cpl20190521_6k2.htm - Generated by SEC Publisher for SEC Filing

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CPFL ENERGIA S.A.

Publicly Held Company

CNPJ 02.429.144/0001-93

Dividend Distribution Policy

CPFL Energia’s dividend policy stipulates that a minimum of 50% of adjusted net income, in accordance with the Brazilian Corporate Law, will be distributed. The amount of any of our distributions of dividends and/or interest on own capital depends on a series of factors, such as our financial conditions, prospects, macroeconomic conditions, tariff reviews and readjustments, regulatory changes, growth strategies and other issues our Board of Directors and our shareholders may consider relevant. In addition, covenants contained in our debt instruments may limit the amount of dividends and/or interest on own capital that we may distribute. Within the context of our tax planning, we may, in the future, determine to distribute interest on own capital in lieu of dividends if we consider to our benefit. Pursuant to our Bylaws, our Board of Directors may approve the distribution of dividends and/or interest on own capital, based on our annual or semi-annual financial statements or on financial statements relating to shorter periods, or also based on accrued profits recorded or on profits allocated to non-profits reserve accounts in the annual or semi-annual financial statements. The declaration of annual dividends, including dividends in excess of the mandatory distribution, requires approval by the vote of the majority of the holders of our Common Shares.

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

CPFL ENERGIA S.A.

	By:	/S/ YueHui Pan
	Name: Title:	YueHui Pan Chief Financial Officer and Head of Investor Relations