November, 2004

Reni A. SilvaVice President of Strategy and Regulatory

Jose Antonio de Almeida FilippoFinancial Vice President and IR Officer

Vitor Fagá de AlmeidaInvestor Relations

NONDEAL ROADSHOW

1

Institutional Overview

2

CPFL Highlights

The largest company in the private sector industry

Net revenues over R$6.0 billions and R$1.5 billion EBITDA;Well established distribution, commercialization and generation operations;Successful history of acquisitions, restructuring and consolidation processes.

The largest private distribution entity with 12% market share;Operates in regions with high consumption growth rate;Benchmark in operational efficiency.

Largest commercialization company with 19% market share;Mitigates risks and increases commercialization margins.

Significant growth in generation capacity with guaranteed cash flow;Benchmark in operational efficiency; EBITDA margin over 90%.

Strong shareholder base;Highest level of Corporate Governance (“Novo Mercado” and ADS level III);Dividend policy of a minimum 50% payout;Top 100 Best Companies to Work For in Brazil & Latin America (ExameMagazine / “The Best Place to Work”).

Solid distribution assets in a high consumption

growth area

Successful commercialization business

High level of Corporate Governance

Strong growth in generation

3

CPFL Energia – 3Q04 and 9M04 Highlights

Simultaneous listing in Bovespa “Novo Mercado” and Level III ADR in NYSE;

Primary and secondary offer totaling R$ 820 million;

Use of proceeds for generation projects and investments in new electric sector businesses;

1 ADS = 3 common shares.

IPO – CPFL Energia

International

60%

LocalInstitutional

Retail

40%

80%

20%80%

20%

Allocation by type of Investor

Total

Institutional Allocation by Geographic Distribution1

34%

32%

34%

U.S.

Europe

Brazil

1 Registration place of the issuer of the purchase order

13.62%33.04%37.69% 5.09% 10.56%

Free - Float

Sharholders` structure after the IPO

4

Best Corporate Governance Practices

One class of shares with 100% tag-along rights;

25% of free float within the next 3 years;

Annual Reports in accordance with the Global Reporting Initiative (GRI);

Processes and controls documentation in compliance with Sarbanes-Oxley Act;

6 Committees acting to support Board's decisionsBoard self evaluation;Internal auditing reporting to Audit Committee.

Ethics Code and Corporate Governance Code;

Dividend Policy (1) : minimum 50% payout on the mid-year adjusted net income.

(1) Including interest on capital

5

Investor RelationsIR website is a brand new instrument drived to improve communication with investors

ri.cpfl.com.br

6

Financial Results 3Q04 and 9M04

7

Organizational Structure

94,94% 100% 97,0%

Distribution GenerationCommercialization

97.41%

67.07%

40.00%

100%

100%

25.01%

65.00%

48.72%

Plants under construction(6 Hydroplants)

8

CPFL Energia – Highlights Operating Income of R$ 800 million in 9M04, 81% growth over 9M03

Net Revenues(R$ million)

Energy Sales(GWh) 26,557

25,387

9,0918,552

3Q03 3Q04 9M03 9M04

5,193

4,409

1,7321,581

3Q03 3Q04 9M03 9M04

1,145982

301320

3Q03 3Q04 9M03 9M04

800

441

180161

3Q03 3Q04 9M03 9M04

4.6%

6.3% 9.5%

17.8%

Operating Income(R$ million)

EBITDA(R$ million)

12%

81%

-6,0%

17%

9

CPFL Energia – 3Q04 and 9M04 Highlights

CPFL Piratininga`s Tariff Adjustment

Reduction of the tariff adjustment index from 18.08% to 10.51%;

Recognition of adjustments in the 3rd quarter, 2004;

Negative impacts on CPFL Energia: R$118 million on EBITDA and R$ 76 million on net income.

High performance of CPFL Brasil - Commercialization

Currently CPFL Brasil has 43 free consumers in its portfolio;

In the first 9 months EBITDA has grown by 80% and GWh energy sales volume by 239%, both compared to the same period of the previous year.

10

TARIFF BASISAFTER REASSESSMENT OF TA 2003

10.51 %

110.51

Regulatory AssetR$ 74.8 MM

RevenueEconomicBalance of

R$ 64.9 MM

TARIFF BASIS2002

100

TARIFF BASISAFTER TA 2003

114.68

TARIFF BASIS2004

127.11

18.08 %

TA 2003 ADJUSTED TO BANDEIRANTE

14.68 %

TA 2003 SAME AS

TAI

15.03 %

TAI 2004

4.17 %

REASSESSMENT OF TA 2003

CPFL Piratininga – Reassessment of Tariff Adjustment 2003 and Tariff Adjustment 2004

2003 2004

80

85

90

95

100

105

110

115

120

125

130

11

Results by Company as Quarterly Report - ITR(9M03 vs. 9M04)

1224 1352NetRevenues

R$ million

EBITDA

Net Income

206231

187208

(3)

52

232613

63114

4576

46 49

9M03 9M04

4409 5193

(390)

119

+12%

+11%

+2002%

+164%

+80%

+69%

+10%

+7%

+18%

+17%

+130%

121 133

+10%

(180)

103

+157%

846 1008

(33)

13

+19%

+139%

139121

-13%

80

128

128

82

118

118

76

982 1145

+19%

+21%

2409

2872

486 588

12

Commitment on Indebtedness Reduction

5.96.6

4.4 4.53.7

3.0 2.92.4

5.25.2

2001 2002 2003 Sep-04 2004Adjusted Net Debt *Net Debt/EBITDA

Indebtedness Reduction Appropriate Debt ProfileAverage term: 5.7 years;Leverage parameters:

50% Debt / 50% Equity to 65% Debt / 35% EquityNet Debt / EBITDA = 2.5

Debt Breakdown by Index

CDI53%

Dollar3%

TJLP16%

IGP28%

(R$ billion)

* Adjusted Net Debt = Gross Debt + Pension Funds –Regulatory Asset CVA – Cash Equivalents

CPFL Energia seeks an appropriated capital structure in order to reduceWACC and maximize value to shareholders

13

Capital Expenditure

CAPEX (in R$ million)

208 218 234184

265 248 259 269 283

294331

261

394493

379

240125

39

2001 2002 2003 Sep-04 2004E 2005E 2006E 2007E 2008E

Distribution Generation

659

741

638

509

408

565

445512

247

CPFL Energia will invest approximately R$ 2.5 billion till 2008

14

Business Results3Q04 and 9M04

15

Operational Snapshot

One of the largest electricity companies, with net revenues of R$ 5.2 billion and R$ 1.1 billion EBITDA in the first 9 months of 2004

DistributionDistribution CommercializationCommercialization

5.3 million consumers(countryside of SP andnorth of RS);

12.1% market share;

Represents 72% of theCompany’s EBITDA.

Brazil’s largest energycommercializationcompany, with 19% market share;

Important asset to mitigate pool and pricerisks;

Represents 10% ¹ of the Company’s EBITDA.

812 MW of InstalledCapacity;

Expanding to 1,990 MW by 2008;

100% of the energycontracted, includingnew projects;

Represents 18% ¹ of theCompany’s EBITDA

GenerationGeneration

Successful commercialization

business

Solid distribution assets in high-growth

consumption areaStrong growth in

generation business

¹ in the first 9 months of 2004

16

208187

6560

3Q03 3Q04 9M03 9M04

231206

7467

3Q03 3Q04 9M03 9M04

Generation Business Results

Net Revenues(R$ million)

10%

12%

Net revenues of generation business increased by 10% year-on-year for the 3rd. quarter 2004

Net Income (R$ million)

(2)

14

(3)

52

3Q03 3Q04 9M03 9M04

768%

2002%

EBITDA (R$ million)

9%

11%

HEP Serra da Mesa

Campos Novos – View afterconstruction

23

* Extraordinary effect from the sale of stake in Campos Novos HEP

25*

-37%

17

Generation Business Highlights

Monte Claro plant expected to start itsoperations in December 2004, will impactthe revenues of the generation segmentin 2004;

Beginning of the 14 de Julho power plantconstruction on October, 2004.

Generation Projects

Foz do Chapecó – View after construction

Monte Claro – Current stage

Granting of license/authorization for two plants:• Construction license for Foz do Chapecó plant;• Authorization for green fields suppression in Barra Grande plant.

Barra Grande – Current stage

18

613

232243

108

3Q03 3Q04 9M03 9M04

114

63

38

13

3Q03 3Q04 9M03 9M04

Commercialization Business Results

Net Revenues(R$ million)

EBITDA (R$ million)

125%

164%

192%

80%

CPFL Brasil: Commercialization business shows strong growth of revenuesand EBITDA

Maintaining free consumers in CPFL Group;

Capturing new free consumers;

Selling energy to other players in the market, including distributors;

Offering solutions based in value added services;

Sale and construction of 7 substations(140MVA¹) for large consumers.

76

45

25

10

3Q03 3Q04 9M03 9M04

150%

69%

Net Income(R$ million)

¹ - MegaVolt-Ampére

19

(1,359)

1,152

406

199

Commercialization – Free Consumers

Energy Sold to Free Consumers(Gwh)

Flow of Free Consumers9M04 (GWh)

Out of concessionarea

1.558

Losses in Distribution

Captured byCommercialization

222581

828

1,970

3Q03 3Q04 9M03 9M04

239%

273%

Balance

Expressive growth in energy sales to freeconsumers;

Consumers of different industries, such as auto, beverage and food, chemical, steel, retail, among others, reduce the risks of demand oscilation.

Losses of captive consumers in distribution subsidiaries were more than offset by free consumerscaptured by commercialization;

43 free consumers as of September, 2004, which 11 of them were capturedoutside our distribution concessionarea.

CPFL Brasil remains focused in the growing free consumers market

20

Distribution - Sales

Sales(GW/h)

24.58724.761

8.2638.291

3Q03 3Q04 9M03 9M04

CPFL increased its client base by 114 thousand consumers compared to 3Q03, representing a 2.1% growth rate;

Volume of sold energy remains stable in thesupplying market; however, the growth in Distribution System Usage Charges (TUSD) was significant.

80

97969089

80

85

90

95

100

105

110

2000 2001 2002 2003 set/04Distrib1 Piratininga Paulista Distrib2 Distrib3

Annualized Data – Last 12 months

Consumption Evolution in Sao Paulo State´Concessionaries (2000=100 BASE)

21

842

745

205

250

3Q03 3Q04 9M03 9M04

Distribution Business ResultsNet Revenues

(R$ million)

4,9004,200

1,6251,509

3Q03 3Q04 9M03 9M04

8%

17%

EBITDA(R$ million)

-18%

13%

(36) (21) (180)

103

Net Income(R$ million)

42%157%

3Q03 3Q04

9M03

9M04298*19%

* Pro Forma EBITDA, disregarding the effect of the full recognition of Piratininga´s tafiff reassessment in 3Q.04.

22

46%

15%

5%9%

25%

Distribution –Class Consumption Breakdown

Class Consumption Breakdown3Q04 (GWh)

Residential

Industrial

Commercial

Rural

Other The major factor responsible for the relatedgrowth in the residential class was the increaseof the concession area consumers;

The performance of the commercial class wasdue to the economic upturn;

The reduction in the industrial consumptionwas primarily due to the migration of captiveconsumers to the free consumers base.

Residential and commercial claases registered growth in the period

There was a loss in the industrial category mainly due to the migration of captive consumers to the free consumers base

150

23

60

9

3Q03 3Q04 9M03 9M04

Revenues from Distribution System UsageCharges (TUSD)

(R$ milion)

564%

549%

Residential

Industrial

Commercial

Rural

ConsumptionChg.(%) 3Q03-3Q04Classes

3.0%

-4.9%

7.4%

1.9%

23

Distribution –Industrial Consumption

150

190

230

270

310

350

jan fev mar abr mai jun jul ago set out nov dez

1999 2000 2002 2003 2004

90

110

130

150

170

jan fev mar abr mai jun jul ago set out nov dez

1999 2000 2002 2003 2004

GWh

GWh

Despite the reduction of the overall consumption, due to migration of captiveconsumers to the free consumers market, there was an increase in consumption bythe remaining clients due to the economicupturn;

The consumption of the 3 main sectorsin Paulista’s and Piratininga’s concessionareas, which represents approximately46% of the industrial consumption, grewby 8.9% compared to September, 2003;

The 3 main sectors are:

Metallurgy;

Textiles;

Food;

Textiles – 11% share

2003 X 2004 + 6.5%

2003 X 2004 + 9.7%

120

140

160

180

200

jan fev mar abr mai jun jul ago set out nov dez

1999 2000 2002 2003 2004

Metallurgy – 21% share

Food – 13% share

2003 X 2004 + 10.5%

GWh

24

Business Outlook

25

Business Outlook –Operating Efficiency in Distribution

Create value by continuously increasing operating efficiency

OperatingEfficiency

Commercial Losses 2004 (%)Productivity

(Clients by employee)

280,000 fraud inspectionsAddition in revenues by R$ 34 million

• Industry benchmark in operatingindexes;

• Reducing technical and commerciallosses;

• High productivity index;• Optimizing O&M expenses;• High level of applied technology.

27% increase from 2001 to 2004

882

1,012

1,0891,121

set 2001 set 2002 set 2003 set 2004

2,54%

3,18%

2,82%

2002 2003 jan fev mar abr mai jun jul ago set

457

532

Jan-Sep 2003 Jan-Sep 2004

- 14%

O & M ( R$ Million )

26

Business Outlook –Generation Projects

Barra Grande

Campos Novos

Castro Alves 14 de Julho Foz do Chapecó

Monte Claro

PPA’s OKOK OKOK OKOK OKOK OKOK OKOK

OKOK OKOK OKOK OKOK OKOK OKOK

OKOK OKOK OKOK OKOK OKOK

87% 79% 99% 12% 4%

3.804

8.785

2003 2008

CAGR (03-08): 19.6%

InstalledCapacity (MW)

GuaranteedEnergy (GW/h/year)

1,990

812

New projects will increase the Group´s installedcapacity by 2.5 x.

Guaranteed Energy Increase (56%) available in thenext 15 months:

• Monte Claro: 336 GWh/year (Dec/04)

• Barra Grande: 834 GWh/year (Nov/05)

• Campos Novos:1,613 GWh/year (Feb/06)

Create value by continuously increasing operating efficiency and trough theconclusion of the ongoing generation projects

EnvironmentalLicenses

Financing

Current Stage

NegotiationNegotiation

Starts Jan 05

27

Business Outlook –Strategic Positioning

Strategic Positioning

Create value through the appropriate strategic positioning within the industry

Initiatives

Seeking new opportunities in the energy transmission segment;

Investment alternatives to improve the commercialization segment business porfolio.

Business

Generation

DistributionProven experience in acquisition, restructuring and integration processes;

Appropriate capital structure;

Low O&M costs;

Largest private distribution group in thesector.

Investments in generationgreenfields (sale in ACR);

Acquisition of existing assets;

Investments in PCHs (new/re-powering).

Seeking for consolidationopportunities in the market

Players leaving theindustry

Players with highoperating synergies

Initiatives on New Businesses

Experience in planning, managing andimplementing generation projects;

Industry benchmark in operatingefficiency, EBITDA margin over 90%.

28

November, 2004

Reni A. SilvaVice President of Strategy and Regulatory

Jose Antonio de Almeida FilippoFinancial Vice President and IR Officer

Vitor Fagá de AlmeidaInvestor Relations

NONDEAL ROADSHOW