March, 2013

Corporate

Presentation

June 2015

22 1) Considers the date of startup of the plants, except Semesa.

Since 1997, CPFL Energia has maintained an aggressivegrowth 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

331) 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 CentraisGeradoras

DISTRIBUTION 100%

SERVICES100%

RENEWABLES51.61%

65% 48.72% 51%

25.01%

Serra da Mesa HPP

51.54%153.34%

GENERATION100%

COMMERCIALIZATION100%

Free Float

15.1%

31.1%24.4% 29.4%

Competitive Supply and Services3

221

Conventional Generation

1,210

CPFL Energia – Consolidated2| 3,976

Distribution2,09052%

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 RGEHPP Serra da

Mesa1HPP Barra

Grande

CPFL Sul Paulista

19 SHPPs(CPFL

Renováveis)

HPP Castro Alves

CPFL Leste Paulista

HPP Monte Claro

CPFL MococaHPP 14 de

Julho

~3% CPFL Energia'sEBITDA

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 LTM1Q15

10

,92

1

11

,41

3

13

,23

5

13

,68

1

15

,68

7

16

,88

9

CPFL Energia | Key financial figures1

44

Net revenues | R$ million

CAGR 2010-LTM1Q15

9.1%7.7%

2010 2011 2012 2013 2014 LTM1Q15

3,2

60

3,6

49 4,3

43

3,9

08

3,9

16

3,9

76

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 LTM1Q15

1,5

26

1,5

03

1,6

17

1,3

04

1,1

59

1,0

63

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 markof 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

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 1Q154th 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

2010 2011 2012 2013 2014 LTM1Q15Captive 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%

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

16.018.7 18.8

22.4 23.727.2

21.1

-24%

Genco 1 Genco 2 Genco 3 Genco 4 Genco 5

117136

10189 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)

August 2011 July 2013 September2014

April 2015 2016-20 Total 2020 UnderDevelopment

Total Portfolio

6521,153

1,773

29333

2,135

3,244

5,379

Renewable Generation Segment

81) 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 SHPPPedra Cheirosa

Boa Vista II SHPPMorro 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%

(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 (June-15) 1,802 837

9

CPFL Renováveis | Track record

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 SHPPPedra Cheirosa Wind

FarmsBoa 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 Free market - 20 years16th LEN 20135

R$ 143.30/MWhuntil 2047

18th LEN 20145

R$ 133.00/MWhuntil 2037

21st LEN 2015R$ 207.64/MWh

until 2049

FinancingBNDES

(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

2010 2011 2012 2013 2014 LTM1Q15

1,0

47 1,3

51

1,9

64

2,3

56

3,1

64

3,0

86

Conventional and Alternative Energy | Key financial figures1

1111

Net revenues | R$ million

CAGR 2010-LTM1Q15

24.1%-2.5%

2010 2011 2012 2013 2014 LTM1Q15

EBITDA | R$ million

-0.1%

CAGR 2010-LTM1Q15

17.7%

Net Income | R$ million

2010 2011 2012 2013 2014 LTM1Q15

-12.0%

1) Adjusted by proportional consolidation and non-recurring items.

1,0

60

1,4

27

1,6

43

1,6

95

1,6

93

72

1

37

3

41

9

30

6

26

9

75

0 24

4

CAGR 2010-LTM1Q152.0%

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 1Q15

80 74129 141

231284 266 250

2008 2009 2010 2011 2012 2013 2014 1Q15

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

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

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 ahigher 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

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

1Q

15LTM

1,909

1,699

2,031 2,031

2,497 2,443

2010

2011

2012

2013

2014

1Q

15LTM

201

164

127

52

168146

2010

2011

2012

2013

2014

1Q

15LTM

303

278 287

74

263

221

CAGR 2010-LTM1Q15

5.1%

-2.2%

-16.1%

-13.4%

161616

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

Annex

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

77.6 million consumers

1,791 Consumers4

120 TWh of billed energy2

75.8 million Consumers354 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

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: 3.8GW1%

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

• 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

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 8821.390 1.385 1.299 1.282

265592

1.181

28237 2994

83

88

6477 84

2014 actual(cash flow)

2015 2016 2017 2018 2019

702 8821.390 1.385 1.299 1.282172

324

615153 22 21

94

83

88

64 77 84

1,062

1,557

2,659

1,7311,413 1,395

IFRS

Pro

-form

a

968

1,289

2,093

1,6021,398 1,387

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 3,835Adjusted EBITDA1,2

R$ million

3.59 3.583.44

3.333.49 3.54

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

• 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

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

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 LestePaulista). 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