CPFL Renováveis reported its 4Q13 and full year 2013 results. Key highlights include: - Net revenue increased 20% in 4Q13 and 26% for the full year. - EBITDA increased 6% in 4Q13 and 12% for the full year. - Operating capacity grew 11% to 1,283 MW in 2013 with the start of new plants. - The company has a solid liquidity position and manageable debt levels. - Recent events included the start of new wind farms and an upcoming joint venture that will expand the portfolio.

1. 4Q13 Results
CPFL Renováveis

2. 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
2

3. Highlights 4Q13
3
Operations’ start Alvorada plant with 50MW of capacity, in
Minas Gerais
Trading at the auction A-5 2013 amounting 51.3 MW of
capacity through two wind farms, starting energy supply from
2018
Operating capacity increased to 1,283 MW distributed in
60 power plants (+11% vs 2012)
Net revenue of R$ 334 million in 4Q13 (+20% vs 4Q12) and R$
1.0 billion in 2013 (+26% vs 2012)
EBITDA of R$ 176 million in 4Q13 (+6% vs 4Q12) and R$ 563
million in 2013 (+12% vs 2012)
Solid liquidity situation: with cash balance of R$ 890 million
Investments amounting R$ 804 million in 2013
Leverage of 6.9x EBITDA, with debt profile and cost suitable with
the Company’s projects
1st APIMEC Meeting held in December, 2013

4. Joint venture with a DESA. CPFL Renováveis portfolio
will reach 2,131.1 MW in contracted capacity:
1,694.4 MW in operation; and
436.7 MW under construction
Completion of Rosa dos Ventos' acquisition, adding 2
wind farms, with 13.7 MW capacity, to CPFL Renovaveis’
portfolio
Last wind farm forming Atlântica Wind Complex started its
operations, with 120 MW of capacity, in Rio Grande do Sul.
This is the first project in Brazil with 120 meters in height's
turbines and 3 MW of power
Due to Rosa dos Ventos and Atlântica, Company’s operation capacity
achieved 1,416.8 MW, with 66 usinas in the 1Q14
Recents events
4

5. Portfolio’s capacity
55
#1 in renewable energy in Brazil with 1.4 GW (79%) of capacity in operation1
1.8 GW of capacity in operation until 2018
Regionally diversified portfolio with presence in 4 sources
Long term PPAs, concessions and authorizations
Note: (1) Considers Rosa dos Ventos acquisition and startup of Complex Atlântica, both concluded in the first quarter of 2014
2012 2013 1Q14 2Q14 2016 2018 Total
contracted
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%

6. 6
Projects concluded in 2013
Campo dos Ventos II Bio Coopcana Bio Alvorada
Start of operations 3Q13 ¹ 3Q13 4Q13
Capacity (MW) 30.0 50.0 50.0
Physical guarantee
(MWavg)
15.0 18.0 18.0
PPA LER 2 / 2010 - 20 years ACL 3 - 21 years ACL3 - 20 years
1) Campo dos Ventos II is already able to generate energy and is entitled to revenue corresponding to the billing contracted in the 2010 Reserve Energy
Auction (LER) as of September 27, 2013 – conclusion of the construction of ICG still pending
2) Reserve Auction
3) Free Market

7. Operating data
4Q12 4Q13
230.7 284.7
0
0,4
427.0
427.9
243.7
274.9
SHPP
SOL
WIND
BIO901.4
2012 2013
1,007.9 1,195.5
0
1.4
1,187.3
1,269.8
544.5
733.9
Energy generation per source (GWh) (1)
987.9
2,739.7
3,200.7
Generated energy reached 3.201 GWh in 2013 , 16.8% more than that in 2012, mainly due to growth
of portfolio in operation
9.6%
16.8%
7
1) The energy generation data does not consider Santa Clara and Campo dos Ventos II wind farms which are able to generate energy and have
been receiving the revenue from their contracts – conclusion of the construction of ICG still pending

8. Net revenue (R$ Million)
30.3%
SHPP
19.2%
Bio
50.4%
Wind
4Q12 4Q13
277.7 334.1
2012 2013
806,4
1.018,6
20.3%
26.3%
Per source (2013)1
8(1) The solar source share is of 0.03%. In 2012 there was no solar generation.
Net revenue
R$ Million
• Full year energy sales, in 2013, of the projects Bio Ipê, Bio Pedra, Santa Clara Complex, Tanquinho
Solar and SHPP Santo Góes (started its operation over 2012)
• Acquisition of Bons Ventos (jun/12) and Ester Plant (oct/12)
• Beginning of sales contract fulfillment in 2013 of the projects Bio Coopcana, Bio Alvorada, Campos
dos Ventos II Complex e Atlântica Complex
• Annual adjustment of the contracts (based on IGP-M or IPCA)

9. • extraordinary costs with energy purchase due to contracts supply amounting R$ 73.1 million in the
4Q13 and R$ 174.7 million in 2013
• Higher expenses in 2013 due to Bons Ventos’s amortization of right to exploit and personnel, partially
offset by non recurring items in 2012
• Recurrent costs and expenses in accordance with the Company’s expansion plan
Costs of energy generation and
general and administrative expenses
R$ Million
Costs–R$mmExpenses–R$mm
4Q12 4Q13
129.9
188.7
45.3%
2012 2013
371.4
573.5
54.4%
4Q12 4Q13
70.7
56.1
-20.6%
2012 2013
219.9 230.3
9
4.8%

10. Adjusted EBITDA
4Q13
EBITDA
R$ Million
504.3
212.2
174.7
21.3 563.1
EBITDA
4Q12
Net revenue Extraordinary
costs
PMSO e
others
EBITDA
4Q13
11.7%
EBITDA
2012
Net revenue Extraordinary
costs
PMSO e others EBITDA
2013
59.6% 52.5%
62.5% 55.3%
Margem EBITDA
165.4 56.4 175.6
73.1 26.8
EBITDA margin
6.1%
• Net revenue
• Increase in the
operation portfolio
(130MW)
• PMSO e others
• Non-recurrent items in
2012
• Extraordinary
expenses
• 4Q13: R$73.1 MM
• 2013: R$174.7 MM
74.4%
248.7
Ebitda Ajustado
2013
72.4%
737.8
EBITDA
ajustado 2013
10

11. • Excluding extraordinary costs: net income of R$ 100.9 million in the 4Q13 and R$ 119.6 million in 2013
Net income (Loss)
R$ Million
11
27.8
73.1 100.9
-55.0 174.7
119.6
Net income
4Q13
Extraordinary
expenses
Adjusted net
income 4Q13
Net loss
2013
Adjusted net
income 2013
Extraordinary
expenses

12. 3,809.8 4,001.2 3,772.1 3,874.8
565.3 572.1 553.4 563.1
1Q13 2Q13 3Q13 4Q13
Net debt2 EBITDA LTM³
Caixa 2014 2015 2016 2017 2018+
755.9
316.0
133.9
356.1 351.8 355.1
2,812.1
573.4
889.8
Debt according to index rate (%)Net debt/ebitda (R$ mm)
Debt amortization (R$ mm)
• Average term: 6.7 years
• Average nominal cost: 7.8%
(81.7% of CDI dec/13)
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
27.0%
Fixed
13.9%
TJLP
55.6%
TJ6
1.8%
IGPM
1.7%
12
889.4
CashReserve account Bridge loans(1) Loans and Debentures
6.7x
7.0x 6.8x
6.9x
Leverage 2

13. 13
Start of operation Capacity
(MW)
Physical guarantee
(MWavg)
PPA
1Q14 120 52.7 LFA 2010 - 20 years
Atlântica Complex
Concluded projects in March 2014

14. 14
1) Macacos, Pedra Preta, Costa Branca and Juremas
Start of
operations
Capacity
(MW)
Physical
guarantee
(MWavg)
Financing PPA
2Q14 78.2 37.5
BNDES
(contracted, partially
disbursed)
LFA aug/10 - 20 years
Ongoing projects
Macacos I Complex 1

15. Start of
operations
1H16 2H16 1H18
Capacity
(MW)
82.0 172.0 51.3
Physical
guarantee
(MWavg)
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 I, III, V;
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.
Ongoing projects
Campo dos Ventos
Complex1
São Benedito
Complex2
Pedra Cheirosa
Complex3
15

16. Transaction
• Merger of WF2 into CPFL-R, which will hereinafter hold 100% of
DESA’s shares
• ARROW, managing fund of WF2, will hereinafter hold 12.63%(1) CPFL-
R capital stock, upon fulfillment of prior conditions
Main prior
conditions
• Due diligence by CPFL-R at WF2, and by WF2 at CPFL-R
• Acquisition by WF2 of the remaining DESA shares, in order to hold all
capital stock of DESA prior to the joint venture
• Approval of the transaction by ANEEL, CADE and DESA creditors
Governance
• ARROW will become a party in the CPFL-R Shareholders’ Agreement
currently in force with rights and duties under such agreement
including:
̶ Right to appoint one member for CPFL-R Board of Directors
̶ Right to appoint one member for the Board of Directors’
consulting committees
Lock-up • The new shares will be in lock-up period until February 10, 2015
ARROW
WF2
Other
Shareholders
ARROW
WF2
100%
78.9% 21.1%
100%
100%
DESA shareholding structure
2
1 Current
Pre Joint Venture structure
Note:
1 Shareholding interest may suffer potential adjustments arising from due diligence
DESA
Joint Venture with Dobrevê Energia S.A. ("DESA") adding 331 MW of total contracted installed capacity
to CPFL Renováveis portfolio
16

17. Composição acionária pós incorporação
17
5.6% 5.5% 7.1% 3.0% 1.9% 1.5%58.8% 9.3%
Prior operation
Market
7.2% 0.00%
4.9% 4.8% 6.2% 2.6% 1.7% 1.3%51.4% 8.1%
After operation
Market
6.3% 12.6%(1)
(ARROW)
(ARROW)
(2)
(2)
After the conclusion of the transaction FIP ARROW will hold 12.63%(1) of the total capital
stock of CPFL Renováveis. CPFL Energia will remain being the holding
Notes:
1 Shareholding interest may suffer potential adjustments arising from due diligence
2 By CPFL Geração

18. Operation Construction Pipeline Total
1.1 1.1399.0 423.0
370.0 . 370,0
924.4
. 412,7
3,766.7
1,337.1
24.0
3,766.7
Operation Construction Pipeline Total
72.4
205.2
-
24.0
96.4
29.2
234.4
Operation Construction Pipeline Total
1,1 1.1326.6 326.6
370.0 370.0
719.2
383.5
3,766.7
1,102.7
3,766.7
CPFL Renováveis’s portfolio after the joint venture (MW)
CPFL Renováveis (actual)
DESA
(1)
(1) Does not include projects in developing of Desa, in review
SHPP
SOL
WIND
BIO
CPFL Renováveis (after association)
(1)
1,416.8
277.6
5,567.0
330.8
1,694.4
5,897.8
53.2
436.7
18

19. • Market capitalization of R$ 5.9 million on December 30th, 2013
• Average daily volume of 210 thousand
• Between the IPO and the end of 2013, Company's shares rose 7.1%
Market capital
•
7.1%
8.7%
2.8%
Shares performance (1)
1) Basis 100 in 07/19/2013
19

20. Contacts
Closing quotation on 03/25/2014:
R$ 12.30
Market cap:
R$ 5.4 billion | US$ 2.3 billion
20
André Dorf
Chief Executive Officer
Marcelo Souza
Chief Financial and Investor Relations Officer
Maria Carolina Gonçalves
Investor Relations Head
Luciana Silvestre Fonseca
Investor Relations Analyst
Priscila de Oliveira
Investor Relations Analyst
E-mail: ri@cpflrenovaveis.com.br
Telephone: 55-11- 3157-9305
Press Office
RP1 Comunicação Empresarial
E-mail: carolinamarcondes@rp1.com.br
Telephone: 55-11- 5501-4655