Corporate Presentation - CPFL Energia

1. São Paulo, 07 de março de 2012December 2014
Corporate
Presentation

2. 2 Distribution
3 Generation
Competitive Power Supply and Services4
Corporate Overview
Agenda
Consolidated financial figures5
2
6 Sustainability
7 The Electric Sector
1

3. 2 Distribution
3 Generation
Competitive Power Supply and Services4
Corporate Overview
Agenda
Consolidated financial figures5
3
6 Sustainability
7 The Electric Sector
1

4. 4
in the Brazilian electricity sector
• Market cap of , listed
and on
• LTM 3Q14 Adj. EBITDA2 of and Adj. Net
Income2 of
• Differentiated : >50% of net income, semi-
annually. since IPO in 2004
• Presence concentrated in the of
Brazil
through 8 subsidiaries
private Generator with an equivalent stake of
,
in in Brazil
and a
of
1) On November 28, 2014; 2) Take into account proportional consolidation of minorities’ stakes at gencos (+) regulatory assets & liabilities (-) non-
recurring items.
Corporate overview – Highlights

5. 55
1) Controlling shareholders; 2) Includes the 0.1% stake of Camargo Corrêa S.A.; 3) Includes the 0.2% stake of Petros and Sistel pension funds; 4) 51.54%
stake of the availability of power and energy of Serra da Mesa HPP, regarding the Power Purchase Agreement between CPFL Geração and Furnas.
Corporate structure
Free Float
DISTRIBUTION
100%
100%
100%
100%
100%
100%
100%
100%
65%
25.01%
48.72%
57.13%
51%
GENERATION
100%
100%
99,95%
100%
COMMERCIALIZATION
100%
100%
RENEWABLES
59.93%
Investco5.94%
SERVICES
100%
100%
100%
51.61%
100%
15.1%3 30.5%
Nect Serviços100%
24.4%2 30.0%
Paulista Lajeado
1
100% CPFL Centrais Geradoras
Serra da Mesa HPP
51.54% 4

6. • Shares listed in differentiated segments:
• BM&FBovespa Novo Mercado
• NYSE (ADR Level III)
• Compliant with the Sarbanes-Oxley Act
• Board of Directors composed by 7 members:
• 1 Independent Member
• Advised by 3 Committees
• Self-Assessment for Board of Directors and Fiscal Council
• Enforcement of policies for disclosure of information and for
prevention of insider trading by employees
• Dividend Policy:
• Minimum of 50% of net income, semi-annually
World-Class Corporate Governance Practices
66
Corporate governance

7. HPP Foz do
Chapecó
HPP Barra
Grande
HPP Castro
Alves
HPP Monte
Claro
HPP 14 de
Julho
HPP
Campos
Novos
HPP Luis
Eduardo
Magalhães
CPFL
Piratininga
HPP
Serra da
Mesa1
CPFL
Paulista
RGE
19 SHPPs
(CPFL
Renováveis)
1 TPP
(Carioba)
CPFL Santa
Cruz
CPFL Jaguari
CPFL Sul
Paulista
CPFL Leste
Paulista
CPFL Mococa
203620352032202820272015 …
~3%
CPFL
Energia's
EBITDA
7
CPFL Energia enjoys long term concessions
1) Furnas has the concession for HPP Serra da Mesa. CPFL has the contractual right of 51.54% of the plant’s assured energy, according to the 30-
year leasing contract, maturing in 2028.
Distribution
Generation
CPFL Energia requested
Aneel to renew the expiring
concessions

8. 4th
Tariff Review Cycle
CPFL Piratininga Oct-15
CPFL Santa Cruz
Feb-16
CPFL Leste Paulista
CPFL Jaguari
CPFL Sul Paulista
CPFL Mococa
CPFL Paulista Apr-18
RGE Jun-18
8
CPFL Energia – LTM 3Q14 Adj. EBITDA Breakdown¹ | R$ million
CPFL Santa Cruz
CPFL Leste Paulista
CPFL Jaguari
CPFL Sul Paulista
CPFL Mococa
1) Adjusted by regulatory assets & liabilities and non-recurring items; does not consider the holding company; 2) Commercialization in the free market and Services
50%
22%
8%
20%
8
Alternative
Energy
482
Conventional
1,242
CPFL
Paulista
RGE
CPFL
Piratininga
Competitive Supply
and Services2
259
Generation
1,724
CPFL Energia - Consolidated1 | 4,002
Distribution
2,019
72%
28%
50%
43%
6%
Generation Segment
Distribution Segment
CPFL Energia | EBITDA breakdown

9. 9
Leadership among private companies in the electric sector,
with a diversified portfolio in different businesses related to Energy
99
COMPETITIVE SUPPLY
• Leadership in
commercialization of renewable
energy in the free market
• Maximization of profitability,
considering new market
conditions
GENERATION
• Operational Excellence,
presenting the highest
margins of the sector
• Expansion of installed
capacity in hydro and thermal
• Leadership in renewable
sources (> 4 GW by 2020)
DISTRIBUTION
• Market leader, doubling the
market share in Brazil
• Operational excellence
through innovation and new
technologies (smart grid)
SERVICES
• Largest services company in
the power sector
• Strong growth of sales
• Synergies with other
segments in the Group
CPFL Energia’s ambitions

10. 2 Distribution
3 Generation
Competitive Power Supply and Services4
Corporate Overview
Agenda
Consolidated financial figures5
10
6 Sustainability
7 The Electric Sector
1

11. 2009 2010 2011 2012 2013 3Q14
Distribution Segment
• 7.5 million customers
• 569 municipalities
• Footprint: most developed regions
• High potential in per capita
consumption
1º Market share: 13%
Industrial
Commercial
Residential
Others
1) Excluding sales at CCEE; 2) Source: EPE.11
2009 2010 2011 2012 2013 LTM
3Q13
LTM
3Q14
Captive TUSDCAGR 2009-13
4.6%
28% 43%
17%
12%
+2.5%

12. Brazilian economy and market performance
Real wage bill1 and CPFL’s residential
consumption | %YoY growth
2006 2007 2008 2009 2010 2011 2012 2013
5.9
5.9
6.1
3.9
7.3
4.5
6.6
2.9
4.5
6.9
6.8
6.0
5.2
4.9
6.9
5.9
Real wage bill Residential consumption
Retail sales2 and CPFL’s commercial
consumption3 | %YoY growth
2006 2007 2008 2009 2010 2011 2012 2013
6.2
9.7
9.1
5.9
10.9
6.7
8.5
5.4
5.5
7.7
5.6
5.2
6.0
6.6
6.8
3.6
Retail sales Commercial consumption
Industrial production2 and CPFL’s
industrial consumption3 | %YoY growth
2006 2007 2008 2009 2010 2011 2012 2013
2.8
6.0
3.1
-7.4
10.5
0.4
-2.7
-3.0
3.3
6.1
2.9
-6.7
9.3
3.9
0.7
2.0
Industrial production Industrial consumption
1) Source: IBGE/LCA. 2) Source: IBGE. 3) Take into account changes in billing calendar for free consumers.
Other variables influencing energy
consumption
• Population growth
• Migration
• Credit
• Household appliances
• Temperature
• Rainfalls
• Public investments
12

13. Southeast:
CPFL Paulista, CPFL Piratininga, CPFL Santa Cruz,
CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista,
CPFL Mococa
South: RGE
Footprint in the most developed regions of Brazil
13
1313
Distribution business
• 8 distribution companies;
• 13% of market share;
• 7.5 million customers;
• 569 municipalities;
• LTM 3Q14 sales of 59,641 GWh | 04-13 CAGR of 5.4%
Leadership in the distribution segment
2006 20071912
Discos’ Acquisitions | Key dates
1997-2001
Start Up
1 1
1) Acquired by VBC (one of CPFL Paulista’s controlling shareholder at the time) and PSEG in 1997, during the privatization process, and incorporated by CPFL Energia
in 2001 (67,03%). In 2006, CPFL Energia acquired the additional stake (32.67%).

14. Avg. Frequency of Power Outages per Consumer per Year – FEC
2013 (# occurrences)
4.4 4.6 4.7 4.9 5.0 5.1 5.4 5.5 5.8 6.3 6.3 6.7 6.8
8.3 8.3 8.7 8.9 9.0 9.8 10.6 10.9
15.8
14
Avg. Length of Power Outages per Consumer per Year - DEC
2013 (hours)
Distribution: best-in-class operational efficiency
4.9 5.9 7.0 7.1 7.4 7.6 8.0 8.1 8.5 9.1 9.1 9.7
12.5 13.7 15.5 17.4 18.4 18.9 20.1 22.0 22.5 23.2

15. Zero-Base Budget
Inefficiencies from past
budgets are not carried over
to the next periods
Tauron Program
Introduction of the smart
grid technology in the
distribution network
Corporate Services
Center
Implementation of a back-
office services provider to
increase operating
productivity and efficiency
Corporate Level
• Optimization of inspections (loss prevention),
process review, and improvement in
assertiveness: reduction of ≈17%
• Metering and delivery of bills - online billing
(email), changes in layout/type of paper,
alignment of bank fees for all Discos:
reduction of ≈11%
Operational Level
Value Initiatives
• Reduction of consulting services and “insourcing”
of activities: reduction of ≈47%
• Standardization of outsourced labor: reduction
of ≈52%
• Improved management of travel expenses:
reduction of ≈18%
• Consumption of paper and office supplies:
reduction of ≈66%
15
Cost-cutting Initiatives
Cost-cutting Initiatives Total (2015 x 2011):
Cost-cutting already performed (LTM3Q14 x 2011)1: ≈R$ 268 million
1) Constant value of Sept/14.

16. EBITDA acumulado até setembro: R$ 24 milhões16
• Automated dispatch + tablets deployed in ~35% of all teams (RGE and CPFL Piratininga)
• 22,000 smart meters already installed as of September-14 (84%) – (Target: 24,000 large consumers)
• Implementation of RF Mesh Telecom Network already concluded
EBITDA 2013: R$ 52.4 million
Achievements
• Real-time consumption readings
• Analysis of consumer load curve
• Real-time fraud detection
• Real-time power outage detection
Optimized logistics for field teams
(georeferenced maps)
• Faster power restoration
• Savings with optimized routes
Tablets for real-time communication
• Dynamic dispatch of teams
• Automated routing of teams
• On-line update of field services’ progress
Projeto Tauron – smart grid

17. Distribution | Key financial figures
Net revenues1 | R$ Million – Adjusted2
EBITDA | R$ Million – Adjusted2
Net income | R$ Million – Adjusted2
2010 2011 2012 2013 LTM 3Q14
9,432
9,794
10,830 10,716
11,252
2010 2011 2012 2013 LTM 3Q14
2,267 2,351
2,655
2,211
2,019
2010 2011 2012 2013 LTM 3Q14
1,309
1,235
1,356
1,047
855
1) Excludes construction revenue; 2) Adjusted by non-recurring items and regulatory assets & liabilities.
CAGR 2010-13
+4.3%
+5.0%
CAGR 2010-13
-0.8%
-8.7%
CAGR 2010-13
-7.2%
-18.4%
Sales in the Captive Market (TWh)
2010 2011 2012 2013 LTM 3Q14
39.3
39.9
40.7
41.1
42.6
+3.6%
CAGR 2010-13
+1.6%
17

18. 2 Distribution
3 Generation
Competitive Power Supply and Services4
Corporate Overview
Agenda
Consolidated financial figures5
18
6 Sustainability
7 The Electric Sector
1

19. • Long Term Concessions
• Brazil’s largest Portfolio in Alternative
Energy
• Renewable Sources: 94%
2º Market share: 2.4%
34%
Generation Segment
Installed Capacity1 (MW) | Estimated growth
CAGR 2000-18e = 21% a.a.
Semesa Baesa
Enercan Ceran
Foz Chapecó
Epasa
Baldin
Creation of
CPFL Renováveis
19
Partnership with
DESA
1) Equivalent stake for projects.
-
657 660 747 751
894 996
1,146 1,146
Privatization assets Brownfield Greenfield

20. 1998 2004 2005 2007 2007 2008 2008 2010 2010-11
1,275.0 130.0 690.0 880.0 902.5 130.0 100.0 855.0 341.6
671.0 59.0 380.6 377.9 526.6 64.0 50.0 432.0 247.6
51.54% 65.00% 25.01% 48.72% 6.93% 65.00% 65.00% 51.00% 57.13%
657.1 84.5 172.5 428.7 62.5 84.5 65.0 436.1 195.2
345.8 38.4 95.2 184.1 36.5 41.6 32.5 220.3 141.5
1.784 1.4 95.0 32.9 630 5.0 5.0 80.0 -
0.7 92.9 7.3 26.7 1.4 26.0 20.0 10.7 -
2028 2036 2036 2035 2032 2036 2036 2036 2042
Conventional generation | 2,212 MW1 of installed capacity
CPFL Energia’s power plants – state-of-the-art environmental efficiency
20 1) Equivalent stake, including 24.3 MW of SHPPs at CPFL Centrais Geradoras.

21. CPFL Renováveis | Corporate structure after the joint venture
5.61% 5.49% 7.12% 2.97% 1.93% 1.47%58.84% 9.32%
Market
7.24%
4.93% 4.82% 6.25% 2.60% 1.64% 0.05%51.61% 9.49%
Market
6.35%
(ARROW)
(1)
(1)
1) Through CPFL Geração.
Pre-operation
Post-operation
21
Outros
12.27%

22. 22
Operating
(Nov-14)
Under
construction
End of
2018
Under
development
Total
Portfolio
100% with PPA
2,108
5,875
Possible
Probable
Highly Confident
3,767
Small Hydro
• 38 operating: 399MW
• 1 under construction: 24 MW
• Under development: 626MW
Total: 1,049MW
Biomass
• 8 operating: 370MW
• Under construction: -
• Under development: -
Total: 370MW
• 28 operating: 1,004MW
• 12 under construction: 312MW
• Under development: 3,141MW
Total: 4,456MW
Wind
• 71 operating: 1,773MW2
• 13 under construction: 336MW
• Under development: 3,767MW
Total: 5,875MW2
Total
1) After the joint venture with Dobrevê Energia; 2) Including Tanquinho solar power plant – 1MWp of installed capacity.
1,773
Wind
SHPP – Small Hydro
Biomass
CPFL Renováveis | Installed capacity (MW)1

23. DESA is one of the main independent renewable energy companies in Brazil,
with total contracted capacity of 331 MW
CPFL Renováveis | Partnership with Dobrevê Energia
23
3
2
5
1
4
1) DESA holds 60% of SHPP Ludesa. 2) The PPAs are based on January 2014 (average values ​​when there is more than one PPA). 3) On December 31, 2013, DESA presented a
consolidated net debt of R$ 656 million (preliminary value, subject to audit and, therefore, eventual changes) to be added after December 31, 2013 in approximately R$ 200 million.
(MWavg)
R$/MWh
São Domingos (SC)
Jul-07 30.0 MW 21,2 202
Indiavaí (MT)
Nov-10 19.4 MW 12,6 201
Campina Grande (PR)
Jun-11 23.0 MW 10,4 136
João Câmara (RN)
Jul-12 145.2 MW 66,1 186
João Câmara (RN)
Sep-13 60.0 MW 29,5 150
João Câmara (RN)
1Q16 29.2 MW 15,1 124
Unaí (MG)
2Q16 24.0 MW 12,5 131
Portfolio of Projects in the Partnership (MW) Operation Construction Total
CPFL Renováveis 1,495.1 282.3 1,777.4
DESA 277.6 53.2 330.8
CPFL Renováveis After-Partnership 1,772.7 335.5 2,108.2
SHPP
Wind
Hydro
Wind
Biomass
Solar

24. (MW) (MWavg)
CPFL Renováveis (Aug-11) 652 314
2Q12 25 8 Free market -
2Q12 70 24 Reserve auction (R$170.91/MWh) Revenue(e): R$ 20 million/year
2Q12 158 63 PROINFA (R$ 331.11/MWh) Acquisition price: R$ 1,062 million
3Q12 188 76 Reserve auction (R$ 184.71/MWh) Revenue(e): R$ 115 million/year
4Q12 40 11
Alt. sources auction (64%) and
free market (36%)
Acquisition price: R$ 111.5 million
4Q12 1 1 Free market -
4Q12 20 11
Alternative sources auction
(R$176.71/MWh)
Revenue(e): R$ 112 million/year
3Q13 50 18 Free market Revenue(e): R$ 22.6 million/year
4Q13 30 15 Reserve auction (R$ 151,21/MWh) Revenue(e): R$ 18.5 million/year
4Q13 50 18 Free market Revenue(e): R$ 22.6 million/year
1Q14 14 5 PROINFA (R$ 338.41/MWh) Acquisition price: R$ 103.4 million
1Q14 120 53
Alternative sources auction
(R$154.81/MWh)
Revenue(e): R$ 76.7 million/year
2Q14 78 38
Alternative sources auction
(R$161.51/MWh)
Revenue(e): R$ 52.6 million/year
3Q14 278 167 - Partnership with Dobrevê
Current portfolio (Nov-14) 1,773 822
1) Constant currency (Dec-13).24
CPFL Renováveis | Track record

25. CPFL Renováveis | Power plants under construction
1) Gradual commercial operation from 2Q16; 2) Gradual commercial operation from 1H18; 3) Assured Energy calculated in the P90; 4) Constant Currency (Sep-14);
5) With the anticipation of work, a bilateral contract (Free Market) will run between 2016 and 2018, when the supply of LEN 2013 starts.25
Commercial Start-up
2016-2018(e)
Including DESA’s
projects
Campo dos Ventos Wind Farms
e São Benedito Wind Farms
Morro dos Ventos II
Wind Farms
Mata Velha SHPP
Pedra Cheirosa
Wind Farms
Commercial Start-up 20161 20161 20161 20182
Installed Capacity 231.0 MW 29.2 MW 24.0 MW 51.3 MW
Assured Energy 3 120.9 MW average 15.3 MW average 13.1 MW average 26.1 MW average
PPA4 ACL 20 years
13th LEN 2011
R$ 125.14/MWh
until 2035
16th LEN 20135
R$ 143.30/MWh
until 2047
A-5 Auction 2013
R$ 125.04/MWh
until 2037
Status
Contract to supply wind
turbines signed; executive
projects in progress
BNDES (approved in
October 2014)
BNDES (under analysis)
Negotiation of wind
turbines supply in
progress

26. Conventional and Alternative Energy | Key financial figures
Net Revenues | R$ million - Adjusted1 EBITDA | R$ million - Adjusted1
Net Income | R$ million - Adjusted1
1) Adjusted by proportional consolidation and non-recurring items.
2010 2011 2012 2013 LTM3Q14
1,047
1,351
1,964
2,303
2,967
CAGR 2010-13 = +30.1%
+28.8%
2010 2011 2012 2013 LTM3Q14
750
1,060
1,427
1,583
1,724
CAGR 2010-13 = +28.3%
+8.9%
2010 2011 2012 2013 LTM3Q14
244
721
373 390 406
+4.0%
26
CAGR 2010-13 = +17.0%
2013 EBITDA/installed MW

27. 2 Distribution
3 Generation
Competitive Power Supply and Services4
Corporate Overview
Agenda
Consolidated financial figures5
27
6 Sustainability
7 The Electric Sector
1

28. Competitive power supply| Regulated vs. free market
No choice - distribution company Free choice
Distribution company Distribution company
Regulated by ANEEL Free negotiation
Free > 3,000 kW
after July, 1995 any any
before July, 1995
> 69 kV any
< 69 kV incentivized
Special
500-3,000 kW - Group A incentivized
units totaling 500 kW - Group A incentivized
28 1) Source: EPE (full year 2013)
Main differences
Advantages
Who can join
 Lower prices
 Free choice from energy supplier
 Better predictability of energy expenses
 Customization according to consumer seasonality
27%
73%
Free Market1
Regulated Market

29. • 289 consumers
• 69 free consumers
• 220 special consumers (alternative
energy)
• Nationwide outreach
• Value-added product portfolio
• Synergy with CPFL Renováveis
Number of Consumers (#) | CPFL BrasilPortfolio (Free Consumers)
179
52
Inside the
concession area
Outside the
concession area
Current: 11.4 GW avg
Potential: +7.9 GW avg
Free Market
in Brazil¹
215
74
Competitive power supply
29
• CPFL Brasil was the winner of
Exame Magazine’s 2013 Best and
Largest Companies (category
Energy)
• The Company was selected among
gencos, discos, transcos and other
players in the electric sector
throughout Brazil
2010 | 2011 | 2013
1) Set-14
80 74
129 141
231
284 289
2008 2009 2010 2011 2012 2013 3Q14
CAGR = 30%

30. 30
Sep/09 Sep/10 Sep/11 Sep/12 Sep/13 Sep/14
441 477 503
578 616 621
Current: 9.3 GWavg
Potential: +1.3 GWavg
Current: 1.9 GWavg
Potential: +6.6 GWavg
Competitive advantages of CPFL:
market leadership, expertise and synergies with CPFL Renováveis
Source: ANEEL and CCEE
# of competitive customers – larger than 3 MW # of special customers – from 0.5 to 3 MW
Number of free clients in Brazil
CAGR=7.1% CAGR=43.6%
Competitive power supply | Opportunities
Sep/09 Sep/10 Sep/11 Sep/12 Sep/13 Sep/14
204
221
539
897
1,048 1,164

31. Transmission
networks
Self-generation
networks
Distribution
networks
Recovery of
equipment
Services Segment | CPFL Serviços
31
• Foundation: 2006
• Core Business: offers a wide range of value-added services,
ranging from engineering projects to maintenance and recovery
of equipment. These services are designed to help consumers
improve the efficiency, cost and reliability of their electric
equipment
• Type of services: construction of transmission and distribution
networks; maintenance and recovery of equipment; self-
generation networks (cogeneration, energy-efficiency projects
and distributed generation arrays – solar energy)

32. Services Segment | CPFL Total and CPFL Atende
32
• CPFL Total offers collection services with an
established authorized network; capacity to
collect utility bills, such as water, energy,
telephone, and cable TV.
• Capability of cross-sale with other service
providers, enabling the collection via energy
bills.
• Foundation: 2008
• Core Business: provider of contact center and
customer relationship services to other utility
companies
• Services: face-to-face attendance, back-office,
credit recovery, toll-free customer support,
ombudsman, service desk and sales

33. Net revenues | R$ million EBITDA | R$ million Net income | R$ million
Competitive power supply and Services | Financials1
1) Pro forma33
2010 2011 2012 2013 LTM
3Q14
1,909
1,699
2,031 2,031
2,211
2010 2011 2012 2013 LTM
3Q14
201
164
127
52
171
2010 2011 2012 2013 LTM
3Q14
303
278 287
74
259

34. 2 Distribution
3 Generation
Competitive Power Supply and Services4
Corporate Overview
Agenda
Consolidated financial figures5
34
6 Sustainability
7 The Electric Sector
1

35. 2009 2010 2011 2012 2013 LTM
3Q14
10,537
10,921
11,413
13,235
13,671
14,697
CPFL Energia | Key financial figures1
3535
Net revenues | R$ million
CAGR 2009-13
6.7%
7.5%
2009 2010 2011 2012 2013 LTM
3Q14
2,702
3,260
3,649
4,343
3,848
3,956
EBITDA | R$ million
25.6%
29.8%
32.0%
32.8%
28.1%
26.9%
2.8%
EBITDA
EBITDA Margin
CAGR 2009-13
9.2%
Net Income | R$ million
Net Income
Net Margin
CAGR 2009-13
0.4%
2009 2010 2011 2012 2013 LTM
3Q14
1,266
1,526
1,503
1,617
1,284
1,235
12.0%
14.0%
13.2%
12.2%
9.4%
8.4%
-3.8%
1) Take into account proportionate consolidation of minorities’ stakes at gencos (+) regulatory assets & liabilities (-) construction revenues (-) non-
recurring items.

36. 36
CPFL Energia | Key financial figures – Dividends
Dividend Yield 1 (LTM) Declared dividends2 (R$ Million) CPFL average price (R$/ORD)3
1) Considering last two half years’ dividend yield. 2) Refers to declared dividend. Payment in the next half year. 3) Considers share price adjusted for reversal stock
split and simultaneous split of shares on June 29, 2011 (not adjusted per dividends).
2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14
140
401
498
612
722
842
719
602 606 572
655
774
486
748 758
640
456
363
568
422
8.29 9.43
11.67
15.02 14.13 15.87 17.99 18.05 16.69 15.77 16.51 18.44 20.18 22.05 21.95
26.30
22.95
21.11 19.80
18.35
CPFL has presented payout ratio close to 100% since its IPO, reaching the mark
of R$ 11.6 billion distributed. Declaration of dividend for 1S14: R$ 422 million |R$ 0.44/share
3.7%
6.5%
9.1% 8.7%
9.6%
10.9%
9.7%
7.6% 7.3% 7.6% 7.9%
8.6%
6.9%
6.0%
7.1%
6.1%
4.6%
3.9%
4.8% 5.4%

37. 37
Capex(e) 2014-2018 | R$ Million
1,553
1,239 1,235
1) Constant currency Dec/13. Take into account 100% interest on CPFL Renováveis and Ceran (IFRS)
2) Constant currency Dec/13. Considers the proportional stake in the generation projects 3) Conventional + Renewable
1,842
1,505
1,230 1,226
Total:
R$ 7,739 million1 (IFRS)
R$ 7,213 million2 (Pro-forma)
Distribution:
R$ 5,826 million
Generation3:
R$ 1,425 million (IFRS)
R$ 899 million (Pro-forma)
Commercialization and Services:
R$ 488 million
2013 actual
(cash flow)
2014 2015 2016 2017 2018
845 875
1,316 1,342 1,153 1,140
513 392
390
80
19 18
53 144
136
83
58 68
845 875
1,316 1,342 1,153 1,140
837 603
637
129
28 27
53 144
136
83
58 68
1,735 1,622
2,089
IFRSPro-forma
1,410 1,410

38. 38
CPFL Energia | Indebtedness and leverage
2011 2012 2013 1Q14 2Q14 3Q14
10.0
12.6 12.2 12.8 13.2 13.0
2.73 2.89
3.59 3.58 3.44 3.33
 Leverage1 | R$ billion
Adjusted net debt1/
Adjusted EBITDA2
3,665 4,377 3,399 3,570 3,830 3,896
Adjusted EBITDA1,2
R$ million
69%
3%
6%
21% CDI
Prefixed
(PSI)
IGP
TJLP
 Gross debt breakdown by
indexer | 3Q14 1,4
 Gross debt cost3,4 | LTM
9.4%
7.9%
9.9%
7.3% 7.1%
4.9% 4.4% 4.3%
3.0% 2.4% 3.0% 2.9% 3.0%
17.7%
13.9%
13.4%
12.1%
13.4%
9.4%
10.5%11.1%
9.0% 8.4% 9.1% 9.7% 9.9%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
1Q14
2Q14
3Q14
Nominal
Real
1) Financial covenants criteria. 2) LTM recurring EBITDA; 3) IFRS criteria; 4) Financial debt (+) private pension fund (-) hedge.

39. 39
CPFL Energia | Strong and robust liquidity
Cash Short-term 2015³ 2016 2017 2018 2019 2020+
3,822
2,833
170
2,019
2,469
3,077
3,196
2,932
 Debt amortization schedule1,2 | Sep-14 | R$ million
Cash coverage:
1.35x short-term
amortization (12M)
1) Considers Debt Principal; 2) Covenants Criteria; 3) Amortization from Oct-2015.
Average tenor: 3.81 years
Short-term (12M): 17.0% of total

40. 2 Distribution
3 Generation
Competitive Power Supply and Services4
Corporate Overview
Agenda
Consolidated financial figures5
40
6 Sustainability
7 The Electric Sector
1

41. Sustainability at CPFL: Incorporation of strategic guidelines
41
Energy is essential for
the welfare of people
and the development
of society.
We believe that
producing and using
energy in a
sustainable manner
is vital for the future of
humanity.
Vision
To provide
sustainable energy
solutions with
competitiveness and
excellence, acting in a
manner that is
integrated with the
community.
Mission
• Value Creation
Commitment
• Safety and Quality of
Life
• Austerity
• Sustainability
• Trust and Respect
• Overcoming
• Entrepreneurship
Principles
CPFL Energia is the
largest private group in
the Brazilian electricity
sector which, through
innovative strategies
and talented
professionals, offers
sustainable energy
solutions.
Positioning
CPFL Energia built its Sustainability Platform in 2013 in order to define the issues material to its growth
strategy and the development of goals and indicators related to each of these issues at each business unit.
The Platform consolidation process covered the company as a whole, meaning that sustainability is not just
an element of our principles and values but included in strategic planning.
Sustainability Platform

42. Indicators 2013 x 2012
1) index obtained through the survey ABRADEE (value = average value between the distributors CPFL Paulista, CPFL Piratininga, RGE, CPFL Santa Cruz
and CPFL Leste Paulista). 2) FR - represents the number of accidents involving time off work in relation to one million man hours worked (106 x total
number of accidents involving time off work divided by total Man Hours Worked). 3) DS - represents the seriousness of the injury, i.e. the “non-
productive time” per one million man hours worked (106 x total number of days lost + total number) of days debited divided by the total man hours
Emissions Scope 1 and 2 / Net Energy Generated (tCO2e/MWh) - EN15|EN16|EN17 0.08 0.08
Meters and transformers recuperated (%) - EN2 19 & 37 14 & 23
Critical suppliers assessed for sustainability (%) - G4-12 22.2 17.7
Number of strategic suppliers - G4-12 139 124
Energy saved by energy efficiency projects (GWh) - EU7 | EU9 | EU23 36.7 33.3
Satisfaction Index Perceived Quality - ABRADEE (%)¹ 89.4 88.2
Reverse chain - lighting, wooden cross arms, poles, transformers, other materiais (un) - EN1 284.5 350.3
Investments in the Environment (R$ million) - EN31 96 93
Contributions to society – without mandatory investments (R$ million) - EC1 22.0 23.4
Investments in energy efficiency projects for low-income consumers (R$ million) - EN31 35.5 36.3
Degree of Severity (DS)³ - LA6 1,073 415
Frequency Rate (FR)² - LA6 1.77 1.80
42

43. 2 Distribution
3 Generation
Competitive Power Supply and Services4
Corporate Overview
Agenda
Consolidated financial figures5
43
6 Sustainability
7 The Electric Sector
1

44. Energy sector in Brazil: business segments
Consumers
1) Source: ANEEL – November 21, 2014; 2) Source: EPE and CCEE; 3) Source: ONS and Ministry of Mines and Energy (MME) – January , 2014; 4) September, 2014
Free Market
Captive Market
76.6 million consumers
1,785 Consumers4
122 TWh of billed energy2
76.6 million Consumers
350 TWh of billed energy2
Transmission
• 104 Companies³
• 118,105 km of
transmission lines³
• Eletrobrás: ~55%
of total assets
Distribution
• 63 Companies
• 472 TWh of billed
energy2
• Top 5: ~46% of
the market
Competitive Power Supply
Generation
• 132 GW of
installed capacity1
• 79.2% Renewable
energy1
• Eletrobrás: ~31%
of total assets
44

45. Brazilian electricity matrix
1) Source: EPE - National Energy Balance 2013 and 10-year Energy Plan 2013-2022; 2) Others: considers coal, oil, diesel and process gas.
Brazil’s electricity matrix is predominantly renewable, with hydro installed capacity totaling 69% of
the total supply, while biomass, wind and SHPPs account for 14%. In the next years, it is expected
that other sources will grow, mainly wind, reaching 11% of total installed capacity in 2023.
Brazilian Electricity Matrix
125 GW 168 GW 196 GW
2013 2018 2023
Evolution of Installed Capacity (GW) 2013-20231
45

46. 2013 2014 2015 2016 2017 2018
Reserve Energy Auction - LER:
Discos are not required to declare contracting needs and generation costs are covered through sector charges
Discos must purchase electric energy to supply their captive market, five years in advance,
in public auctions (Regulated Market – ACR)
Discos
Gencos
Mechanics of regulated auctions
A-5 Auction
A-3 Auction
A-1 Auction
• New Energy: Initial supply 5 years after the auction
• Term of contract: 15-30 years
• Objective: Cover discos market growth and finance new
generation
• Energy contract limit: no limit
• “Old” or Existing Energy: Initial supply in the following year
• Term of contract: 1-15 years
• Objective: Replace old contracts, maintaining the discos’ contracting level
• Energy contract limit: 96% to 100% of the Replacement Amount (MR)
• “New” Energy: Initial supply 3 years after the auction
• Term of contract: 15-30 years
• Objective: Adjust discos’ contracted energy levels
• Energy contract limit: 2% of the load
46

47. 86
117
11
12
11
20
17
47
Renewables
Other
Natural Gas
Hydro
2023E2013A
47
1) Abeeólica 2) 10-year Energy Plan 2013-2023 (preliminary); 3) Includes estimates of energy imported from Itaipu HPP, which is not consumed by
Paraguay Electric System ; 4) Considers the export of 2/3 of energy produced by the Company.
Unrealized Potential to be Explored in Brazil
Evolution of Brazilian Installed Capacity by
Source2 | GW
Highly Fragmented Market | Renewables
Market Share in Brazil based on contracted
energy (26GW)
Wind
 Potential: 350GW1
 Installed capacity: 3.8GW
1%
SHPP
 Potential: 17.5GW
 Installed capacity: 5.0GW
29%
Biomass
 Potential: 17.2GW¹
 Installed capacity: 9.3GW
54%
Potential Realized
4.6% p.a.
196
125
Renewables in Brazil are expected to grow at a CAGR of 10.5%, from 17 GW in 2013 to 47
GW in 2023 and still a highly fragmented market
World’s most attractive alternative energy market
Renova
Energimp
QGER
Brookfield
Cosan
Eletrosul
Gestamp
Elecnor
Other
8.2%
1.3% 6.9%
7.5%
3.6%
2.9%
2.5%
2.4%
2.0%
1,8%
1,6%
67,6%
4CAGR
0.9%
10.5%
6.5%
3.1%3

48. 48
4848
• Selective high quality project development
• Wind projects certified by industry leaders
• Backed by high quality equipment suppliers
• Long term O&M contracts
• Energy generation monitoring and optimization
High Quality Development, Construction and
Operation
Complementarity of Sources Mitigating Risks
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Wind (Generation - MWavg) Reservoir Storage
• Reservoir storage at high levels in the first semester
while wind energy generation is concentrated in the
second semester of the year
CPFL Renováveis benefits from the
complementarity of sources
Wind Portfolio
Attractive location due
to high wind speeds
SHPP Portfolio
Exposure to
abundant hydro
resources
Installed Capacity1
Total: 2,108 MW
Solar
20%
62%
18% 0%
SHPP
Wind
Biomass Solar
Operating:
Hydro
Wind
Biomass
Under Construction:
Hydro
Wind SHPP Potential (Southeast and Midwest Regions)
Wind Potential (Northeast and South Regions)
Biomass Portfolio
Proximity to sugarcane
production centers
Biomass
Region MW
NE 1,234
CW/SE 550
SO 324
ReservoirStorage(%)
WindGenerationMW
Diversified and high quality portfolio, delivering superior performance, mitigating risks,
ensuring reliable load factors and providing capacity to grow with different sources
CPFL Renováveis | High quality and diversified portfolio
1) To be fully operational by 2018

49. 49
Technology Has Shown Great Improvements in Recent Years | Recently developed technology for
wind power plants allows greater load factors
Europe United States Brazil (NE)
Area
89%
Area
95%
Frequency
Wind Speed (m/s)
Frequency
Wind Speed (m/s)
Frequency
Wind Speed (m/s)
Ideal Wind Speed Ideal Wind Speed
Area
99%
Ideal Wind Speed
1.500kW
1.800kW
80m
3.000kW
100m
70m
750kW
50m
30m
300kW
75kW
17m
1980 -
1990
1990 -
1995
1995 -
2000
2000 -
2005
2000 -
2005
2010
0
20
40
60
80
100
120
140
160
180
Rotor Diameter (m)
Rating (kW)
Altura(m)
1.500kW
1.800kW
80m
3.000kW
100m
70m
750kW
50m
30m
300kW
75kW
17m
1980 -
1990
1990 -
1995
1995 -
2000
2000 -
2005
2000 -
2005
2010
0
20
40
60
80
100
120
140
160
180
Rotor Diameter (m)
Rating (kW)
Altura(m)
BrazilEurope and EUA
Improved
availability
Greater
efficiency
Reduced
generation
losses
Wind Features in Brazil are the Most Adequate for Power Generation | The average
wind in Brazil (Northeast) has a similar intensity with less variability
CPFL Renováveis | Unparalleled wind conditions
combined with top technology

50. Description Sustainability
50
 Natural consequence of projects with lower
environmental impact
Environmental
& Streamlined
Implementation
Process
 Faster and simpler environmental process
 Faster construction cycle
 Annual auctions to match growth in energy
consumption
 Price of energy at the captive market structurally
higher than at the free market given regulatory
charges
Access to Multiple
Sales Channels
 Regulated energy auctions and the free
market
 Long term inflation protected/linked PPA
(average 20-30 years)
 Special niche in the free market for “special
client” (demand between 0.5-3.0MW)
 Current special free market of 2.7% (1.6GW)
to potential of 9.6% (5.8GW)
 Not a sector specific benefit
 BNDES has been providing support for the sector for
many years
Dedicated
Sovereign
Funding Conditions
 BNDES Financing
 Low Cost – average interest rate of 7.0%
 Long-term funding of 16 years
 Attractive capital structure
 Policies in place since 1996
 Not a direct government expenditure/tax break
 Not applicable for regulated auctions
Discounts on
Transmission
Charges
 Discount of at least 50% (TUST and TUSD)
 Tax regime for small enterprises (annual revenues
below R$78 mm), which is not sector specific
 REIDI is applicable for all infrastructure projects
 ICMS/IPI1: discussions on expanding tax incentives to
SHPPs
Favorable Tax
Regime and
Fiscal Incentives
 “Lucro Presumido” with reduction in the
effective tax rate to 5% - 15% from 34%
 REIDI (special program of incentives for
infrastructure development) - exemption of
PIS/COFINS,
 Exemption of ICMS (movement tax) and IPI
(production tax)
Source: Company ; 1) Tax on revenues
Stable and solid regulatory framework