3Q14 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 the economic environment, market conditions and expectedfuture 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 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 materially 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 subject 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

3Q14 Highlights

3

Operating capacity of 1,495 MW distributedacross 70 plants at the end of 3Q14 (+21% vs3Q13)

Net revenue of R$ 344 million in 3Q14 (+28% vs3Q13) and R$ 878 million in 9M14 (+28% vs9M13)

EBITDA of R$ 218 million in 3Q14 (+47% vs3Q13) and R$ 454 million in 9M14 (17% vs9M13)

Solid financial liquidity: cash of R$ 779 million

Completion of association with DESA: adding331 MW of contracted capacity (278 MW inoperation and 53 MW under construction),effective as of October 1st, 2014

54% growth in installed capacitysince the IPO

4

#1 in renewable

energy in Brazil

with 1.8 GW1

(84%) of

operating

capacity

Expansion to 2.1 GW1 of capacity in operation until

2018

Regionally

diversified

portfolio with

presence in 4

energy sources

Long-term PPAs,

concessions and

authorizations

Contracted portfolio growth1 (MW)

(1) Includes the assets merged through the association with DESA on October 1, 2014.(2) Creation of CPFL Renováveis.

Aug/11 Jul/13 (IPO) 9M14 Oct/14 2016 2018 Totalcontracted

2018

651.71,153.1

1,495.11,772.7

284.2 51.3

2,108.2

18.9%

53.7%

2

Solar

SHPP

Wind

Biomass

SHPP

Wind

Assets in operation

Conclusion of DESA association

5

Consolidation of economic and financial results in CPFL Renováveis starting October 1st,2014

Contracted capacity of 330.8 MW:

In operation:

− 7 wind farms: 205.2 MW

− 3 SHPPs: 72.4 MW

Under construction:

− 1 wind farm: 29.2 MW

− 1 SHPP: 24.0 MW

Operational start-up of biomass-fired plants Bio Alvorada (nov/13) and full cycle of Bio Coopcana (aug/13)

Completion of the Rosa dos Ventos wind farms acquisition (feb/14)

Operational start-up of Atlântica wind complex (mar/14)

Commercial start-up of Santa Clara wind complex (mar/14)

Anticipation of harvest in 2014

Adverse water supply situation (lower generation in the SHPPs)

3Q13 3Q14 9M13 9M14

266.4 175.1

906.9651.9

362.6 710.1

841.9 1,354.0

275.4

364.6

457.8

712.8

0.4

0.4

1.0

1.1

SOL

BIO

WIND

SHPP

Energy generation in 9M14

6

1) Energy generation data does not take into account the Campo dos Ventos II and Macacos I wind complexes, which are ready to generate energy and have received revenue from their contracts, since their Shared Generation Facilities (ICGs) are in the commissioning phase, with operations on test basis already approved by ANEEL order 4.334 of November 5, 2014.

38.2%

23.2%Energy generation by source (GWh)12,719.7

2,207.5

1,250.2

904.9

Net revenue

7

Entire energy sales cycle of Bio Coopcana and Bio Alvorada (may/13)

Start of sale agreements of Campo dos VentosII (sep/13), Atlântica (mar/14), Macacos I (may/14) wind complexes

Incorporation of Rosa dos Ventos wind farms (mar/14)

Recognition of effective energy generated at Santa Clara1 wind complex

Higher generation at biomass plants in 9M14: anticipation of sugarcane harvest and better operating performance

2

Net revenue (R$ million) By source (9M13 vs. 9M14)

3Q13 3Q14 9M13 9M14

268.8344.2

684.5

878.3

28.3%

28.1%

(1) Recognition since April 2014, while in 3Q13 the revenue from this complex was recognized based on the fixed apportionment of annual revenue,since the connection with the system was still pending (conclusion of construction on the ICG); (2) Solar energy accounted for 0.02% in 9M14,compared to 0.02% in 9M13

48.5

16.9

34.5

9M13

WIND BIO SOL SHPP

50.1 21.9

28.0

9M14

3Q13 3Q14

154.2

163.8

6.2%

3Q13 3Q14

55.868.5

Energy generation costs andgeneral and administrative expenses

8

Costs (R$ million) Expenses1 (R$ million)

9M13 9M14

384.8

552.0

9M13 9M14

174.2

184.1

43.5%

22.7%

5.7%

Expansion of portfolio in operation

Higher expenses due to costs related to DESA association, recognized in 3Q14

Main extraordinary costs:

3Q14: effect of GSF

9M14: (i) projects with changes in schedules; (ii) effect of GSF; (iii) SHPPs outside theenergy reallocation mechanism (MRE); and (iv) claim in the generator of Bio Coopcana

(1) With the incorporation of DESA, costs of R$6.0 million were incurred with fees for consulting, legal and other services.

194.8

148.5

75.4 9.8 5.8 10.1 217.8254.3

EBITDA and net income in 3Q14

EBITDA 3Q13

Net Revenue

Extraord.expenses

Operating Expenses

EBITDA 3Q14

55.3%

63.3%EBITDA Margin73.9%

OperatingCosts

72.5%

Adjusted EBITDA 3Q14

Adjusted EBITDA 3Q13

Net revenue

• Expansion of operating portfolio (342 MW)

Extraordinary expenses

• Decrease in energy purchases

• Main item over 3Q14: GSF

Operating costs and expenses

• Higher O&M due to the new projects

• Expenses related to the association with DESA recognized in 3Q14

3Q14R$ 18.1million

3Q13(R$ 16.0)

million

Net result

EBITDA growth (R$ million)

9

+ 30.5%

+ 46.6%

489.1

387.5

193.7 41.381.3

4.4 454.2

597.0

EBITDA and net income in 9M14

EBITDA 9M13

Net Revenue

Extraord.expenses

Operating Expenses

EBITDA 9M14

56.6%51.7%

EBITDA Margin

68.0%

OperatingCosts

71.4%

Adjusted EBITDA 9M14

Adjusted EBITDA 9M13

Net Revenue

• Expansion of operating portfolio (342MW)

Extraordinary expenses

• Energy purchases to meet projects with schedule changed, effects of GSF and SHPPs outside the MRE

Operating costs and expense

• Higher O&M due to the new projects

• Expenses related to the association with DESA recognized in 3Q14

9M14(R$ 102.1)

million

9M13(R$ 82.8)

million

Net result

EBITDA growth (R$ million)

10

+ 22.1%

+ 17.2%

6.9x 7.3x 7.1x

6.2x

Leverage

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

Debt amortization (R$ million)

• Average term: 6.3 years

• Average nominal cost: 8.4%

(78.2% of CDI in Sep/14)

Debt profile

(1) considers reserve accounts

(2) over 4Q14

Debt profile

11

14.0%

28.0%

2.0%

57.0%

Fixed

CDI

IGPM

TJLP

4Q13 1Q14 2Q14 3Q14

3,874.8 3,949.0 3,962.5 3,914.4

563.1 542.1 560.6 629.8

Net Debt EBITDA LTM

Cash 2014 2015 2016 2017 2018+

199.6 344.3 373.9 407.3

3,368.8

Cash Loans and Debentures

779.5

21

Upcoming projects

1212

(1) Gradual start-up as from 2Q16.; (2) Gradual start-up as from 1H18;

(3) The reduction in the installed capacity of the Campo dos Ventos and São Benedito Complexes from 254 MW to 231 MW is due to the change of turbine. The new equipment has greater operating efficiency, allowing the average energy of sales agreements to be met with lower total capacity.

Operationalstart-up

20161 20182

Capacity(MW)

231.03 51.3

Physical guarantee(MWm)

120.9 26.1

FinancingBNDES

(being structured)BNDES

(to be structured)

PPA ACL - 20 years A-5 2013

Campo dos Ventos and São Benedito wind complexes

Pedra Cheirosa wind complex

Upcoming projects

1313

Operationalstart-up

20161 20162

Capacity(MW)

29.2 24.0

Physical guarantee(MWm)

15.3 13.1

FinancingBNDES

(Approved in oct/2014)BNDES

(to be structured)

PPA A-5 2011 A-5 2013

Morro dos Ventos II3

wind complexSHPP Mata Velha3

(1) Gradual start-up as from 2Q16

(2) With the anticipation of construction, a bilateral agreement (Free Market) was signed for the period 2016-2018, when LEN 2013 will come into effect.

(3) Assets merged through the association with DESA on October 1, 2014.

80

85

90

95

100

105

110

115

120

125

130

12/3

1/2

013

1/2

1/2

014

2/1

1/2

014

3/4

/2014

3/2

5/2

014

4/1

5/2

014

5/6

/2014

5/2

7/2

014

6/1

7/2

014

7/8

/2014

7/2

9/2

014

8/1

9/2

014

9/9

/2014

9/3

0/2

014

IBOV IEE CPRE3

• Market value equivalent to R$7.1 billion (R$ 14.14/share)1

• Average volume of 106,000 shares/day

• Since the IPO the shares valued 13.0%2

Capital markets

14(1) Base date: 9/30/2014 (2) Base=100 on 7/19/2013 (3) Base=100 on 12/31/2013

Stock performance3

5.06%

5.12%

5.52%

Contacts

15

Closing priceon Nov/12/2014:R$ 12.90

Market Value:R$ 6.5 billionUS$ 2.5 billion

Andre Dorf

CEO

Carlos Wilson Ribeiro

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

Tel: +55 11 3157-9312

Media Relations

RP1 Comunicação Empresarial

E-mail: marianacasena@rp1.com.br

Tel:+55 11 5501-4655