2Q14 Results

This presentation may contain statements that represent expectations about future events or results according toBrazilian and international securities regulations. These statements are based on certain assumptions and analysesmade by the Company pursuant to its experience and economic environment, market conditions and expected futureevents, many of which are beyond the Company's control.

Important factors that could lead to significant differences between actual results and the statements on expectationsabout future events or results include the Company's business strategy, Brazilian and international economicconditions, technology, financial strategy, developments in the public utilities sector, hydrological conditions, financialmarket conditions, uncertainty regarding the results of future operations, plans, objectives, expectations andintentions, among others. As a result of these factors, the Company's actual results may differ significantly from thoseindicated or implied in the forward-looking statements about future events or results.

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

This material includes forward-looking statements subjected to risks and uncertainties, which are based on currentexpectations and projections about future events and trends that may affect the Company's business. Thesestatements may include projections of economic growth, demand, energy supply, as well as information about itscompetitive position, the regulatory environment, potential growth opportunities and other matters. Numerous factorscould adversely affect the estimates and assumptions on which these statements are based.

Disclaimer

2

2Q14 Highlights

3

• Operating capacity increased to 1,495 MWdistributed in 70 power plants (+30% vs. 2Q13)

• Conclusion of the 78.2 MW Macacos I windcomplex in Rio Grande do Norte

• Net Revenue of R$ 245 million in 2Q14 (+31% vs.2Q13) and R$ 534 million in 1H14 (+28% vs.1H13)

• EBITDA of R$ 117 million in 2Q14 (+19% vs.2Q13) and R$ 236 million in 1H14 (-1% vs. 1H13)

• Solid financial liquidity: cash of R$ 903 million

• Progress made in the association with DESA,expected to be concluded in 3Q14

Contracted portfolio

4

#1 in renewable

energy in Brazil

with 1.5 GW

(84%) of

operating

capacity

Expansion to 1.8 GW of capacity

in operation until 2018

Regionally

diversified

portfolio

present in the

4 renewable

sources

Long-term PPAs,

concessions and

authorizations

Aug 2011 1H13 1H14 2016 2018 Total contracted 2018

651.51

1,153.11,495.1

231.02 51.3

1,777.4

18.9%Contracted portfolio growth (MW)

1) Creation of CPFL Renováveis

2) Reduction in the capacity to be installed at Campo dos Ventos and São Benedito complexes (in 2016), from 254 MW to 231 MW is due to the change of a wind turbine. The new equipment operates more efficiently, enabling the purchase agreements average energy to be accomplished with a reduced generation capacity

Project concluded in 2Q14

51) Macacos, Pedra Preta, Costa Branca and Juremas

Macacos I wind complex 1

Start of operations

Capacity(MW)

Physical guarantee(MWaverage)

Financing PPA

2Q14 78.2 37.5BNDES

(financing contracted, partially disbursed)

LFA Aug/10 - 20 years

Solar

SHPP

Wind

Biomass

SHPP

Wind

Assets in operation

Status of association with DESA

6

• Expected Closing: 3Q14

• Contracted capacity of 330.8 MW:

• In operation:

• 6 wind farms: 205.2 MW

• 3 SHPPs : 72.4 MW

• Under construction:

• 1 SHPP: 29.2 MW

• 1 wind farm: 24.0 MW

Operational startup of biomass plants: Bio Coopcana (aug/13) and Bio Alvorada(nov/13)

Operational startup of Atlântica wind complex (mar/14)

Conclusion of Rosa dos Ventos wind complex acquisition (feb/14)

Commercial startup of Santa Clara wind complex (mar/14)

Anticipation of the harvest in 2014

Adverse water supply situation (lower generation in the SHPPs)

2Q13 2Q14 1H13 1H14

315.2 232.1

640.4476.7

164.8 341.2

479.2643.9

160.5

310.5

182.4348.1

0.3

0.3

0.6

0.8

SOL

BIO

WIND

SHPP

Power generation in 1H14

7

1) Power generation excludes Campo dos Ventos II wind farm and Macacos I wind complex, which are able to generate energy and have alreadyreceived the revenue under their contracts - pending construction completion of the Shared Installation of Generation (ICG)

37.9%

12.8%Energy generation by source (GWh)11,469.5

1,302.6

884.0

640.8

Net revenue

8

Beginning of sales contract fulfillment of Bio Coopcana, Bio Alvorada,

Campo dos Ventos II, Atlântica wind complex, Rosa dos Ventos and

Macacos I wind complex

Net revenue (R$ million) By source (1H13 vs. 1H14)

1) The share of solar energy is 0.02% in 1H14 vs. 0.03% in 1H13

2Q13 2Q14 1H13 1H14

186.7245.1

415.7

534.1

Generation increase in biomass

plants: anticipation of sugarcane

harvest, benefiting the energy

cogeneration

28.5%

31.3%

44.9%

21.5%

33.6%

1H14

WIND BIO SOL SHPP

45.3%

12.7%

42.0%

1H13

1

2Q13 2Q14

115.4173.6

50.4%

2Q13 2Q14

60.2 60.0

Costs of energy generation andgeneral and administrative expenses

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• Extraordinary costs with energy purchase to meet: (i) projects with changes in schedules, (ii) the effect of GSF and (iii) SHPPs that are not part of the MRE (R$ 34 million in 2Q14 and R$ 106 million in 1H14)

• Higher depreciation cost – new assets in operation (increase of R$ 16 million and R$ 31 million between the respective quarter and semester periods being compared)

-0.4%

Costs (R$ million) Expenses (R$ million)

1H13 1H14

230.6

388.2

1H13 1H14

118.4115.6

68.4% -2.4%

121.598.7

58.4 11.5 31.02.5 117.1

151.4

EBITDA and net income in 2Q14

EBITDA 2Q13

Net Revenue

Extraord.expenses

OperatingExpenses

EBITDA 2Q14

52.9% 47.8%

EBITDA Margin 61.8%

OperatingCosts

65.1%

+24.7%

Adjusted EBITDA 2Q14

Adjusted EBITDA 2Q13

+ 18.7%

Net revenue

• Expansion of operating portfolio (342MW)

Extraordinary expenses

• Energy purchase to meet projects with changes in schedule, GSF effects and SHPPs that are not part of the MRE

Operating costs

• Energy purchase to meet the seasonality of the sales agreements for SHPPs

• Higher PMSO due to the operational startup of new projects

2Q14(R$ 65.9)

million

2Q13(R$ 51.6)

million

Net result

10

EBITDA growth (R$ million)

EBITDA and net income in 1H14

1H14(R$ 120.2)

million

1H13(R$ 66.8)

million

294.2239.0

118.4 51.275.4

5.7 236.4

342.8

EBITDA 1H13

Net Revenue

Extraord.expenses

OperatingExpenses

EBITDA 1H14

57.5% 44.3%

EBITDA Margin 64.2%

OperatingCosts

70.8%

+16.5%

Adjusted EBITDA 1H14

Adjusted EBITDA 1H13

-1.1%

Net result

Net revenue

• Expansion of operating portfolio (342MW)

Extraordinary expenses

• Energy purchase to meet projects with changes in schedule, GSF effects and SHPPs that are not part of the MRE

Operating costs

• Energy purchase to meet the seasonality of the sales agreements for SHPPs

• Higher PMSO due to the operational startup of new projects

11

EBITDA growth (R$ million)

3Q13 4Q13 1Q14 2Q14¹

553.4 563.1 542.1 560.6

Net Debt² EBITDA LTM³

Caixa 2014 2015 2016 2017 2018+

735.6 227.6

167.9

436.4325.9 355.6 389.0

3,131.5

Debt by index (%)Net Debt/EBITDA (R$ million)

Debt amortization (R$ million)

• Average term: 6.3 years

• Average nominal cost: 8.6%

(79.3% of CDI in Jun/14)

Debt profile

(1) Refers to funding for projects under construction for which long-term financing has not yet been obtained;(2) Cash balance considers the balance in reserve accounts (restricted deposit); and (3) Last 12 months

Debt Profile

12

CashReserve Accounts Bridge Loans(1) Loans and Debentures

903.5664.0

6.8x 6.9x7.3x 7.1x

Leverage

13.7%

2.5%

1.8% 1.6%

53.4%

Fixed

CDI

TJ6

IGPM

TJLP

3,772.1 3,874.8 3,949.0 3,962.5

(1) Gradual operational entrance starting 2Q16 (2) Operational entrance starting 1H18

(3) Reduction in the installed capacity at Campo dos Ventos and São Benedito complexes from 254 MW to 231 MW is due to the change of a wind turbine. The new equipment operates more efficiently, enabling the purchase agreements average energy to be accomplished with a reduced generation capacity

Next projects

13

Start of operations

20161 20182

Capacity(MW)

231.03 51.3

Physical guarantee(MWaverage)

120.9 26.1

FinancingBNDES

(being structured)BNDES

(to be structured)

PPA ACL – 20 years A-5 2013

13

Campo dos Ventos and São Benedito wind complex

Pedra Cheirosa wind complex

• Market value equivalent to R$ 5.6 billion (R$ 13.00/share)1

• Average volume of 118,000 shares/day

• Since the IPO the shares valued 3.9%1

Capital markets

141) Reference date: 06/30/2014 2) Base 100 on 07/19/2013

Stock performance2

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IBOV IEE CPRE3

12.2%

10.1%

3.9%

Contacts

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Closing priceon 08/12/2014:R$12.66

Market Value:R$ 5.6 billionUS$ 2.5 billion

Andre Dorf

CEO

Marcelo Souza

Chief Financial and Investor Relations Officer

Maria Carolina Gonçalves

Investor Relations Superintendent

Luciana Silvestre Fonseca

Investor Relations Analyst

Priscila de Oliveira

Investor Relations Analyst

Natalia Troccoli

Investor Relations Analyst

E-mail: ri@cpflrenovaveis.com.br

Phone: +55 11- 3157-9312

Press Relations

RP1 Comunicação Empresarial

E-mail: marianacasena@rp1.com.br

Phone: +55 11-5501-4655