South region
5,6 5,7
5,5
2004 2005 2006 2007 2008 2009 2010 2011
Acquisitions
Presence in the 2006 | Cia. Luz e Força Santa Cruz | RGE’s additional stake (32.69%);
most developed 2007 | CMS Energy Brasil2 (4 distribution companies).
regions of Brazil
R$ 1,029 million in acquisitions
10
10 1) Concession area 2) CPFL Jaguariúna

11. Positioned in a very promising region
Commercial: expected inauguration of shopping malls Residential:
2012-20131 Population growth2
25 malls Accumulated variation
São Paulo (total) 2000-2010
Araçariguama
Bauru 14,1%
Boituva 11,4%
14 Botucatu
In the 5,5% 5,0%
Campinas
concession Jundiaí (2)
area Ribeirão Preto
S.J. do Rio Preto (2) Concession SP RGE RS
São Roque area of
Sorocaba (2) CPFL Energia
Sumaré (Southeast)
2010-2022(e)
9,5%
Rio Grande do Sul 7,7%
5,5% 4,6%
6 malls
(total)
Farroupilha Concession SP RGE RS
2 Gravataí area of
In the CPFL Energia
concession (Southeast)
area
Larger growth rates in the concession
areas of CPFL Energia
11 1) S ource: A BRASCE 2) S ource and projection: IBG E and LC A Consultores

12. Operational Efficiency – Distribution companies
Companies with more than 400,000 customers | in %
99 98 97 96 93
85 82 82 81 76 75
72 69 67 67 64 64 67
59 57 56 51 5 50 49 49
47 45 45 43 42
Coelba
CPFL Paulista
Coelce
Bandeirante
Elektro
Ampla
Celpa
CELPE
ESE
EPB
CEEE
CEPISA
AES Sul
Enersul
Copel
Ceal
Celtins
Celesc
Amazonas
Light
Cemat
CEMIG
Piratininga
Cosern
Escelsa
Eletropaulo
Celg
Cemar
CEB
RGE
Companies with less than 400,000 customers | in %
95 91 86
77 77 76
64 63 60 57 54 54
50 50 50 50 48 47 47 45 42 42 41 41 41 41 39 55
38
2
Cooperali…
Cocel
EBO
EMG
Caiua
Santa Maria
Bragantina
Sulgipe
Hidropan
EFLUL
Eletroacre
EVP
CHESP
CPFL Sul
Jaguari
Nacional
Uhenpal
DMED
Santa Cruz
Muxfeldt
CFLO
DEMEI
Mococa
CPFL Leste
João Cesa
Iguaçu
Boa Vista
Eletrocar
ENF
Efficiency Average
12
12 Source : ANEEL NT 294/2011 – Average of the methodology DEA and COLS without environmental components

13. 13
CPFL CP FL
4.5
4.6
Mococa Mococa
CPFL CP FL San ta
5.1
5.5
Paulista Cruz
CPFL CP FL
5.2
5.7
Piratini nga Paulista
El etro pau lo CPFL
5.4
6.9
Piratinin ga
FEC 1 | 2010 (#)
Coelce
5.6
Coelce
7.5
DEC 1 | 2010 (hours)
E lektro CPFL Leste
5.7
8.3
P aul ista
Li ght
5.8
E scel sa
9.0
E scel sa CPFL Sul
6.3
9.2
Pau lista
CP FL Santa CPFL
6.5
9.2
Cruz Jag uari
Cemi g
6.6
E lektro
9.5
Co sern
7.0
El etrop aul o
Band eirante
7.1
Lig ht
Cel pe
7.3
Copel
10.6 11.3 11.5
CPFL Leste
7.7
P aul ista Bandeirante
CPFL Su l
Operational Efficiency – Distribution companies
7.8
Pau lista Co sern
CPFL
7.8
Jag uari Cemi g
12.2 12.7 13.0
Copel
9.5
Celesc
13.5
RGE RGE
14.7
AES S ul Celp e
Celesc
9.7 10.1 10.2
AES Su l
17.1 18.0
Coelb a
11.2
Cemar
Ampl a
12.7
CEE E
21.5 21.6
Cemar
14.0
Ampla
23.8
CE EE
15.0
Coelba
26.6
1) DE C -Duration of outages per consumer per y ear (in hours); F E C-Frequency of outages per consumer per y ear (number of outages). E xcluding pow er outage effect in N

14. Methodology of the 3rd tariff review cycle for distributors
CPFL Energia - Recurring EBITDA Breakdown¹ - 2011 | R$ million | %
Commercialization
278 | 7% CPFL Santa Cruz
CPFL Leste
Paulista
CPFL Jaguari CPFL Paulista
CPFL Sul Paulista 49.4%
Generation 6.3%
Distribution CPFL Mococa
1.189 | 31%
2,350 | 62% 22.0%
RGE 22.3%
CPFL
Consolidated Piratininga
3,769
Affected 14% 18% 48% 62%
CPFL Energia’s
EBITDA
Oct/112 Feb/122 Apr/13 Jun/13
CPFL CPFL Santa Cruz CPFL Paulista RGE
Piratininga CPFL Leste Paulista
CPFL Jaguari
CPFL Sul Paulista
CPFL Mococa
14
14 N otes: 1) E xcludes intercompany transactions and equity attributed to non-controlling shareholders; 2) E ffectiv e enforcement deferred by 1 y ear by A NEEL

15. Some Value Initiatives aimed at boosting efficiency and productivity
Description Objectives
CSC Transference of transactional Increase of operating productivity and efficiency
corporate activities to the CPFL CSC Growth at a lower incremental cost
Corporate
Corporate depts. focused on strategic, Cost reduction per transaction via specialization,
Services
value-added levers vs. transactions e.g.: procurement 50%; payroll 35%; facilities
Center 40%
IRP Total of 445 adherences 43% reduction in the salary base of this
Incentivized Total costs: R$ 49.8 million population;
Retirement (recorded in 2Q and 3Q of 2011) Savings estimated at R$25 Mn per year
Program
Zero-Based Budget Improvements in the budgeting process and the
methodology implemented organization’s cost culture;
ZBB
Inefficiencies from past budgets are Avg. reduction of R$50 Mn per year in the
Zero-Based
not carried over to the next periods next 5 years
Budget
Implementation of smart grid Maximize return on electricity assets
concept: IT+Automation+Telecom Gains in productivity, efficiency and quality
Tauron
Smart Grid Telemetering and self-healing Benefits estimated at R$106 Mn per year
15

16. Operational Efficiency – Distribution companies
Delinquency (%)1 | CPFL Energia
4Q10 4Q11
1.42 4Q09
1.27 1.29
1.16
m ay / 09
n ov /0 9
m ay / 10
n ov /1 0
m ay / 11
n ov /1 1
j an / 09
j ul/ 09
aug / 09
j an / 10
j un / 10
j ul/ 10
aug / 10
j an / 11
j un / 11
j ul/ 11
feb / 09
m ar / 09
a pr / 09
j un / 09
s ep / 09
o ct/ 09
d ec / 09
feb / 10
m ar / 10
a pr / 10
s ep / 10
o ct/ 10
d ec / 10
feb / 11
m ar / 11
a pr / 11
aug / 11
s ep / 11
o ct/ 11
d ec / 11
Program for Reduction of Commercial Losses
2007-2011
2.4 million consumer units (CU) inspected
• 375 thousand CU identified and overhauled
• 591 thousand measuring equipment replaced
• 42 thousand regularization of illegal connections
16 1) Bills ov erdue more than 30 day s – % of 12 months billings

17. CPFL Energia Awards
Best Electic Energy Distribution Economical-Financial Management:
Company in Brazil:
Management Quality:
Best Electic Energy Distribution
Company in the South Region:
Best Social Responsability:
Operational Management
17

18. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
18

19. Expansion in Generation (conventional + renewable)
2nd largest private player in generation:
78 power plants in operation
2,768MW of installed capacity (2.947 MW in FY12e)
21 power plants under construction
2012e Installed Capacity Ranking (GW) | Private players
7,15
2,95 2,66 2,23 1,71 1,37 1,25 1,21 1,20 1,00
Genco 1 CPFL Genco 3 Genco 4 Genco 5 Genco 6 Genco 7 Genco 8 Genco 9 Genco 10
Energia
Installed capacity evolution (MW) | CPFL Energia
3,166 3,326
2,644 2,947
2,396
1,588 1,704 1,737
854 915 1,072
2004 2005 2006 2007 2008 2009 2010 2011 2012e 2013e 2014e
19

20. Incorporation of CPFL Renováveis on August 24, 2011
Corporate structures considering the projects involved in the joint venture
+ wide portfolio for development
20

21. CPFL Renováveis | Current portfolio
100% 100%
63.0%1 37.0%
SPP Biomass Wind
• 34 operating: 307 MW • 4 operating: 175 MW • 8 operating: 368 MW
• 1 under construction: 20 MW • 4 under construction: 195 MW • 25 under construction: 670 MW
• Under development: 603 MW • Under development: 1,190 MW • Under development: 910 MW
Total: 930 MW Total: 1,560 MW Total: 1,949 MW
Total: 4,438 MW
21 1) F rom A ugust 1, 2011 until N ov ember 30, 2011 = 54.5% . F rom December 1, 2011 = 63.0%

22. CPFL Renováveis | Current portfolio
CPFL Renováveis
Installed capacity
Installed capacity (MW)
(Total: 4,438 MW)
Assured energy (AvgMW) Wind: 1,038 MW
4,438
Biomass: 370 MW
SPP: 327 MW
SPP
100% 2,704 SPP 22%
with PPA 1,968 19%
1,734
1,196 Biomass Wind
849 885 772 Biomass
384 388 32% 61%
Wind
19%
47%
Operating Under Operating Under Total
(Mar 2012) construction (until 2014) development
Projects under construction – Start-up
2012 2013 2014
7 Wind Farms: Santa Clara 1 SPP: Salto Góes 9 Wind Farms: Campo dos
2 Biomass TPPs: Ipê and Pedra 2 Biomass TPPs: Coopcana Ventos and São Benedito
and Alvorada
13 Wind Farms: Macacos I,
Campo dos Ventos II and Atlântica
283 MW 348 MW 254 MW
22 1) F rom A ugust 1, 2011 until N ov ember 30, 2011 = 54.5% . F rom December 1, 2011 = 63.0%

23. Expansion | Wind Farms and Biomass TPP Acquisitons
Bons Ventos wind farms
(in commercial operation)
Location: Ceará
Taíba
• Acquisition: R$ 1,062 million1 • Commercial Start-up • PPA:
• 157.5 MW • Taíba: 4Q08 • Proinfa | R$ 290.50/MWh
• Bons Ventos, Canoa (Dec/11)
• 63 avg. MW
Quebrada e Enacel: 1Q10 • 20 years
Atlântica wind farm (under construction) Ester TPP | biomass (into commercial operation)
Location: Palmares do Sul | RS Location: Cosmópolis | SP
• 4 wind farms • Acquisition: R$ 111.5 million2
• Installed Capacity: 120 MW
• Installed Capacity: 40 MW
• Physical guarantee : 52.7 avg. MW
• Physical guarantee: 11 avg. MW
• PPA: 7 avg. MW (LFA 2007) | 15 years;
• PPA: LFA (Aug/10) | R$ 147.44/MWh (Dec/11) | 20 years 4 avg. MW (ACL)
23

24. Expansion | Acquisition of Santa Luzia SPP on Aug/11
• Commercial start-up: 3Q11
• Installed Capacity: 28.5 MW
• Assured Energy: 18 avg.MW
• PPA:
Santa Luzia
• 14 avg.MW | 2007 LFA
Price: R$ 170/MWh (jun/11)
Long Term contract: Dez/39 Arvoredo
Alto Irani
• 4 avg.MW | Free Market
Plano Alto
Salto Góes
CPFL Renováveis SPP´s
Location: Chapecó River | Operational Sinergy
Santa Luzia SPP
24

25. Acquisition of 100% of the Jantus SL (SIIF Énergies Brasil)
per R$ 823million (equity) and R$ 675 million (net debt)
412 MW | Certified projects
320 MW | Non-certified projects
Total | 732 MW
25 1)

26. Generation | Portfolio of projects under construction
Commercial start-up in 2012(e) | 283 MW / 109 avg. MW
C (Avg.
(e) (MW) MW) (e)
95% concluded
79% BNDES
2Q12 25 8.4 ACL
21% equity
Bio Ipê TPP
83% concluded
73% BNDES LER (Aug/10)
2Q12 70 24.4
27% equity R$ 154.121
Bio Pedra TPP
60% concluded
65% BNDES LER (dez/09)
3Q12 188 76.0
35% equity R$ 168.321
Santa Clara wind farm
26 1) Constant currency (Dec/2011)

27. Generation | Portfolio of projects under construction
Commercial start-up in 2013(e) | 348 MW / 144 avg. MW1
(e) (MW) (MWmédios) (e)
54% concluded
BNDES funding LFA Aug/10
1Q13 20 11.1
Salto Góes SPP (63% debt / 37% equity) R$ 160.412
8% concluded
BNDES funding
2Q13 50 18.0 ACL
Coopcana TPP (under review)
8% concluded
BNDES funding
2Q13 50 18.0 ACL
Alvorada TPP (under review)
10% concluded
BNDES funding LFA Aug/10
3Q13 78.2 37.1
(under review) R$ 137.32
7% concluded
BNDES funding LER Aug/10
3Q13 30 14.0
(under review) R$ 133.72
27 1) Tak es into account Atlântica wind farms (120MW/53av g. MW) 1) Macacos, Pedra Preta, Costa Branca and Juremas 2) Constant currency (Dec/2011)

28. Generation | Portfolio of projects under construction
Commercial start-up in 2014(e) | 254 MW / 129 avg. MW
(e) (MW) (MWmédios) (e)
Pending approval by ANEEL
BNDES funding Free Market
2Q14 138 68.5
(under review) 2033
Pending approval by ANEEL
BNDES funding Free Market
2Q14 116 60.6
(under review) 2034
1) Campo dos Ventos I, III, V, São Domingos and Ventos de São Martinho 2) Ventos de São Benedito, Ventos de São Dimas, Santa Mônica and Santa
28 Úrsula

29. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
29

30. Commercialization business
Number of free clients in Brazil
# of competitive customers – >3 MW # of special customers – from 0.5 to 3 MW
45.1%
4.1% 587
514
455
485
456 219
446 192
Dec/2008 Dec/2009 Dec/2010 Dec/11 Dec/2008 Dec/2009 Dec/2010 Dec/2011
Current: 9.1 GW average Current: 1.1 GW average
Potential: + 2 GW average Potential: + 6 GW average
Competitive advantages of CPFL in this market:
market leadership, expertise and synergies with CPFL Renováveis
30
30 1) Exclude non-controlling shareholders

31. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
31

32. Sales – CPFL presents consistent growth
Sales in the Concession Area (GWh)1 Breakdown | 2011
TUSD +4.9%
CAGR = +6.0% p.a. Industrial
Captive
54,590 45%
46,475 49,033 48,799 52,378
41,363 13,138 14,674 15% Commercial
36,364 38,498 11,230 11,710 10,978
3,288 7,263 9,585
1
25% 14%
33,076 31,235 31,778 35,245 37,323 37,821 39,250 39,917 Others
Residential
2004 2005 2006 2007 2008 2009 2010 2011
Annual Sales Growth in the Concession Area | 2011 (GWh)2
1) Excludes intercompany transactions (consolidation accounting basis), CCEE and generation sales (except to the free market). 2010 TUSD adjusted (97 CAT Resolution)
32 2) Source: EPE

33. Financial results
Net Revenues (R$ million) EBITDA (R$ million)
IFRS IFRS
+12.5%
+6.2%
12,794 3.769
12,024 3.453
11,358 3.350
2009 2010 2011 2009
2009 2010
2010 2011
2011
Net Income² (R$ million) EBITDA Margin
IFRS
+1.4%
1.689 29.5%
27.9%
1.560 1.582
2009 2010 2011 2010 2011
33
33 1) Exclude non-controlling shareholders

34. Dividends
Dividend Yield 1 (LTM) Declared dividends2 (R$ Mi) CPFL average price (R$/ORD)3
10.9%
9.1% 8.7% 9.6% 9.7%
7.9% 8.6%
7.6% 7.3% 7.6% 6.9% 7.1%
6.5% 6.0%
3.7%
842
722 774 748 758
719
612 602 606 655
572
498 486
401
140
2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11
22.05 21.95
17.99 18.05 16.69 15.77 16.51 18.44 20.18
15.02 14.13 15.87
9.43 11.67
8.29
CPFL has distributed 95% of the net income since its IPO
Cumulative dividends since IPO (Sep/04): R$ 9,1 billion
1) Considering last two half y ears’ div idend y ield 2) Refer to declared div idend. Pay ment in the next half y ear 3) Considers share price adjusted for
34 rev ersal stock split and simultaneous split of shares on June 29, 2011 (not adjusted per div idends).

35. Debt profile and Leverage
Gross debt real cost1 | LTM Gross debt breakdown1
9.4% 9.9%
7.9% 7.3% 7.1%
4.9%4.4% 4.3%4.4% CDI
3.9%4.3% TJLP
2004
2005
2006
2007
2008
2009
2010
1Q11
2Q11
3Q11
4Q11
Prefixed IGP
(PSI)
Net debt2 | R$ billion 2,55x:
10.7 Excluding debt
8.9 of projects
7.9 7.6 8.0 under
6.4 construction
and considering
Net debt/ 2.84 pro forma LTM
EBITDA 3 2.38 2.43 Ebitda(e) of
2.27 2.33 CPFL
1.95 Renováveis
2009 2010 1Q11 2Q11 3Q11 4Q11
(R$ million)
1) Financial debt + pension fund; 2) Net debt calculation pursuant to financial cov enants methodology . Excludes pension fund debt and judicial
35 deposits related to income tax at CPFL Paulista. Doesn’t tak e into account regulatory assets and liabilities in EBITDA; 3) EBITDA LTM

36. Debt profile
Amortization schedule (R$ million)
3.338
Cash coverage: 1.9x
short-term amortizations Average tenor: 4.3 years
2.700 Short-term: 12.3% of total
1.971
1.857
1.779
1.510 1.468
1.436
Cash 2012 2013 2014 2015 2016 2017 2018+
36
36 1) Disregard f inancial charges (ST = R$225 million; LT = R$24 million) and hedging (net positiv e effect of R$219 million)

37. Capex(e) 2012-2016
Total Capex(e) 2012-2016| R$ 8,310 million1
2,943
2,370
1,905
1,115 946 935
2011 actual 2012 2013 2014 2015 2016
(cash flow)
Generation (Convencional + Commercialization and
Distribution2 Renewables3 Services
R$ 4,983 million R$ 3,097 million R$ 230 million
2011 actual 1,065 823 17
2012 1,207 1,683 54
2013 1,102 1,215 53
2014 972 111 32
2015 843 68 35
2016 860 20 55
1) Constant currency (Dec/11). Tak e into account 100% interest in CPFL Renov áv eis and Ceran (IFRS) and proportional stak e in the others generation
37 plants. 2) Tak e into account priv ate network incorporation and Tauron Project. 3) Tak e into account generation plants released until Mar 12, 2012

38. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
38

39. Capex 2004-2011
Capex + Acquisitions1 | in R$ million
2,119
1,773
1,419 1,533
1,316 929
412 1,167 645
604 626 570
623 445 502 449
266 1.128
343 255 746 741
527 676 665
261 368
2004 2005 2006 2007 2008 2009 2010 2011
Distribution Generation Acqusitions
Investments of Acquisitions
• R$ 5.1 billion in Distribution and • R$ 2.0 billion (equity)
R$ 3.6 billion in Generation since IPO
1) Taking into account the acquisitions (equity) of 32.69% of RGE’s additional stake, 11% of Foz do Chapecó’s additional stake, Cia. Luz e Força Santa Cruz, CMS
39 Energy , SPP Santa Luzia (63%) and SIIF Énergies Brasil;

40. Stock performance | CPFL Energia outperformed the main indices
2011 share performance on Bovespa1 2011 share performance on NYSE1
34.0%
25.9%
19.7%
5.5%
-18.1% -20.6%
CPFE3 IEE IBOV CPL Dow Jones Dow Jones Br20
Index
Daily average trading volume on Bovespa + NYSE in 2011
Main electricity companies (R$ million)
109
Private company with
69 greater liquidity
46
31 27 23 22 20 15 14 13
Integrated Genco Genco Disco Genco Integrated Integrated Genco Genco Genco
(State- (State- (State-
owned) owned) owned)
MSCI Indexes
40 1) Cotações de fechamento em 29/dez/2011 – com ajuste por prov entos (CPFE3: R$ 26,02/CPL: US$22,15)

41. TSR Performance
Total Shareholder Return1 2005 – 20112 | % p.a.
24%
21% 21%
18% 18% 18%
14%
5%
2%
Genco Genco Integrated Disco Integrated Integrated Integrated Genco
N ote: 1) TS R = TIR shareholder – M arket cap v alues on 12/31/2004 and 12/31/2011. A mounts adjusted by IGP-M (Dec/11)
41 S ource: Thomson F inancial; E conomática;

42. Methodology of the 3rd tariff review cycle for distributors
(Nov, 11)
• Maintenance
• WACC of
• Capital structure (D/E)
• Adjustment of leverage Beta:
of proposal of the 2nd phase, with improvements
• Single productivity of
• Deliquency and with a limit determined by ANEEL
central point of calculation
considers the companies differently; companies that perform better have a greater
benefit and lower fee. The reverse is true for companies that have a poorer quality
performance, when compared with the history of the company itself.
• For , the variation in the DEC and FEC quality indicators between
• XT limited to
42
42

43. Comparison of global electricity consumption
Consumption of electricity versus GDP¹
43