**Abstract:**

Sangiorgi has shown that the semantics induced by
Milner's encoding of the call-by-name lambda-calculus in the
pi-calculus is the equality of Lévy-Longo trees. Later it was
realized that Milner's encodings are actually variations on well-known
continuation passing style transforms. Then a question is: is the
discriminating ability due to pi-calculus features, or is it
already offered by the CPS transform? We show that the latter is
true: the semantics induced by the call-by-name CPS transform on
lambda-terms is Lévy-Longo trees equality.