4. 4
in the Brazilian electricity sector
• Market cap of , listed
and on
• 2013 Adj. EBITDA2 of and Adj. Net Income2 of
• Differentiated : >50% of net income, semi-
annually. since IPO in 2004
• Presence concentrated in the of Brazil
through 8 subsidiaries
private Generator with an equivalent stake of
, more than
in in Brazil
and a
of
1) On Mar 28, 2014; 2) IFRS (+) proportionate consolidation of minorities’ stakes at gencos (+) regulatory assets & liabilities (-) non-recurring items.
Corporate overview – Highlights
5. 55
1) Termoparaíba and Termonordeste thermal power 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%
GENERATION
100%
100%
99.95%
100%
COMMERCIALIZATION
100%
100%
RENEWABLES
59.93%
Investco5.94%
SERVICES
100%
100%
100%
58.8%2
100%
15.1%
30.5%
Nect Serviços100%
1
Corporate structure
24.4% 30.0%
6. • Shares listed in differentiated segments:
• BM&FBovespa Novo Mercado
• NYSE (ADR Level III)
• Compliant with the Sarbanes-Oxley Act
• Board of Directors composed by 7 members:
• 1 Independent Member
• Advised by 3 Committees
• Self-Assessment for Board of Directors and Fiscal Council
• Enforcement of policies for disclosure of information and for
prevention of insider trading by employees
• Dividend Policy:
• Minimum of 50% of net income, semi-annually
World-Class Corporate Governance Practices
66
Corporate governance
7. 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
7
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.
Distribution
Generation
8. 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
8
CPFL Energia – 2013 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 the holding company; 2) 12 months retroactive effect; 3)
Commercialization in the free market and Services
55%
16%
6%
23%
8
Alternative
Energy
738
Conventional
1,271
CPFL
Paulista
RGE
CPFL
Piratininga
Competitive Supply
and Services3
74
Generation
2,008
CPFL Energia - Consolidated1 | 4,225
Distribution
2,211
63%
37%
51%
47%
2%
Generation Segment
Distribution Segment
CPFL Energia | EBITDA breakdown
9. 9
Leadership among private companies in the electric sector,
with a diversified portfolio in different businesses related to Energy
99
COMPETITIVE SUPPLY
• Leadership in
commercialization in the free
market
• Maximization of profitability,
through a best-in-class set of
solutions
GENERATION
• Operational Excellence,
presenting the highest
margins of the sector
• Expansion of installed
capacity in hydro and thermal
with attractive returns
• Leadership in renewable
sources (> 4 GW by 2020)
DISTRIBUTION
• Market leader, doubling the
market share in Brazil
• Operational excellence
through innovation and new
technologies (smart grid)
SERVICES
• Largest services company in
the power sector
• Strong growth of sales
CPFL Energia’s ambitions
11. 2009 2010 2011 2012 2013
Distribution Segment
• 7.4 million customers
• 569 municipalities
• Footprint: 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.11
2009 2010 2011 2012 2013
TUSD CaptiveCAGR 2008-13
3.6%
26% 44%
16%
14%
12. Brazilian economy and market performance
Real wage bill1 and CPFL’s residential
consumption | %YoY growth
2006 2007 2008 2009 2010 2011 2012 2013
5.9
5.9
6.1
3.9
7.3
4.5
6.6
2.9
4.5
6.9
6.8
6.0
5.2
4.9
6.9
5.9
Real wage bill Residential consumption
Retail sales2 and CPFL’s commercial
consumption3 | %YoY growth
2006 2007 2008 2009 2010 2011 2012 2013
6.2
9.7
9.1
5.9
10.9
6.7
8.5
5.4
5.5
7.7
5.6
5.2
6.0
6.6
6.8
3.6
Retail sales Commercial consumption
Industrial production2 and CPFL’s
industrial consumption3 | %YoY growth
2006 2007 2008 2009 2010 2011 2012 2013
2.8
6.0
3.1
-7.4
10.5
0.4
-2.7
-3.0
3.3
6.1
2.9
-6.7
9.3
3.9
0.7
2.0
Industrial production Industrial consumption
1) Source: IBGE/LCA. 2) Source: IBGE. 3) Take into account changes in billing calendar for free consumers.
Other variables influencing energy
consumption
• Population growth
• Migration
• Credit
• Household appliances
• Temperature
• Rainfalls
• Public investments
12
13. Southeast:
CPFL Paulista, CPFL Piratininga, CPFL Santa Cruz,
CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista,
CPFL Mococa
South: RGE
Footprint in the most developed regions of Brazil
13
1313
Distribution business
• 8 distribution companies;
• 13% of market share;
• 7.4 million customers;
• 569 municipalities;
• 2013 sales of 58,462 GWh | 04-13 CAGR of 5.4%
Leadership in the distribution segment
2006 20071912
Discos’ Acquisitions | Key dates
1997-2001
Start Up
1
1
1) Acquired by VBC (one of CPFL Paulista’s controlling shareholder at the time) and PSEG in 1997, during the privatization process, and incorporated by CPFL Energia
in 2001 (67,03%). In 2006, CPFL Energia acquired the additional stake (32.67%).
14. 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
14
Avg. Frequency of Power Outages per Consumer per Year – FEC
2013 (# occurrences)
Avg. Length of Power Outages per Consumer per Year - DEC
2013 (hours)
Distribution: best-in-class operational efficiency
15. Zero-Base Budget
Inefficiencies from past
budgets are not carried over
to the next periods
Tauron Program
Introduction of the smart
grid technology in the
distribution network
Corporate Services
Center
Implementation of a back-
office services provider to
increase operating
productivity and efficiency
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%
15
Cost-cutting Initiatives
Cost-cutting Initiatives Total (2015 x 2011):
Cost-cutting already performed (2013 x 2011)1: ≈R$ 236 million
1) Constant value of Dec/13.
16. EBITDA acumulado até setembro: R$ 24 milhões16
• Automated dispatch + tablets deployed in ~35% of all teams (RGE and CPFL Piratininga)
• 15,556 smart meters already installed as of Mar-14 (62%) – (Target: 25,000 large consumers)
• Implementation of RF Mesh Telecom Network already concluded
EBITDA 2013: R$ 52,4 million
Achievements
• Real-time consumption readings
• Analysis of consumer load curve
• Real-time fraud detection
• Real-time power outage detection
Optimized logistics for field teams
(georeferenced maps)
• Faster power restoration
• Savings with optimized routes
Tablets for real-time communication
• Dynamic dispatch of teams
• Automated routing of teams
• On-line update of field services’ progress
Projeto Tauron – smart grid
17. Distribution | Key financial figures
Net revenues1 – Adjusted2
EBITDA – Adjusted2
Net income – Adjusted2
2010 2011 2012 2013
9,432 9,794
10,830 10,716
2010 2011 2012 2013
2,267 2,351
2,655
2,236
2010 2011 2012 2013
1,309
1,235
1,356
1,068
1) Excludes construction revenue; 2) Adjusted by non-recurring items and regulatory assets & liabilities.
CAGR = +4.3%
-1.0%
CAGR = -0.5%
-15.8%
CAGR = -6.6% -21.2%
Sales in the Captive Market (TWh)
2010 2011 2012 2013
39.3
39.9
40.7
41.1
+1.1%CAGR = +1.6%
17
22. DESA is one of the main independent renewable energy companies in Brazil,
with total contracted capacity of 331 MW
CPFL Renováveis | Partnership with Dobrevê Energia
22
3
2
5
1
4
1) DESA holds 60% of SHPP Ludesa. 2) The PPAs are based on January 2014 (average values when there is more than one PPA). 3) On December 31, 2013, DESA presented a
consolidated net debt of R$ 656 million (preliminary value, subject to audit and, therefore, eventual changes) to be added after December 31, 2013 in approximately R$ 200 million.
R$/MWh
São Domingos (SC)
Jul-07 30.0 MW 70.7% 202
Indiavaí (MT)
Nov-10 19.4 MW 64.9% 201
Campina Grande (PR)
Jun-11 23.0 MW 45.2% 136
João Câmara (RN)
Jul-12 145.2 MW 45.5% 186
João Câmara (RN)
Sep-13 60.0 MW 49.2% 150
João Câmara (RN)
1Q16 29.2 MW 51.8% 124
Unaí (MG)
2Q16 24.0 MW 52.1% 131
Portfolio of Projects in the Partnership (MW) Operation Construction Total
CPFL Renováveis 1,416.8 383.5 1,800.3
DESA 277.6 53.2 330.8
CPFL Renováveis After-Partnership 1,694.4 436.7 2,131.1
SHPP
Wind
Hydro
Wind
Biomass
Solar
23. CPFL Renováveis | Corporate structure after the joint venture
5.61% 5.49% 7.12% 2.97% 1.93% 1.47%58.84% 9.32%
Market
7.24% 0.00%
4.90% 4.80% 6.22% 2.59% 1.68% 1.29%51.41% 8.14%
Market
6.33% 12.63%(1)
(ARROW)
(ARROW)
(2)
(2)
1) Shareholders’ stake may suffer adjustments arising from the due diligence. 2) Through CPFL Geração.
Pre-operation
Post-operation
23
24. 24
2424
• Selective high quality project development
• Wind projects certified by industry leaders
• Backed by high quality equipment suppliers
• Long term O&M contracts
• Energy generation monitoring and optimization
High Quality Development, Construction and
Operation
Complementarity of Sources Mitigating Risks
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Wind (Generation - MWavg) Reservoir Storage
• Reservoir storage at high levels in the first semester
while wind energy generation is concentrated in the
second semester of the year
CPFL Renováveis benefits from the
complementarity of sources
Wind Portfolio
Attractive location due
to high wind speeds
SHPP Portfolio
Exposure to
abundant hydro
resources
Installed Capacity1
Total: 1,800 MW
Solar
18%
61%
21% 0%
SHPP
Wind
Biomass Solar
Operating:
Hydro
Wind
Biomass
Under Construction:
Hydro
Wind SHPP Potential (Southeast and Midwest Regions)
Wind Potential (Northeast and South Regions)
Biomass Portfolio
Proximity to sugarcane
production centers
Biomass
Region MW
NE 1,023
CW/SE 506
SO 271
ReservoirStorage(%)
WindGenerationMW
Diversified and high quality portfolio, delivering superior performance, mitigating
risks, ensuring reliable load factors and providing capacity to grow with different
sources
CPFL Renováveis | High quality and diversified portfolio
1) To be fully operational by 2018
25. 25
Technology Has Shown Great Improvements in Recent Years | Recently developed technology for
wind power plants allows greater load factors
Europe United States Brazil (NE)
Area
89%
Area
95%
Frequency
Wind Speed (m/s)
Frequency
Wind Speed (m/s)
Frequency
Wind Speed (m/s)
Ideal Wind Speed Ideal Wind Speed
Area
99%
Ideal Wind Speed
1.500kW
1.800kW
80m
3.000kW
100m
70m
750kW
50m
30m
300kW
75kW
17m
1980 -
1990
1990 -
1995
1995 -
2000
2000 -
2005
2000 -
2005
2010
0
20
40
60
80
100
120
140
160
180
Rotor Diameter (m)
Rating (kW)
Altura(m)
1.500kW
1.800kW
80m
3.000kW
100m
70m
750kW
50m
30m
300kW
75kW
17m
1980 -
1990
1990 -
1995
1995 -
2000
2000 -
2005
2000 -
2005
2010
0
20
40
60
80
100
120
140
160
180
Rotor Diameter (m)
Rating (kW)
Altura(m)
BrazilEurope and EUA
Improved
availability
Greater
efficiency
Reduced
generation
losses
Wind Features in Brazil are the Most Adequate for Power Generation | The average
wind in Brazil (Northeast) has a similar intensity with less variability
CPFL Renováveis | Unparalleled wind conditions
combined with top technology
26. 26
Operating
(Mar-14)
Under
construction
End of
2018
Under
development
Total
Portfolio
100% with PPA
1,800
5,567
Possible
Probable
Highly Confident
3,767
Small Hydro
• 35 operating: 327MW
• Under construction: -
• Under development: 626MW
Total: 953MW
Biomass
• 8 operating: 370MW
• Under construction: -
• Under development: -
Total: 370MW
• 22 operating: 719MW
• 15 under construction: 384MW
• Under development: 3,141MW
Total: 4,244MW
Wind
• 66 operating: 1,417MW1
• 15 under construction: 384MW
• Under development: 3,767MW
Total: 5,567MW1
Total
1) Including Tanquinho solar power plant – 1MWp of installed capacity
1,417
Wind
SHPP – Small Hydro
Biomass
CPFL Renováveis | Installed capacity (MW)
28. 1) Macacos, Pedra Preta, Costa Branca and Juremas; 2) Campo dos Ventos I, III, V; 3) Ventos de São Benedito, Ventos de Santo Dimas, Santa Mônica, Santa Úrsula São Domingos
and Ventos de São Martinho; 4) Pedra Cheirosa I and II; 5) Considering the start-up of the first farm in the complex; 6) Projects with energy sold to the free market in the long
term, with contract for the supply of equipment and awaiting connection definition to start construction. 7) Constant currency (Dec/13).
28
(e)
(MW) (MWavg)
2Q145 78.2 37.5
R$ 160.17
20 years
Final stages of assembly
(20 wind turbines and 14
towers assembled)
1H16 82.0 40.2
ACL
19 years
Contract to supply wind
turbines signed; executive
projects in progress
2H16 172.0 89.0
ACL
19 years
Contract to supply wind
turbines signed; executive
projects in progress
1Q18 51.3 26.1
A-5
2013
Negotiation of wind
turbines supply in progress
Commercial start-up 2013-2018(e) | 384 MW / 193 MWaverage
Complexo Macacos I
CPFL Renováveis | Power plants under construction
31. Competitive power supply| Regulated vs. free market
No choice - distribution company Free choice
Distribution company Distribution company
Regulated by ANEEL Free negotiation
Free > 3,000 kW
after July, 1995 any any
before July, 1995
> 69 kV any
< 69 kV incentivized
Special
500-3,000 kW - Group A incentivized
units totaling 500 kW - Group A incentivized
31 1) Source: EPE (full year 2013)
Main differences
Advantages
Who can join
Lower prices
Free choice from energy supplier
Better predictability of energy expenses
Customization according to consumer seasonality
27%
73%
Free Market1
Regulated Market
32. • 284 free consumers
• Nationwide outreach
• Value-added product portfolio
• Synergy with CPFL Renováveis
Number of Consumers (#) | CPFL Brasil
1º Market share: 9%
80 74
129 141
231
284
2008 2009 2010 2011 2012 2013
CAGR = 30%
Portfolio (Free Consumers)
179
52
Inside the
concession area
Outside the
concession area
Current: 11.5 GW avg
Potential: +7.1 GW avg
Free Market
in Brazil
210
74
Competitive power supply
32
• CPFL Brasil was 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
33. 33
Dec/09 Dec/10 Dec/11 Dec/12 Dec/13
221
221
587
985
1,142
Dec/09 Dec/10 Dec/11 Dec/12 Dec/13
445 485 514
592 613
Current: 9.6 GWavg
Potential: +2.1 GWavg
Current: 1.9 GWavg
Potential: +5.0 GWavg
Competitive advantages of CPFL:
market leadership, expertise and synergies with CPFL Renováveis
Source: ANEEL and CCEE
# of competitive customers – larger than 3 MW # of special customers – from 0.5 to 3 MW
Number of free clients in Brazil
CAGR=8.3% CAGR=50.8%
Competitive power supply | Opportunities
34. Transmission
networks
Self-generation
networks
Distribution
networks
Recovery of
equipment
Services Segment | CPFL Serviços
34
• 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)
35. Services Segment | CPFL Total and CPFL Atende
35
• 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 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
36. Net revenues EBITDA Net income
2010 2011 2012 2013
1,909
1,699
2,031 2,031
2010 2011 2012 2013
303
278 287
74
2010 2011 2012 2013
201
164
127
52
Competitive power supply and Services | Financials1
1) Pro forma36
45. Energy sector in Brazil: business segments
Consumers
1) Source: ANEEL - March 31, 2014; 2) Source: EPE and CCEE 3) Source : ONS and Ministry of Mines and Energy (MME) – January 31, 2014
Free Market
Captive Market
74.8 million consumers
1,755 Consumers
126 TWh of billed energy2
74.8 million Consumers
337 TWh of billed energy2
Transmission
• 104 Companies³
• 117,637 km of
transmission lines³
• Eletrobrás: ~55%
of total assets
Distribution
• 63 Companies
• 464 TWh of billed
energy2
• Top 5: ~46% of
the market
Competitive Power Supply
Generation
• 128 GW of
installed capacity1
• 78.7% Renewable
energy1
• Eletrobrás: ~31%
of total assets
45
46. Brazilian electricity matrix
1) Source: EPE - National Energy Balance 2013 and 10-year Energy Plan 2013-2022; 2) Others: considers coal, oil, diesel and process gas.
Brazil’s electricity matrix is predominantly renewable, with hydro installed capacity totaling 69% of
the total supply, while biomass, wind and SHPPs account for 14%. In the next years, it is expected
that other sources will grow, mainly wind, reaching 10% of total installed capacity in 2022.
Brazilian Electricity Matrix
129 GW 153 GW 183 GW
2013 2017 2022
Evolution of Installed Capacity (GW) 2013-20221
46
47. 2013 2014 2015 2016 2017 2018
Reserve Energy Auction - LER:
Discos are not required to declare contracting needs and generation costs are covered through sector charges
Discos must purchase electric energy to supply their captive market, five years in advance,
in public auctions (Regulated Market – ACR)
Discos
Gencos
Mechanics of regulated auctions
A-5 Auction
A-3 Auction
A-1 Auction
• New Energy: Initial supply 5 years after the auction
• Term of contract: 15-30 years
• Objective: Cover discos market growth and finance new
generation
• Energy contract limit: no limit
• “Old” or Existing Energy: Initial supply in the following year
• Term of contract: 1-15 years
• Objective: Replace old contracts, maintaining the discos’ contracting level
• Energy contract limit: 96% to 100% of the Replacement Amount (MR)
• “New” Energy: Initial supply 3 years after the auction
• Term of contract: 15-30 years
• Objective: Adjust discos’ contracted energy levels
• Energy contract limit: 2% of the load
47
48. 48 1) Potential: PDE 2022; Installed Capacity : BIG - ANEEL december, 2013 + A-5 Auction (2) Includes estimates of energy imported from Itaipu
HPP, wich is not consumed by Paraguay Electric System 3) Considers the export of 2/3 of energy produced by the Company;
Unrealized Potential to be Explored in Brazil
Evolution of Brazilian Installed Capacity by
Source | GWh
Highly Fragmented Market | Renewables
Market Share in Brazil based on contracted
energy (26GW)
Wind
Potential: 143GW
Installed capacity: 2.0GW
1%
SHPP
Potential: 17.5GW
Installed capacity: 5.0GW
29%
Biomass
Potential: 17.2GW¹
Installed capacity: 8.9GW
52%
Potential Realized
83
117
10
13
9
16
14
36 Renewables
Other
Natural Gas
Hydro
2022A2012E
4.4% p.a.
183
120
CAGR
2.3%
9.5%
3.5%
3.4%
Renewables in Brazil are expected to grow at a CAGR of 9.5%, from 16 GW in 2012 to 36
GW in 2021 and still a highly fragmented market
World’s most attractive alternative energy market
Renova
Energimp
QGER
Brookfield
Cosan
Eletrosul
Gestamp
Elecnor
Other
8.2%
1.3% 6.9%
7.5%
3.6%
2.9%
2.5%
2.4%
2.0%
1,8%
1,6%
67,6%
²
3
49. Description Sustainability
49
Natural consequence of projects with lower
environmental impact
Environmental
& Streamlined
Implementation
Process
Faster and simpler environmental process
Faster construction cycle
Annual auctions to match growth in energy
consumption
Price of energy at the captive market structurally
higher than at the free market given regulatory
charges
Access to Multiple
Sales Channels
Regulated energy auctions and the free
market
Long term inflation protected/linked PPA
(average 20-30 years)
Special niche in the free market for “special
client” (demand between 0.5-3.0MW)
Current special free market of 2.7% (1.6GW)
to potential of 9.6% (5.8GW)
Not a sector specific benefit
BNDES has been providing support for the sector for
many years
Dedicated
Sovereign
Funding Conditions
BNDES Financing
Low Cost – average interest rate of 7.0%
Long-term funding of 16 years
Attractive capital structure
Policies in place since 1996
Not a direct government expenditure/tax break
Not applicable for regulated auctions
Discounts on
Transmission
Charges
Discount of at least 50% (TUST and TUSD)
Tax regime for small enterprises (annual revenues
below R$78 mm), which is not sector specific
REIDI is applicable for all infrastructure projects
ICMS/IPI1: discussions on expanding tax incentives to
SHPPs
Favorable Tax
Regime and
Fiscal Incentives
“Lucro Presumido” with reduction in the
effective tax rate to 5% - 15% from 34%
REIDI (special program of incentives for
infrastructure development) - exemption of
PIS/COFINS,
Exemption of ICMS (movement tax) and IPI
(production tax)
Source: Company ; 1) Tax on revenues
Stable and solid regulatory framework
