Vestas, the wind market, supply chain & logistics. Morten Dyrholm, Vice President Global Public Affairs, Vestas Wind Systems

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1 Vestas, the wind market, supply chain & logistics Morten Dyrholm, Vice President Global Public Affairs, Vestas Wind Systems 12 March 2015

2 Vestas Today

3 Vestas in brief The only global wind energy company 19, , , b We employ around 19,600 people worldwide and have more than 30 years of experience with wind energy We monitor around 28,000 turbines, or more than 52,300 MW, day and night and the data is used for efficient service planning and preemptive maintenance We have more than 53,000 turbines or more than 66 GW cumulative installed capacity in 73 countries worldwide spanning six continents Vestas revenue for the full year 2014 was EUR 6.9 billion 3 Vestas corporate presentation

4 From blacksmith to global wind leader Vestas journey 1898: Blacksmith H.S. Hansen arrives in Lem 1945: VEstjysk STaalteknik A/S becomes VESTAS 1979: First turbine after agricultural vehicles, etc. 1987: Vestas Wind Systems A/S 1991: Turbine no : 2013: 2012: 2010: 2004: Profitable Growth for Vestas & MHI Vestas founded Anders Runevad, CEO 50 Gigawatt milestone. Wind. It means the world to us. Merger: NEG Micon & Vestas 4 Vestas corporate presentation

5 Vestas locations around the world Vestas has a unique global reach in sales, installation and manufacturing Global headquarters Sales & Service Production Research 5 Vestas corporate presentation

6 Strategy

7 The building blocks of the Vestas strategy A strengthened global leadership position for the long term To be the undisputed global wind leader Strongest brand in industry Best-in-class margins Market leader in revenue Bringing wind on par with coal and gas We deliver best in class wind energy solutions and set the pace in our industry to the benefit of our customers and our planet. Vision Mission Grow profitably in mature & emerging markets Capture full potential of the service business Reduce levelised cost of energy Mid-term (3-5 years) Improve operational excellence Accountability, collaboration & simplicity 7 Vestas corporate presentation

8 Joint venture in offshore wind Joining forces with Mitsubishi Heavy Industries 8 Vestas corporate presentation

9 V MW The most powerful wind turbine in the world World Record holder 24 hour energy production Prototype installation shows excellent availability 9 Vestas corporate presentation

10 Safety comes first at Vestas The global Incidence of industrial injuries wind market 33% annual reduction of industrial injuries at Vestas since (per 1 million working hours) 25,3 20,8 Q2 results for 2012 is 2.7 injuries per one million working hours In 2015, the target is 0.5 injuries per one million working hours 15,6 8,1 5,0 3,

11 Global wind market returning to growth in Source: Global Wind Energy Council 2015

12 Looking ahead, onshore and offshore growth is expected 12 Source: Bloomberg New Energy Finance 2015

13 Specifically for offshore, growth is here to stay 13 Source: Bloomberg New Energy Finance 2015

14 The Past: Impressive decrease of Wind LCoE Global Wind LCoE down by -64% since 1984 Historic evolution of LCoE in $/MWh (nominal; excluding subsidies) % +65% +67% Key takes LCoE downward trend to continue despite slight increase: New higher priced WTGs Continued high financing costs Average capacity factor increased 14 Vestas corporate presentation Onshore wind CCGT Coal Sources: BNEF, Levelised cost of Electricity Updates (yearly averages); BNEF, Wind - Research Note, Closing the gap: grid parity for onshore wind, 11/2011 Note: BNEF has stopped providing global central LCoE values for coal and CCGT since H Update

15 Onshore wind increasingly often cheapest new power source Minimum LCoE of wind repeatedly below coal and gas Current LCoE ranges $/MWh (nominal; excluding subsidies) Key takes AMER - Onshore wind AMER - Natural gas CCGT 46 AMER - Coal EMEA - Onshore wind EMEA - Natural gas CCGT New wind on global level is cost-competitive with coal and gas already today EMEA - Coal APAC - Onshore wind APAC - Natural gas CCGT APAC - Coal GLOBAL - Onshore wind GLOBAL - Natural gas CCGT GLOBAL - Coal Onshore wind CCGT Coal Sources: BNEF, Fossil and Wind LCOE ranges by region, H2 2014; GLOBAL: BNEF, Levelised cost of Electricity update: H2 2014, 08/ Vestas corporate presentation

16 And offshore wind is getting there 16 Vestas corporate presentation

17 Supply chain & logistics

18 Vestas supply chain & logistics Overall principles 1/2 Vestas onshore Transport and Supply Chain Planning is grouped into an execution and sourcing team A team of 80 transport specialists in Vestas looks globally after all transport steering and delivery handling The Vestas transport world is grouped into 3 regions Americas, Europe, Middle East and Africa, and Asia Pacific Main components like towers, nacelles, controls and blades come out of 30+ Vestas factory locations and are transported to approx. 500 project sites per year In transport, we follow the principle of shortest possible distance and cost The supply chain is in principle grouped into 3 legs of transport: ᅳ Factory to port ᅳ Port to port globally ᅳ Port to construction site 18 Vestas corporate presentation

19 Vestas supply chain & logistics Overall principles 2/2 Our in-house transport department are building the bridge between: ᅳ production (origin of components where ever they may come from) and, ᅳ construction site (which are usually remote off road locations) Main focus is in project transport of main components that is handled through contracting with specialized H/L s We strive to have our transport partners closely linked and in close communication during all processes Freight forwarders do play an important role as well when it makes sense 19 Vestas corporate presentation

20 MHI-Vestas supply chain & logistics Overall principles 1/2 The size and scale of offshore wind turbines is significantly different to onshore- increased transportation challenges V164 nacelle is 24m long, 12m wide and 7.5m high, weighing approximately 390 tonnes, blades are 80m long and weigh 35 tonnes Manufacturing sites are placed close to good harbour facilities- components are loaded directly on to the transportation vessel (Lindø, Isle of Wight, Esbjerg) minimising road transport Close partnerships required with vessel operators to ensure optimal installation process 20 Vestas corporate presentation

21 MHI-Vestas supply chain & logistics Overall principles 2/2 Building offshore power plants onshore i.e. lower installation costs using innovative pre-assembly concept to reduce time spent offshore: Efficient setup with reduced logistics and pre-assembly costs Create synergies between projects and reduce mobilisation costs Better collaboration with manufacturing push work back in supply chain 21 Vestas corporate presentation

22 How our supply chain & logistics is lowering LCoE Partnership, transparency and visibility Different approach to project transport vs. standard transport for general cargo flows into factories Vestas sourcing and transport execution teams in very close cooperation to pair the best transport solutions For all global general cargo Vestas recently reviewed and tendered entire cargo portfolio We constantly aim to further improve our total landed cost portion of transport related services. Vestas now relies on a handful of global main LSP s who through partnership are expected to improve the triangle : ᅳ expectation to reduce cost ᅳ increase the speed of delivery ᅳ visibility and quality of transport New transport management systems expected to increase transparency and visibility of supply chain 22 Vestas corporate presentation

23 United Industry Cost reductions United Industry committing to: Keep cost reduction as the main goal in our innovations Continuously ensure our products and services contribute to the reduction of Cost of Energy Seek to work together and develop partnerships Share best practice Support the development of standards in the offshore wind industry Engage proactively in dialogue with authorities to ensure cost-efficient regulation. 23 Vestas corporate presentation

24 Thank you for your attention Copyright Notice The documents are created by Vestas Wind Systems A/S and contain copyrighted material, trademarks, and other proprietary information. All rights reserved. No part of the documents may be reproduced or copied in any form or by any means - such as graphic, electronic, or mechanical, including photocopying, taping, or information storage and retrieval systems without the prior written permission of Vestas Wind Systems A/S. The use of these documents by you, or anyone else authorized by you, is prohibited unless specifically permitted by Vestas Wind Systems A/S. You may not alter or remove any trademark, copyright or other notice from the documents. The documents are provided as is and Vestas Wind Systems A/S shall not have any responsibility or liability whatsoever for the results of use of the documents by you.

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