Madrid, 20 May 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 Q1 sales from international markets and ca. 25% of total 2011 orders to May 12 from new clients

Gamesa sales MWe Q1 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

USA

8%

China

13%

Europe

27%

ROW

28%

India

24%

Spain

0%

2

…successfully sailing through extremely challenging market conditions…

GAMESA BUSINESS UNITS MAIN FIGURES 2010

WIND TURBINE MANUFACTURING

OPERATINGAND MAINTENANCE

WIND FARMS

TURNOVER:

EBIT:

NET PROFIT:

STAFF:

2,764 EUR m

119 EUR m

50 EUR m

7,262 people worldwide

Source: Gamesa Annual Report 2010

… has developed a technological diversification strategy in wind, …

2010 2011 2012 2013

G97cIII

G9X-FCMark 2

G11X-Offshore

G128cII

G90cII

G13xcIII

G58cII

G9X-FCMark 3

G87cS

Know-how

Know-how

2014 2015

G12x

G14X-Offshore

� Current best in class CoE

� Best in class 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

TODAY:Onshore + Offshore

TOMORROW:Onshore + Offshore +

New renewable technologies

Technological diversification strategy

Solid long term growth based on technological development

4

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

5

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

8

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75

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125

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CVCs are regaining a larger percentage of total VC investment

% CVC CVC Investment VC Investment

CVC is at its highest percentage of total VC since before the dot

com bubble in 2001-02

Source: PWC / National Venture Association; Thomson Reuters

6

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 Gamesao Trade sale or IPO

Gamesa is ready to launch its Corporate Venture Capital fund to invest in strategic start-ups

Leveraging on Gamesa’scapabilities…

…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 Corporate Venture Capital fund

Minority investment in companies with high potential

8

OffshoreAir/ water/

environmentalpollution

eMobility

Carbon Capture & Storage

Tidal power

Wavepower

Off gridpowersystems

Biofuels(2nd gen.)

Biomass

Geothermal power

Thermo-Solarpower

Photovoltaic power(Next generation)

EnergystorageSmart grid

Energyefficiencysolutions

Market

attractiveness1

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 hereafter1. Based on Global market size 2020, Current technology risk / matureness and subsidy independency 2020; 2. Based on technological and commercial synergiesSource: Gamesa and LBS analysis

Market attractiveness & fit with Gamesa's business

Non-focustechnologies

Focustechnologies

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

9

Focus clean technologies with high synergies with Gamesa's current business

Tidal powerPhotovoltaic

powerEnergy storage

eMobilityEnergy

efficiencysolutions

Off-gridpowersystems

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

•Storage of electricity/ energy to ensure power quality or smooth out supply-demand

•Multiple technologies, no predominant model

•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

Gamesa Venture Capital first investments: Skybuilt and WorldwaterRenewable 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 energypower 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 products11

Continuing our solid long term growth: Technological diversification strategy