SHAREHOLDER BULLETIN

When winds of change blow, some build walls while others build windmills

– Old Chinese Proverb.

October/12

SHAREHOLDER BULLETIN

Wireless Environment 3

1H 2012 Results 4

Shareholders structure 6

GOWEX Target price 7

Stock quote evolution in NYSE Alternext 8

Market Cap. In NYSE Alternext 9

New GOWEX Website 10

New Shareholders Website 12

What shareholders have to say 13

Let´s GOWEX News 14

The data traffic capacity will be multiplied by 5 between 2015

and 2016, while the use will do it in ratios of between 5 and 23

times. That strong begins the "Mobile Paper Data Blue Wave (2)

Morgan Stanley“report

Pareto: the 80-20 rule

Networks comply "Rule of Pareto 80/20" where concentration of

use is concerned, in other words, 20% of the base stations

loads 80% of the data traffic. And more specifically 1% of

subscribers to mobile data rates provide 24% of mobile data traffic

This rule can be extrapolated to the age of the users, refers, 50%

of users are between 15 and 35 years old, and generate 75% of

total data traffic, according to the report of Morgan Stanley.

A report from Cisco (Cisco Visual Network) anticipates that by

2016, the Internet-connected tablets will generate nearly as

much traffic data as the entire global mobile network in 2012.

This data gives us an idea of the potential of the wireless world,

and therefore all companies that are related to this technology.

GOWEX has opted for this technology as the technology to bring

all citizens access to the "information society", a right that all

citizens should have for free.

*By region these growths are not going to be the

same in all regions:

Wireless Environment

Source: Cisco VNI Mobile, 2012

GOWEX closed the first half of 2012 with a turnover of€ 40,984,678 which represents an increase of 60% over the sameperiod in 2011.

GOWEX has maintained during the first six months a great income-generating capacity, which has helped to achieve a net profit of € 5,457,525, up 68% on the first half of 2011.

GOWEX President, Jenaro Garcia has pointed that “theseachievements are the result of the internationalization processbeing carried out and allowing the consolidation of innovativebusiness models in the Wireless telecommunicationenvironment.”

1H 2012 Results

GOWEX REACHED IN THE FIRST HALF OF 2012 A

TURNOVER OF € 40,984,678, EARNING A PROFIT OF €

5,457,525.40,984,678

Turnover:

17,588,740

Gross Margin:

7,799,283

Profit Before Tax

5,457,525

Net Profit:

€

€

€

€

1H 2012 ResultsBalance (thousand €) 06/30/2012

Total Asset 65,248

Equity 39,661

ROI 0.138

Liquidity Ratio 3.042

WITH EQUITY OF 61% OF TOTAL LIABILITIES AND LIQUIDITY RATIO OF3.042, GOWEX IS POSITIONED AS A COMPANY WHIT A SOLIDFINANCIAL STRUCTURE.

1H 2012 1H 2011

35% 22,897,138 40,083,709 61% 19% 8,943,920 25,012,348 54%

65% 42,351,28481% 37,378,401 4,741,200 10%

11,243,141 17%

16,568,773 36%

13,921,572 21%

€ 65,248,422 € 65,248,422 € 46,322,321 € 46,322,321

Balance sheet 1H 2012 & 1H 2011

30% - Cash Devices S.L 29% - Biotelgy VC, S.A.

11% - Alvasebi S.L. 30% -Free Float

ShareholdersStructure

The social capital of the Company of the parentcompany amounted to € 646,716.40, dividedinto 12,934,268 shares of a € 0.05 value eachone. Fully subscribed and paid. Pertaining to asingle class and series, which gives identicalvoting and dividend rights and are representedby the book entries.

GOWEX Target Price

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GOW ALGOW T.Price

Stock quote evolution: Comparison with CAC-40

Temporal Evolution (Yield in%)

GOWEX – CAC-40

analysis period:10/24/2011 a 10/24/2012

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Market Cap. of the largest 20 companies in Alternext

in million €

Market Cap. in Alternext

"GOWEX is the fourth company of NYSE Alternext, according to market capitalization"

Quotation during 2012

Number of shares (units) 12,934,268

Average daily Hiring (shares) 13,400

Average daily trading volume (€) 94,028

Max.(€) 12.58

Min. (€) 4.62

A t market close (€) 10/24/2012 12.10

Market Cap. (€) 156,504,640

Updated data to 10/25/2012

GOWEX New Web

A new design for a new GOWEX

As with everything in life, it’s important to recycle and reinventyourself to improve. In GOWEX, our latest venture in this directionhas recently come to light with a new website. Our new design,much more daring, fresh and functional wants to establish a directcommunication channel for users, media, social networks and, ofcourse, shareholders and investors.

Beyond this information, you can follow the latest news and the most important projects we are developing across five continents, contactus directly, follow our steps in social networks or marvel at the advantages and opportunities offered by the Wireless Smart Cities ®.

In the section 'Shareholders and Investors' you will find all the financial information of the company: from the share price of GOWEX, thelast relevant facts in MAB and Alternext published to the shareholders meeting call and shareholders meeting agreements or publication ofresults.

GOWEX New Web New functionalities: dynamism and updates

Follow GOWEX News:

• Learn about the projects that have led us to be leaders in creating WiFi Cities• Do you think you live in a true Wireless Smart City? Discover it!• Download the latest multimedia and financial and sector reports• Visualize interviews with our executives or follow the clipping of our media appearances• Become a fan or follow us on our social networks

….. Talk to us, we listen to you.

http://www.gowex.com/en/press-room/

"A renewed open communication channel

to all shareholders of the Company"

Press Room Section

GOWEX New Web

New functionalities: dynamism and updates

In our new section Shareholders and Investors may:

• Follow GOWEX quote both in MAB and in NYSE Alternext• Contact directly with our IR department: Investor Relations• Download GOWEX Coverage Reports from different analysts• Knowing the last, relevant facts in MAB and the Press Releases in

Alternext• Download and share documentation "Indispensable for the

Shareholder"- …

http://www.gowex.com/en/investors-shareholders/alternext/lets-gowex/

Shareholders and Investors Section

"A renewed open communication channel

to all shareholders of the Company“

Shareholders and Investors Section

Through which media did you

discover GOWEX?

Do you know the different markets in

which GOWEX shares are traded?

What shareholders have to say

Did you attend any General Meeting?

"Through the blog of Juan Sainz de los Terreros:http://juanst.com/Carlos J. Cabello

Yes, in the MAB and in the Alternext, and I have seen that it has been called an EGM proposal to start trading in the U.S. through an ADR program.Nuria Oubiña

I was fortunate to attend the Annual General Meeting in 2012 and the experience was fantastic. The company decided to do it in their headquarters and was a hit. An informal atmosphere in which there was great interaction between the company management and shareholders. A day dedicated to the shareholder that I personally can’t thank enough. I will try to repeat. Alejandro Martín

¿Are you satisfied with our

communication with investors?

Yes, I think you are one of the few in MAB taken seriously communication with its investors.Juan Sainz

Do you follow

routinely GOWEX

quote? Through

what media?

I follow it every day, through the press, in MAB, Twitter, digital media, and stock market forums, Invertia.com and boursorama.comIgnacio Bernabéu

"GOWEX signs an agreementwith SNCF to offer free WiFi inthe main train station inMarseille"

el EconomistaGOWEX has signed an agreement withthe French national railway company(SNCF) to offer its free WiFi service inthe main train station in Marseille.

Thus, under this agreement, morethan 15 million passengers per year,the station "Marseille St. Charles" willenjoy free WiFi 24 hours.

"The free WiFi GOWEX landed inParis"

Dirigentes Digital

Since today, citizens and tourists canconnect for free in 48 transit stations,which will have WiFi access Smart Zonesin 66 indoor and outdoor public spacessuch as squares and boulevards next.The 4.5 million daily passengers usingthe Paris metro can access with theirmobile devices to the Internet for free.

"To GOWEX urban and intercity transport is an integral part of theWireless Smart Cities ® therefore We prevail a rapid growth of theseprojects. In less than two years we have added a total of 16 agreementsworldwide," says GOWEX CEO, Jenaro Garcia Martin

"GOWEX continues to expandand is awarded the WiFinetwork in Dublin"

Cinco DíasGowex has awarded the managementof the public wifi in Dublin, a city thathouses the European headquarters ofgroups such as Google and Facebook.The project, which will start inDecember, involves the introductionof a network connection with 60points. Thus, there are now more than60 cities around the world whereGowex is present.

News

"Wall Street will helpGOWEX to be a giant "Expansión

The Spanish company GOWEXspecialized in applying WiFi

technology in different parts of thecity, plans to go public on the U.S. nextyear. It will do it through an ADR(American Depositary Receipt).

This mechanism allows a foreigncompany to issue shares in the U.S.stock market directly. In that case, theADRs representing the evolution ofthe shares on the Mercado alternativoBursátil (MAB) in Madrid and theParisian Alternext, the two marketswhere the company is listed atpresent.

"GOWEX increases itsturnover by 60% in the firsthalf, up to 40.98 millioneuros"

EuropaPressGOWEX recorded a turnover of 40.98million Euros in the first half of the year,representing an increase of 60%compared to the same period of 2011.The company attributed the increase tothe "growing demand for recurringservices offered" and theinternationalization process that hasbeen developing for years, according tothe firm of promoting "Wireless SmartCities®".

Capital IncreaseGOWEX plans to undertake acapital increase to create newshares to be referenced on theADR in New York. The magnitudeof the expansion will be decidedforeseeably, at the meeting ofshareholders to be held onNovember 5. It is "highly probable"that the agenda items areapproved, Jenaro Garcia trusts."The amount should be sufficientto cover the strategic plan," sums.The price of new GOWEX titles, yetdetermined, will cost over 10euros which is what the companyis quoted at present.

Follow the news of GOWEX through our Twitter account@gowex on https://twitter.com/gowex

News

GOWEX Spain (Headquarters)Paseo de la Castellana, 2128046 Madrid (Spain)T.+34 91 360 14 70

By e-mail: ir@gowex.comBy phone: +34 670 738 579

Shareholder Services

Alicia Viñas DíazInvestor Relations & Corporate Area+34 91 360 14 70avinas@gowex.com

Investors & Shareholders Contact

Florencia Maté GarabitoInternational Communications Manager & Investor Relations+34 670 738 579fmate@gowex.com

Javier Solsona PieraInvestor Relations & Corporate Area+34 638 780 690jsolsona@gowex.com