1. March, 2013September, 2013
II BTG Pactual
Utilities Days
Eduardo Takeiti
Investor Relations Officer

2. 2

3. 33
1) Termoparaíba and Termonordeste thermoelectric facilities; 2) CPFL Energia has a 58.8% indirect interest in CPFL Renováveis through
CPFL Geração.
Free Float
DISTRIBUTION
100%
100%
100%
100%
100%
100%
100%
100%
65%
25.01%
48.72%
52.75%
51%
CONVENTIONALGENERATION
100%
100%
99.95%
100%
COMPETITIVESUPPLY
100%
100%
RENEWABLES
59.93%
Investco
Paulista Lajeado
5.94%
SERVICES
100%
100%
100%
58.8%2
100%
30.0% 15.1%
30.5%
24.4%
Nect Serviços100%
1
Corporate structure

4. HPP Foz do
Chapecó
HPP Barra
Grande
HPP Castro
Alves
HPP Monte
Claro
HPP 14 de
Julho
HPP
Campos
Novos
HPP Luis
Eduardo
Magalhães
CPFL
Piratininga
HPP
Serra da
Mesa1
CPFL
Paulista
RGE
19 SHPPs
(CPFL
Renováveis)
1 TPP
(Carioba)
CPFL Santa
Cruz
CPFL Jaguari
CPFL Sul
Paulista
CPFL Leste
Paulista
CPFL Mococa
SHPP Rio do
Peixe (I/II)
SHPP Macaco
Branco
203620352032202820272015 …
CPFL Energia requested Aneel to
renew the expiring concessions
~3%
CPFL
Energia's
EBITDA
<1%
CPFL
Energia's
installed
capacity
4
CPFL Energia enjoys long term concessions
1) 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.

5. 26% 44%
16%
14%
Distribution segment
• 7.3 million customers
• 569 municipalities
• Most developed regions
• High potential in per capita
consumption
1º Market share: 13%
Industrial
Commercial
Residential
Others
1) Excluding sales at CCEE; 2) Source: EPE; 3) Including regulatory asset & liabilities and excl. non-recurring items.5
2008 2009 2010 2011 2012 LTM2Q12 LTM2Q13
TUSD Captive +3.3%
CAGR 2008-12
3.7%
2008 2009 2010 2011 2012 2013

6. 3rd
Tariff Review Cycle
CPFL Piratininga Oct-122
CPFL Santa Cruz
Feb-132
CPFL Leste Paulista
CPFL Jaguari
CPFL Sul Paulista
CPFL Mococa
CPFL Paulista Apr-13
RGE Jun-13
EBITDA breakdown
6
CPFL Energia – LTM2Q13 Adj. EBITDA Breakdown¹ | R$ million
CPFL Santa Cruz
CPFL Leste
Paulista
CPFL Jaguari
CPFL Sul Paulista
CPFL Mococa
1) Adjusted by regulatory assets & liabilities and non-recurring items; does not consider intercompany eliminations; 2) 12 months retroactive effect;
3) Commercialization in the free market and Services
56%
12%
4%
27%
6
Alternative
Energy
618
Conventional
1,180
CPFL
Paulista
RGE
CPFL
Piratininga
Competitive Supply3
179
Generation
1,798
CPFL Energia - Consolidated1 | 4,633
Distribution
2,657
66%
34%
57%
39%
4%
Generation Segment
Distribution Segment

7. Cost-cutting initiatives
Zero Base Budget
Inefficiencies from
past budgets are not
carried over to the
next periods
~R$50 million/year
(2012-15)
1
Tauron Program
Introduction of the
smart grid technology
in the distribution
network
~R$60
million/year
2
Redundancy
Program
Special retirement
plan with 445
adherences
~R$25
million/year
3
Corporate Services
Center
Implementation of a
back-office services
provider to increase
operating productivity
and efficiency
4
1) Excluding CPFL Renováveis (ramp-up), CPFL Serviços (revenue-related expenses) and non-recurring items. In real terms. Inflation index: IGP-M.
2012
Reduction of 7.2% or
R$ 108 million
Personnel: -R$ 17 million
MSO: -R$ 91 million
1H13
Reduction of 2.0% or
R$ 10 million
Personnel: -R$ 6 million
MSO: -R$ 4 million
Achievements1
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%
7

8. 4.2 4.6 4.7 4.7 5.3 5.4 5.7 5.8 6.0 6.4 6.6 7.0 7.9 8.1 8.4 8.9 8.9 9.0 9.1
10.9 11.8
13.0
4.5 5.3 5.7 5.8 7.5 8.1 8.3 8.4 9.4 9.8 9.9 10.8
14.5 14.6 14.7 16.5 16.9 18.2 19.3 19.4 20.0 21.6
8
Avg. Frequency of Power Outages per Consumer per Year – FEC
2012 (# occurrences)
Avg. Length of Power Outages per Consumer per Year - DEC
2012 (hours)
Operational excellence in distribution

9. The Distribution segment, intensive in O&M expenses, has gone through periodic tariff reviews to
reduce costs and improve efficiency, while Generation and Transmission segments, more capital-
intensive, did not face the same regulation over time
Average tariff1 (CPFL Piratininga) - [R$/MWh]2
-13.3 -16%
20.0 88%
-25.6 -38%
-7.4 -24%
-25.8 -16%
R$/MWh %
-24%
Generation
Transmission
Distribution
Sector
charges
Taxes
(9%)
82
(22%)
(6%)
(18%)
(45%)
(44%)
(8%)
(13%)
(22%)
(14%)
3rd CRTP3
2011-2014
1st CRTP3
2003-2006
1) Average of all classes and voltages; does not take into account financial components. 2) Constant figures in December/12. Amounts
adjusted by IPCA | Source: CPFL Energia. 3) Periodic Tariff Review. 4) Extraordinary Tariff Review.
9
(22%)
(7%)
(15%)
(4%)
(53%)
2012 Tariff
after RTE4
-22.1 -27%
-4.2 -18%
-26.0 -39%
-21.6 -69%
-18.5 -11%
R$/MWh %
Pressure on tariffs

10. Distribution | Financials
Net revenues1 – Adjusted2
EBITDA – Adjusted2
Net income – Adjusted2
2010 2011 2012 LTM 2Q12 LTM 2Q13
9,432 9,794
10,763
10,120
11,495
2010 2011 2012 LTM 2Q12 LTM 2Q13
2,267 2,351
2,678
2,453
2,657
2010 2011 2012 LTM 2Q12 LTM 2Q13
1,309
1,235
1,399
1,250
1,376
1) Excludes construction revenue; 2) IFRS less non-recurring items plus regulatory assets & liabilities.
CAGR = +6.8%
+13.6%
CAGR = +8.7%
+8.3%
CAGR = +3.4%
+10.1%
Sales in the Captive Market (TWh)
2010 2011 2012 LTM2Q12 LTM2Q13
39.3
39.9
40.7 40.6
40.8
+0,4%
CAGR = +1.8%
10

11. • Long Term Concessions
• Latin America’s largest Portfolio in
Alternative Energy
• Renewable Sources: higher than 93%
2º Market share: 2.3%
25%
Generation segment
1) Considering 58.8% stake at CPFL Renováveis, since its creation.11
Installed Capacity1 (MW) | Estimated growth
CAGR 2000-16e = 21.5% a.a.
Semesa Baesa
Enercan Ceran
Foz Chapecó
Epasa
Baldin
Creation of
CPFL Renováveis
-
657 660 747 751
931 1,047 1,047
Greenfield Brownfield Privatization assets

12. 1998 2004 2005 2007 2007¹ 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% 52.75%
657.1 84.5 172.5 428.7 62.5 84.5 65.0 436.1 180.2
345.8 38.4 95.2 184.1 36.5 41.6 32.5 220.3 130.6
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 – 2,234 MW1 of installed capacity
1) Equivalent stake, including 38MW of small plants at CPFL Geração and 24MW of SHPP embedded in the distribution companies.
CPFL Energia’s power plants – state-of-the-art environmental efficiency
12

13. CPFL Renováveis | Shareholders’ structure as of Sep-13
13 1) Including Tanquinho solar power plant with an installed capacity of 1MWp.
58.8% 37.0%
Free float
16.6%
100%
63.0% 24.6% 0.0%
Small Hydro Biomass Wind
Pre-IPO
Post-IPO
Solar

14. CPFL Renováveis | Current portfolio
14
Operating
(Sep-13)
Under
construction
End of
2016
Under
development
Total
Portfolio
100% with PPA
1,735
5,553
Possible
Probable
Highly Confident
3,818
Small Hydro
• 35 operating: 327MW
• Under construction: -
• Under development: 626MW
Total: 953MW
Biomass
• 7 operating: 320MW
• 1 under construction: 50MW
• Under development: -
Total: 370MW
• 15 operating: 556MW
• 18 under construction: 482MW
• Under development: 3,192MW
Total: 4,230MW
Wind
• 58 operating: 1,203MW1
• 19 under construction: 532MW
• Under development: 3,818MW
Total: 5,553MW1
Total
1) Including Tanquinho solar power plant - 1MWp of installed capacity
1,203
Wind
SHPP – Small Hydro
Biomass
CPFL Renováveis’ Installed Capacity (MW)

15. (MW)
(MWavg)
CPFL Renováveis
(Aug-11)
652 314
2Q12 25 8.2 Free market -
2Q12 70 24.4
LER auction
(R$158.81/MWh)
Estimated revenue: R$ 20
million/year
2Q12 158 63
Proinfa PPA
(R$ 310.51/MWh)
Acquisition price: R$ 1,062
million
3Q12 188 76
LER auction
(R$ 175.51/MWh)
Estimated Revenue: R$ 115
million/year
4Q12 40 11
Alternative sources
auction (64%) and
free market (36%)
Acquisition price: R$ 111.5
million
4Q12 1 1 Free market -
4Q12 20 11
Alternative sources
auction (R$166.41/MWh)
Estimated Revenue: R$ 112
million/year
3Q13 50 18 Free market -
Current portfolio
(Sep-13)
1,203 526
1) Constant currency (Dec/12)15
CPFL Renováveis | Track record

16. (e) (MW) (MWavg) (e)
3Q13 50.0 18.0
BNDES funding
(approved and partially disbursed)
Free market
3Q13 30.0 15.0
BNDES funding (under review)
Commercial banks (bridge loan approved and
disbursed)
Reserve auction
(Aug/10)
R$ 142,53/MWh
3Q13 120.0 52.7
BNDES funding (bridge loan approved and
disbursed, long-term funding under review)
Commercial banks (bridge loan approved and
disbursed)
Alternative sources
auction (Aug/10)
R$ 154,83/MWh
4Q13 78.2 37.5
BNDES funding
(bridge loan contracted and disbursed, long-term
funding under review)
Alternative sources
auction (Aug/10)
R$ 152,63/MWh
1Q16 82.0 40.2
BNDES funding
(structuring)
Free market
3Q16 172.0 89.0
BNDES funding
(structuring)
Free market
Projects under
construction
532.2 252.4
1) Macacos, Pedra Preta, Costa Branca e Juremas; 2) Atlântica I, II, IV e V; 3) Constant currency (Dec/12); 4) Campo dos Ventos I, III, V;
5) Ventos de São Benedito, Ventos de Santo Dimas, Santa Mônica, Santa Úrsula São Domingos and Ventos de São Martinho16
CPFL Renováveis | Portfolio under construction

17. Generation segment: conventional and alternative energy | Financials
Net Revenues (R$ million) - Adjusted1 EBITDA (R$ million) - Adjusted1
Net Income (R$ million) - Adjusted1
1) Adjusted by proportional consolidation and non-recurring items.
2010 2011 2012 LTM2Q12 LTM2Q13
1,121
1,520
2,350
1,842
2,634
CAGR = +44.8%
+43.0%
2010 2011 2012 LTM2Q12 LTM2Q13
810
1,181
1,672
1,397
1,798
CAGR = +43.7%
+28.7%
2010 2011 2012 LTM2Q12 LTM2Q13
262
778
384
819
358
-56.3%
EBITDA Margin - Adjusted1
2010 2011 2012 LTM2Q12 LTM2Q13
17

18. • 280 free consumers
• Nationwide outreach
• Value-added product portfolio
• Synergy with CPFL Renováveis
Number of Consumers (#) | CPFL Brasil
1º
Leader in Commercialization of Energy
Market share: 10%
80 74
129 141
231
280
2008 2009 2010 2011 2012 2Q13
CAGR = 30%
Portfolio (Free Consumers)
179
52
Inside the
concession area
Outside the
concession area
Current: 11.5 GW avg
Potential: +4.8 GW avg
Free Market
in Brazil
210
70
18
• CPFL Brasil was awarded the winner
of Exame Magazine’s 2013 Best and
Largest Companies (category
Energy)
• The Company was selected among
gencos, discos, transcos and other
players in the electric sector
throughout Brazil
2010 | 2011 | 2013
Competitive power supply segment

19. 19
Jun/09 Jun/10 Jun/11 Jun/12 Jun/13
192
221
495
796
1,123
Jun/09 Jun/10 Jun/11 Jun/12 Jun/13
441 465 491
558
613
Current: 9.6 GW avg
Potential: +0.7 GW avg
Current: 1.9 GW avg
Potential: +4.1 GW avg
Competitive advantages of CPFL:
market leadership, expertise and synergies with CPFL Renováveis
Source: ANEEL and CCEE
Competitive power supply segment | Growth opportunities
# of competitive customers – larger than 3 MW # of special customers – from 0.5 to 3 MW
Number of free clients in Brazil
CAGR=8.6% CAGR=55.5%

20. Transmission
networks
Self-generation
networks
Distribution
networks
Recovery of
equipment
Services Segment | CPFL Serviços
• Foundation: 2006
• Core Business: offers a wide range of value-added
services, ranging from engineering projects to maintenance and
recovery of equipment. These services are designed to help
consumers improve the efficiency, cost and reliability of their
electric equipment
• Type of services: construction of transmission and distribution
networks; maintenance and recovery of equipment; self-
generation networks (cogeneration, energy-efficiency projects
and distributed generation arrays – solar energy)
20

21. Services Segment | CPFL Total and CPFL Atende
• CPFL Total offers collection services with an
established authorized network; capacity to
collect utility bills, such as
water, energy, telephone, and cable TV.
• Capability of cross-sale with other service
providers, enabling the collection via the
energy bills.
• Foundation: 2008
• Core Business: provider of contact center and
customer relationship services to other utility
companies
• Services: face-to-face attendance, back-
office, credit recovery, toll-free customer
support, ombudsman, service desk and sales
21

22. 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13
140
401
498
612
722
842
719
602 606 572
655
774
486
748 758
640
456
363
3.7%
6.5%
9.1% 8.7%
9.6%
10.9%
9.7%
7.6% 7.3% 7.6% 7.9% 8.6%
6.9%
6.0%
7.1%
6.1%
4.6% 3.9%
8.29 9.43 11.67
15.02 14.13 15.87 17.99 18.05 16.69 15.77 16.51 18.44 20.18 22.05 21.95
26.30
22.78 21.11
CPFL has distributed dividends around the entire net income since its IPO, reaching the mark
of R$ 10.6 billion distributed. Declaration of dividend of 1H13: R$ 363 million | 0.38/share
Dividend Yield 1 (LTM) Declared dividends2 (R$ Mi) CPFL average price (R$/ORD)3
1) Considering last two half years’ dividend yield 2) Refers to declared dividend. Payment in the next half year. 3) Considers share price
adjusted for reversal stock split and simultaneous split of shares on June 29, 2011 (not adjusted per dividends).
22
Dividends

23. 2012 actual
(cash flow)
2013 2014 2015 2016 2017
1,403
1,117
1,047
1,321
1,231
1,265
1,043
1,072
729
234
15
11
22
136
147
151
120
113
Total:
R$ 8,709 million1
Distribution:
R$ 5,981 million
Generation:
R$ 2,062 million2
Commercialization and Services:
R$ 667 million
R$ 2,468 R$ 2,325 R$ 1,923 R$ 1,706 R$ 1,367 R$ 1,389
1) Constant currency Dec/12. Take into account 100% interest on CPFL Renováveis and Ceran (IFRS). 2) Conventional + Renewable23
Capex 2013 - 2017

24. 24
Indebtedness and leverage
1) Financial covenants criteria. 2) LTM recurring EBITDA (covenants criteria). 3) Financial debt (+) private pension fund (-) hedge (considering
proportional consolidation).
2011 2012 1Q13 2Q13
10.0
12.6 12.5 12.6
Leverage1 | R$ billion
Adjusted net debt1/
Adjusted EBITDA2
3,665 4,377 4,111 3,676
Adjusted EBITDA2
R$ million
CDI
Prefixed
(PSI) IGP
TJLP
Gross debt breakdown3
3.55x:
Considering IFRS
accounting
criteria
Gross debt cost3 | LTM
9.4%
7.9%
9.9%
7.3% 7.1%
4.9% 4.4% 4.3%
3.0%
1.7% 1.2%
17.7%
13.9%
13.4%
12.1%
13.4%
9.4%
10.5%11.1%
9.0% 8.4% 8.0%
2004
2005
2006
2007
2008
2009
2010
2011
2012
1Q13
2Q13
Nominal Real
2.73 2.89 3.03 3.42

25. 25
Strong and robust liquidity
1) Disregard financial charges (ST = R$ 295 million; LT = R$ 45 million), hedge (net positive effect of R$ 539 million) and MTM (R$ 86 million). 2)
Considers amortization as of July 01, 2014.
Cash Short-term 2014² 2015 2016 2017 2018 2019+
5,420
2,721
1,484
3,278
2,403
2,121
2,413
3,856
Debt amortization schedule1 (Jun/13) | R$ million
Cash coverage:
2.0x short-term
amortization (12M) Average tenor: 4.00 years
Short-term1 (12M): 16.6% of total

26. 26
Short term outlook
• Liability management exercise: pre funding for the
next 12m - longer terms and lower costs
• Average tenor: 4.0 years (2Q13) vs. 3.2 years
(4Q09)
• Real cost of debt: 1.2% p.a. (2Q13) vs. 4.9% p.a.
(4Q09)
• Reaffirmation of ratings: brAA+ since 2Q08
(S&P) and 3Q10 (Fitch)
• Liquidity policy (minimum cash vs. amortizations in the
next 12-18 months) – 2Q13 cash coverage: 2.0x
• Stable cash flow from operations (on avg. R$ 2.3
billion/year since 2010 | LTM2Q13: R$2.5 billion)
• Optimal capital structure
• Reduction in WACC
• Maximization of shareholder return
• Ramp-up at CPFL Renováveis
• 2H13: 278 MW still to be started up
• Signals of recovery, favoring energy consumption –
industrial segment: +2.7% in 2Q13
• Productivity gains:
• Focus on cost reduction and optimization
(Zero Based-Budget and Corporate Services
Center)
• Tauron Project (smart grid): higher
productivity, lower costs
• Optimization in the occupancy of buildings – sale
of vacant assets
Growth and productivity Optimization of capital structure
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