CPFL ENERGIA S.A.
Publicly-held Company
Corporate Taxpayer’s ID (CNPJ) No. 02.429.144/0001-93 –
Corporate Registry ID (NIRE) 353.001.861-33

NOTICE TO SHAREHOLDERS

CPFL Energia S.A. (“Company”) (Nyse: CPL, Bovespa: CPFE3) hereby informs its shareholders (“Shareholders”) and the market that the Board of Directors’ Meeting held on February 27, 2008, approved the payment of Dividends for the second half of 2007, said decision to be ratified by the Annual Shareholders’ Meeting to be held on April 09, 2008, pursuant to the following instructions:

I – VALUE
The amount of dividends to be paid is R$ 718,889,562.64 (seven hundred eighteen million, eight hundred eighty-nine thousand, five hundred sixty-two reais and sixty-four centavos), equivalent to R$ 1.497964530 per common share, to be imputed to the 2007 mandatory dividends.

II – RECORD DATES and EX-DIVIDENDS
The record date for the shares traded on the São Paulo Stock Exchange (Bovespa) will be March 6, 2008. The record date for the American Depositary Receipts (“ADRs”), traded on the New York Stock Exchange (NYSE) will be March 11, 2008. All shareholders of CPFL Energia shares on the record dates will be entitled to the dividend payment. The Company’s shares will be traded ex-dividends in both markets as of March 7, 2008.

III – PAYMENT
Said Dividends will be paid in a date to be defined by the Company:

√ Shareholders who have a bank account with Banco Bradesco or any other financial institution and whose bank account details are duly registered at Banco Bradesco, will be credited on the first day of payment.

√ Shareholders whose addresses are duly registered will receive a “Dividend Payment Notice” by mail, and should go to a branch of Banco Bradesco in order to receive payment.

√ Shareholders that have not received the aforementioned “Notice”, should go to a branch of Banco Bradesco to update their registration details and receive payment.

√ Dividends from shares deposited with the Companhia Brasileira de Liquidação e Custódia (CBLC – Brazilian Clearing and Depository Corporation), will be credited to same and transferred to shareholders by the Depositary Brokers.

√ Payments related to the ADRs will be made through The Bank of New York Mellon (the depositary bank for the Company’s ADRs).

São Paulo, February 28, 2008.

CPFL Energia S.A.
José Antonio de Almeida Filippo
Chief Financial and Investor Relations Officer

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.