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

GAMESA VENTURE CAPITAL

Madrid, mayo 2011

Continuing our solid long term growth:

Technological diversification strategy

Gamesa, in line with the Business Plan 2011 –

2013, is progressing its commercial and

industrial strategy...

Progress in the commercial expansion strategy with 100% of S1 sales from international markets and ca. 25% of total 2011 orders to May 12 from new clients

Gamesa sales MWe S1 2011

Improving global presence

o 30 manufacturing centers in Europe, USA, Brazil, China and India

o Commercial offices in more than 50 countries

o First company of the IBEX 35 in achieving 100% of new sales outside Spain

2 EEUU 15% ROW 22% China 20% Europa 27% India 17% Spain 0%

… has developed a technological diversification

strategy in wind, …

CoE  Best adaptability to grid requirements

 Best onshore output per sqm

 New platform for new market segment

Product innovation roadmap until 2015: 5 new product families in 5 years

Multi MW Sub MW Off-shore  Best in class CoE 3

… and in new renewable technologies to

continue its solid long term growth

YESTERDAY:

Onshore Onshore + OffshoreTODAY:

TOMORROW: Onshore + Offshore + New renewable technologies

Technological diversification strategy

Solid long term growth based on technological development

o Move beyond traditional growth: A rapidly changing clean tech sector requires going

beyond traditional growth strategies

o Capitalize on external innovation: Gamesa recognizes that emerging start-ups are a great

source for innovation, and wants a voice of influence in this arena

o Leverage resources to unlock value: Gamesa with its leading market position can provide

emerging companies access to resources and tools, specifically its client portfolio, reputation, supply chain relationships and technical capabilities in order to unlock value in the companies it invests in, which in turn will benefit Gamesa

o Complement existing business: Gamesa businesses are already engaging in innovative

activities complementary to a Venture Capital fund; combined they can extend Gamesa’s competitive advantage

Alternative source for growth: Venture Capital fund

Venture Capital, an additional driver of growth

for a technological diversification strategy

Potential benefits to Gamesa from establishing a Corporate Venture Capital

o Technology Leadership

o Patent Growth / Innovation

o Learning captured by the organization

o Increase in Market Value

A Corporate Venture Capital fund can provide

numerous benefits to Gamesa

Mission: Identify, finance and develop young companies

worldwide during their start-up phase and provide already established companies with additional capital for growth during their expansion phase

Main goals:

o To seek cutting edge technologies and businesses that make Gamesa more competitive by expanding and improving its products and services

o To invest in companies that have the most potential to obtain sustainable profitability

Results:

o To achieve future integration in Gamesa

o Trade sale or IPO

Gamesa is ready to launch its Corporate Venture

Capital fund to invest in strategic start-ups

Leveraging on Gamesa’s

capabilities… …to achieve financial and strategic returns

Market Position & Customers New Product Development Global Supply Chain 7

Fund’s Size • Phase I: € 50 M (Commitment); € 10 M average per year

Management • Dedicated team

Target Investment • € 3 - 5 M per transaction up to 10% of Fund’s committed_capital Fund’s Focus • Invest in focus technologies based on overall market_{attractiveness and synergies with Gamesa's business}

Geography • Global

Portfolio Strategy • Early Stage and Growth

Main characteristics of the Gamesa Venture

Capital

Minority investment in companies with high potential

Offshore Air/ water/ environmental pollution eMobility Carbon Capture & Storage Tidal power Wave power Off grid power systems Biofuels (2nd gen.) Biomass Geothermal power Thermo-Solar power Photovoltaic power (Next generation) Small wind Smart grid Energy efficiency solutions M ar ke t at tr ac ti ve n es s 1

Potential synergies2_{with Gamesa's wind power}

business

Potential focus clean technologies in

which to invest

Note: Four of the six focus technologies discussed exemplarily hereafter

1. Based on Global market size 2020, Current technology risk / matureness and subsidy independency 2020; 2. Based on technological and commercial synergies Source: Gamesa and LBS analysis

Market attractiveness & fit with Gamesa's business

Non-focus technologies Focus

technologies

Focus technologies identified based on overall market attractiveness and synergies with Gamesa's business

Focus clean technologies with high synergies

with Gamesa's current business

Tidal power Photovoltaic_power Small wind eMobility efficiencyEnergy solutions Off-grid power systems Nature •Conversion current (tidal) energy into electricity •Multiple technologies, no predominant model •Conversion of the sun’s photonic energy into electrical energy •Four main technologies, one quite mature •Electrification of vehicles in substitution of combustion engines •Five main stages of electrification •Various charging infrastructure models •Maximizing efficiency of used energy while minimizing demand of esp. industrial appliances •Broad range of solutions and services •Reduced power generation units without connection to main grids, serving remote infrastructure •Many solutions, partially mature Focus technology 10 • Power generated by wind turbines with 100kW maximum nominal power •Multiple technologies developed both for remote infrastructure s and grid connection

Gamesa Venture Capital first investments:

Skybuilt and Worldwater

Renewable off-grid market

Gamesa has entered into the renewable off-grid market through minority investments in two companies: Skybuilt Power (28,7%) and WorldWater & Solar Technologies (25%)

o SkyBuilt Power is the leader in self-contained, rapidly deployable, renewable and hybrid energy power systems

o WorldWater & Solar Technologies, utilizing cutting-edge solar, provide water pumping and purification technologies to make clean water and power available.

Skybuilt product Worldwater products

Continuing our solid long term growth:

Technological diversification strategy