March, 2013

Corporate

Presentation

August 2017

1

22 1) On August 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$ 27.5 billion1, listed on BM&FBOVESPA – Novo Mercado and on NYSE (ADR Level III)

In LTM2Q17, EBITDA of R$ 4,348 million and Net Income of R$ 762 million

Presence concentrated in the most developed regions of Brazil

Leadership in distribution through 9 subsidiaries and a 14% market share

3rd largest private generator with 3,283 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

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 CentraisGeradoras

DISTRIBUTION 100%

SERVICES100%

RENEWABLES51.61%

65% 48.72% 51%

25.01%

Serra da Mesa HPP

51.54%153.34%

GENERATION100%

TRADING100%

Commercialization, Services & Others

213

CPFL Energia – Consolidated | 4,348

LTM2Q17 EBITDA Breakdown | R$ million Concession’s expiration

2045

CPFL Santa Cruz

CPFL Jaguari

CPFL Sul Paulista

CPFL Leste Paulista

CPFL Mococa

Free Float

45.4%

Conventional Generation

1,179

Distribution1,881

43%

27%

5%

25%Renewable Generation

1,074

54.6%

2

CPFL GD

2027 2028 2032 2035 2036

CPFL Paulista

CPFL Piratininga

HPP Luis Eduardo

Magalhães

HPP Campos Novos

HPP Foz do Chapecó

RGEHPP Serra da

Mesa2HPP Barra

Grande

RGE SulHPP Castro

Alves

19 SHPPs(CPFL

Renováveis)

HPP Monte Claro

HPP 14 de Julho

Distribution Segment

• 9.3 million customers

• 679 municipalities

• Footprint: most developed regions

• High potential in per capita consumption

• Market size: 57.0 TWh/year

1st Market share: 14%

Industrial

Commercial

Residential

Others

1) RGE Sul (Nov-16/Jun-17); 2) Source: EPE; 3) Excluding RGE Sul (Nov-16/Jun-17).4

29% 37%

17%17%

5 small discos + RGE Sul1 41%

16%

18%

25%

RGE

CPFL Piratininga

LTM2Q17 EBITDA Breakdown

R$ million

CPFL Paulista

Tariff review Sales CAGR by Region2,3

2012 – LTM2Q174th 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

LTM2Q17 Sales Breakdown

GWh

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 Distribuidorade 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 ReviewDate: 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:

66

Generation Segment

• 3,283 MW of installed capacity

• 1,575 avg-MW of physical guarantee

• Long Term Concessions

• Brazil’s largest Portfolio in Alternative Energy

• Renewable Sources: 95%

3rd Market share: 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

61%5%

7%6%

21%

HPPTPP

SHPP

BIO

WIND

Contracting Level | %

Total: 3,283 MW

2017 2018 2019 2020 2021

100% 100% 100% 98% 98%

2,3% 2,3%

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 | 2,199 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 recordInstalled capacity of 2,103 MW

1) Revenue estimated by the terms of the 16th LEN 2013; 2) Gradual commercial start-up since 2Q16.8

Launch of the Solar Generation Company

9

Solar energy. From generation to generation.

Inaugurated on May 2,

Envo offers clean and

renewable energy and a

reduction of up to 95%

in the energy bill of its

customers

Envo offers solution for families to be able to generate solar electricity at home and, thus, obtain a significant savings in the energy bills.

The solution delivers a project that evaluates the individual potential of each residence, management of the homologation with the local distributor,

supply and installation of all necessary equipment.

The Solution

Area of activity

In this first moment, the sales efforts and the initial focus of action of Envo will be the cities of the region of Campinas, Sorocaba, Jundiaí and

surroundings. The company already has plans to expand in other locations in the state.

CommercialStart-up

Installed Capacity

Assured Energy PPA1 Location Financing

June/2017 48.3 MW26.1

average-MW

18th LEN 2014 R$ 156.50/MWh

until 2047Ceará

BNDES e BNB(under analysis)

Pedra Cheirosa Wind Complex – Comercial Start-up

101) Constant Currency (June-17).

CPFL Renováveisanticipated in 1 year the Wind Complex

Start-up

CommercialStart-up

Installed Capacity

Assured Energy PPA1 Location Financing

2020 29.9 MW14.0

average-MW

21st LEN 2015R$ 225.53/MWh

until 2049Minas Gerais

BNDES(under analysis)

SHPP Boa Vista II – Under Construction

111) Constant Currency (June-17).

982 free clients (1H17 vs. 1H16: 241%), of which 877 special clients (1H17 vs. 1H16: 256%)

Special client market: current ~ 4.0 avgGW

Competitive client market: current ~ 10.8 avgGW

Nationwide outreach

Synergy with CPFL Renováveis

New activities: ENVO

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

12

1H17 - 192 transmission contracts

Foundation: 2012

Management of partnership withcompanies 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

2016- 40 partners companies- 10 million collection

Foundation: 2008

Provision of customer relationship services to utility companies:

Call Center

Ombudsman

Back Office

1H17- 7.4 million phone calls

- 15.9 million speaking time minutes

CPFL Energia Strategy

13

• Be the leader in operating efficiency by investing in technology, automation and innovation

• Act on both institutionaland regulatory fronts to ensure sustainability of the sector

• Expand the presence in retail through acommercial 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

DistributionGeneration and

RenewableTrading, Services & Others

• Be a benchmark in sustainability

• People management, promoting workplace safety and respect to diversity

• Operational efficiency and investment in new technologies

14141) 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.

2012 2013 2014 2015 2016 LTM2Q17CAGR 2012 –LTM2Q17

LTM2Q17 vs. 2016

NET REVENUE 14,891 14,634 17,306 20,599 19,112 21,796 7.9% 14.0%

Distribution 12,398 11,568 13,665 16,968 15,040 17,149 6.7% 14.0%

Generation 2,350 1,943 2,437 2,582 2,676 2,892 4.2% 8.1%

Trading & Serv. 2,031 2,031 2,497 2,094 2,487 2,997 8.1% 20.5%

EBITDA1 3,436 3,547 3,761 4,143 4,126 4,348 4.8% 5.4%

Distribution 1,914 2,115 2,180 2,144 1,845 1,881 -0.3% 2.0%

Generation 1,674 1,378 1,343 1,893 2,103 2,263 6.2% 7.6%

Trading & Serv. 289 74 263 173 241 271 -1.3% 12.5%

NET INCOME2 1,207 949 886 875 879 762 -8.8% -13.3%

Distribution 958 853 948 626 407 225 -25.2% -44.7%

Generation 361 261 -48 226 364 449 4.5% 23.4%

Trading & Serv. 130 52 168 140 166 163 4.7% -1.7%

Key Financial Figures | R$ million

2012 2013 2014 2015 2016 LTM2Q17CAGR 2012 –LTM2Q17

LTM2Q17 vs. 2016

TOTAL 56.7 58.5 60.0 57.6 57.0 61.8 1.7% 8.4%

Captive 40.7 41.1 43.2 41.7 41.3 43.7 1.4% 5.9%

TUSD 16.0 17.3 16.8 15.8 15.7 18.0 2.4% 14.8%

Energy Sales - Distribution | TWh

CPFL Energia | Operational and Financial figures

15

Indebtedness | Financial Covenant Management

Adjusted EBITDA1,2

R$ million

Nominal

Real

Leverage1 l R$ billion

Gross debt cost3,4 l LTM Gross Debt Breakdown by

Indexer | 2Q171,4

Adjusted Net Debt1

/Adjusted EBITDA2

CDI

Prefixed

TJLP

1) Financial covenants criteria; 2) LTM recurring EBITDA; 3) Adjusted by the proportional consolidation since 2012; 4) Financial debt (-) hedge

Inflation

2013 2014 2015 2016 1Q17 2Q17

12.2 13.0 12.213.2 13.8 13.6

3,399 3,736 3,584 4,177 4,192 4,151

3.59 3.493.41

3.213.30 3.28

1.8%3.3% 4.0%

2.4%

6.9% 7.4% 7.4%7.8%

9.4%10.6%

13.3% 13.6%12.3%

10.6%

2012

2013

2014

2015

2016

1Q

17

2Q

17

74%5%

19%

2%

16

Debt Profile | June 30, 2017

1) Considers Debt Principal, including hedge; 2) Financial covenants criteria; 3) Short-term (Apr-17 – Mar-18) = R$ 3,441 million.

Debt amortization schedule1,2 l Jun-17 | R$ million

Cash Coverage:

1.10x Short term amortization (12M)

Average tenor: 2.70 years

Short term (12M): 22% of total

4,565 Short-term3

Long-term

Cash 2017 2017 July-Dec 2018 2019 2020 2021 2021+

3,038

4,251

826

1,527

5,473

2,859

1,334

2,414

Annex

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

• 153.6 GW of installed capacity1

• 81% Renewable energy1

• Eletrobrás: ~31% of total assets

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

19

Wind Potential: 350GW3

Installed capacity: 3.8GW3%

SHPP Potential: 17.5GW Installed capacity: 5.8GW

33%

Biomass Potential: 17.2GW Installed capacity: 12.9GW

75%

Potential Realized

Potential to be Explored in Brazil

Evolution of Installed Capacity (GW) 2014-20241

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

Emergency Dispatch

The past:

The future:

System interventionor self-healing

Automatic failure detection Real-time informationfor 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

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-mailand/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

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

Actions

Raising awarenessabout the strategic relevance of the

Sustainability Platform

Advocacy and strengthening

commitments on Climate Change

Results - 2017

Integrated platform based on the

strategic plan, with 6 themes, 17 leverages,

102 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

WelfareUntil 1999

Social Responsibility2000 to 2006

Corporate SustainabilityAdded to business from 2007

Level of incorporationof the theme Sustainability

Increasingly more comprehensive concept of responsibility

CPFL Energia | Sustainability

• Component of ISE since its 1st

edition, in 2005• 34 companies of 15 industries

- Market cap of R$ 1.3 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

24 1) Environmental, Social and Governance .