1Q14 Results CPFL Renováveis

This presentation may contain statements that represent expectations about future events or results according to Brazilian and international securities regulations. These statements are based on certain assumptions and analyses made by the Company pursuant to its experience and the economic environment, market conditions and expected future events, many

of which are beyond the Company's control.

Important factors that could lead to significant differences between actual results and the statements on expectations about future events or results include the Company's business strategy, Brazilian and international economic conditions, technology, financial strategy, developments in the utilities industry, hydrological conditions, financial market conditions, uncertainty regarding the results of future operations, plans, objectives, expectations and intentions, among others. Considering these factors, the Company's actual results may differ materially from those indicated or implied in forward-

looking statements about future events or results.

The information and opinions contained in this presentation should not be construed as a recommendation to potential investors and no investment decision should be based on the truthfulness, timeliness or completeness of such information or opinions. None of the advisors of the Company or parties related to them or their representatives shall be liable for any losses that may result from the use or of this presentation.

This material includes forward-looking statements subject to risks and uncertainties, which are based on current

expectations and projections about future events and trends that may affect the Company's business. These statements may include projections of economic growth, demand, energy supply, as well as information about its competitive position, the regulatory environment, potential growth opportunities and other matters. Many factors could adversely affect the estimates and assumptions on which these statements are based.

Disclaimer

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1Q14 Highlights

Conclusion of the acquisition of Rosa dos Ventos, adding 13.7 MW of capacity in Ceará

Startup of operation of the last wind farm forming Atlântica Wind Complex, with 120 MW of capacity in Rio Grande do Sul

Operations start of the Santa Clara Complex, with 188 MW of capacity in Rio Grande do Norte

Operating capacity increased to 1,416.8 MW distributed in 66 power plants (+23% vs 1Q13)

Net revenue totaled R$ 289 million in 1Q14 (+26% vs. 1Q13)

EBITDA of R$ 119 million in 1Q14 (-15% vs 1Q13)

Solid liquidity situation: with cash balance of R$ 849 million

Recent event

Conclusion of the public offering of debentures totalling R$ 300 million

Joint Venture with DESA: CADE and ANEEL approval

Macacos Complex´s construction was concluded, awaiting declaration of "able to operate" from ANEEL

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Portfolio´s capacity

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#1 in renewable energy in Brazil with 1.4 GW (79%) of capacity in operation

Expansion to 1.8 GW of capacity in operation until 2018

Regionally diversified portfolio with presence in 4 sources

Long term PPAs, concessions and authorizations

2012 2013 1Q14 2Q14 2016 2018 Totalcontracted

1,153.1 1,283.1

1,416.8

51.3

78.2

254.0 1,800.3

Contracted portfolio growth (MW)

11.3% 10.4%

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Start of operations

Capacity (MW) Physical guarantee (MWaverage)

PPA

1Q14 120 52.7 LFA 2010 - 20 years

Atlântica Complex

Project concluded in 1Q14

Acquisition of Rosa dos Ventos’ wind farms was completed on february, 27th, 2014

•Projeto Rosa dos Ventos

Canoa Quebrada Lagoa do Mato

Installed Capacity 10.5 MW (5 machines) 3.23 MW (2 machines)

Physical Guarantee 4.10 MWavg 1.26 MWavg

PPA (PROINFA) R$ 371.0 | IGPM - Mar/2014 R$ 327.1 | IGPM - Mar/2014

Start of Commercial Operation Dec/2008 Jun/2009

PPA’s due date Dec/2028 Jun/2029

Rosa dos Ventos

Rosa dos Ventos

CPFL Renováveis

Ceará Rio Grande do Norte

Sources

• SHPP • Wind

Joint Venture with DESA

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Assets in operation

Sources

Solar

SHPP

Wind

Biomass

•

•

•

•

•

Consents:

CADE and ANEEL approval

Waiting for approval from BNDES, among others - Estimated time: Jun/14

Due diligence:

Ongoing – Estimated time: May/14

Expected Closing: 3Q14

Operating Data

1Q13 1Q14

352.2 244.3

0.4

0.4

314.4

289.0

21.8

37.7

SHPP

SOL

WIND

BIO

661.8

Energy generation by source (GWh) (1)

571.4

Energy generation: reduction of 13.7% compared to 1Q13 due to unfavorable hydrological conditions

in 1Q14 and to the wind regime higher in 1Q13 than in 1Q14. These effects were partially offset by

the anticipation of the harvest in some biomass plants

1) The energy generation data does not consider the Wind Complex Santa Clara, on which the energy produced is now available to the system

from March 29, 2014, and Campo dos Ventos II Wind Farm, which is apt to generate energy and have been receiving the revenue from their

contracts – pending of ICG conclusion.

- 13.7%

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Net Revenue R$ Million

• Beginning of sales contract fulfillment of Bio Coopcana, Bio Alvorada, Campos dos Ventos II

Complex e Atlântica Complex

• Conclusion of Rosa dos Ventos’ Acquisition

• Annual Adjustment of contracts in 2013 (based on: IGP-M or IPCA)

Net Revenue (R$ Million)

35.8% SHPP

16.1% Bio

48.1%

Wind

1Q13 1Q14

229.0 288.9

26.2%

Per Source (1Q14)1

9 ( 1) The solar source share is of 0.03%.

Co

sts

Exp

en

ses

1Q13 1Q14

115.1

214.6

86.3%

1Q13 1Q14

58.2 55.6

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• Extraordinary costs with energy purchase due to contracts supply backing assets and GSF effects amounting R$ 72.1 million in the 1Q14

• Recurrent costs and expenses in accordance with the Company’s expansion plan

Costs of energy generation and general and administrative expenses

in R$ Million

- 4.4%

Ajusted EBITDA1Q14

• Operating Costs

• Purchasing power to meet the seasonality of sales contracts

• Extraordinary Expenses

• Energy purchase due to contracts supply backing

assets and GSF effects: R$ 72.1 MM

EBITDA R$ Million

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• Net Revenue

• Operating Portfolio Growth (250 MW)

• Conclusion of Acquisition of Rosa dos Ventos (13.7)

• Additional energy sale by Coopcana e Alvorada (seasonality)

• PMSO

• Reduction in third party services and PDD

140.3 12.0

EBITDA 1Q13

Net revenue Extraordinary

Expenses

PMSO EBITDA 1Q14

61.3% 41.3%

59.9

119.3

72.1

3.2

Margem EBITDA

- 15.0%

66.2%

191.4

Operating

Costs

172.7

+ 10.8%

Ajusted EBITDA1Q13

75.4%

172.7

• Excluding extraordinary costs: positive net income of R$ 17.8 million in the 1Q14

Net Revenue R$ Million

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1Q14 Net profit

(Loss) Extraordinary

Expenses 1Q14 Adjusted

net income

17.8

72.1 -54.3

4,001.2 3,772.1 3,874.8 3,949.0

572.1 553.4 563.1 542.1

2Q13 3Q13 4Q13 1Q14

Net debt EBITDA LTM³

Cash 2014 2015 2016 2017 2018+

716.5 289.9

132.2

364.1 354.6 358.0

2,850.9

580.2

848.7

Debt per index rate (%) Net Debt/EBITDA (R$MM)

Debt amortization (R$MM)

• Average term: 6.4 years

• Average Nominal Cost: 8.3%

(78.3% of CDI of Mar/2014)

Debt Profile

1) Corresponds to funding for projects under construction works that did not yet have pay-outs of long-term debts

2) The cash balance considers the reserve account balance (linked investments)

3) Last twelve months

Debt Profile

CDI 27.2%

Fixed 13.8%

TJLP 55.6%

TJ6 1.8%

IGPM 1.7%

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870.2

Cash Reserve

Account

Bridge Loans(1) Loans and debentures

7.0x 6.8x

6.9x

7.3x

Leverage 2

14 1) Macacos, Pedra Preta, Costa Branca and Juremas

Macacos Complex I1

Ongoing projects:

Start of operations

Capacity (MW)

Physical guarantee (MWaverage)

Financing PPA

2Q14 78.2 37.5 BNDES

(contracted financing, partially disbursed)

LFA ago/10 - 20 years

Start of operations

1H16 2H16 1H18

Capacity

(MW) 82.0 172.0 51.3

Physical guarantee (MWaverage)

40.2 89.0 26.1

Financing BNDES (structuring) BNDES (structuring) BNDES

(to be structure)

PPA ACL - 20 years ACL - 20 years A-5 2013

1) Campo dos Ventos II

2) Ventos de São Benedito, Ventos de Santo Dimas, Santa Mônica, Santa Úrsula São Domingos and Ventos de São Martinho;

3) Pedra Cheirosa I and Pedra Cheirosa II

Next projects:

Campo dos Ventos Wind Complex 1

São Benedito Wind Complex2

Pedra Cheirosa Complex3

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• Market Value of R$ 5.9 billion on May 8th, 2014

• Average Daily Volume of 138 thousand Stocks/Day

• Since the IPO the stocks risen 7.8% until May 8th, 2014

Capital markets

16 1) Base 100 on 07.19.2013

Stock Performance(1)

IBOV IEE CPRE3

12.7%

7.8%

6.3%

Contacts

Closing quotation on 05.08.2014: R$ 13.49

Market Value: R$ 5.9 billion / US$ 2.6 Billion

Andre Dorf

Chief Executive Officer

Marcelo Souza

Chief Financial and Investor Relations Officer

Maria Carolina Gonçalves

Investor Relations Supervisor

Luciana Silvestre Fonseca

Investor Relations Analyst

Priscila de Oliveira

Investor Relations Analyst

E-mail: ri@cpflrenovaveis.com.br

Phone: 11- 3157-9312

Press Consulting

RP1 Comunicação Empresarial

E-mail: carolinamarcondes@rp1.com.br

Phone: 11-5501-4655

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