Corporate Presentation - CPFL Energia - May 2015

1. March, 2013
Corporate
Presentation
May 2015

2. 22 1) Considers the date of startup of the plants, except Semesa.
Since 1997, CPFL Energia has maintained an aggressive
growth and diversification strategy
Privatization
1998 2002 200420001997 2001 2003
IPO
2004 20062005 2007
IPO
2008 20102009 2011 2012 2013 2014
History of expansion
After the IPO
 Construction of 6 Hydros
 Incorporation of the
holding company
 Creation of CPFL Brasil
 Acquisition of 5 distributors
 Entry in renewable energy segment
 Association with Ersa -> Creation of CPFL Renováveis
 Association of CPFL Renováveis with Desa

3. 33
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; 2) Adjusted by regulatory assets & liabilities and non-recurring items; does not consider the holding company; 3) Commercialization in the free market and Services.
Company Profile
Lajeado HPP
5.94%
Nect Serviços
CPFL Centrais
Geradoras
DISTRIBUTION
100%
SERVICES
100%
RENEWABLES
51.61%
65% 48.72% 51%
25.01%
Serra da Mesa
HPP
51.54%1
53.34%
GENERATION
100%
COMMERCIALIZATION
100%
Free Float
15.1%
30.9%
24.4% 29.6%
Competitive Supply
and Services3
221
Conventional
Generation
1,210
CPFL Energia – Consolidated2| 3,976
Distribution
2,09052%
30%
6%
LTM 1Q15 Adj. EBITDA Breakdown2 | R$ million
12%Renewable
Generation
483
Concession’s expiration
2015 ... 2027 2028 2032 2035 2036
CPFL Santa
Cruz
CPFL
Paulista
CPFL
Piratininga
HPP Luis
Eduardo
Magalhães
HPP Campos
Novos
HPP Foz do
Chapecó
CPFL Jaguari RGE
HPP Serra da
Mesa1
HPP Barra
Grande
CPFL Sul
Paulista
19 SHPPs
(CPFL
Renováveis)
HPP Castro
Alves
CPFL Leste
Paulista
HPP Monte
Claro
CPFL Mococa
HPP 14 de
Julho
~3% CPFL
Energia's
EBITDA

4. TSR2: 1.7%
For 2014, a capital increase through stock dividend was approved in General
Shareholders Meeting | Stock dividend approved is of 3.194510783%, in the ratio of
0.03194510783 new share, of the same type, for each share
2010 2011 2012 2013 2014 LTM
1Q15
10,921
11,413
13,235
13,681
15,687
16,889
CPFL Energia | Key financial figures1
44
Net revenues | R$ million
CAGR 2010-
LTM1Q15
9.1%
7.7%
2010 2011 2012 2013 2014 LTM
1Q15
3,260
3,649
4,343
3,908
3,916
3,976
EBITDA | R$ million
29.8%
32.0%
32.8%
28.6%
25.0%
23.5%
1.5%
EBITDA
EBITDA Margin
CAGR 2010-
LTM1Q15
4.1%
Net Income | R$ million
Net Income
Net Margin
2010 2011 2012 2013 2014 LTM
1Q15
1,526
1,503
1,617
1,304
1,159
1,063
14.0%
13.2%
12.2%
9.5%
7.4%
6.3%
-8.2%
1) Take into account proportionate consolidation of minorities’ stakes at gencos (+) regulatory assets & liabilities (-) construction revenues (-) non-recurring items.
2) TSR from Dec-09 to Dec-14 = Dividends 6.7% (+) Stock performance -5.1% = 1.7%.
Dividends: CPFL has presented payout ratio close to 100% since its IPO, reaching the mark
of R$ 11.6 billion distributed. Declaration of dividend for 1H14: R$ 422 million, equivalent to
44.5% of net income of the fiscal year | R$ 0.44/share

5. Distribution segment
• 7.5 million customers
• 569 municipalities
• Footprint: most developed regions
• High potential in per capita consumption
• Market size: 60TWh/year
1º Market share: 13%
Industrial
Commercial
Residential
Others
1) Source: EPE.5
29% 42%
17%
12%
5 small
discos
49%
23%
8%
20%
RGE
CPFL Piratininga
LTM 1Q15 Adj.
EBITDA Breakdown
R$ million
CPFL
Paulista
Tariff review Sales CAGR by Region1 |
LTM 1Q10 - LTM 1Q15
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
LTM 1Q15 Sales
Breakdown
GWh

6. 2010 2011 2012 2013 2014 LTM
1Q15Captive TUSD
Distribution | Key financial figures
Net revenues1 | R$ Million – Adjusted2
EBITDA | R$ Million – Adjusted2
Net income | R$ Million – Adjusted2
2010 2011 2012 2013 2014 LTM 1Q15
9,432
9,794
10,830 10,716
12,566 13,294
2010 2011 2012 2013 2014 LTM 1Q15
2,267 2,351
2,655
2,211
1,984 2,091
2010 2011 2012 2013 2014 LTM 1Q15
1,309
1,235
1,356
1,047
823 845
1) Excludes construction revenue; 2) Adjusted by non-recurring items and regulatory assets & liabilities.
CAGR 2010-
LTM1Q15
+7.1%
+5.8%
CAGR 2010-
LTM1Q15
-1.6% +5.4%
CAGR 2010-
LTM1Q15
-8.4% +2.7%
Sales in the Captive Market | TWh
CAGR 2010-LTM1Q15
+2.6%
6
-0.7%

7. 77 1) Considers CPFL’s equivalent stake in each project. 2) Amounts in currency Dec/14. PMSO excludes fuel cost at EPASA.
Conventional Generation Segment | Installed Capacity of
2,199 MW and Assured Energy of 1,134 MWavg1
Sector
Average
16.0
18.7 18.8
22.4 23.7
27.2
21.1
-24%
Genco 1 Genco 2 Genco 3 Genco 4 Genco 5
117
136
101
89 89 79
102
Sector
Average
Genco 1 Genco 2 Genco 3 Genco 4 Genco 5
+15%
PMSO2 / Physical Guarantee (R$/MWh) EBITDA2 / Physical Guarantee (R$ MM/MWh)

8. August 2011 July 2013 September
2014
April 2015 2016-20 Total 2020 Under
Development
Total Portfolio
652
1,153
1,773
29
333
2,135
3,244
5,379
Renewable Generation Segment
8
1) Through CPFL Geração; 2) Patria; Eton Park; BTG Pactual; Bradesco BBI; GMR Energia and Previ; 3) Renewables Market Share in Brazil based on contracted
energy (26 GW); 4) Considers the export of 2/3 of energy produced by the Company.
CPFL Renováveis
Others2 Market
9.49%51.61%1 26.63%12.27%
IPO
(R$ 1 billion)
Joint venture
with DESA
+
Campo dos Ventos
São Benedito
Mata Velha SHPP
Pedra Cheirosa
Boa Vista II SHPP
Morro dos
Ventos II
CPFL Renováveis Portfolio (100% - MW)
Portfolio Breakdown
2020(e)
Possible
Probable
Highly
Confident
Highly Fragmented Market3
Renova
Energimp
QGER
Brookfield
Cosan
Eletrosul
Gestamp
ElecnorOther
1.3% 6.9%
7.5%
3.6%
2.9%
2.5%
2.4%
2.0%
1.8%
1.6%
67.6%
4
8.2%

9. (MW) (MWavg)
CPFL Renováveis (Aug-11) 652 314
2Q12 25 8 Free market -
2Q12 70 24 Reserve auction Revenue(e): R$ 20 million/year
2Q12 158 63 PROINFA Acquisition price: R$ 1,062 million
3Q12 188 76 Reserve auction Revenue(e): R$ 115 million/year
4Q12 40 11 Auction and free market Acquisition price: R$ 111.5 million
4Q12 1 1 Free market -
4Q12 20 11 Alt. Sources auction Revenue(e): R$ 112 million/year
3Q13 50 18 Free market Revenue(e): R$ 22.6 million/year
4Q13 30 15 Reserve auction Revenue(e): R$ 18.5 million/year
4Q13 50 18 Free market Revenue(e): R$ 22.6 million/year
1Q14 14 5 PROINFA Acquisition price: R$ 103.4 million
1Q14 120 53 Alt. Sources auction Revenue(e): R$ 76.7 million/year
2Q14 78 38 Alt. Sources auction Revenue(e): R$ 52.6 million/year
3Q14 278 167 - Partnership with Dobrevê
2Q15 29 15 Reserve Auction Revenue(e): R$ 17.9 million/year
Current portfolio (May-15) 1,802 837
9
CPFL Renováveis | Track record

10. 10
CPFL Renováveis | Greenfield projects
Commercial Start-up
2016-2020(e)
333 MW of
installed capacity
174 average-MW
of assured energy
Campo dos Ventos Wind Farms
e São Benedito Wind Farms
Mata Velha SHPP
Pedra Cheirosa Wind
Farms
Boa Vista II SHPP
Commercial Start-up 20161 20161 20182 2020
Installed Capacity 231.0 MW 24.0 MW 51.3 MW 26.5 MW
Assured Energy 120.9 average-MW3 13.1 average-MW 26.1 average-MW3 14.0 average-MW
PPA4 ACL 20 years
16th LEN 20135
R$ 143.30/MWh
until 2047
18th LEN 20145
R$ 133.00/MWh
until 2037
21st LEN 2015
R$ 207.64/MWh
until 2049
Financing
BNDES
(being structured)
BNDES
(under analysis)
BNDES
(under analysis)
To be structured
1) Gradual commercial operation from 2Q16; 2) Gradual commercial operation from 1H18; 3) Assured Energy calculated in the P90; 4) Constant Currency
(mar/15); 5) With the anticipation of work, a bilateral contract (Free Market) will run between 2016 and 2018, when the supply of LEN 2013 starts.
Winner
A-5 Auction
2015

11. 2010 2011 2012 2013 2014 LTM
1Q15
,1047
,1.351
1,964
2,356
3,164
3,086
Conventional and Alternative Energy | Key financial figures1
1111
Net revenues | R$ million
CAGR 2010-LTM1Q15
24.1%
-2.5%
2010 2011 2012 2013 2014 LTM
1Q15
EBITDA | R$ million
-0.1%
CAGR 2010-LTM1Q15
17.7%
Net Income | R$ million
2010 2011 2012 2013 2014 LTM
1Q15
-12.0%
1) Adjusted by proportional consolidation and non-recurring items.
1,060
1,427
1,643
1,695
1,693
721
373
419
306
269
750
244
CAGR 2010-LTM1Q15
2.0%

12. Competitive power supply
12
, of which 196 special customers
current = 1.9 GWavg |
current = 9.4 GWavg |
• New activities: and
2008 2009 2010 2011 2012 2013 2014 1T15
80 74
129 141
231
284 266 250
2008 2009 2010 2011 2012 2013 2014 1T15
7 12 47 47
169 213 221 196
CAGR 2010-15
14.1%
CAGR 2010-15
33.1%
 Free Customers (#) | Conventional + Special
 Free Customers (#) | Special

13.  Incorporation: 2008
 Provision of customer relationship
services to utility companies:
 call center
 face-to-face service
 back office
 credit recovery
 ombudsman
 help desk and sales
 Foundation: 2006
 Offers a wide range of value-added services:
 engineering projects for transmission and distribution grids
 equipment maintenance and recovery
 self-generation grids
 collection of utilities’ bills through an established authorized
network
Services Segment
13

14. CPFL Telecom
Grid Operations Center
(COR) in Jundiaí
Value Creation Processes
Objective: To be the provider of grid infrastructure and connectivity
solutions to telecommunication operators and service providers.
Focus: economically more attractive cities with a
higher concentration of grid users
CPFL concession area:
 7.3% of Brazil’s GDP
 Telecom market estimated at R$13 billion/year
Footprint:
 17 cities (780 km + optic fiber)
14

15. Net revenues | R$ million EBITDA | R$ million Net income | R$ million
Competitive power supply and Services | Financials1
1) Pro forma15
2010
2011
2012
2013
2014
1Q15LTM
1,909
1,699
2,031 2,031
2,497 2,443
2010
2011
2012
2013
2014
1Q15LTM
201
164
127
52
168
146
2010
2011
2012
2013
2014
1Q15LTM
303
278 287
74
263
221
CAGR 2010-
LTM1Q15
5.1%
-2.2%
-16.1%
-13.4%

16. 16
1616
CPFL Energia’s ambitions
GENERATION
• To act on both institutional and
regulatory fronts to mitigate
business risks
• To be efficient in managing
energy contracts
• Maintain the leadership in
operating efficiency across the
sector
COMMERCIALIZATION
• To maximize value in the free
market by operating within the risk
thresholds
• To operate with the focus on
special clients
• To explore synergies through
strategic operations: ESCO and
Retail Commercialization
DISTRIBUTION
• To be the leader in operating
efficiency by investing in
technology, automation and
innovation
• To act on both institutional
and regulatory fronts to
ensure sustainability of the
sector
SERVICES
• To operate with the focus on
Technical Services, with
technology and productivity
• To mitigate service risk by
hiring qualified manpower
and suppliers
RENEWABLES
• Growth while creating
value through acquisitions
and greenfield projects
• To be the leader in
operating efficiency in the
Renewables segment
TELECOM
• Sales growth in the 17 cities
where the project has been
implemented
• Geographic expansion on
demand according to client
requirements and profitability
of projects

17. Annex

18. Energy sector in Brazil: business segments
Consumers
1) Source: ANEEL – March, 2015; 2) Source: EPE and CCEE; 3) Source: ONS and Ministry of Mines and Energy (MME) – March, 2015; 4) March, 2015
Free Market
Captive Market
76.6 million consumers
1,791 Consumers4
120 TWh of billed energy2
75.2 million Consumers
354 TWh of billed energy2
Transmission
• 68 Companies³
• 125,149 km of
transmission lines³
• Eletrobrás: ~55%
of total assets
Distribution
• 63 Companies
• 473 TWh of billed
energy2
• Top 5: ~46% of
the market
Competitive Power Supply
Generation
• 135 GW of
installed capacity1
• 78.1% Renewable
energy1
• Eletrobrás: ~30%
of total assets
18

19. Brazilian electricity matrix
1) Source: EPE - National Energy Balance 2013 and 10-year Energy Plan 2023; 2) Others: considers coal, oil, diesel and process gas; 3) Abeeólica .
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 196 GW
2013 2023
19
Wind
 Potential: 350GW3
 Installed capacity: 3.8GW
1%
SHPP
 Potential: 17.5GW
 Installed capacity: 5.0GW
29%
Biomass  Potential: 17.2GW
 Installed capacity: 9.3GW
54%
Potential Realized
Potential to be Explored in Brazil
Evolution of Installed Capacity (GW) 2013-20231

20. • 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
World-Class Corporate Governance Practices
2020
Corporate governance

21. 21
Capex(e) 2015-2019 | R$ Million
1) Current currency. Take into account 100% interest on CPFL Renováveis and Ceran (IFRS); 2) Current currency. Considers the proportional stake in the generation
projects; 3) Disregarding investments in Special Obligations (among other items financed by the consumer); 4) Conventional + Renewable.
Total:
R$ 8,754 million1 (IFRS)
R$ 7,769 million2 (Pro-forma)
Distribution3:
R$ 6,238 million
Generation4:
R$ 2,121 million (IFRS)
R$ 1,135 million (Pro-forma)
Commercialization and Services:
R$ 395 million
702 882
1.390 1.385 1.299 1.282
265
592
1.181
282
37 2994
83
88
64
77 84
2014 actual
(cash flow)
2015 2016 2017 2018 2019
702 882
1.390 1.385 1.299 1.282172
324
615
153 22 21
94
83
88
64 77 84
1,062
1,557
2,659
1,731
1,413 1,395
IFRSPro-forma
968
1,289
2,093
1,602
1,398 1,387

22. 22
CPFL Energia | Indebtedness and leverage
CDI
Prefixed
(PSI)
IGP
TJLP
 Gross debt breakdown by indexer | 1Q15 1,4
1) Financial covenants criteria. 2) LTM recurring EBITDA; 3) IFRS criteria; 4) Financial debt (+) private pension fund (-) hedge.
Average tenor: 3.67 years
Short-term (12M): 12.4% of total
Cash coverage:
1.65x short-term amortization (12M)
Gross debt cost3,4:
Nominal: 10.5% / Real: 2.2%
73%
1%
6%
20%
2013 1Q14 2Q14 3Q14 4Q14 1Q15
12.2 12.8 13.2 13.0 13.0 13.6
 Leverage1 | R$ billion
Adjusted net debt1/
Adjusted EBITDA2
3,399 3,570 3,830 3,886 3,736 3,835
Adjusted EBITDA1,2
R$ million
3.59 3.58
3.44
3.33
3.49 3.54

23. 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%
23
Cost-cutting Initiatives
Cost-cutting Initiatives Total (2015 x 2011):
Cost-cutting already performed (LTM1Q15 x 2011)1: ≈R$ 249 million
1) Constant value of Mar-15.

24. 24
• Automated dispatch + tablets deployed in all emergency orders (8 discos) and
commercial orders (CPFL Piratininga)
• 24,554 smart meters already installed as of December-14
• Implementation of RF Mesh Telecom Network already concluded
Achievements
• Real-time consumption readings
• Analysis of consumer load curve
• Inputs to fraud detection
• Real-time power outage detection
• Savings with truck rolls
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
Tauron Program – smart grid

25. Sustainability at CPFL: Incorporation of strategic guidelines
25
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

26. Indicators 2014 x 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
Strategic 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 | EU23 36.7 33.3
Satisfaction Index Perceived Quality - ABRADEE (%)¹ 89.4 88.2
Reverse chain - lighting, wooden cross arms, poles, transformers (un) - EN1 367.3 463.8
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
26
87.08
125
21 & 29
0.09
89.5
354.8
34.2
3.02
414
39
17.0
25.6