Continuing our solid long term growth: Technological diversification strategy. GAMESA VENTURE CAPITAL Madrid, mayo 2011

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Annice Hines
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1 Cntinuing ur slid lng term grwth: Technlgical diversificatin strategy GAMESA VENTURE CAPITAL Madrid, may 2011

2 Gamesa, in line with the Business Plan , is prgressing its cmmercial and industrial strategy... Prgress in the cmmercial expansin strategy with 100% f S1 sales frm internatinal markets and ca. 25% f ttal 2011 rders t May 12 frm new clients Gamesa sales MWe S Imprving glbal presence ROW 22% Eurpa 27% India 17% EEUU 15% China 20% Spain 0% 30 manufacturing centers in Eurpe, USA, Brazil, China and India Cmmercial ffices in mre than 50 cuntries First cmpany f the IBEX 35 in achieving 100% f new sales utside Spain 2

25% f ttal 2011 rders t May 12 frm new clients Gamesa sales MWe S1 2011 Imprving glbal presence ROW 22% Eurpa 27% India 17% EEUU 15%

3 has develped a technlgical diversificatin strategy in wind, Prduct innvatin radmap until 2015: 5 new prduct families in 5 years Sub MW Multi MW G90cII G58cII Current best in class CE G97cIII G87cS Best in class CE Best adaptability t grid requirements Offshre Knw-hw G128cII Knw-hw G11X- Offshre G9X-FC G9X-FC Mark 2 Mark 3 Best nshre utput per G13xcIII sqm New platfrm fr new market segment G12x Best in class CE G14X- Offshre 3

G87cS Best in class CE Best adaptability t grid requirements Offshre Knw-hw G128cII Knw-hw G11X- Offshre G9X-FC

4 and in new renewable technlgies t cntinue its slid lng term grwth Technlgical diversificatin strategy YESTERDAY: Onshre TODAY: Onshre + Offshre TOMORROW: Onshre + Offshre + New renewable technlgies 4 Slid lng term grwth based n technlgical develpment

TODAY: Onshre + Offshre TOMORROW: Onshre + Offshre + New

5 Venture Capital, an additinal driver f grwth fr a technlgical diversificatin strategy Alternative surce fr grwth: Venture Capital fund Mve beynd traditinal grwth: A rapidly changing clean tech sectr requires ging beynd traditinal grwth strategies Capitalize n external innvatin: Gamesa recgnizes that emerging start-ups are a great surce fr innvatin, and wants a vice f influence in this arena Leverage resurces t unlck value: Gamesa with its leading market psitin can prvide emerging cmpanies access t resurces and tls, specifically its client prtfli, reputatin, supply chain relatinships and technical capabilities in rder t unlck value in the cmpanies it invests in, which in turn will benefit Gamesa Cmplement existing business: Gamesa businesses are already engaging in innvative activities cmplementary t a Venture Capital fund; cmbined they can extend Gamesa s cmpetitive advantage 5

Leverage resurces t unlck value: Gamesa with its leading market psitin can prvide emerging cmpanies access t resurces and tls, specifically its client prtfli, reputatin, supply chain relatinships and

6 A Crprate Venture Capital fund can prvide numerus benefits t Gamesa Ptential benefits t Gamesa frm establishing a Crprate Venture Capital Technlgy Leadership Patent Grwth / Innvatin Learning captured by the rganizatin Increase in Market Value

Venture Capital Technlgy Leadership Patent Grwth / Innvatin

7 Gamesa is ready t launch its Crprate Venture Capital fund t invest in strategic start-ups Leveraging n Gamesa s capabilities t achieve financial and strategic returns Market Psitin & Custmers Glbal Supply Chain New Prduct Develpment Missin: Identify, finance and develp yung cmpanies wrldwide during their start-up phase and prvide already established cmpanies with additinal capital fr grwth during their expansin phase Main gals: T seek cutting edge technlgies and businesses that make Gamesa mre cmpetitive by expanding and imprving its prducts and services T invest in cmpanies that have the mst ptential t btain sustainable prfitability Results: T achieve future integratin in Gamesa Trade sale r IPO 7

established cmpanies with additinal capital fr grwth during their expansin phase Main gals: T seek cutting edge technlgies and businesses that make Gamesa mre cmpetitive by

8 Main characteristics f the Gamesa Venture Capital Minrity investment in cmpanies with high ptential Fund s Fcus Invest in fcus technlgies based n verall market attractiveness and synergies with Gamesa's business Fund s Size Phase I: 50 M (Cmmitment); 10 M average per year Gegraphy Target Investment Glbal 3-5 M per transactin up t 10% f Fund s cmmitted capital 8 Prtfli Strategy Early Stage and Grwth Management Dedicated team

Fund s Size Phase I: 50 M (Cmmitment); 10 M average per year Gegraphy Target Investment Glbal 3-5 M per

9 Ptential fcus clean technlgies in which t invest Market attractiveness & fit with Gamesa's business Fcus technlgies identified based n verall market attractiveness and synergies with Gamesa's business Market attractiveness 1 Air/ water/ envirnmental pllutin Bimass Carbn Capture & Strage Energy efficiencyembility slutins Smart grid Gethermal Therm- Slar Phtvltaic (Next generatin) Off grid systems Wave Small wind Offshre Tidal Fcus technlgies Nn-fcus technlgies 9 Bifuels (2nd gen.) Ptential synergies 2 with Gamesa's wind business Nte: Fur f the six fcus technlgies discussed exemplarily hereafter 1. Based n Glbal market size 2020, Current technlgy risk / matureness and subsidy independency 2020; 2. Based n technlgical and cmmercial synergies Surce: Gamesa and LBS analysis

grid systems Wave Small wind Offshre Tidal Fcus technlgies Nn-fcus technlgies 9 Bifuels (2nd gen.

10 Fcus clean technlgies with high synergies with Gamesa's current business Fcus technlgy Tidal Phtvltaic Small wind embility Energy efficiency slutins Off-grid systems Nature Cnversin current (tidal) energy int electricity Multiple technlgies, n predminant mdel Cnversin f the sun s phtnic energy int electrical energy Fur main technlgies, ne quite mature Pwer generated by wind turbines with 100kW maximum nminal Multiple technlgies develped bth fr remte infrastructure s and grid cnnectin Electrificatin f vehicles in substitutin f cmbustin engines Five main stages f electrificatin Varius charging infrastructure mdels Maximizing efficiency f used energy while minimizing demand f esp. industrial appliances Brad range f slutins and services Reduced generatin units withut cnnectin t main grids, serving remte infrastructure Many slutins, partially mature 10

maximum nminal Multiple technlgies develped bth fr remte infrastructure s and grid cnnectin Electrificatin f vehicles in substitutin f cmbustin engines Five main stages f electrificatin Varius

11 Gamesa Venture Capital first investments: Skybuilt and Wrldwater Renewable ff-grid market Gamesa has entered int the renewable ff-grid market thrugh minrity investments in tw cmpanies: Skybuilt Pwer (28,7%) and WrldWater & Slar Technlgies (25%) SkyBuilt Pwer is the leader in self-cntained, rapidly deplyable, renewable and hybrid energy systems WrldWater & Slar Technlgies, utilizing cutting-edge slar, prvide water pumping and purificatin technlgies t make clean water and available. Skybuilt prduct Wrldwater prducts 11

Pwer is the leader in self-cntained, rapidly deplyable, renewable and hybrid energy systems WrldWater & Slar Technlgies, utilizing

12 Cntinuing ur slid lng term grwth: Technlgical diversificatin strategy

Marketing Consultancy Division (MCD) Export Consultancy Unit (ECU) Export in Focus. Export Market Expansion Strategies. Rabi-I, 1427 (April, 2006)

Marketing Consultancy Division (MCD) Export Consultancy Unit (ECU) Export in Focus. Export Market Expansion Strategies. Rabi-I, 1427 (April, 2006) Marketing Cnsultancy Divisin (MCD) Exprt Cnsultancy Unit (ECU) Exprt in Fcus Exprt Market Expansin Strategies Rabi-I, 1427 (April, 2006) 1 Exprt Market Expansin Strategies Intrductin It is clear that glbalizatin