Different Markets – Similar Trends?Different Markets – Similar Trends?

April 2018April 2018

Nordex GroupNordex Group

WHAT WE DO Core business & Products

VALUE CHAIN. More than a manufacturer

Project Development, Marketing, Financing

Wind Farm System Planning

Production and Technical Implementation

Wind Farm Operations

Services and Maintenance

Selection of location

Ownership

Optimal siting

Wind measurements

Soil survey

Sound / shade emission

Economic viability

Grid connection

Special purpose registration

Environmental permitting

Building permitting

Leading company in France

Active also in India

Review customer micro-site planning

Support customers(co-development) to receive approvals and to optimise park layouts

Assemble WTG

Produce selected components (blades, control systems)

Install onsite

Carry out initial operation

Offer additional services: increased demand due to new wind farm investors interested in stable cash flows

Provide high quality service to minimize downtime and maximize yield

CIVIL WORKS

ELECTRICAL INFRASTRUCTURE

INSTALLATION & COMMISSIONING

SERVICETURBINE DELIVERY

PROJECT DEVELOPMENT

1985 1995 1999 2000 2001 2003

2010 2013 2016

2000 2003 2005

2007 2008 2013 2014

Founding of Nordex in Denmark First company

worlwide to produce a MW-class turbine

Installation of the 100th Nordex turbine

First AW 60/1300prototype

Completion of the world´s first seriesmulti-MV turbine

Commencement of industrial rotor blade production

Installation of the 2000th Nordex turbine

Opening of the wind turbine assembly in Barásoain, Spain

Start of the seriesproduction of the AW 1500

Launch of Delta generation

Launch of Gamma generation

Opening of the first turbine facility in the Americas

Introduction of the AW 3000

Industrial implementation in Brazil with the opening of hub production plant

More than 2000 MW sold of the AW 3000 platform

Nordex and Acciona Windpowerbecome one company

WHO WE ARE We have come a long way

2016

Opening first assembly plant in India

2017

Launch of 4 MW platform Delta4000

WHERE WE ARE Track Record

CANADA 203 MW

USA 2,408 MW

MEXICO 989 MW

COSTA RICA 50 MW

COLOMBIA 20 MW

BRAZIL 783 MW

URUGUAY 309 MW

CHILE 105 MW

NORWAY 150 MW

SWEDEN 434 MW

FINLAND 399 MW

DENMARK 152 MW

BELGIUM 48 MW

NETHERLANDS 265 MW

ESTONIA 18 MW

LITHUANIA 70 MW

IRELAND 549 MW

GERMANY 3,594 MW

POLAND 454 MW

CZECH REPUBLIC 12 MW

ROMANIA 100 MW

BULGARIA 8 MW

SPAIN 1,898 MW

FRANCE 1,526 MW

PORTUGAL 408 MW

ITALY 710 MW

CROATIA 30 MW

GREECE 127 MW

UK 1,202MW

TURKEY 1,360MW

PAKISTAN 150 MW

INDIA 78 MW

CHINA 1,053 MW

JAPAN 73 MW

SOUTH KOREA 65 MW

AUSTRALIA 239 MW

EGYPT 63 MW

SOUTH AFRICA 452 MW

OTHERS 330 MW

NORDEX GROUP installed capacity:

more than 23,283 MW

MORE THAN 23 GW INSTALLED WORLDWIDE

WHERE WE ARE Nordex production footprint

GOOD GEOGRAPHIC FIT FOR PRODUCTION TO SERVE GLOBAL DEMAND

Nacelle

INDIA

NacelleTowersBlade

BRAZIL

NacelleTowers (1)

SPAIN

NacelleBlade

GERMANYNacelleBlade

Manufacturing site

Towers (1)Towers (1)

Towers (1)

SOUTH AFRICA

JOINT PRODUCT STRATEGY. Utilize synergies while serving different market segments

COMPONENTS (E.G. TOWERS)

TOOLS CONTROLSSTANDARDS

SUPPLIERSTECHNOLOGY & DESIGN

Platform for land constrained markets

Platform for grid constrained markets

PRODUCT PORTFOLIO SYNERGIES

Create ONE GENERIC PRODUCT BASEin terms of toolbox for validation, similar controller base, combine corporate standards, etc.

Increase efficiency by JOINT FUTURE DEVELOPMENTSblades, controls, transport & installation equipment, etc.

WHAT WE DO Core business & products

Source: Bloomberg New Energy Finance. Note: Our global weighted benchmark represents a capacity-weighted average of all country level LCOE benchmarks; for onshore we weight last annual installations, for offshore we weight cumulative build.

0

50

100

150

200

250

3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1H 2H 1H 2H 1H 2H 1H 1H

2009 2010 2011 2012 2013 2014 2015 2016 '17 '18

$250/MWh

Offshore

Onshore

Global wind benchmark LCOE

Source: Bloomberg New Energy Finance. Note: Country data in charts show the levelized average winning bid in the auction. Data reflective of commissioning.

RenovAr Round 1 & 1.5

RenovAr Round 2

1st auction

2nd auction

3rd auction

8th capacity auction 20th energy

auction

25th energy auction 26th energy

auction

70MW wind energy tender

REP 1

0

20

40

60

80

100

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

$ real 2017/MWh

LCOE Range Argentina Mexico

Brazil El Salvador Canada

Levelized wind auction bids vs BNEF LCOE

Energy auction bids are often misinterpreted as being comparable to our current LCOEs. In order to be able to compare these winning bid

prices to our LCOEs we need to estimate what the average inflation-linked tariff would be over the full life of the project, and not just the

tariff duration. For more on the methodology behind this chart, see: 1H 2018 LCOE Update – Wind (web | terminal)

1h 2018 LCOE Americas / BNEF Auction Analysis

9

We mastered steep learning curves

2017

N149/4.5 T164

164m / 240m

17437 m2

19.760 MWh

3830 (44%)

Sample WTG

Hub / Tip height

Swept area

AEP*

Full load hours (NCF)

x8.5

N60/1300 T60

60m / 90m

2827 m2

2.350 MWh

1550 (18%)

1997

* vave =7 m/s @100m, k=2, a=0.25, ρ=1.225 kg/m3

Thanks foryour attention