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March, 2013
Corporate
Presentation
April 2018
1
22 1) On April 4, 2018; 2) Considering CPFL’s stake on each generation project.
Company Overview
 Largest integrated private player in the Brazilian electricity sector
 Market Cap of R$ 25.0 billion1, listed on B3’s Novo
Mercado and on NYSE (ADR Level III)
 In 2017, EBITDA of R$ 4,864 million and Net Income
of R$ 1,243 million
 Presence concentrated in the most developed regions of
Brazil
 Leadership in the Distribution segment, through 5
distributors, and a 14% market share
 3rd largest private generator with 3,283 MW2 of installed
capacity, of which 95% from renewable source
 Leader in Renewable Energy in Brazil with the largest capacity in
operation
 Outstanding performance in the Commercialization segment
with free consumers, focusing on special consumers
HPPs
33 1) 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; 2) RGE Sul is controlled by
CPFL Energia (76.3893%) and by CPFL Brasil (23,4561%).
Company Profile
Lajeado HPP
5.94%
Nect / Authi
CPFL Centrais
Geradoras
DISTRIBUTION
100%
SERVICES
100%
RENEWABLES
51.60%
65% 48.72% 51%
25.01%
Serra da Mesa
HPP
51.54%1
53.34%
GENERATION
100%
COMMERCIALIZATION
100%
Commercialization,
Services & Others
208
CPFL Energia - Consolidated | 4,864
2017 EBITDA Breakdown | R$ million Concession’s expiration
2045
CPFL Santa
Cruz
CPFL Jaguari
CPFL Sul
Paulista
CPFL Leste
Paulista
CPFL Mococa
Free Float
5.25%
46%
25%
25%
4%
Conventional
Generation
1,200
Distribution
2,234
Renewable
Generation
1,222
94.75%
2
CPFL GD
2027 2028 2032 2035 2036
CPFL
Paulista
CPFL
Piratininga
HPP Luis
Eduardo
Magalhães
HPP Campos
Novos
HPP Foz do
Chapecó
RGE
HPP Serra da
Mesa2
HPP Barra
Grande
RGE Sul
HPP Castro
Alves
19 SHPPs
(CPFL
Renováveis)
HPP Monte
Claro
HPP 14 de
Julho
29% 37%
17%
17%
Distribution Segment
• 9.3 million customers
• 679 municipalities
• Footprint: most developed regions
• High potential in per capita consumption
• Market Size: 65.6 TWh/year
1st
Market share: 14%
Industrial
Commercial
Residential
Others
1) Source: EPE; 2) Excluding RGE Sul (Nov-16/Dec-17).4
CPFL
Santa
Cruz
39%
21%
19%
15%
7%
CPFL Piratininga
RGE
2017 EBITDA
Breakdown
R$ million
CPFL
Paulista
Tariff review Comparison by Region1,2 |
Sales in the concession area
4th
Tariff Review Cycle
CPFL Piratininga Oct-15
CPFL Santa Cruz Mar-16
CPFL Paulista Apr-18
RGE Sul Apr-18
RGE Jun-18
2017 Sales
Breakdown
GWh
RGE Sul
Distribution | Grouping of the 5 Distribution Companies
5
45
municipalities
20,684 km² of
concession area 1,175 km of
transmission
network
447
thousand
clients
2,796 GWh
sales within
the concession
area
CPFL Santa Cruz
CPFL Paulista e
CPFL Piratininga
21,592 km of
distribution
network
66
Generation Segment
• 3,283 MW of installed capacity
• 1,575 avg-MW of physical guarantee
• Long Term Concessions
• Largest portfolio in Renewable Energy
• Renewable Sources: 95%
3rd
Market share: 2% Installed Capacity | %
• Contracted portfolio in the long term with
low risk exposure
• Agreements average price: R$ 212/MWh
• Agreements average tenor: 12.9 years
Contract Profile
61%
5%
7%
6%
21%
HPP
TPP
SHPP
BIO
WIND
Contracting Level | %
Total: 3,283 MW
2017 2018 2019 2020 2021
100% 100% 100% 99% 96%
1,2% 3,7%
Contract Energy Available Energy
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% 53.34%
657.1 84.5 172.5 428.7 62.5 84.5 65.0 436.1 182.2
345.8 38.4 95.2 184.1 36.5 41.6 32.5 220.3 132.1
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 | 2,198 MW of installed capacity
CPFL Energia’s power plants – state-of-the-art environmental efficiency
7
(MW)
CPFL Renováveis (Aug-11) 652
2Q12 25 Free market -
2Q12 70 Reserve auction Revenue(e): R$ 20 million/year
2Q12 155 PROINFA Acquisition price: R$ 1,062 million
3Q12 188 Reserve auction Revenue(e): R$ 115 million/year
4Q12 40 Auction and free market Acquisition price: R$ 111.5 million
4Q12 1 Free market -
4Q12 20 Alt. Sources auction Revenue(e): R$ 112 million/year
3Q13 50 Free market Revenue(e): R$ 22.6 million/year
4Q13 30 Reserve auction Revenue(e): R$ 18.5 million/year
4Q13 50 Free market Revenue(e): R$ 22.6 million/year
1Q14 14 PROINFA Acquisition price: R$ 103.4 million
1Q14 120 Alt. Sources auction Revenue(e): R$ 76.7 million/year
2Q14 78 Alt. Sources auction Revenue(e): R$ 52.6 million/year
3Q14 278 - Partnership with Dobrevê
2Q15 29 Reserve Auction Revenue(e): R$ 17.9 million/year
2Q16 24 Free market Revenue(e): R$ 18.1 million/year
4Q162 231 Free market -
2Q17 48 Alt. Sources auction -
Current portfolio 2,103
CPFL Renováveis | Track record
Installed Capacity of 2,103 MW
1) Revenue estimated by the terms of the 16th LEN 2013; 2) Gradual commercial start-up since 2Q16.8
Boa Vista II SHPP – Under Construction
1) Constant currency (Dec-17).9
Commercial
Start-up
Installed
Capacity
Assured Energy PPA1
Location Financing
2020 29.9 MW
14.0
average-MW
21st LEN 2015
R$ 233.59/MWh
until 2049
Minas Gerais BNDES
Status: concrete of the structures and
equipment assembly in progress.
 Foundation: 2003
 1,055 free customers, of which 940 special
customers (Dec-17)
 Special customer market: current ~ 4.1 avgGW
 Competitive customer market: current ~ 10.9 avgGW
 Nationwide outreach
 Synergy with CPFL Renováveis
 Foundation: 2006
 Offers a wide range of value-added
services:
 Engineering projects for transmission and distribution grids
 Equipment maintenance and recovery
CPFL Energia – Commercialization & Services
10
- 216 transmission contracts, being:
 108 contracts for works on transmission
lines/substations
 108 O&M contracts
 Foundation: 2012
 Management of partnership with
companies that use the energy bill
to collect their services
 Main services charged to the energy bill: affinity
insurance, newspaper, discount cards, funeral plans, health
plans, water purifier, etc.
 More convenience to customers, especially for those who do
not have a bank account
 Increased loyalty of payments and less delinquency for the
business
- 40 partners companies
- 10 million collection
- R$ 320 million - fin. vol. captured/passed on
 Foundation: 2008
 Provision of services of customer
relationship to utility companies:
 Call Center
 Ombudsman
 Back Office
2017
2017
- 7.3 million phone calls received
- 7.2 million phone calls answered
- 32.7 million speaking time minutes
2017
CPFL Energia Strategy
11
• Be the leader in
operating efficiency by
investing in technology,
automation and innovation
• Act on both institutional
and regulatory fronts to
ensure sustainability of
the sector
• Expand the presence in retail through a
commercial front and customer energy
management
• Add new products besides energy trading
• Focus on the technical services with quality,
productivity and safety
• Provide technical and financial solutions to
increase the competitiveness of our clients
• Operating Efficiency with
Innovation & Technology
• Act in both institutional
and regulatory levels
• Strategic growth with
value creation through
acquisitions and new
projects
Distribution
Generation and
Renewable
Trading, Services & Others
• Be a benchmark in sustainability
• People management, promoting
workplace safety and respect to
diversity
• Operational efficiency and
investment in new technologies
Energy Sales - Distribution | TWh
1212
1) Includes Holding’s EBITDA. EBITDA is calculated from the sum of net income, taxes, financial result, depreciation/amortization, as CVM Instruction no. 527/12; 2)
Including Holding result and amortization of merged goodwill.
CPFL Energia | Operational and Financial figures
2012 2013 2014 2015 2016 2017
CAGR
2012-2017
2017 vs.
2016
NET REVENUE 14,891 14,634 17,306 20,599 19,112 26,745 12.4% 39.9%
Distribution 12,398 11,568 13,665 16,968 15,040 21,077 11.2% 40.1%
Generation 2,350 1,943 2,437 2,582 2,676 3,149 6.0% 17.7%
Trading & Services 2,033 2,031 2,498 2,143 2,487 3,900 13.9% 56.8%
EBITDA¹ 3,436 3,547 3,761 4,143 4,126 4,864 7.2% 17.9%
Distribution 1,914 2,115 2,180 2,144 1,845 2,234 3.1% 21.1%
Generation 1,674 1,378 1,343 1,894 2,103 2,421 7.7% 15.1%
Trading & Services 291 74 263 134 241 258 -2.4% 7.2%
NET INCOME² 1,207 949 886 875 879 1,243 0.6% 41.4%
Distribution 958 853 948 626 407 605 -8.8% 48.5%
Generation 361 261 -48 226 364 671 13.2% 84.5%
Trading & Services 132 52 168 87 166 145 1.9% -12.7%
Key Financial Figures | R$ million
2012 2013 2014 2015 2016 2017
CAGR
2012-2017
2017 vs.
2016
TOTAL 56.7 58.5 60.0 57.6 57.0 65.6 3.0% 15.1%
Captive 40.7 41.1 43.2 41.7 41.3 45.4 2.2% 9.9%
TUSD 16.0 17.3 16.8 15.8 15.7 20.2 4.8% 28.7%
1313 1) Financial covenants criteria; 2) LTM EBITDA; 3) Adjusted by the proportional consolidation since 2012; 4) Financial debt (-) hedge.
Indebtedness | Financial Covenants Management
72%
4%
17%
6%
 Leverage1 l R$ Billion
 Gross Debt Cost3,4 l end of period  Gross Debt Breakdown by
Indexer l 4Q171,4
Adjusted EBITDA1,2
R$ Million
Adjusted Net Debt1
/Adjusted EBITDA2
2013 2014 2015 2016 1Q17 2Q17 3Q17 4Q17
12.2 13.0 12.2 13.2 13.8 13.6 13.7 14.5
3.59
3.49
3.41
3.21 3.30 3.28 3.24 3.20
3,399 3,736 3,584 3,577 3,764 3,725 4,245 4,531
Nominal
Real
CDI
Prefixed
TJLP
Inflation
1414 1) Considers Debt Principal, excluding servicing and including hedge; 2) Financial covenants criteria; 3) Considers the year of 2018.
Debt Profile | On December 31, 2017
 Debt amortization schedule1,2 l Dec-17 | R$ Million
Cash Short-Term 2019 2020 2021 2022 2022+
4.099
2.895
5.021
3.330
1.407
1.039
2.302
Average Tenor: 2.61 years
Short-Term (12M): 24% of total
Short-term3
Long-term
Cash Coverage:
0.71x Short-Term
amortization
(12M)
Commercialization & Services:
R$ 176 million
1515
1) Constant currency; 2) Investment plan disclosed in 4Q17 Earnings Release, in March 2018; 3) Disregard investments in Special Obligations on Distribution segment
(among other items financed by consumers); 4) Conventional + Renewable.
Capex(e)1,2 2018-2022 | R$ Million
Total:
R$ 10,432 million
Distribution3:
R$ 9,802 million
Generation4:
R$ 455 million
Transmission
2,617
2,108
2,217
2,117
1,8522,139
Annex
16
Energy sector in Brazil: business segments
Consumers
1) Source: ANEEL – Mar-17; 2) Source: ONS ; 3) Source: Ministry of Mines and Energy (MME) – Dec-16; 4) Source: EPE and CCEE; 5) Dec-16.
Free Market
Captive Market
80.0 million Consumers3
3,229 Consumers5
118 TWh of billed energy4
80.0 million Consumers3
346 TWh of billed energy4
Transmission
• 104 Companies2
• 133,330 km of
transmission lines3
• Eletrobrás: ~47%
of total assets
Distribution
• 60 Companies
• 461 TWh of billed
energy4
• Top 5: ~46% of
the market
Competitive Power Supply
Generation
• 155.8 GW of
installed capacity1
• 81% Renewable
energy1
• Eletrobrás: ~31.4%
of total assets
17
Brazilian electricity matrix
1) Source: 10-Year Energy Expansion Plan - PDE 2017-2026 ; 2) Others: considers coal, oil, diesel and process gas
Brazil’s electricity matrix is predominantly renewable, with hydro installed capacity totaling 61% of the
total supply, while biomass, wind, SHPPs and solar account for 16%. In the next years, it is expected that
other sources will grow, mainly wind and solar, reaching 9% and 2% respectively of total installed
capacity in 2026.
Brazilian Electricity Matrix
148 GW 176 GW
2017 2026
18
Wind
 Potential: 350 GW3
 Instal. capacity: 3.8 GW
3%
SHPP
 Potential: 17.5 GW
 Instal. capacity: 5.8 GW
33%
Biomass  Potential: 17.2GW
 Instal. capacity: 12.9 GW
75%
Potential Realized
Potential to be Explored in Brazil
Evolution of Installed Capacity (GW) 2017-20261
19
Smart distribution was a key
theme addressed by the Project
"Energy in the City of the
Future"
• The smart grid technology will provide
increased network monitoring capabilities and
greater quality and commercial opportunities
• Smart Grids will boost the amount of
information available, which will be used in
innovative ways to optimize operations and
services
Smart Grid | The Future of Distribution
 Vision of the Future of Distribution is
directly associated with Smart Grids:
20
Emergency Dispatch
 The past:
 The future:
System intervention
or self-healing
Automatic failure detection Real-time information
for customers
Intelligent meter
• Reduced unnecessary travel;
• Shorter average service;
• Reduced SAIDI (optimization of possibilities of
network maneuvering);
• Greater customer satisfaction (real-time
information);
• Optimization of service to nearly 600,000 tickets
every year.
Gains
21
Reading and Delivery
Reading Energy bill Delivering the bill Payment
Making the paymentSmart Metering Center
and/or automatized
software
Data networkIntelligent
meters
Bill via e-mail
and/or app
(cons. manag.)
 The past:
 The future:
• Greater employee safety (reduced travel and exposure to risk)
• Data gathering from load curve and customer consumption profile;
• More sustainable process (reduced use of paper).
Gains
Sustainability at CPFL: Incorporation of strategic guidelines
22
Energy is essential for
the welfare of people
and the development
of society.
We believe that
producing and using
energy sustainably is
vital to humankind’s
future.
Vision
To provide
sustainable and
competitive energy
solutions with
excellence, while
operating in close
integration with the
community.
Mission
• Value Creation
• Commitment
• Safety and Quality of
Life
• Austerity
• Sustainability
• Trust and Respect
• SurpassingExpectations
• Entrepreneurship
Principles
CPFL Energia is the
biggest private group
in the Brazilian power
sector that offers
sustainable energy
solutions through
innovative strategies
and talented
professionals
Positioning
Developed in 2013 with the objectives of defining the material issues to the business sustainability
strategy and managing our performance on these themes through indicators and targets. It is
currently part of CPFL Energia's Strategic Planning, incorporates the United Nations Sustainable
Development Goals and it is made up of indicators, which are monthly monitored, with targets for
the short and medium term (1 to 5 years)
Sustainability Platform
CPFL Energia | Sustainability
Actions Results 2017/2018 Recognition
Assistance
until 1999
Social Responsibility
2000 to 2006
Increasingly comprehensive responsibility concept
New Sustainability
Platform: matrix
structure formed with
value drivers and key
stakeholders for
sustainability business and
tangible ways to protect,
optimize and create
shared value
Advocacy and
strengthening
commitments to SDGs1
and climate change
Platform 2018-2022:
3 value drivers – Safe and
efficient operations; Corporate
development, growth and
innovation; Reputation and
responsibility – with 3
stakeholders groups–
Employees and partners;
Strategic relationships;
Communities – that results in
13 sustainable value levers,
58 indicators with short and
medium term goals
Development of projects aimed
at the integration and
implementation of SDGs and
carbon portfolio
management plus the
incentive to the carbon
market
Level of
incorporation
of Sustainability
theme
1) United Nations Sustainable Development Goals
2) Environmental, Social and Governance
Corporate Sustainability
Added to business from 2007
• Component of DJSI Emerging Markets
for the 5th consecutive year
• 95 companies achieved the Dow Jones
requirements (13 Brazilian, which
2 are from power sector)
• Component of ISE since its 1st
edition, in 2005
• 30 companies of 12 industries
- Market cap of R$ 1.3 trillion
• Component of MSCI for the 2nd year
• Formed by companies with the highest
ESG2 standards in their sectors
• Component of FTSE4Good Index in 2017
• Formed by more sustainable London Stock
Exchange companies
• Transparent reporting of greenhouse gas
emissions since 2006
23
More information in CPFL Energia's Annual Report 2017
Sustainable Business
Focus on low carbon economy
from 2011
Corporate Presentation - CPFL Energia

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Corporate Presentation - CPFL Energia

  • 2. 22 1) On April 4, 2018; 2) Considering CPFL’s stake on each generation project. Company Overview  Largest integrated private player in the Brazilian electricity sector  Market Cap of R$ 25.0 billion1, listed on B3’s Novo Mercado and on NYSE (ADR Level III)  In 2017, EBITDA of R$ 4,864 million and Net Income of R$ 1,243 million  Presence concentrated in the most developed regions of Brazil  Leadership in the Distribution segment, through 5 distributors, and a 14% market share  3rd largest private generator with 3,283 MW2 of installed capacity, of which 95% from renewable source  Leader in Renewable Energy in Brazil with the largest capacity in operation  Outstanding performance in the Commercialization segment with free consumers, focusing on special consumers HPPs
  • 3. 33 1) 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; 2) RGE Sul is controlled by CPFL Energia (76.3893%) and by CPFL Brasil (23,4561%). Company Profile Lajeado HPP 5.94% Nect / Authi CPFL Centrais Geradoras DISTRIBUTION 100% SERVICES 100% RENEWABLES 51.60% 65% 48.72% 51% 25.01% Serra da Mesa HPP 51.54%1 53.34% GENERATION 100% COMMERCIALIZATION 100% Commercialization, Services & Others 208 CPFL Energia - Consolidated | 4,864 2017 EBITDA Breakdown | R$ million Concession’s expiration 2045 CPFL Santa Cruz CPFL Jaguari CPFL Sul Paulista CPFL Leste Paulista CPFL Mococa Free Float 5.25% 46% 25% 25% 4% Conventional Generation 1,200 Distribution 2,234 Renewable Generation 1,222 94.75% 2 CPFL GD 2027 2028 2032 2035 2036 CPFL Paulista CPFL Piratininga HPP Luis Eduardo Magalhães HPP Campos Novos HPP Foz do Chapecó RGE HPP Serra da Mesa2 HPP Barra Grande RGE Sul HPP Castro Alves 19 SHPPs (CPFL Renováveis) HPP Monte Claro HPP 14 de Julho
  • 4. 29% 37% 17% 17% Distribution Segment • 9.3 million customers • 679 municipalities • Footprint: most developed regions • High potential in per capita consumption • Market Size: 65.6 TWh/year 1st Market share: 14% Industrial Commercial Residential Others 1) Source: EPE; 2) Excluding RGE Sul (Nov-16/Dec-17).4 CPFL Santa Cruz 39% 21% 19% 15% 7% CPFL Piratininga RGE 2017 EBITDA Breakdown R$ million CPFL Paulista Tariff review Comparison by Region1,2 | Sales in the concession area 4th Tariff Review Cycle CPFL Piratininga Oct-15 CPFL Santa Cruz Mar-16 CPFL Paulista Apr-18 RGE Sul Apr-18 RGE Jun-18 2017 Sales Breakdown GWh RGE Sul
  • 5. Distribution | Grouping of the 5 Distribution Companies 5 45 municipalities 20,684 km² of concession area 1,175 km of transmission network 447 thousand clients 2,796 GWh sales within the concession area CPFL Santa Cruz CPFL Paulista e CPFL Piratininga 21,592 km of distribution network
  • 6. 66 Generation Segment • 3,283 MW of installed capacity • 1,575 avg-MW of physical guarantee • Long Term Concessions • Largest portfolio in Renewable Energy • Renewable Sources: 95% 3rd Market share: 2% Installed Capacity | % • Contracted portfolio in the long term with low risk exposure • Agreements average price: R$ 212/MWh • Agreements average tenor: 12.9 years Contract Profile 61% 5% 7% 6% 21% HPP TPP SHPP BIO WIND Contracting Level | % Total: 3,283 MW 2017 2018 2019 2020 2021 100% 100% 100% 99% 96% 1,2% 3,7% Contract Energy Available Energy
  • 7. 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% 53.34% 657.1 84.5 172.5 428.7 62.5 84.5 65.0 436.1 182.2 345.8 38.4 95.2 184.1 36.5 41.6 32.5 220.3 132.1 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 | 2,198 MW of installed capacity CPFL Energia’s power plants – state-of-the-art environmental efficiency 7
  • 8. (MW) CPFL Renováveis (Aug-11) 652 2Q12 25 Free market - 2Q12 70 Reserve auction Revenue(e): R$ 20 million/year 2Q12 155 PROINFA Acquisition price: R$ 1,062 million 3Q12 188 Reserve auction Revenue(e): R$ 115 million/year 4Q12 40 Auction and free market Acquisition price: R$ 111.5 million 4Q12 1 Free market - 4Q12 20 Alt. Sources auction Revenue(e): R$ 112 million/year 3Q13 50 Free market Revenue(e): R$ 22.6 million/year 4Q13 30 Reserve auction Revenue(e): R$ 18.5 million/year 4Q13 50 Free market Revenue(e): R$ 22.6 million/year 1Q14 14 PROINFA Acquisition price: R$ 103.4 million 1Q14 120 Alt. Sources auction Revenue(e): R$ 76.7 million/year 2Q14 78 Alt. Sources auction Revenue(e): R$ 52.6 million/year 3Q14 278 - Partnership with Dobrevê 2Q15 29 Reserve Auction Revenue(e): R$ 17.9 million/year 2Q16 24 Free market Revenue(e): R$ 18.1 million/year 4Q162 231 Free market - 2Q17 48 Alt. Sources auction - Current portfolio 2,103 CPFL Renováveis | Track record Installed Capacity of 2,103 MW 1) Revenue estimated by the terms of the 16th LEN 2013; 2) Gradual commercial start-up since 2Q16.8
  • 9. Boa Vista II SHPP – Under Construction 1) Constant currency (Dec-17).9 Commercial Start-up Installed Capacity Assured Energy PPA1 Location Financing 2020 29.9 MW 14.0 average-MW 21st LEN 2015 R$ 233.59/MWh until 2049 Minas Gerais BNDES Status: concrete of the structures and equipment assembly in progress.
  • 10.  Foundation: 2003  1,055 free customers, of which 940 special customers (Dec-17)  Special customer market: current ~ 4.1 avgGW  Competitive customer market: current ~ 10.9 avgGW  Nationwide outreach  Synergy with CPFL Renováveis  Foundation: 2006  Offers a wide range of value-added services:  Engineering projects for transmission and distribution grids  Equipment maintenance and recovery CPFL Energia – Commercialization & Services 10 - 216 transmission contracts, being:  108 contracts for works on transmission lines/substations  108 O&M contracts  Foundation: 2012  Management of partnership with companies that use the energy bill to collect their services  Main services charged to the energy bill: affinity insurance, newspaper, discount cards, funeral plans, health plans, water purifier, etc.  More convenience to customers, especially for those who do not have a bank account  Increased loyalty of payments and less delinquency for the business - 40 partners companies - 10 million collection - R$ 320 million - fin. vol. captured/passed on  Foundation: 2008  Provision of services of customer relationship to utility companies:  Call Center  Ombudsman  Back Office 2017 2017 - 7.3 million phone calls received - 7.2 million phone calls answered - 32.7 million speaking time minutes 2017
  • 11. CPFL Energia Strategy 11 • Be the leader in operating efficiency by investing in technology, automation and innovation • Act on both institutional and regulatory fronts to ensure sustainability of the sector • Expand the presence in retail through a commercial front and customer energy management • Add new products besides energy trading • Focus on the technical services with quality, productivity and safety • Provide technical and financial solutions to increase the competitiveness of our clients • Operating Efficiency with Innovation & Technology • Act in both institutional and regulatory levels • Strategic growth with value creation through acquisitions and new projects Distribution Generation and Renewable Trading, Services & Others • Be a benchmark in sustainability • People management, promoting workplace safety and respect to diversity • Operational efficiency and investment in new technologies
  • 12. Energy Sales - Distribution | TWh 1212 1) Includes Holding’s EBITDA. EBITDA is calculated from the sum of net income, taxes, financial result, depreciation/amortization, as CVM Instruction no. 527/12; 2) Including Holding result and amortization of merged goodwill. CPFL Energia | Operational and Financial figures 2012 2013 2014 2015 2016 2017 CAGR 2012-2017 2017 vs. 2016 NET REVENUE 14,891 14,634 17,306 20,599 19,112 26,745 12.4% 39.9% Distribution 12,398 11,568 13,665 16,968 15,040 21,077 11.2% 40.1% Generation 2,350 1,943 2,437 2,582 2,676 3,149 6.0% 17.7% Trading & Services 2,033 2,031 2,498 2,143 2,487 3,900 13.9% 56.8% EBITDA¹ 3,436 3,547 3,761 4,143 4,126 4,864 7.2% 17.9% Distribution 1,914 2,115 2,180 2,144 1,845 2,234 3.1% 21.1% Generation 1,674 1,378 1,343 1,894 2,103 2,421 7.7% 15.1% Trading & Services 291 74 263 134 241 258 -2.4% 7.2% NET INCOME² 1,207 949 886 875 879 1,243 0.6% 41.4% Distribution 958 853 948 626 407 605 -8.8% 48.5% Generation 361 261 -48 226 364 671 13.2% 84.5% Trading & Services 132 52 168 87 166 145 1.9% -12.7% Key Financial Figures | R$ million 2012 2013 2014 2015 2016 2017 CAGR 2012-2017 2017 vs. 2016 TOTAL 56.7 58.5 60.0 57.6 57.0 65.6 3.0% 15.1% Captive 40.7 41.1 43.2 41.7 41.3 45.4 2.2% 9.9% TUSD 16.0 17.3 16.8 15.8 15.7 20.2 4.8% 28.7%
  • 13. 1313 1) Financial covenants criteria; 2) LTM EBITDA; 3) Adjusted by the proportional consolidation since 2012; 4) Financial debt (-) hedge. Indebtedness | Financial Covenants Management 72% 4% 17% 6%  Leverage1 l R$ Billion  Gross Debt Cost3,4 l end of period  Gross Debt Breakdown by Indexer l 4Q171,4 Adjusted EBITDA1,2 R$ Million Adjusted Net Debt1 /Adjusted EBITDA2 2013 2014 2015 2016 1Q17 2Q17 3Q17 4Q17 12.2 13.0 12.2 13.2 13.8 13.6 13.7 14.5 3.59 3.49 3.41 3.21 3.30 3.28 3.24 3.20 3,399 3,736 3,584 3,577 3,764 3,725 4,245 4,531 Nominal Real CDI Prefixed TJLP Inflation
  • 14. 1414 1) Considers Debt Principal, excluding servicing and including hedge; 2) Financial covenants criteria; 3) Considers the year of 2018. Debt Profile | On December 31, 2017  Debt amortization schedule1,2 l Dec-17 | R$ Million Cash Short-Term 2019 2020 2021 2022 2022+ 4.099 2.895 5.021 3.330 1.407 1.039 2.302 Average Tenor: 2.61 years Short-Term (12M): 24% of total Short-term3 Long-term Cash Coverage: 0.71x Short-Term amortization (12M)
  • 15. Commercialization & Services: R$ 176 million 1515 1) Constant currency; 2) Investment plan disclosed in 4Q17 Earnings Release, in March 2018; 3) Disregard investments in Special Obligations on Distribution segment (among other items financed by consumers); 4) Conventional + Renewable. Capex(e)1,2 2018-2022 | R$ Million Total: R$ 10,432 million Distribution3: R$ 9,802 million Generation4: R$ 455 million Transmission 2,617 2,108 2,217 2,117 1,8522,139
  • 17. Energy sector in Brazil: business segments Consumers 1) Source: ANEEL – Mar-17; 2) Source: ONS ; 3) Source: Ministry of Mines and Energy (MME) – Dec-16; 4) Source: EPE and CCEE; 5) Dec-16. Free Market Captive Market 80.0 million Consumers3 3,229 Consumers5 118 TWh of billed energy4 80.0 million Consumers3 346 TWh of billed energy4 Transmission • 104 Companies2 • 133,330 km of transmission lines3 • Eletrobrás: ~47% of total assets Distribution • 60 Companies • 461 TWh of billed energy4 • Top 5: ~46% of the market Competitive Power Supply Generation • 155.8 GW of installed capacity1 • 81% Renewable energy1 • Eletrobrás: ~31.4% of total assets 17
  • 18. Brazilian electricity matrix 1) Source: 10-Year Energy Expansion Plan - PDE 2017-2026 ; 2) Others: considers coal, oil, diesel and process gas Brazil’s electricity matrix is predominantly renewable, with hydro installed capacity totaling 61% of the total supply, while biomass, wind, SHPPs and solar account for 16%. In the next years, it is expected that other sources will grow, mainly wind and solar, reaching 9% and 2% respectively of total installed capacity in 2026. Brazilian Electricity Matrix 148 GW 176 GW 2017 2026 18 Wind  Potential: 350 GW3  Instal. capacity: 3.8 GW 3% SHPP  Potential: 17.5 GW  Instal. capacity: 5.8 GW 33% Biomass  Potential: 17.2GW  Instal. capacity: 12.9 GW 75% Potential Realized Potential to be Explored in Brazil Evolution of Installed Capacity (GW) 2017-20261
  • 19. 19 Smart distribution was a key theme addressed by the Project "Energy in the City of the Future" • The smart grid technology will provide increased network monitoring capabilities and greater quality and commercial opportunities • Smart Grids will boost the amount of information available, which will be used in innovative ways to optimize operations and services Smart Grid | The Future of Distribution  Vision of the Future of Distribution is directly associated with Smart Grids:
  • 20. 20 Emergency Dispatch  The past:  The future: System intervention or self-healing Automatic failure detection Real-time information for customers Intelligent meter • Reduced unnecessary travel; • Shorter average service; • Reduced SAIDI (optimization of possibilities of network maneuvering); • Greater customer satisfaction (real-time information); • Optimization of service to nearly 600,000 tickets every year. Gains
  • 21. 21 Reading and Delivery Reading Energy bill Delivering the bill Payment Making the paymentSmart Metering Center and/or automatized software Data networkIntelligent meters Bill via e-mail and/or app (cons. manag.)  The past:  The future: • Greater employee safety (reduced travel and exposure to risk) • Data gathering from load curve and customer consumption profile; • More sustainable process (reduced use of paper). Gains
  • 22. Sustainability at CPFL: Incorporation of strategic guidelines 22 Energy is essential for the welfare of people and the development of society. We believe that producing and using energy sustainably is vital to humankind’s future. Vision To provide sustainable and competitive energy solutions with excellence, while operating in close integration with the community. Mission • Value Creation • Commitment • Safety and Quality of Life • Austerity • Sustainability • Trust and Respect • SurpassingExpectations • Entrepreneurship Principles CPFL Energia is the biggest private group in the Brazilian power sector that offers sustainable energy solutions through innovative strategies and talented professionals Positioning Developed in 2013 with the objectives of defining the material issues to the business sustainability strategy and managing our performance on these themes through indicators and targets. It is currently part of CPFL Energia's Strategic Planning, incorporates the United Nations Sustainable Development Goals and it is made up of indicators, which are monthly monitored, with targets for the short and medium term (1 to 5 years) Sustainability Platform
  • 23. CPFL Energia | Sustainability Actions Results 2017/2018 Recognition Assistance until 1999 Social Responsibility 2000 to 2006 Increasingly comprehensive responsibility concept New Sustainability Platform: matrix structure formed with value drivers and key stakeholders for sustainability business and tangible ways to protect, optimize and create shared value Advocacy and strengthening commitments to SDGs1 and climate change Platform 2018-2022: 3 value drivers – Safe and efficient operations; Corporate development, growth and innovation; Reputation and responsibility – with 3 stakeholders groups– Employees and partners; Strategic relationships; Communities – that results in 13 sustainable value levers, 58 indicators with short and medium term goals Development of projects aimed at the integration and implementation of SDGs and carbon portfolio management plus the incentive to the carbon market Level of incorporation of Sustainability theme 1) United Nations Sustainable Development Goals 2) Environmental, Social and Governance Corporate Sustainability Added to business from 2007 • Component of DJSI Emerging Markets for the 5th consecutive year • 95 companies achieved the Dow Jones requirements (13 Brazilian, which 2 are from power sector) • Component of ISE since its 1st edition, in 2005 • 30 companies of 12 industries - Market cap of R$ 1.3 trillion • Component of MSCI for the 2nd year • Formed by companies with the highest ESG2 standards in their sectors • Component of FTSE4Good Index in 2017 • Formed by more sustainable London Stock Exchange companies • Transparent reporting of greenhouse gas emissions since 2006 23 More information in CPFL Energia's Annual Report 2017 Sustainable Business Focus on low carbon economy from 2011