Nordex AG. Conference Call June 27, 2007

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1 Nordex AG Conference Call June 27, 2007

2 Situation Major shareholders Goldman Sachs and CMP Capital Management Partners are investigating a possible sale of their shares in the company At this stage, it is not possible to ascertain whether and in what form a total or partial sale will take place Nordex has decided to use the increased visibility of the business to provide a longterm view on the stand-alone value of the company Nordex keeps its existing medium-term guidance of 50% top-line growth unchanged but provides more detail on strategy and business development Page 2

3 Update 2007e 2007e revised 2008e 2011e base/best Sales in 750mn mn >1.0bn 2.5-4bn EBIT margin 6% - 7-8% 9-12% Market shares Europe Asia Americas World 7% 1% 0% 4% > 10% ~ 10% < 10% ~ 10% Capex in > 350mn (sum 07-11) Page 3

4 Strategy to maintain above industry growth 1. Focus on selective growth markets Core European markets Infrastructure in China set for future growth Re-entry in North America Leverage strong track record 2. Drive local markets from within Own legal entities with local management in each volume market Implementation of value chain in each region Market-specific product development 3. Focus on MW class with highly attractive growth rates 4. Focus on long-standing relationship with utilities and IPPs Page 4

5 Strong market outlook BTM growth projection until 2011 by region New installations ,500 CAGR: 17.4% 25,730 28,835 CAGR Asia/Pacific: 29% Share 18,800 21,980 Americas: 24% 2% 46% 26% 26% Europe: 16% 2007e 2008e 2009e 2010e 2011e Thereof Offshore: 5% Source: BTM 2007 Europe Americas Asia/Pacific RoW Page 5

6 Nordex core markets North America New MW -2011: 28,000 CAGR 24% Europe New MW -2011: 48,000 CAGR 16% Asia/Pacific New MW -2011: 23,500 CAGR 29% Set-up of full operation structures (incl. Production) by 2009 Nordex market share: e 0% < 10% CAGR of core markets Germany 9% Scandinavia 40% France 20% Poland 47% UK 29% Ireland 15% Italy 24% Turkey 33% Nordex market share: e 7% > 10% Local production and purchasing structures up and running Nordex market share: e 1% ~ 10% Source: MAKE, Nordex Page 6

7 MW class will increase in importance Market Growth by Product Segments Development of market segments by Offshore no relevant growth Offshore Source: BTM % 56% % 43% 2006 < > 2500 Western Europe North America Established markets Spain China India Emerging markets key growth markets with significant turbine up-scaling drive growth of MW class emerging markets continue to use smaller turbines Nordex is well positioned in high-growth product segments Western Europe (incl. Spain) North America China India Established markets Emerging markets Page 7

8 Nordex is offering the broadest portfolio in the upper segment of mainstream class low wind spread m/s medium wind spread m/s strong wind spread m/s N80/2.5 Nordex (2000) N90/2.5 Nordex (2005) Nordex (2005) N90/2.3 Nordex (2002) N100/2.5 Nordex (2008) SWT82/2.3 Siemens (2003) V90/3.0 Vestas (2003) E70/2.3 Enercon (2005) Nordex is benefiting from first mover advantages Page 8

9 Leveraging established products strong pipeline N 60 S 70/77 Product offering Asia/Europe Product offering Europe Main product Asia Only delivery of single projects (Production only from Asia) N 80/90 N 100 Product offering Europe Prototype U.S. Product offering U.S. Prototype Product offering Europe/U.S. completion of product range N1XX Prototype Maturity phase Page 9

10 Extension of production capacities to fulfil sales scenarios in m 2007e 2008e 2009e 2010e 2011e Reinvestments 70 New investments* Germany China USA Other Countries Total CAPEX > 350 * blade + turbine production Total capacity of 4,450 MW will secure mid-term growth path of 50% per year Page 10

11 Financing Capabilities 1. Short-term financing of capex in place Nordex is fully booked until 2008 Increased visibility due to order increase and change in customer structure 2. Strong positive cash flow expected in the medium term High amount of advanced payments Stable calculation of project margins 3. Significant improvement of EBIT margin 4. Decision between debt or equity financing in the long-term to be taken Page 11

12 Improved visibility due to increase in orders Order book ( bn) /3/06 30/6/06 30/9/06 31/12/06 31/3/07 30/4/07 firm orders conditional orders Book to bill ratio has rosen from 1.0 (Q1/05) to 2.4 (Q1/07) Page 12

13 Nordex is benefiting from change in customer structure Utilities & IPP counting for > 50% of new installed capacity in 2006 Nordex customer structure e Operator Iberdrola Capacity* 1,877 MW % Acciona EDP 1,433 MW 1,094 MW % FPL Endesa 800 MW 700 MW 2007e 79% EURUS Essent 574 MW 530 MW Utilities & IPP B & B 451 MW Shell 109 MW EDF Total Share 90 MW 7,658 MW (51%) * New installed 2006 Long standing relationship Financial stability Earnings visibility Page 13

14 Main drivers of bottom-line growth 2007e 2008e 2011e Target EBIT margin 6% 7-8% 9-12% ++ Higher utilisation of capacity + Price increase per MW due to shortages of WTG - Expenditures into new markets Page 14

15 Proven process stability under strong growth path of 50% per year Example: contribution margin sales vs. final calculation 100% -2% 98% 0.9% 100% 100.9% Tight processes and quality control Gate approval process (sales) Expected demand (supply) Production plan Project (start) calculation Internal handover (PM / service) % 100% 100.8% 1-5/07 1.2% 100% 101.2% Page 15

16 Determinants of future Nordex growth path Sustainable strong market growth for wind turbines CAGR: 17% forecasted 2. Products meeting market requirements 3. Availability of needed financial funds 4. Sufficient production capacities in place 5. Stability of business processes in Nordex MW expected to stay mainstream Positive negotiations / talks (bonds, cash) Extension of facilities prefaced Close controlling systems in place Page 16

17 Conclusion Order backlog secures top-line growth of 50% per year until 2008 Nordex set out to generate 4.0bn revenues and an EBIT-margin of 12% in 2011 Long-term view on stand-alone value to facilitate investment decisions for equity investors and potential strategic buyers Page 17

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