On March 24, 2017, CPFL Energia presented its corporate overview and key financial figures for 2016. It is the largest integrated private electricity company in Brazil with a market capitalization of R$26.2 billion. In 2016, it had EBITDA of R$4.1 billion and net income of R$879 million. It has leadership positions in distribution through 9 subsidiaries, generation with 3,258 MW of installed capacity, and renewable energy as the largest operator in Brazil. The presentation provided details on its business segments, growth projects, and financial metrics.

1. March, 2013
Corporate
Presentation
March 2017
1

2. 22 1) On March 24, 2017; 2) Considering CPFL’s stake on each generation project.
Company Overview
 Largest integrated private player in the Brazilian electricity sector
 Market Cap of R$ 26.2 billion1, listed on BM&FBOVESPA
– Novo Mercado and on NYSE (ADR Level III)
 In 2016, EBITDA of R$ 4,126 million and Net Income
of R$ 879 million
 Presence concentrated in the most developed regions of
Brazil
 Leadership in distribution through 9 subsidiaries and a 14.3%
market share
 3rd largest private generator with 3,258 MW2 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) 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) CPFL Energia holds a
stake in RGE Sul through the CPFL Jaguariúna.
Company Profile
Lajeado HPP
5.94%
Nect Serviços/Authi
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%
Commercialization,
Services & Others
178
CPFL Energia – Consolidated | 4,126
2016 EBITDA Breakdown | R$ million 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
Mesa2
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
Free Float
45.4%
Conventional
Generation
1,110
Distribution
1,845
45%
27%
4%
24%Renewable
Generation
993
54.6%
2
CPFL GD

4. Distribution Segment
• 9.2 million customers
• 679 municipalities
• Footprint: most developed regions
• High potential in per capita consumption
• Market size: 56.6 TWh/year
1st
Market share: 14.3%
Industrial
Commercial
Residential
Others
1) RGE Sul (Nov/Dec-16); 2) Source: EPE; 3) Excluding RGE Sul (Nov/Dec-16).4
29% 38%
17%
16%
5 small
discos +
RGE Sul1
47%
17%
11%
25%
RGE
CPFL Piratininga
2016 EBITDA
Breakdown
R$ million
CPFL
Paulista
Tariff review Sales CAGR by Region2,3
2011 – 2016
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 Sul Apr-18
RGE Jun-18
2016 Sales
Breakdown
GWh

5. Growth Projects | Synergistic growth with RGE Sul
 Debt restructuring: debentures issue in the amount of
R$ 1.1 billion (Cost: 114.50% of CDI and term of 4 years)
 Acquisition funding: debentures issues in CPFL Energia
(R$ 620 million) and in CPFL Brasil (R$ 400 million) (Cost:
114.50% of CDI and term of 4 years)
 Completion of the acquisition of AES Sul
 Change of the corporate name to RGE Sul Distribuidora
de Energia S.A.
 Election of the new members of the Board of Directors
and of the Board of Executive Officers
 Results Consolidation
• Balance sheet as of Oct 31st, 2016
• Income statement as of Nov 1st, 2016
Completed steps:
Periodic Tariff Review
Date: April-18
5
 Development of the Integration Plan
• Diagnosis step and implementation of the Integration Plan
• Sharing of the best practices, processes and technologies adopted in
the distribution companies of CPFL Group, as well as from RGE Sul to
the other companies
• Improvement action plan in the quality of services established by
ANEEL
Expected conclusion of
Integration Plan:
Dec-17
Next step:

6. 66
Generation Segment
• 3,258 MW of installed capacity
• 1,602 avg-MW of physical guarantee
• Long Term Concessions
• Brazil’s largest Portfolio in Alternative Energy
• Renewable Sources: 94%
3rd
Market share: 2.2% Installed Capacity | %
• Contracted portfolio in the long term with
low risk exposure
• Agreements average price: R$219/MWh
• Agreements average tenor: 12.9 years
Contract Profile
62%
5%
7%
6%
20%
HPP
TPP
SHPP
BIO
WIND
Contracting Level | %
Total: 3,258 MW
2017 2018 2019 2020 2021
100% 100% 100% 98% 98%
2.3% 2.3%
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 | 2,199 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 -
Current portfolio 2,054
CPFL Renováveis | Track record
Installed capacity of 2,054 MW
1) Revenue estimated by the terms of the 16th LEN 2013; 2) Gradual commercial start-up since 2Q16.8

9. Growth Projects: Generation |Greenfield projects
9
Commercial Start-up
2018-2020(e)
75 MW
of installed capacity
41
average-MW
of assured energy
Pedra Cheirosa Wind Farms Boa Vista II SHPP
Commercial Start-up 20181 2020
Installed Capacity 48.3 MW 26.5 MW
Assured Energy 26.1 average-MW 14.8 average-MW
PPA2 18th LEN 2014
R$ 147.30/MWh until 2037
21st LEN 2015
R$ 228.67/MWh
until 2049
Financing
BNDES
(under analysis)
BNDES
(under analysis)
3 GW pipeline
1) Gradual commercial operation from 1H18; 2) Constant Currency (Dec-16).

10. CPFL Energia – Trading & Services
10
 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
 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
, of which 616 special customers (4Q16
vs. 4Q15: 224%)
current ~ 2.5 GWavg
current ~ 12.4 GWavg
• New activities: and
2016
- 182 transmission contracts
- 17 construction sites
2016
- 10.7 million phone calls
- 48.9 million speaking time minutes

11. CPFL Energia Strategy
• 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
11

12. Dividends: CPFL has presented payout ratio close to 100% since its IPO,
reaching the mark of R$ 12.0 billion distributed3
1212 1) Considering Holding’s EBITDA; 2) Including holding result and amortization of merged goodwill; 3) For 2015 and 2016, capital increases through stock dividend
were approved in AGM.
NET REVENUE 12,764 14,891 14,634 17,306 20,599 19,112 8.4% -7.2%
Distribution 11,053 12,398 11,568 13,665 16,968 15,040 6.4% -11.4%
Generation 1,549 2,350 1,943 2,437 2,582 2,676 11.5% 3.6%
Trading & Serv. 1,703 2,031 2,031 2,497 2,094 2,487 7.9% 18.8%
EBITDA1 3,852 3,436 3,547 3,761 4,142 4,125 1.4% -0.4%
Distribution 2,420 1,914 2,115 2,180 2,144 1,845 -5.3% -13.9%
Generation 1,191 1,674 1,378 1,343 1,893 2,103 12.0% 11.1%
Trading & Serv. 291 289 74 263 173 241 -3.7% 39.4%
NET INCOME2 1,624 1,207 949 886 875 879 -11.6% 0.4%
Distribution 1,293 958 853 948 626 407 -20.6% -34.9%
Generation 783 361 261 -48 226 364 -14.2% 60.7%
Trading & Serv. 179 130 52 168 140 166 -1.5% 18.9%
Key Financial Figures | R$ million
2011 2012 2013 2014 2015 2016
CAGR 2011
–2016
2016 vs.
2015
TOTAL 54.6 56.7 58.5 60.0 57.6 57.0 0.9% -1.0%
Captive 39.9 40.7 41.1 43.2 41.7 41.3 0.7% -1.1%
TUSD 14.7 16.0 17.3 16.8 15.8 15.7 1.4% -0.8%
Energy Sales - Distribution | TWh
CPFL Energia | Operational and Financial figures

13. 13
Indebtedness | Financial Covenant Management
3,399 3,736 3,584 3,577 3,764 3,725 4,117
Adjusted EBITDA1,2
R$ Million
Nominal
Real
 Leverage¹ l R$ Billion
 Gross Debt Cost3,4 l LTM  Gross Debt Breakdown by
Indexer | 4Q161,4
Adjusted Net Debt1
/Adjusted EBITDA2
CDI
Prefixed
TJLP
1) Financial covenants criteria; 2) LTM recurring EBITDA, considering RGE Sul from January to October 2016 (R$ 169 million); 3) Adjusted by the proportional
consolidation since 2012; 4) Financial debt (-) hedge

14. 14 1) Considers Debt Principal, including hedge; 2) Financial covenant criteria.
Debt Profile | December 31, 2016
 Debt Amortization Schedule1,2 l Dec-16 | R$ Million
Cash Coverage:
2.38x Short term
amortization (12M)
Average tenor: 2.81 years
Short term (12M): 13.5% of total
Caixa Curto Prazo 2018 2019 2020 2021 2021+
5,966
2,509
4,913
5,447
2,835
1,061
1,876
2017
Cash Short Term

15. Annex
15

16. Energy sector in Brazil: business segments
Consumers
1) Source: ANEEL – Mar-17; 2) Source: ONS ; 3) Source: Ministry of Mines and Energy (MME) – Sep-16; 4) Source: EPE and CCEE; 5) Sep-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: ~53%
of total assets
Distribution
• 63 Companies
• 461 TWh of billed
energy4
• Top 5: ~46% of
the market
Competitive Power Supply
Generation
• 152 GW of installed
capacity1
• 81% Renewable
energy1
• Eletrobrás: ~31%
of total assets
16

17. 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
17
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

18. 18
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:

19. 19
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

20. 20
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

21. Sustainability at CPFL: Incorporation of strategic guidelines
21
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

22. Actions
Raising awareness
about the strategic
relevance of the
Sustainability
Platform
Structuring a
Climate Platform
Results - 2016
Integrated platform
based on the
strategic plan, with 6
themes, 17 leverages,
91 indicators and short
and medium-term
goals
Development of
projects directed to the
Brazil's Nationally
Determined
Contribution (NDC),
such as carbon
pricing, financing
and climate risks
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 1st
edition, in 2005
• 40 companies of 19 industries
- Market cap of R$ 1.2 trillion
• Component of DJSI Emerging Markets
for the 5th consecutive year
• 95 companies achieved the Dow Jones
requirements (13 Brazilian, of which 2
are in the power industry)
• Component of MSCI for the 2nd
consecutive year
• Formed by companies with the highest
ESG1 standards in their industries
• Transparent reporting of greenhouse gas
emissions since 2006
• Component of ICO2 since 2016
• 31 shares of 29 companies
- Market cap of R$ 1.4 trillion
22 1) Environmental, Social and Governance .