This document provides an overview of CPFL Energia, the largest integrated private electricity company in Brazil. Some key points: - CPFL Energia has a market capitalization of R$15 billion and operates in distribution, generation, trading, and services. - In distribution, CPFL has 8 subsidiaries serving 7.7 million customers. In generation, CPFL has 3,129MW of installed capacity, 94% from renewable sources, making it the largest renewable energy portfolio in Brazil. - Financially, CPFL reported R$4 billion in EBITDA and R$1.2 billion in net income for the last 12 months ending 3Q15. Key growth areas include renewable energy

1. March, 2013
Corporate
Presentation
2016
1

2. 22
1) On December 31,2015; 2) Considering proportional consolidation of generation assets (+) Regulatory assets and liabilities (-) Non-recurring effects;
3) Considering CPFL’s stake on each generation project
Company Overview
 Largest integrated private player in the Brazilian electricity sector
 Market Cap of R$ 15 billion1, listed on BM&FBovespa –
Novo Mercado and on NYSE (ADR Level III)
 3Q15 LTM EBITDA of R$ 4.0 billion2 and 3Q15 LTM Net
Income of R$ 1.2 billion2
 Presence concentrated in the most developed regions
of Brazil
 Leadership in distribution through 8 subsidiaries and a 12,4%
market share
 3rd largest private generator with 3,129MW3 of installed capacity,
of which 94% from renewable source
 Leader in Renewable Energy in Brazil with the largest
capacity in operation
 One of the most profitable operations of energy Trading
and a world-class provider of Value-Added Services
Power Plants

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%
TRADING
100%
Free Float
15.1%
31.9%
23.6% 29.4%
Trading3
173
Conventional
Generation
1,388
CPFL Energia – Consolidated2| 4,033
Distribution
1,99349%
34%
4%
LTM 3Q15 Adj. EBITDA Breakdown2 | R$ million
13%Renewable
Generation
509
Concession’s expiration
2027 2028 2032 2035 2036
CPFL
Paulista
CPFL
Piratininga
HPP Luis
Eduardo
Magalhães
HPP Campos
Novos
HPP Foz do
Chapecó
RGE
HPP Serra da
Mesa1
HPP Barra
Grande
19 SHPPs
(CPFL
Renováveis)
HPP Castro
Alves
HPP Monte
Claro
HPP 14 de
Julho
2045
CPFL Santa
Cruz
CPFL Jaguari
CPFL Sul
Paulista
CPFL Leste
Paulista
CPFL Mococa

4. Distribution Segment
• 7.7 million customers
• 561 municipalities
• Footprint: most developed regions
• High potential in per capita consumption
• Market size: 58.4 TWh/year
1st
Market share: 12,4%
Industrial
Commercial
Residential
Others
1) Source: EPE.4
28% 40%
17%
15%
5 small
discos
49%
22%
8%
21%
RGE
CPFL Piratininga
LTM 3Q15 Adj.
EBITDA Breakdown
R$ million
CPFL
Paulista
Tariff review Sales CAGR by Region1 |
LTM 3Q10 - LTM 3Q15
4th
Tariff Review Cycle
CPFL Piratininga Oct-15
CPFL Santa Cruz
Mar-16
CPFL Leste Paulista
CPFL Jaguari
CPFL Sul Paulista
CPFL Mococa
CPFL Paulista Apr-18
RGE Jun-18
LTM 3Q15 Sales
Breakdown
GWh

5. 55
Generation Segment
• 3,129 MW of installed capacity
• 1,538 MWavg of Physical Guarantee
• Long Term Concessions
• Brazil’s largest Portfolio in Alternative
Energy
• Renewable Sources: 94%
3rd
Market share: 2.2%
Installed Capacity1 (MW) | Estimated Growth
1) Equivalent stake for project
Portfolio by source | 2020(e)
34%

6. 66 1) Amounts in currency Dec/14. PMSO excludes fuel cost at EPASA.
Conventional Generation Segment
Sector
Average
142.7 150.2
185.7 188.1
219.4
255.0
205.0
-30%
Genco 1 Genco 2 Genco 3 Genco 4 Genco 5
73.3 72.2
90.0
103.6 108.8 118.5
94.4
Sector
Average
Genco 1 Genco 2 Genco 3 Genco 4 Genco 5
-22%
PMSO1 / Physical Guarantee (R$/MWavg) PMSO1 / Installed Capacity (R$ MW)

7. Renewable Generation Segment1,2 | Installed Capacity (MW)
7 1) Source: CPFL, ANEEL and companies websites - Updated through Nov/2015; 2) Considering players with at least 1% of market share.
399
519
148
34
70 75 42
251
19
1,032
150
285
365 385 375 161
280
294
46
200
370
940
175
532 131
13
1
1 3
Small hydro
(SHPP)
Biomass
Solar
Wind
333
2,135
Under construction
1,802
940
844
532
400
375385 366
336355
232
297
434
Biomass
Solar
Wind
Small hydro
(SHPP)

8. Renewable Generation Segment | Portfolio and Pipeline
8
3,453MW
Ready to sell
energy in the
next 12
months
SolarBiomassWindHydro
Evolution of Installed Capacity (MW)
Visible growth through development of high quality pipeline
1,039MW of projects with a highly confident execution profile, ready to sell energy in the next 12 months
Pipeline of projects in three of the four renewable sources
2011 2013 Installed
Capacity
Under
Construction
Contracted
Assets
Highly
Confident
Probably Possible Overall
Potential
652
1,283
1,802
2,135
333
1,039
1,514
900
5,588

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 (Jan-16) 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
183 average-MW
of Physical
Guarantee
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
Physical Guarantee 129.2 average-MW3 13.1 average-MW 26.1 average-MW3 14.8 average-MW
PPA4 Free market - 20 years
16th LEN 20135
R$ 143.30/MWh
until 2047
18th LEN 2014
R$ 133.00/MWh
until 2037
21st LEN 2015
R$ 207.64/MWh
until 2049
Financing
BNDES
(under analysis)
BNDES
(in negotiation)
BNDES
(to be structured)
BNDES
(to be structured)
1) Gradual commercial operation from 2Q16; 2) Gradual commercial operation from 1H18; 3) Physical Guarantee calculated in the P90; 4) Constant Currency
(jun/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.

11.  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
1111
 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
CPFL Energia – Trading & Services
, of which 182 special
customers (CAGR 2010-15: 31.5%)
current = 1.9 GWavg |
current = 9.6 GWavg |
• New activities: and
2015
- 197 transmission contracts
- 12 construction sites
2015
- 11.2 million phone calls
- 2.4 million electronic phone calls

12. CPFL Energia Strategy
12
• Be a benchmark in sustainability
• Maintain the highest levels of
Corporate Governance
• People management, promoting
workplace safety and respect to
diversity
• 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
• Focus on
technical
services, through
technology and
productivity
• Mitigate risks of
services by hiring
qualified labor
and suppliers
• Maximize value in
the Free Market and
be recognized for its
profitability
• Expand the
presence in retail
through a
commercial front
and customer
energy
management
• Add new products
to energy
Commercialization
• Grow while
creating value
through
acquisitions and
new projects
• Be the leader in
operating
efficiency in the
Renewable Energy
segment
• Operating
Efficiency with
Innovation &
Technology
• Act in both
institutional and
regulatory levels
• Strategic Growth
Distribution Generation Renewable Commercialization Services

13. Dividends: CPFL has presented payout ratio close to 100% since its IPO,
reaching the mark of R$ 11.6 billion distributed4
TSR5: -5.7%
1313
1) Considering proportional consolidation of generation assets (+) Regulatory assets and liabilities (-) Non-recurring effects (-) Construction revenue/cost. Disregard intercompany
transactions. 2) Considering Holding’s EBITDA. 3) Including holding result and amortization of merged goodwill. 4) For 2014, a capital increase through stock dividend was approved in AGM;
5)TSR from Sep-10 to Sep-15 = Dividends 7.2% (+) Stock performance -12.9% = -5.7%.
NET REVENUE1 10,921 11,413 13,235 13,681 15,687 18,911 11.6% 20.6%
Distribution 9,432 9,794 10,830 10,716 12,566 15,446 10.4% 22.9%
Generation 1,047 1,351 1,964 2,356 3,164 2,859 22.3% -9.6%
Trading 1,909 1,699 2,031 2,031 2,497 2,408 4.8% -3.6%
EBITDA2 3,260 3,649 4,343 3,908 3,916 4,033 4.3% 3.0%
Distribution 2,267 2,351 2,655 2,211 1,984 1,993 -2.5% 0.5%
Generation 750 1,060 1,427 1,643 1,695 1,898 20.4% 12.0%
Trading 303 278 287 74 263 173 -10.6% -34.2%
NET INCOME3 1,526 1,503 1,617 1,304 1,159 1,157 -5.4% -0.1%
Distribution 1,309 1,235 1,356 1,047 823 864 -8.0% 5.0%
Generation 244 721 373 419 306 361 8.2% 18.0%
Trading 201 164 127 52 168 129 -8.5% -23.2%
Key Financial Figures | R$ million
2010 2011 2012 2013 2014 LTM3Q15
CAGR 2010-
LTM3Q15
LTM3Q15-
2014
TOTAL 52.4 54.6 56.7 58.5 60.0 58.4 2.2% -2.7%
Captive 39.3 39.9 40.7 41.1 43.2 42.2 1.5% -2.3%
TUSD 13.1 14.7 16.0 17.3 16.8 16.2 4.3% -3.7%
Energy Sales - Distribution | TWh
CPFL Energia | Operacional and Financial figures

14. 14
Capex(e) 2015-2019 | R$ Million
1) Current investment plan released in 4Q14 Earnings Release on March 26, 2015. 2) Current currency. Considers 100% interest on CPFL Renováveis and Ceran (IFRS); 3) Considers
proportional stake in the generation projects; 4) Disregard investments in Special Obligations (among other items financed by consumers); 5) Conventional + Renewable.
Total:
R$ 8,962 million2 (IFRS)
R$ 7,877 million3 (Pro-forma)
Distribution4:
R$ 6,238 million
Generation5:
R$ 2,328 million (IFRS)
R$ 1,135 million (Pro-forma)
Commercialization and Services:
R$ 396 million
702 882
1.390 1.385 1.299 1.282
265
592
1.196
296
113 13194
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
623
161 62 74
94
83
88
64 77 84
1,062
1,557
2,674
1,745
1,489 1,497
IFRSPro-forma
968
1,289
2,101
1,610
1,438 1,440

15. 15
CPFL Energia | Indebtedness and leverage
1) Financial covenants criteria. 2) LTM recurring EBITDA; 3) Financial debt (+) private pension fund (-) hedge.
Adjusted net debt1/
Adjusted EBITDA2
4,377 3,399 3,736 3,835 3,755 3,971
Adjusted EBITDA1,2
R$ million
5,622
4,8084,8014,999
4,134
2,616
+17%
+26%
+13%
Adjusted with
CVA in cash
balance
CPFL Piratininga starts to receive R$ 475 million in CVAs from October 2015
 Leverage1 | R$ billion
 Evolution of Cash Balance and CVA | R$ billion

16. 16
CPFL Energia | Indebtedness and leverage
1) Adjusted by the proportional consolidation since 2012; 2) Financial debt (+) private pension fund (-) hedge; 3) Considers Debt Principal, including hedge;
2) 4) Covenants Criteria; 5) Amortization from October-2016.
Cash coverage:
1.70x short-term
amortization (12M))
Average tenor: 3.51 years
Short-term (12M): 12.4% of total
CDI
Prefixed
(PSI)
IGP
TJLP
Nominal
Real
5
 Debt Amortization Schedule3,4 | Sep-15 | R$ Million
 Gross Debt Cost1,2 | LTM  Gross debt breakdown by
indexer | 3Q152,4

17. Annex

18. Energy sector in Brazil: business segments
Consumers
1) Source: ANEEL – November, 2015; 2) Source: EPE and CCEE; 3) Source: ONS 4) Source: Ministry of Mines and Energy (MME) – Sep-15; 4) Sep-15
Free Market
Captive Market
78.6 million consumers
1,793 Consumers4
117 TWh of billed energy2
78.6 million Consumers
353 TWh of billed energy2
Transmission
• 104 Companies³
• 126,773 km of
transmission lines4
• Eletrobrás: ~55%
of total assets
Distribution
• 63 Companies
• 469 TWh of billed
energy2
• Top 5: ~46% of
the market
Competitive Power Supply
Generation
• 139 GW of
installed capacity1
• 79.5% Renewable
energy1
• Eletrobrás: ~29%
of total assets
18

19. Brazilian electricity matrix
1) Source: 10-year Energy Plan 2024; 2) Others: considers coal, oil, diesel and process gas; 3) Abeeólica.
Brazil’s electricity matrix is predominantly renewable, with hydro installed capacity totaling 68% 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 12% and 3% respectively of total installed
capacity in 2024.
Brazilian Electricity Matrix
133 GW 206 GW
2014 2024
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) 2014-20241

20. 20
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:

21. 21
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

22. 22
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

23. Sustainability at CPFL: Incorporation of strategic guidelines
23
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

24. Indicators 2014 x 2013 x 2012
1) Index obtained through the ABRADEE survey (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
Scope 1 and 2 Emissions / Net Energy Generated (tCO2e/MWh) - EN15|EN16|EN17 0.08 0.08
Reformed meters and transformers (%) - 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
Perceived Quality Satisfaction Index - 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 96.0 93.0
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
Severity Degree (DS)³ - LA6 1,073 415
Frequency Rate (FR)² - LA6 1.77 1.80
24
87.08
125
21 & 29
0.09
89.5
354.8
34.2
3.02
414
39.0
17.0
25.6

25. 1) Data for 2014. 2015 data will be available in Feb/2016.23
Actions
Raising awareness
about the strategic
relevance of the
Sustainability
Platform
Establishing formal
sustainability
targets for internal
leaderships
Results - 2015
Integrated platform
based on the
strategic plan, with 6
themes, 17 leverages,
63 indicators and short
and medium-term
goals
Sustainability goals
published on CPFL's
website (of all
indicators, 82.5% have
been achieved1)
Officers and
managers have
sustainability goals
Recognition
Welfare
Until 1999
Social Responsibility
2000 to 2006
Corporate Sustainability
Added to business from 2007
Level of
incorporation
of the theme
Sustainability
Increasingly more comprehensive concept of responsibility
CPFL Energia | Sustainability
• Component of ISE since its first
edition, in 2005
• 40 companies of 19 industries
- Market cap of R$ 1.2 trillion
• Component of DJSI Emerging Markets
for the fourth consecutive year
• 86 companies achieved the Dow Jones
requirements (17 Brazilian, of which 3
are in the power industry)
• Component of MSCI for the second
consecutive year
• Formed by companies with the highest
ESG standards in their industries
• Transparent reporting of greenhouse gas
emissions since 2006
• Best company in Management of Water
Resources in Latin America - 2015