March, 2013

Corporate

Presentation

2016

1

221) 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 regionsof 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

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%

TRADING100%

Free Float

15.1%

31.9%23.6% 29.4%

Trading3

173

Conventional Generation

1,388

CPFL Energia – Consolidated2| 4,033

Distribution1,99349%

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

RGEHPP Serra da

Mesa1HPP 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

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 3Q154th 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

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%

66 1) Amounts in currency Dec/14. PMSO excludes fuel cost at EPASA.

Conventional Generation Segment

Sector Average

142.7 150.2185.7 188.1

219.4255.0

205.0

-30%

Genco 1 Genco 2 Genco 3 Genco 4 Genco 5

73.3 72.290.0

103.6 108.8 118.594.4

Sector Average

Genco 1 Genco 2 Genco 3 Genco 4 Genco 5

-22%

PMSO1 / Physical Guarantee (R$/MWavg) PMSO1 / Installed Capacity (R$ MW)

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.

399519

14834

70 75 42

251

19

1,032

150

285365 385 375 161

280294

46

200

370

940

175

532 13113

1

1 3

Small hydro (SHPP)

Biomass

Solar

Wind

333

2,135

Under construction

1,802

940844

532400

375385 366336355

232297

434

Biomass

Solar

Wind

Small hydro (SHPP)

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 InstalledCapacity

UnderConstruction

ContractedAssets

HighlyConfident

Probably Possible OverallPotential

6521,283

1,8022,135

3331,039

1,514

900

5,588

(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

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 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

Physical Guarantee 129.2 average-MW3 13.1 average-MW 26.1 average-MW3 14.8 average-MW

PPA4 Free market - 20 years16th LEN 20135

R$ 143.30/MWhuntil 2047

18th LEN 2014R$ 133.00/MWh

until 2037

21st LEN 2015R$ 207.64/MWh

until 2049

FinancingBNDES

(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.

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 sites2015

- 11.2 million phone calls

- 2.4 million electronic phone calls

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 acommercial 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

Dividends: CPFL has presented payout ratio close to 100% since its IPO, reaching the mark of R$ 11.6 billion distributed4

TSR5: -5.7%

13131) 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 LTM3Q15CAGR 2010-

LTM3Q15LTM3Q15-

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

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 8821.390 1.385 1.299 1.282

265592

1.196

296113 13194

83

88

6477 84

2014 actual(cash flow)

2015 2016 2017 2018 2019

702 8821.390 1.385 1.299 1.282172

324

623161 62 74

94

83

88

64 77 84

1,062

1,557

2,674

1,7451,489 1,497

IFRS

Pro

-form

a

968

1,289

2,101

1,6101,438 1,440

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 3,971Adjusted EBITDA1,2

R$ million

5,622

4,8084,8014,9994,134

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

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

Annex

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 Consumers353 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

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: 3.8GW1%

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) 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

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 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

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

1) Data for 2014. 2015 data will be available in Feb/2016.23

Actions

Raising awarenessabout 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

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 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