Investor Presentation Nordex AG 21.04.2017 03:13 Investor Presentation Nordex AG July 2006 nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Nordex Management Team 21.04.2017 03:13 Thomas Richterich CEO / CFO Dr. Hansjörg Müller COO Carsten Pedersen Board Member Head of Sales Previous positions with MAN, Ferrostaal and Babcock Borsig CFO since 2002, CEO since 2005 Previous positions with Siemens and Roland Berger Since 2004 Nordex board member for Operations Managing Director of Nordex Energy GmbH since 1987 and Board Member of Nordex Responsible for Sales, since 2001 In fiscal 2002/03 Nordex makes a huge net-loss of 176 million EUR, due to different mistakes done by the former management. Not integrated group of subsidiaries Weakness of business processes Aggressive accounting (write-off/revaluation of balance sheet) As a result, 2 members of the management board and 75% of senior management were resigned. Carsten Pedersen is the only one left on board level. nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Installed Base by Geography Installed Base by Segment 21.04.2017 03:13 Nordex at a Glance Installed Base by Geography Headquarter: Norderstedt, Germany Founded in 1985 in Denmark Establishment of production operations in Germany (1992) and China (1998) IPO in 2001 Global manufacturer of wind energy systems with a focus on turbines in the “MW class” 2005 Sales of €309m 721 employees Main production sites in Rostock (Germany) and Baoding (China) Other Europe 30% Germany 44% America 2% Africa 4% Asia 20% Installed Base by Segment Small WTG (<750 kW) 6% “MW Class” (1.5-2.5MW) 43% Mainstream (0.75-1.5MW) 51% Founded 21 year ago in Denmark, One of the pioneers in the industry Always concentrated on big turbines Total Base (as of Mar-2006): 2,738 nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Investment Highlights 21.04.2017 03:13 Investment Highlights Attractive fast growing end-markets Well positioned for strong growth Technology leader Well-positioned across the value chain Positioned in high-growth product segments International expansion Successful completion of turnaround Momentum generation & further upside potential Strong management team with proven track record nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Attractive Fast Growing End-Markets: Growing Importance of Wind Energy 21.04.2017 03:13 Attractive Fast Growing End-Markets: Growing Importance of Wind Energy CAGR CAGR 2006E – 2015E: 15.8% ‘05 – ‘10 ‘10 – ‘15 CAGR 1995-2005: 28.6% 20% 13% 53% 17% 29% 17% 24% 16% 16% 11% Our industry will be growing in average by 20% each year until 2010. After 2010 by around 13%. This will take place not only in Europe (like in history): A more and more important rule plays Asia and also North America. As you can see in the curve top of the collumn. Also in 2015 there is lot of space for growth. The proportion from Wind Energy in the grid will be less 3% % Increase 27.0 25.8 33.0 37.2 32.4 35.1 28.5 18.9 23.7 22.4 20.7 19.0 19.4 19.6 14.6 13.8 13.2 12.5 12.0 Source: BTM nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Attractive Fast Growing End-Markets: Key Growth Drivers 21.04.2017 03:13 Attractive Fast Growing End-Markets: Key Growth Drivers Demand for wind energy driven by renewables regulations, price competitiveness of wind energy and strong worldwide energy demand Growing Energy Consumption World demand for primary energy increased by over 4% in 2004, world petrol demand by 1.5% in 2005 Economic growth in 2006 expected to support oil demand further (+2.2% vs. 2005 in volume terms) IEA estimates worldwide energy demand may double from 2002 to 2030 Generation Cost in €/MWh Rising Energy Costs Oil price more than tripled since 2001, reaching all-time high in spring 2006 with in excess of US$70/barrel Market forward curve for oil swaps implies prices at a level of US$70-75 for next three years Favourable Regulatory Environment Kyoto protocol supports renewable energy to help countries achieve their targets Regulatory outlook worldwide positive: PTC in US extended until end of 2007; widely expected to be extended again Supportive new renewable energy law in China European Parliament reiterates position on renewable energy targets (20% by 2020) What is driving the market? -The world wide demand for energy is rising -We´ve seen dramatic price increase in fossil fuels -On the other hand, new supporting system came in force And if you compare the generation costs of wind power, it is obvious there is no cheaper green source. This of cause depends on the wind site. Source: Goldman Sachs Commodity Research, Bundesverband Wind Energie, Merrill Lynch Commodities Research nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Well Positioned for Strong Growth: Technology Leader 21.04.2017 03:13 Well Positioned for Strong Growth: Technology Leader Nordex track record of technological innovation Current R&D Initiatives New drive train concept with differential gearbox (N90/2500) Upgrade yaw system Upgrade pitch system New platform generation Modular tower concept incl. standardized mounting parts (S70 & N90) Advanced control system (reduced-load operation) Redesign of rotor blade NR45 (until maturity phase) Adoption to international grid codes Development of 100m class turbine Launch of serial production of 90m class 2.5 MW wind turbine Installation of 1st Nordex offshore turbine Completion of the world’s first series of 80m class 2.5 MW wind turbine Construction of the world’s first series MW wind turbine Production of the world’s largest series wind turbine (250 kW) In good old times we have developed every 2nd year a new, bigger model. But we haven´t concentrate on the optmization of this prototypes. Warrenty expenditures. Change in customer structure 50% utilities, IPPs, which are looking on availability and reliability. Good positioned with the wide tested WTG N80/90. 300 units are running. Only Siemes has more installations in this range. 1987 1995 2000 2003 2005 nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Well Positioned for Strong Growth: Well Positioned Across the Value Chain Project development marketing financing Wind farm system planning Technical realisation Wind farm operation Service and maintenance Market leader in France (high margin potential) Development of first commercially financed project in China Micrositing of 100% of signed projects to review customer layout Supporting customers (co-development) to receive necessary approvals and to optimize the park layout n Core business: WTG assembly, production of selected components, installation on site, initial operation n Additional service offering: increasing demand due to new wind farm investors, which are only interested in stable cash flow 2200 turbines are currently under Nordex service Full service contract offering up to 9+3 years duration nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Well Positioned for Strong Growth: Positioned in High-Growth Product Segments Nordex is growing faster than the market and has established a proven technological position in the MW turbine class CAGR ‘01-’05 by MW class Newly installed MW p.a. CAGR: 12.2% NM +39.9% +13.6% (35.2)% MW-Class (1500 – 2500 kW) is by far the fastest growing segment and will be the market mainstream in the next 5 years nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Nordex’ World Market Share Recovery in 2005 Nordex Has Grown Faster Than the Market Leading to Recovery of Market Share Market Growth in 2005 Nordex’ World Market Share Recovery in 2005 7% 3% 2% Market Share Nordex’ Newly Installed Capacity in MW 60% 2H World Market Growth 40% 1H Source: BTM 2006 nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Well Positioned for Strong Growth: International Expansion As of Mar-2006 Nordex has installed 1,543 turbines outside Germany (56% of total installed base) and is further expanding its international operations. Country Activity China: Foundation of rotor blade production (4,000 sqm) for N60/1,300 kW in spring 2005 Foundation of production JV for S70/77 (1,500 kW) in spring 2006 Foundation of rotor blade production for S70/77 planned for 2006 Market re-entry in 2006/7 Upgrading capacities for project development 17 new projects developed, construction expected in 2006/7 (total capacity: ~240 MW) Successful re-entry achieved in 2006 (first major orders signed) Successful entry achieved in 2006 (first major order signed) USA: France: UK: Italy: nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Momentum Generation: Continuously Increasing Order Intake Order Intake by Region in 1HY-2006 Order Intake Above Budget in 2005 and 1HY 2006 Asia 4% Q1-2: €400m Q1-4: €395m Germany 21% Rest of Europe 75% Q1-3: €280m Q1: €263m +67% Total: € 400m Order Intake by Product in 1HY-2006 Q1-2: €158m 2006 N60/N62 8% Sub-MW 0% 2005 2004 S70/S77 15% Q1: €35m N80/N90 77% Total: € 400m nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Further Upside Potential Implementation of EBIT improvement plan started in spring 2005 to achieve sustainable profitability (target: 5 – 10% EBIT margin) Positive market development since autumn 2005 generates good opportunities to secure bottom-line growth short- / medium-term improved utilisation of capacities increasing sales prices EBIT improvement plan will secure profitability long-term      nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Main Drivers of Bottom-Line Growth 2006 2007 2008 Target revenue growth + 50% + 50% + 50% (1) Higher utilization of capacity + + + + + (2) Increase in price per MW - due to shortages of WTG + + + +/- (3) Increase in material costs - - - - (4) Expenditures in new markets - - - - (5) EBIT improvement program + + + Target EBIT margin 3.0% 4 – 7% 5 – 10% nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Further Upside Potential: Enhanced Outlook 2006 2006E (old) 2006E (new) Order Intake >€450m ≥€600m (Y-on-Y) +14% +50% Revenues >€400m ≥€460m (Y-on-Y) 30% +50% EBIT Margin 2.5% ≥3.0% Projected revenues secured by order volume: 100% of 2006 revenues secured by unconditional orders Unconditional and conditional orders (> €1bn) secure workload until end of 2007 Mid-term annual growth target of 50% nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Opportunities for and Limitations of Growth Beyond Plan 21.04.2017 03:13 Opportunities for and Limitations of Growth Beyond Plan Opportunities Limitations 1. Markets Recovery of market share, target  5% New set-up in 1-2 markets p.a. Cautious towards offshore 2. Core components International supply 2-3 supplier strategy Production capacity gear boxes and blades 3. Product development capabilities Solid 2.5 MW technology Scaling up to 4.0 MW Above 4.0 MW completely new design required 4. Production capacities Europe: expandable to 750 (turbines) / 400 (blades) MW Asia: expandable to 250 (turbines) / 300 (blades) MW North America Further investments in Europe and Asia 5. Management & organisation Restructuring completed Basis for further improvements Max. growth path +50% p.a. 6. Financial capabilities Set-up for business volume with a target of € 1b Working capital requirements secured due to increased bond lines Investment requirements secured due to capital increase (€ 70m) nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Investment Highlights Attractive fast growing end-markets Well positioned for strong growth Technology leader Well-positioned across the value chain Positioned in high-growth product segments International expansion Successful completion of turnaround Momentum generation & further upside potential Strong management team with proven track record nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Appendix nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Price Development of Fossil Fuels 21.04.2017 03:13 in % Increasing prices of fossil fuels have made wind more competitive Source: ARA, WTI, Datastream nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Spot Market Price in 2005 (EEX) 21.04.2017 03:13 Euro/MWh Peakload EEG max. remuneration (85.9 EUR/MWh) Baseload EEG basic remuneration (53.9 EUR/MWh) Market power price was considerably in excess of the EEG tariff Source: EEX nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Elements of restructuring at Nordex Group The Nordex Group’s Restructuring Concept was based on Five Core Elements 1 2 Focus on attractive core markets Concentration on foreign growth markets Improved marketing efficiency Regaining technical position in upper market segment Elimination of existing deficiencies and lowering production costs Priority: N80/N90 Elements of restructuring at Nordex Group 3 5 Elimination of previous organizational shortcomings Pragmatic approach to optimize business processes with immediate activities Avoidance of inventory losses and guarantee expenditure Harnessing liquidity potential by reducing working capital Creation of a reasonable cost structure to regain competitiveness 4 Radical cost-cutting by means of operative and structural measures Creation of a reasonable cost structure to regain competitiveness nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

2005 Recapitalisation and Current Shareholder Structure of Nordex Recapitalisation Completed in May 2005 Current Shareholder Structure Share Capital Reverse split 10 : 1 Cash Capital Increase €41.6m Capital increase with pre-emptive rights for existing shareholders All shares from rights not taken up by existing shareholders purchased by CMP and Goldman Sachs Debt-to-Equity Swap Reduction in bank liabilities of €28m Issue of 12m new shares Credit Facilities Renewal for a further four years in the existing credit facilities €60 million in additional credit facilities Freefloat 40.04% CMP 26.7% Goldman Sachs 17.4% Nordvest 4.1% HypoVereinsbank 4.3% Capital Increase in May 2006 HSH Nordbank 3.8% Morgan Stanley 3.7% € 70.4m from issue of 5.5m new shares nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Monthly Index Ranking TecDAX 6/30/2006 Company Rank Market Cap in million* Rank Turnover in million** ……… NORDEX 18 342.68 15 563.58 ………. ………. 30 )* on basis of freefloat )** 12 Month nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Product Overview Type Capacity Regulation Certification Nordex N60 1,300kW stall GL1/GL2 Nordex S70/77 1,500kW pitch GL2/IEC 3a Nordex N80 2,500kW pitch IEC 1a Nordex N90 2,300kW pitch GL2 Nordex N90 2,500kW pitch IEC 1b (HS) IEC 2a (LS) nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Production Facilities Yinchuan: S70/77 JV 99 blades/year NR-34/37 120 blades/year NR-40/45 180 blades/year 8-10 WTG MW-class/week 2 WTG 600 kW-class/week nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Income Statement (IFRS) Fiscal 2005 21.04.2017 03:13 Income Statement (IFRS) Fiscal 2005 01-Oct-2003- 30-Sep-2004 01-Jan-2005- 31-Dec-2005  €m Sales Total Revenues Cost of materials as a percentage of total revenues Personnel costs as a percentage of total revenues Depreciation/amortisation as a percentage of total revenues Other operating income/expenses as a percentage of total revenues EBIT (operational) One-off items Financial result Tax Net income/loss 221.6 218.8 (173.3) 79.2% (34.5) 15.8% (12.1) 5.5% (24.0) 11.0% (25.5) (2.5) (5.1) 0.4 (33.5) 309.0 319.4 (251.3) 78.6% (34.1) 10.7% (11.7) 3.7% (22.1) 6.9% 0.3 (5.4) (3.0) 0.1 (8.2) 87.4 100.6 78.0 (0.4) (1.9) 25.8 (2.9) 2.1 0.3 25.3 39.4% 46.0% 45.0% (1.3)% (3.3)% (7.9)% 101.2% (116.0)% 41.4% 75.4% The income statement on page 7 shows the step-by-step improvement in detail. Whereas the cost of materials/ revenues ratio increased slightly, due to … ?, the personnel cost/revenues ratio shrank again from 19.2 to 16.3 % and other operating expenses net of other operating income dropped by 4.4 % to 10.8 EUR mn. The one-off items of 2.2. EUR mn primarily relate to current assets and the cost of recapitalization. Companies in the ailing German market in particular are battling with considerable economic problems in some cases. Net loss for the first half contracted to 14 EUR mn. In the second quarter, net loss stood at around 5 EUR mn. nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Income Statement (IFRS) Q1/2006 21.04.2017 03:13 Income Statement (IFRS) Q1/2006 01-Jan-2005- 31-Mar-2005 01-Jan-2006- 31-Mar-2006 €m Sales Total Revenues Cost of materials Personnel costs Depreciation/amortisation Other operating income/expenses EBIT (operational) One-off items Financial result Tax Net income/loss 34.9 40.7 (30.6) (8.8) (2.8) (6.0) (8.7) (1.6) (0.9) 0.1 (9.5) 124.7 122.8 (101.2) (9.1) (2.9) (7.3) 3.7 0.0 (1.0) 0.0 2.6 The income statement on page 7 shows the step-by-step improvement in detail. Whereas the cost of materials/ revenues ratio increased slightly, due to … ?, the personnel cost/revenues ratio shrank again from 19.2 to 16.3 % and other operating expenses net of other operating income dropped by 4.4 % to 10.8 EUR mn. The one-off items of 2.2. EUR mn primarily relate to current assets and the cost of recapitalization. Companies in the ailing German market in particular are battling with considerable economic problems in some cases. Net loss for the first half contracted to 14 EUR mn. In the second quarter, net loss stood at around 5 EUR mn. nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Balance Sheet (IFRS) Q1/2006 21.04.2017 03:13 Balance Sheet (IFRS) Q1/2006 31-Dec-2005 31-Mar-2006 (as if incl. cap. Increase) 31-Dec-2005 31-Mar-2006 (as if incl. cap. Increase) €m Fixed assets Current assets Net inventories Receivables and other assets Liquid funds Other assets Total Assets 55.4 150.0 71.1 59.4 19.5 26.0 231.4 55.5 183.7 80.6 94.2 79.3 26.4 336.0 Shareholder‘s equity Provisions Liabilities Banks Trade payables Other liabilities Others Total liabilities and equity 63.5 55.8 105.2 7.1 64.1 34.0 6.9 231.4 136.5 57.7 134.6 3.0 62.7 68.8 7.2 336.0 The balance sheet as of June 30, 2005, summarized on page 8, was decisively reinforced by the recapitalization program completed in the second quarter. The equity ratio rose from 1.3 % at end of December last year to a healthy 26.9 %. At the same time, Nordex had net cash at banks of around 4.2 EUR mn, replacing the net bank liabilities of around 28.2 EUR mn six months before. With work commenced on many current projects – particularly in the strong second quarter – trade receivables and future receivables from production orders rose by 30.6 EUR mn to 60.5 EUR mn. € 70.4 m net proceeds from capital increase as of May 2006 nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Cash Flow Statement (IFRS) Fiscal 2005 21.04.2017 03:13 Cash Flow Statement (IFRS) Fiscal 2005 01-Oct-2003- 30-Sep-2004 01-Jan-2005- 31-Dec-2005 €m Net income/loss Depreciation Change in provisions Change in inventories Change in trade receivables and other assets Change in trade payables and other liabilities Other changes from operating activities Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Change in liquidity (33.5) 12.2 (4.6) 41.8 (6.6) (8.6) 0.1 0.8 (3.3) (0.4) (2.9) (8.2) 11.7 (6.3) (23.5) (12.6) 18.6 (0.3) (20.6) (8.6) 39.0 9.9 The outstanding feature of the cash flow statement on page 9 is the positive cash flow from financing activities, rising by 46.5 EUR mn to 35.2 EUR mn due to the capital increases. This was offset by a net outflow from operating activities of 33.2 EUR mn primarily as a result of an increase in working capital to shorten project lead times and ensure efficient utilization of production capacity. nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Contact Nordex AG Bornbarch 2 22848 Norderstedt Germany www.nordex-online.com Ralf Peters Head of Corporate Communication/ Investor Relations Phone: +49 (0)40/500 98 522 Fax: +49 (0)40/500 98 333 eMail: rpeters@nordex-online.com nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

Financial Calendar Report on the first half of 2006 August 25, 2006 Report on the third quarter of 2006 November 23, 2006 Report on fiscal 2006 April 26, 2007 nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt