Bylaws, Codes and Policies

Trading and Diclosure Policy

Exhibit I to the Minutes of the Board of Directors’ Meeting
Held on April 27, 2012

TRADING POLICY OF SECURITIES
ISSUED BY CPFL ENERGIAS RENOVÁVEIS S.A.

1.1.The objective of the Trading Policy of Securities Issued by CPFL Energias Renováveis S.A. is to provide orderly Securities trading (as defined below) by People Related to the Company (as defined below), with a view at providing transparency in any trading of these types for all agents of the market with whom the Company relates.

2.1.The terms below shall bear the meanings that follow:

Majority Shareholders: means the shareholders who have the power of control over the Company, (as defined below) as defined in article 116, Law # 6.404, of December 15, 1976, and subsequent amendments.

Shares: means the common shares issued by the Company (as defined below).

Material Act or Fact: any decision made by a majority shareholder, resolutions made at a general shareholders’ meeting or by an administrative body of the Company, or any other act or fact of a political-administrative, technical, business or economic-financial nature occurred or related to the business, which may significantly influence: (i) the quotation of Securities (as defined below) or backed on them; (ii) an investor’s decision to buy, sell or maintain securities; (iii) an investor’s decision to exercise any right inherent to the condition of titleholder of the Securities or backed on them.

Stock Exchanges: the stock exchanges where the securities issued by the Company (as defined below) are admitted for trade in Brazil or abroad. Company: CPFL Energias Renováveis S.A.

Material Act or Fact Communication: all communication of a material act or fact carried out by the Company in accordance with the Disclosure Policy on Material Acts or Facts. Board of Directors: means the Company’s Board of Directors.

Fiscal Council: means the Company’s Fiscal Council.

Board of Executive Officers: means the Statutory Executive Officers of the Company and any other Non-Statutory Directors.

Material Shareholding Interest: that, which corresponds, directly or indirectly, to 5% (five percent) or more of type or class of Shares representative of the Company’s capital stock.

Related People: means, (i) within the Company, the current members of the Board of directors, members of the Fiscal Council, members of the Board advisory committees, Executive Officers, advisors to Executive Officers and department managers; (ii) in companies controlled by the Company, members of the Board of Directors, members of the Fiscal council, members of the Board advisory committees, Executive Officers, advisors to Executive Officers and department managers; (iii) for indirect and direct Majority Shareholders, members of the Board of Directors, members of the Fiscal Council, members of the Board advisory committees, Executive Officers, and advisors to Executive Officers; (iv) other people, who as a result of their function, rank, position or relationship with the Company or companies directly or indirectly controlled by the Company or Majority Shareholders have access to information on a Material Act or Fact; and (v) individuals or legal entities who maintain with the aforementioned people the following affiliation: (a) spouse, from whom is not legally separated, (b) companion; (c) any dependent included in the annual individual income tax return; and (d) companies directly or indirectly controlled by members of the Board of Directors, members of the Fiscal Council, members of the Board advisory committees, Executive Officers, advisors to Executive Officers and department Managers.

Material Act or Fact Disclosure Policy: means the Company Disclosure Policy on Material Acts or Facts, approved at a Board of Directors meeting.

Trading Policy of Securities Issued by CPFL Energia S.A. or Trading Policy: means the entire content of this document and its exhibits defined as the Trading Policy to be approved at a Board of Directors meeting.

Securities: means (i) any Shares, debentures, rights, subscription receipts, promissory notes and any other securities issued by the Company and/or controlled companies; and (ii) derivatives or papers in any form backed on securities mentioned in item (i).

3.1.The Trading Policy applies to Related People and is valid from the date of publication of the minutes of the Board of Directors’ meeting called to resolve on its approval.

4.1.Related People can trade Securities:

(a) during any period when restrictions described in this Policy are not in effect, including those internal regulations of corporate bodies or any other applicable ruling;

(b) in the case of negotiations of treasury Shares associated with the exercise of a purchase option in accordance with a Share purchase option grant plan that may have been approved in a Company shareholders’ meeting, and in the event of a potential Company Share buy-back or options for Share purchase linked to the same program.

5.1. Related People may not trade Securities:

(a) before 180 days have elapsed from the date of their relevant acquisition in a Stock Exchange;

(b) from the date of acknowledgment until the date of Communication of a Material Act or Fact to the market;

(c) in the period of 15 days prior to the disclosure of the Company’s quarterly reports (QR) and annual reports (AR);

(d) whenever the very Company is in the course of an acquisition or disposal of Shares;

(e) in the periods established by the rulings of the Securities Commission;

(f) whenever the Financial and Investor Relations Officer, regardless of justification or existence of a Material Act or Fact, stipulates periods in which Related People cannot trade Securities.

5.2. In the event that a Related Person leaves the Company or any of the advisory bodies or related committees, such Related Person shall remain committed to complying with the terms and conditions of this Trading Policy for a period of 180 days subsequent to leaving.

5.3 The terms and conditions of this Trading Policy apply to the indirect trading of Securities performed by Related People, be it by means of a controlled company, by one or more Related People or a company where such people hold capital interest, be it by an intermediary with whom such people have executed or stipulated a fiduciary agreement or an agreement for the management of a portfolio of securities, or any other contracts whether oral or in writing.

5.4. In view of the construe that the Financial and Investor Relations Officer may have in light of this Policy, he may declare restriction periods applicable solely to certain Related people. In the event that the Financial and Investor Relations Officer fails to state such restrictions nobody is exempted from compliance with this Policy.

6.1. The Financial and Investor Relations Officer is responsible for the follow-up and enforcement of this Trading Policy, and its is his duty to inform Related People and the competent public bodies about the periods of restriction to the trade of Securities.

6.2. The Financial and Investor Relations Officer should cause Related People who are Company’s collaborators and co-workers of the its controlled companies to execute the Instrument of Acceptance to this Trading Policy, pursuant to the template in Exhibit I, in order to document the adherence to its terms and conditions.

6.3. Related People who have access to privileged information have the duty to maintain such information confidential until their disclosure by means of a Communication of a Material Act or Fact made by the Company pursuant to the applicable legislation, and ensure that their subordinated people and third parties with whom they keep in contact and who have had access to privileged information do likewise.

6.4. Related People shall inform the type, class and number of Securities they hold, as well as any changes to that position. A communication must be forwarded to the Company’s Financial and Investor Relations Officer and by this latter to the securities commission and to the Stock Exchanges according to the template form of the Exhibit II to this Trading Policy, (i) immediately after being vested in the post (ii) within up to ten (10) days from the last day of the month where changes have been verified in the positions held, informing the balance of the position for the period.

6.5. The Majority Shareholders and other shareholders who elect members of the Company’s Board of Directors should inform the Securities Commission and disclose to the market any acquisitions or disposals of Material Shareholding Interest, according to the template of Exhibit III to this Trading Policy.

7.1. The restrictions of this Trading Policy do not apply to negotiations made by investment funds in which Related People are quotaholders, provided that (i) such funds are not exclusive and (ii) Related People cannot effectively influence the investment decision by the fund administrator or investment manager.

7.2. Any changes, amendments or alterations to the terms of this Trading Policy, must be approved by the Board of Directors convened to resolve on this matter.

7.3. Any silent cases in this Trading Policy shall be appreciated by the Financial and Investor Relations Officer and forwarded for approval by the Board of Directors, where applicable.

I, [NAME], hereby [marital status], [occupation], bearer of identity card RG # [?], issued by [?] and enrolled in the Individual Taxpayers’ Registry CPF/MF under number [?], with residence and abode in the city of [?], State of [?] (“Declarant”), as [inform the post, role or relation with the Company] [Company], a business corporation with head offices in the city of [?], State of [?], enrolled in the Corporate Taxpayers’ Registry CNPJ/MF under number [?], in compliance with the provisions of article 15 of CVM Instruction # 358of January 3, 2002, and subsequent amendments, by means of this Instrument of Acceptance, adhere to the Trade Policy for Securities Issued by CPFL Energias Renováveis S.A. (“Policy”) and state (i) to be fully aware of the terms and conditions thereof; and (ii) to be aware that I am required to faithfully comply with its terms and conditions. The Declarant executes this Instrument of Acceptance in three copies in the presence of the two undersigned witnesses.

[place and date]

______________________
[NAME]

Witnesses:

1. ___________________________

Name:

RG:

CPF/MF:

1. ___________________________

Name:

RG:

CPF/MF:

Exhibit I to the Minutes of the Board of Directors’ Meeting Held on September, 25, 2014

POLICY ON THE DISCLOSURE OF MATERIAL EVENT OF
CPFL ENERGIAS RENOVÁVEIS

The Policy on the Disclosure of Material Event (“Policy”) regulates compliance with the obligations determined by the Securities and Exchange Commission of Brazil (CVM) through CVM Instruction 358/2002 and subsequent amendments with regard to: (i) procedures for the disclosure and use of information about any material event; and (ii) procedures related to the maintenance of confidentiality of any undisclosed material event about CPFL Energias Renováveis S.A., its subsidiaries or any affiliate companies, according to the scope of applicability.

The Policy applies to CPFL Energias Renováveis S.A. its subsidiaries and affiliates.

The main terms contained in the Policy have the following definitions:

Controlling Shareholders or Parent Companies or Parent Company: the shareholder or group of shareholders bound by a shareholders’ agreement or under common control who (i) hold the rights of partners that permanently assure them predominance in company decisions and the power to elect the majority of the administrators, and (ii) effectively exercise control over the management of the company activities and on guiding the functioning of the Company bodies in accordance with law 6,404/76.”

Administrators: The statutory executive officers and members of the board of directors (members and alternate members) of the Company and its subsidiaries or affiliate companies.

Material Event or Material Events: any decision made by the controlling shareholders, decision of the shareholders’ meeting or the management bodies of the Company; or any other event of a political, administrative, technical, business, economic or financial nature related to the company’s business that could significantly influence: (i) the price of securities issued by the Company; (ii) investors’ decision to buy, sell or hold such securities; or (iii) investors’ decision to exercise any rights inherent to the ownership of securities issued by the Company.

B3 (Brasil, Bolsa, Balcão): It is the stock exchange in Brazil in which the securities issued by the Company(ies) are admitted for trading.

Consultants: all those who provide services to the Company, the subsidiaries and affiliate companies, such as independent auditors, securities analysts, institutions in the distribution system, advisors, lawyers and accountants, who have access to insider information.

CPFL Renováveis or Company: CPFL Energias Renováveis S.A.

CVM (Securities and Exchange Commission of Brazil): the regulatory body of Brazilian capital markets.

Investor Relations Officer (IRO): The Chief Financial and Investor Relations Officer of CPFL Renováveis, responsible for providing information to the investing public, CVM, SEC, stock exchanges and/or the over-the-counter market, in Brazil or abroad, as well as for maintaining the registration of CPFL Renováveis as a publicly held company.

Former Administrators: The former statutory executive officers and former members of the board of directors (members or alternate members) who no longer are a part of the management of the Company.

Insider Information or Material Information: Information about material events not yet reported to regulatory bodies, stock exchanges or other similar entities and, simultaneously, to shareholders and investors in general.

Employees: mployees, executives of CPFL Renováveis and any other persons who, by virtue of their job or position in the Company, have access to any insider information.

Related Persons: means (i) the Company; (ii) its administrators, controlling shareholders, fiscal council members and members of other technical and advisory bodies of CPFL Renováveis; (iii) its employees; and (iv) anyone who, by virtue of their job, function or position in the Company, the parent company and any affiliate companies, becomes aware of information that could constitute a material event about CPFL Renováveis.

Policy on Disclosure of Material Events: signifies the entire contents of this document approved by the board of directors.

SEC: The Securities and Exchange Commission, the regulatory body for the securities markets in the United States.

Affiliate Companies Companies in which the Company has interest of ten percent (10%) or more but without controlling them.

Subsidiaries: Companies in which the Company directly or indirectly holds the decision-making power on important issues and the power to elect the majority of the administrators.

Instrument of Adherence: is the document to be signed in accordance with article 16, paragraph 1 of CVM Instruction 358/02. The standard document was provided by BM&FBovespa in the Disclosure Policy Manual.

Securities: (i) any shares, debentures, rights, subscription receipts (including those issued outside Brazil guaranteed by shares), subscription rights, promissory notes and other securities issued by the Company and/or its subsidiaries; and (ii) derivatives backed by or in any manner referenced to the securities mentioned in item (i).

(i) CPFL Renováveis;

(ii) direct or indirect controlling shareholders;

(iii) statutory executive officers;

(iv) members of the board of directors;

(v) members of the fiscal council;

(vi) members of any technical or advisory bodies created pursuant to the bylaws;

(vii) any individual who, by virtue of their job, function or position in the publicly-held company, its parent company, subsidiaries or affiliate companies, has knowledge of information relating to the material event;

(viii) whoever has knowledge of information related to the material event, knowing that said information has not yet been disclosed to the market, especially to those with commercial, professional or trust relations with CPFL Renováveis, such as independent auditors, market analysts, consultants and examiners;

(ix) administrators who left the management of CPFL Renováveis prior to the public disclosure of the transaction or event that was initiated during their tenure.

Main documents and regulations related to this policy:

  • CVM Instruction 358/2002
  • CVM Instruction 369/2002
  • CVM Instruction 449/2007
  • CVM Instruction 480/2009
  • CVM Instruction 547/2014
  • Law 6,404/1976

The IRO of CPFL Renováveis, in the exercise of his functions regarding the disclosure of the material event, must ensure that the Company complies with law by fulfilling the following obligations:

  • Keep track of regulations and update this Policy whenever required by regulations;
  • Obtain the necessary approvals from the board of directors for the updates, as required by regulations;
  • Submit the Policy and its updates to the regulatory authority (CVM);
  • Ensure adherence of persons subject to the Policy on the Disclosure of Material Event by signing the Instrument of Adherence, attached to this document.
  • To maintain, at the head office of the Company, the list of persons who signed the Instrument of Adherence, with respective qualifications, position or function, address, and the individual or corporate taxpayer registration number. This list must always be at the disposal of the CVM.

For the purposes of this policy a material event is defined as any decision made by the controlling shareholder, decisions of shareholders’ meetings or of any management bodies of CPFL Renováveis or its direct or indirect subsidiaries, or any other act or fact of a political, administrative, technical, business, economic or financial nature related to the company’s business that could significantly influence:

I - the price of securities issued by CPFL Renováveis, or those referenced to such securities;

II – investors’ decision to buy, sell or hold such securities;

III – investors’ decision to exercise any rights inherent to the ownership of securities issued by CPFL Renováveis, or those referenced to such securities.

Examples of potential material events may include but are not limited to the following:

I. Signing of agreement or contract for the transfer of the shareholding control in the Company, even if under conditions precedent or subsequent;

II. Change in control of the Company, including through execution, amendment or rescission of shareholders’ agreement;

III. Execution, amendment or rescission of shareholders’ agreement in which the Company is a party or an intervening party, or when it has been registered in the company’s books;

IV. Admission or departure of a partner who has an operational, financial, technological or administrative collaboration agreement with the company;

V. Authorization for trading in the securities issued by the Company in any market in Brazil or abroad;

VI. Decision to arrange for the cancellation of registration as a publicly-held company;

VII. Merger, consolidation or spin-off involving the company or related companies;

VIII. Transformation or dissolution of the company;

IX. Change in the composition of the company’s assets;

X. Change in accounting criteria;

XI. Debt renegotiation;

XII. Approval of stock options plan;

XIII. Change in the rights and privileges of securities issued by the company;

XIV. Stock split or reverse split or issue of bonus shares;

XV. Acquisition of the company’s shares for the purpose of holding in treasury or cancellation, and disposal of such shares;

XVI. Profit or loss of the company and the distribution of earnings in cash;

XVII. Execution or termination of agreement, or failure to execute an agreement when the expectation of an agreement was public knowledge;

XVIII. Approval, alteration or cancellation of a project or delay in its implementation;

XIX. Start, resumption or suspension of the production or sale of products or provision of services;

XX. Discovery, change or development of technology or resources of the company;

XXI. Change in the guidance announced by the company;

XXII. Petition for court-ordered or out-of-court reorganization, confession of bankruptcy or filing of any lawsuit that could alter the economic and financial situation of the Company.

7.1. The IRO of CPFL Renováveis must send to the CVM, through the electronic system available in the CVM website, and to BM&FBOVESPA, any material event that occurred or is related to the business of CPFL Renováveis, and take measures for its wide and immediate dissemination simultaneously in all the markets where such securities are admitted for trading.

7.2. Controlling shareholders, statutory executive officers, members of the board of directors, the fiscal council and any technical and advisory bodies created pursuant to the bylaws of the company, who have signed the Instrument of Adherence, shall report in writing, any material events they are aware of, to the IRO, who will arrange for their disclosure.

7.2.1. If the persons referred to in item 7.2 have any doubt about what constitutes a material event, they should immediately consult the Investor Relations Officer to clarify the doubt.

7.3. If the persons referred to in item 7.2 above have knowledge of a material event, and after the consultation referred to in item 7.2.1 above, they notice omission by the IRO in his duty to communicate and disclose, including as envisaged in the sole paragraph of article 6 of CVM Instruction 358/02, as amended, they will be exempted from any liability only if they inform the material event immediately to the CVM.

7.3.1. In case of atypical oscillation in the price or trading volume of securities issued by CPFL Renováveis, or those referenced to such securities, the IRO should inquire the persons with access to material events to verify whether they have knowledge of the information that should be disclosed to the market.

7.4. The IRO must ensure that the disclosure of the material event as envisaged in items 7.1 and 7.5 of this Policy is made before or simultaneously with the announcement of the information to the market through any means of communication, including notice to the press, or in industry meetings or meetings with investors, analysts or a select public, in Brazil or abroad.

7.5. The disclosure should be made through at least one of the following communication channels: (i) mass circulation newspapers normally used by CPFL Renováveis; or (ii) a news portal with a website that provides, in a free access section, the full information.

7.5.1. The disclosure of the material event in accordance with item 7.5 (i) above can be made in a summary form, specifying the websites where the complete information, whose content is identical to that submitted to the CVM, is available to all investors.

7.6. The disclosure and communication of the material event, including the summarized information referred to in item 7.5.1 above, should be made clearly and precisely, in a language accessible to the investing public.

7.7. Pursuant to paragraph 6 of article 3 and article 4 of CVM Instruction 358/2002, as amended by CVM Instruction 457/2014, the CVM can at any time determine the disclosure, correction, amendment or re-publication of information about the material event, as well as demand additional clarification from the IRO about the communication and disclosure of the material event.

7.8. The disclosure of a material event should occur, whenever possible, before the start or after the close of trading on the BM&FBovespa.

7.8.1. If the securities issued by the company are simultaneously traded on stock markets in different countries, the disclosure of the material event should be made, whenever possible, before the start or after the close of trading in both countries, and in case of incompatibility, the trading hours of the Brazilian stock market shall prevail.

7.8.2. If it is necessary that the disclosure of the material event be made during trading hours, the Investor Relations Officer can, while communicating the material event, simultaneously request the BM&FBovespa to suspend trading on securities issued by CPFL Renováveis, or those referenced to such securities, for the time necessary for the adequate dissemination of said material information.

7.8.3. The suspension of trading referred to in item 7.8.2 above will not take effect in Brazil while stock exchanges or organized over-the-counter markets in other countries, in which the securities issued by CPFL Renováveis are admitted for trading, are functioning, and trading on such securities on the BM&FBovespa has not been suspended.

7.9. Given its exceptional nature, non-disclosure of material events related to CPFL Renováveis shall be the subject of a decision by the controlling shareholders or administrators, as applicable, pursuant to article 6 of CVM Instruction 358/02, as amended.

8.1. Except as envisaged in item 8.1.1 below, material events may, in exceptional cases, not be disclosed if the controlling shareholders or administrators believe their disclosure will put the Company’s legitimate interests at risk.

8.1.1. The controlling shareholders and/or administrators are obliged to immediately disclose any material event, either directly or through the IRO, if such information leaks or in case of atypical oscillation in the price or trading volume of securities issued by CPFL Renováveis or those referenced to such securities.

8.2. The administrators of CPFL Renováveis can submit to the CVM the decision to maintain confidentiality regarding a material event. The request should be sent to the Chairman of the CVM in a sealed envelope marked “Confidential”.

8.3. If the CVM decides for disclosure of the material event, it will order the stakeholder or IRO, as applicable, to immediately inform the BM&FBovespa and carry out the disclosure pursuant to item 7.1 of this Policy.

8.4. In case of information leak or atypical oscillation in the price or trading volume of securities issued by CPFL Renováveis or those referenced to such securities, the requirement stipulated in item 8.2 above shall not exempt administrators from their responsibility for disclosure of the material event.

8.5. The controlling shareholders, statutory executive officers, members of the board of directors, fiscal council and any technical and advisory bodies created pursuant to the Bylaws of the company, and employees of CPFL Renováveis, should maintain confidentiality about the information related to material events to which they have insider access by virtue of the position held by them, until its disclosure to the market, and should ensure that subordinates and third parties in their trust also maintain confidentiality, being jointly liable in case of non-compliance.

8.6. Before the disclosure to the market of the material event relating to the business of the Company, trading on securities issued by CPFL Renováveis or those referenced to such securities, is prohibited:

I. by CPFL Renováveis;
II. by direct or indirect controlling shareholders;
III. by statutory executive officers;
IV. by members of the board of directors;
V. by members of the fiscal council;
VI. by members of any technical or advisory body created pursuant to the Bylaws of the Company;
VII. by anyone who, by virtue of their job, function or position at CPFL Renováveis, its controlling shareholders, subsidiaries or any affiliate companies, has knowledge of information related to the material event;
VIII. by anyone who has knowledge of information related to the material event, knowing that said information has not yet been disclosed to the market, especially those with commercial, professional or trust relations with CPFL Renováveis, such as independent auditors, market analysts, consultants and institutions belonging to the distribution system, who must check about the disclosure of information before trading on securities issued by CPFL Renováveis, or those referenced to such securities; and
IX. by administrators who left the management of CPFL Renováveis prior to the public disclosure of the transaction or event that was initiated during their tenure, and this prohibition shall be in effect for six months after their departure.

8.6.1. The prohibition dealt with in item 8.6 above will also prevail:

I. in case of any plan for the merger, total or partial spin-off, consolidation, transformation or a company reorganization; and
II. In case of direct or indirect controlling shareholders, executive officers and members of the board of directors, whenever any acquisition or disposal of shares issued by CPFL Renováveis by CPFL Renováveis itself, its subsidiaries, affiliate companies or any other company under common control, is in progress or if any option or mandate had been granted for this purpose.

8.6.2. Trading is also prohibited by persons mentioned in item 8.6 above for a period of fifteen (15) days prior to the disclosure of the quarterly and annual information of CPFL Renováveis.

8.6.3. The restrictions envisaged in items 8.6 and 8.6.1, clause I, will cease to be in effect as soon as CPFL Renováveis discloses the material fact to the market, except if trading on shares could interfere in the terms of said transactions, to the detriment of the shareholders of CPFL Renováveis or the company itself.

8.6.4. If any agreement or contract has been signed for the transfer of shareholding control, or if any option or mandate has been granted for this purpose, and if there is a plan for the merger, total or partial spin-off, consolidation, transformation or corporate reorganization, and while the operation is not made public through the disclosure of a material fact, the board of directors of CPFL Renováveis cannot deliberate on the acquisition or disposal of shares issued by it.

9.1. Any breach of the regulations established in CVM Instruction 358/02, as amended, is a serious violation and the violator is subject, as per the CVM’s resolution to the following penalties: (i) reprimand; (ii) suspension from the position; and (iii) temporary disqualification of up to 20 years from holding the position.

9.2. The CVM should inform the Public Prosecutor’s Office of the occurrence of events envisaged in CVM Instruction 358/02, as amended, that constitute a crime, such as:

Improper Use of Insider Information – the use of material information not yet disclosed to the market, which they are aware of and which should be maintained confidential, with the capacity to provide themselves or others undue advantage through trading in securities on their own or on behalf of third parties. Penalty: 1 to 5 years imprisonment and fine of up to 3 times the illicit amount gained from the crime.

10.1. By a decision of the board of directors of CPFL Renováveis, at a meeting held on 04/24/2012, CPFL Renováveis started adopting this Policy on the Disclosure of Material Events, including the procedures related to the maintenance of confidentiality of non-disclosed material information. This policy was updated as per a resolution of the board of directors at a meeting held on 09/25/2014.

10.2. CPFL Renováveis will formally communicate the terms of this Policy, highlighting the amendments approved by the board of directors on 09/25/2014, to the controlling shareholders and other persons indicated in item 8.6.

10.3 Every time CPFL Renováveis makes amendments to this Disclosure Policy, it must inform the Related Parties.

10.4. CPFL Renováveis will maintain at its head office, at CVM’s disposal, a list of the persons mentioned in item 8.6 above and their respective qualifications, indicating the position or function, address and the individual or corporate taxpayers registration number, and updating it whenever there is any change.

10.5. The approval or amendment of this Policy on the Disclosure of Material Event of CPFL Renováveis will be communicated to the CVM and BM&FBovespa, together with a copy of the resolution and the full content of the current policy.

INSTRUMENT OF ADHERENCE TO THE POLICY ON THE DISCLOSURE OF MATERIAL EVENT OF CPFL RENOVÁVEIS

By this instrument, I, [name], [marital status], [profession], bearer of identity card (RG) no. ______________, issued by _______________and inscribed in the individual taxpayer registry (CPF/MF) under no. ______________, resident and domiciled at ______________, in the city of ______________, state of ______________, henceforth called “Declarer”, in the capacity of [indicate position, function or relationship with the Company] of the [Company], a corporation headquartered in the city of ______________, state ______________, inscribed in the corporate taxpayers registry (CNPJ/MF) under no. ______________, henceforth called “Company”, hereby declare, through this Instrument of Adherence, that I am fully aware of the rules contained in this Policy on the Disclosure of Material Event of [name of Company] (“Policy”), a copy of which I have received, which disciplines the internal policy regarding the disclosure of information related to the trading on securities issued by the Company, and obliging me to always align my actions in compliance with such rules. The Declarer shall sign three exact copies of this Instrument of Adherence in the presence of two (2) undersigned witnesses.

[place and date]

______________________
[name of declarer]

Witnesses::

1. ___________________________

Name:

RG:

CPF/MF:

2. ___________________________

Name:

RG:

CPF/MF:

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