Results Presentation – Q2 2016 Senvion S.A. 12th August 2016

MM82 WTGs at Gordonbush project, Scotland, UK

1

Disclaimer

This presentation (the “Presentation”) has been prepared by Senvion S.A. (“Senvion” and together with its subsidiaries, “we,” “us” or the “Group”) solely for informational purposes and has not been independently verified, and no representation or warranty, express or implied, is made or given by or on behalf of the Group. Senvion reserves the right to amend or replace this Presentation at any time. This Presentation is valid only as of its date, and Senvion undertakes no obligation to update the information in this Presentation to reflect subsequent events or conditions. This Presentation may not be redistributed or reproduced in whole or in part without the consent of Senvion. Any copyrights that may derive from this Presentation shall remain the sole property of Senvion. This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of Senvion, nor should it or any part of it form the basis of, or be relied on in connection with, any investment decision with respect to securities of Senvion or any other company. Certain statements in this Presentation are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions affecting the wind industry, intense competition in the markets in which the Group operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting the Group’s markets, and other factors beyond the control of the Group). Neither Senvion nor any of its respective directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this Presentation. Statements contained in this Presentation regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. In particular, no statements in this Presentation should be construed as concrete guidance as to the results of operations, cash-flows, balance sheet data or any non-financial metrics as of or for the financial year ending December 31, 2016 or any subsequent financial period. Certain financial data included in the presentation consists of “non-IFRS financial measures”. These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included herein. This Presentation does not constitute or contain any investment, legal, accounting, regulatory, taxation or other advice. Due to rounding, numbers presented through out this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

2

Conclusion and Outlook 3

Key Financial Highlights 2

Agenda

Key Highlights in Q2 2016 1

Appendix 4

Key Highlights in Q2 2016

MD77 WTGs at Ar Tri Milin project, France

4

Key highlights

Senvion on track for its full year targets

Q2 16 sales growth of +7% compared to Q2 15

Q2 16 adj. EBITDA of €45m; improvement of c.80% yoy

H1 16 adj. EBITDA margin improving to 8.3% compared to 6.2% in H1 CY15

H1 16 adj. PAT at €8mn

Net working capital level at -3%; continues to be low

Quarterly installations growing by +19%

New market entries update

Conditional order intake of 300 MW in Chile

New sales office in Japan with first order of 6 MW

Ongoing discussions in other markets

3.2M114 at Neuenkirchen project, Germany

5

Key highlights

3.4M140 Update

Product development ahead of plan

Conditional contract for the 3.4M140 prototype in Germany, operational in 2017

Conditional contract for 69 MW as part of a larger 100 MW frame agreement incl. 3.4M140 in Germany

Organisational update

CEO has taken over supply chain responsibilities; search for new COO underway

Focus on streamlining processes

Integrated Planning Process for sustainable and profitable growth

WindArt Project World’s tallest contemporary art project, Portugal

6 Notes: 1 Existing core markets – Australia, Canada, France, Germany and United Kingdom 2 Existing other markets – Austria, Belgium, Italy, Netherlands, Poland, Portugal, Romania and Spain 3 New market focus – Chile, Finland, India, Ireland, Japan, Mexico, Norway, Peru, Sweden and Uruguay

Significant increase in market opportunity

4 Defined as presence of employees and/or offices in the country 5 Includes Finland, Norway and Sweden 6 Includes Chile, Peru and Uruguay Source: MAKE Consulting Q2 2016

New market focus3 Existing other markets2 Existing core markets1

New market focus Annual installations in GW

Country Annual GW (avg 16-18)

Local presence4

Mexico 0.8

Ireland

1.1 Turkey

Nordics5 1.0

Japan

India 2.9

0.4

0.4

15.0

South Cone6 0.6

Addressable market reach expanding by

about +23 %

Senvion adding new markets to its portfolio Delivering next level of growth as independent company

Under review

Avg 12 - 15 Avg 16 - 18

12.2

9.1

3.2

6.1

1.8

7.1

111 MW – Conditional order in Norway

300 MW – Conditional order in Chile

6 MW – Firm order

Early successes

417 MW orders in new markets already

7 Note: Figures prior Dec 15 are for Senvion GmbH for comparison Majority of our conditional German orders may be reclassified into order pipeline if requisite permits are not received by Dec 16, leading to decline in conditional orders 1. Net Firm orders are confirmed orders minus PoC revenues already booked; Signed contracts are conditional orders and may not always convert into firm orders

1.7

1.8

1.8

2.1

2.3

1.7

1.5

1.5

1.6

1.7

1.7

1.6

1.4

1.5

2.0

1.9

1.6

1.7

06/15 3.7

09/15 3.4

12/15 3.4

03/16 3.6

06/16 3.5

3.3

09/14 3.1

12/14 3.4

03/15 3.7

06/14

Stable order book of €5.6bn Providing solid coverage of revenues for 2016

Total order book at ~€5.6bn as of 30 June 2016

– €1.7bn of net firm orders

including offshore orders of

€591m

– €1.7bn of conditional orders,

pending for conversion to

unconditional contracts

– €2.1bn of service contracts

Net firm orders at €1.7bn

WTG order book (€bn)1 Q2 2016 split by geography

Senv

ion

Gm

bH

Senv

ion

S.A.

Key highlights

Others

Offshore

France

Canada

UK

Germany

Jun-16

103 (6%)

591 (34%)

171 (10%)

189 (11%)

377 (22%)

289 (17%)

Conditional orders Net Firm Orders

8

Mar-15

1.5

Dec-14

1.8 1.5

Jun-15

1.9

Dec-15 Sep-15

2.0

Mar-16 Jun-16

2.1

+14.1%

2.1

Stable order book of €5.6bn (cont’d) Providing solid coverage of revenues for 2016

€2.1bn of service order book

– Fastest growing segment with +14.1% vs. Q2 15

– High growth and high margin business

– More than 11 GW of installations under service coverage

– Best in class contract duration with up to 20 years tenor and average tenor of ~10 years

– Renewal rates at 75%+ over the last 3 years2

Service order book (€bn)

Average duration of service contracts1 (years)

Note: H1 2015 figures are of Senvion GmbH for comparison purposes; 1. Only includes active contracts and does not include contracts not yet initiated; 2. Average for 3 years based on semi-annual data

Senvion GmbH Senvion S.A.

Senvion GmbH Senvion S.A.

Key highlights

10.4

Jun-16 Dec-15 Mar-16

10.2

Mar-15

9.5 10.2 9.2 8.7

Mar-14 Mar-13

9 Note: Figures prior Dec 15 are for Senvion GmbH and provided for comparison

Order intake comparison

Firm WTG order intake (€m)

Order announcement policy

Firm orders starting from 20 MW

All firm orders in new markets

Cumulative orders of €50m from one hub

Strategic conditional contracts

Large service orders Senvion GmbH Senvion S.A.

Order announcements in Q2 2016

Chile – Conditional order of 300 MW

Germany – Frame order of 100 MW; 69 MW already converted to conditional order

Italy – Firm order of 60 MW

UK – Firm order of 27 MW

Germany – Cond. contract for 3.4M140 prototype with 3.4 MW

Onshore – €1.5bn Offshore – €662m

CY15

209130 161

273

64106 106

61122

67 13754

80

51 4247

80

104

54 73

3135 106

55

17440

131 58

36

144

113

52

64

24

Mar-16

269

Jun-16

25

284 16

Dec-15

303

12

Sep-15

327

24

21

Jun-15

1,061

6

662

Mar-15

520

Dec-14

458

Sep-14

310

Jun-14

315

Canada France Offshore Germany Others UK

H1 CY16 Onshore – €554m

Offshore – €0m

CY14 Onshore – €1.7bn

Offshore – €9m

10

Senvion installations

Installations (MW)

Significant increase in installations during Q2 2016 vs. Q2 2015 mainly due to UK and other markets

Installations to pick up further in H2 2016

Note: H1 2015 figures are of Senvion GmbH for comparison purposes; Others includes Austria, Czech Republic, Poland, Netherlands, Sweden, Italy, Romania, Belgium, Portugal, Turkey

Senvion S.A. GmbH S.A.

Key highlights

275

153

262

666

16

372

Dec-15

1,745

Others (combined) US Australia UK France Canada Germany

85

122

18

114

66

21

27

Q2 16

12

334

113

280

Q2 15

36

+19.4%

Annual Installations

121

145

52286

115

45

30

575

-2.0%

H1 16

233

92

587

H1 15

27 16

GmbH S.A.

H1 installations Q2 installations

Key Financial Highlights

MM82 WTGs at Gordonbush project, Scotland, UK

12

Key highlights Strong performance in Q2 16 yoy

Note: H1 2015 figures are of Senvion GmbH for comparison purposes; Senvion SA figures are reviewed, while Senvion GmbH figures are unaudited 1 Pro-forma adjusted financials are unaudited and prepared as if Senvion S.A. acquired Senvion GmbH from 1st January 2015; Financials are adjusted for PPA effects of €136.5m,

trailing edge provision of €22m, acquisition related costs of €28m, general warranty release income of €4m and reorganisation expenses of €8m 2 Q2 2016 financials are adjusted for PPA of €18.4m and €0.2m of IPO costs in OPEX 3 Q2 2015 financials are adjusted for €6.3m of offshore blade provision in COGS 4 H1 2016 financials are adjusted for PPA of €53.2m, shareholder loan interest of €7.7m and €6.7m of IPO costs in OPEX 5 H1 2015 financials are adjusted for €14.5m of offshore blade provision in COGS

Senvion GmbH

Senvion S.A.

Senvion GmbH

Senvion S.A.

Senvion S.A.

(€m) Adj. Q2CY153

Adj. Q2CY162

Adj. H1CY155

Adj. H1CY164

PF adj. CY151

Revenues 471 505 927 870 2,139

Gross profits 121 146 253 268 608

Gross margin % 25.7% 29.0% 27.2% 30.8% 28.4%

Adjusted EBITDA 25 45 58 72 210

Adjusted EBITDA % 5.4% 8.9% 6.2% 8.3% 9.8%

Adjusted EBIT 12 25 30 39 154

Adjusted EBIT % 2.6% 5.0% 3.3% 4.5% 7.2%

Adjusted PAT 2 7 12 8 63

Net working capital % 6.7% (2.7)% 6.7% (2.7)% (4.7)%

Cash on hand 313 371 313 371 419

Net Debt/(Net Cash) (292) 42 (292) 42 (3)

Q2 2016:

Revenues grew by 7.2% yoy

Margin improvement on all levels

Positive adj PAT of €7m

H1 2016:

Adjusted EBITDA higher by 24.1% yoy

EBITDA improvement due to improved gross margins and rigorous fixed cost control

Key highlights

13

H1 revenue development Growth across all three segments in Q2

369

390 393

262

-14%

H1 2016

655

H1 2015

759

Onshore revenues breakup (€m)

Service revenues (€m)

55 65

7356

+25%

H1 2016

138

H1 2015

111

Onshore revenues (€m) Offshore revenues (€m)

292847

+42%

H1 2016

75

H1 2015

53 25

Other revenues at €4.5m & €1.1m for H1 2015 & H1 2016 respectively

239 324

338 241

-2%

H1 2016

565

H1 2015

577

023

19NA

H1 2016 H1 2015

42

Note: H1 2015 figures are of Senvion GmbH for comparison purposes; Senvion SA figures are reviewed, while Senvion GmbH figures are unaudited

Europe (€m) Americas (€m) Asia-Pacific (€m)

Revenue in Q2 increase mainly driven by UK, Portugal and Austria

Includes revenues from Canada Includes revenues from Australia

Q1 Q2 Growth in Q2: 1% Growth in Q2: 86% Growth in Q2: 19%

132 70

-35%

H1 2016

92

22

H1 2015

140

8

14

Other key performance metrics

Material cost development (€m)

Fixed cost breakdown3 (€m)

Senvion GmbH Senvion S.A.

Senvion S.A.

Key highlights

Higher gross margins due to much better Q1 gross margins

Gross margins in Q2 CY16 at 29.0% v/s 25.7% in Q2 of CY15 due to project mix

Other operating expenses maintained at stable level

Increase in employee costs due to reduction of external consultants and hiring permanent staff plus ramp up of offshore and Chile production

Higher D&A charge during Q2 16 due to higher R&D amortisation

Note: H1 2015 figures are of Senvion GmbH for comparison purposes; 1. Excludes trailing edge provision of €14.5m; 2. Excludes PPA impact of €1.5m

674760

H1 2015

27% 31%

H1 2016

COGS Gross margin

56 55 62 66

45 43 47 452014

Q1 2015

15

Q2 2016

111 130

115 122

Q1 2016 Q2 2015

13

OPEX Personnel D&A

PF adj CY15

28%

1.563

Senvion GmbH Senvion S.A.

2 1

4

3. Excludes net FX gain/loss; 4. PPA effect of €26m excluded from D&A, IPO costs of €6.5m excluded from OPEX; 5. PPA effect of €26m excluded from D&A and IPO costs of €0.2m excluded from OPEX

5

15

Breakup of tangible Capex and R&D

R&D spend (€m)

2.6% 3.1%

Note: H1 2015 figures are of Senvion GmbH for comparison purposes; 1. Excluding capitalised R&D

3.0% 4.1%

Total Tangible Capex1 (€m)

1.8% 3.6%

Senvion GmbH Senvion S.A. Senvion GmbH Senvion S.A.

Key highlights

Current capex includes investments into moulds for future product lines, further product improvements and other maintenance capex

Full year capex likely to be higher than current rate due to India entry and expansion of Portugese blade factory

R&D spend in line with annual target

Key R&D spending focused on acceleration of 3.4M140 development and new product enhancements

2.2% 1.5% 2.2%

Senvion GmbH Senvion S.A.

% of revenue

1.6% 2.6% 1.4%

Senvion GmbH Senvion S.A.

10 10

59

H1 2016

19 15

H1 2015

Q2 Q1

23 25

10 1133

H1 2016 H1 2015

35

% of revenue

30

4346

35

Mar-14 Mar-13 Mar-15 PF adj CY15

22 21

19

45392320

22

Mar-15

67

PF adj CY15

42

Mar-14

58

Mar-13

44 Exp. R&D Cap. R&D

16

Net working capital Working capital continues to be in a low range

Key highlights

Proactive management of working capital continues

– Better alignment of supplier payment terms to project milestones

– Stock in transit temporarily increased due to busy installation season ahead

Solid basis to further optimise net working capital

8.3%

12.1%

9.2%

NWC1 % of trailing 12 months revenue Net working capital

Note: H1 2015 figures are of Senvion GmbH for comparison purposes; ¹ Net working capital defined as current assets (adjusted for liquid funds and assets of disposal Group classified as held for sale) minus total current liabilities (adjusted for provisions, liabilities of disposal Group classified as held for sale and short-term loans and current portion of long-term loans).

Senvion GmbH Senvion S.A.

-57

-132-101

160

213211

Jun-16

-2.7%

Mar-16

-6.4%

Dec-15

-4.7%

Mar-15

8.3%

Mar-14

12.1%

Mar-13

9.2%

Net working capital1 evolution (€m)

17

Senvion S.A. Cash flow summary

Senvion GmbH

Senvion S.A.

Senvion GmbH

Senvion S.A.

€m Q2 CY15 Q2 CY16 H1 CY15 H1 CY16

Cash flows from operating activities 29 (44) 9 (3)

Cash flows from investing activities (16) (23) (38) (42)

Cash flows from financing activities (1) (1) (3) (3)

TOTAL Cash Flow 12 (68) (32) (48)

Liquidity position of €371m as on Q2 2016

Note: H1 2015 figures are of Senvion GmbH for comparison purposes; Senvion SA figures are reviewed, while Senvion GmbH figures are unaudited

Conclusion & Outlook

MM82, MM92 WTGs at Lac Alfred, Canada – Senvion‘s largest onshore project to date

19

Wind Installed capacity in selected markets Senvion is benefitting from several developments

Source: GWEC/EWEA, MAKE

Cumulated market volume (On- & Offshore in GW)

12 15

2016 2018

Federal ambitions, provincial targets and the overall goal to reduce coal capacity support outlook of stable 1GW+ market

Canada Grace

periods for ROC lessen the impact on pipeline until end of 2017-2018 (leading to 800MW+ market)

subsidy-free CfDs being considered

UK Higher

traction after reform of joint certificate scheme

After dip in 2016, markets may grow back to a 1.1GW by 2018

Nordics Outstanding

60GW target by 2022 resulting in stable 2.5-3GW market that takes-off by end of decade

India

Wind as big winner of last renewable energy auction

Next auction with much larger volumes

Stable 300MW+ market

Chile Steady 1GW

market peaking in 2018

Auction system kicking in late 2018 slightly earlier than expected

France Onshore

markets staying at high level (3GW+) in the short-term

Increased certainty emerging re Auction system

Germany Revised

energy target giving certainty which brings the market back to a 1GW+ level in the long-term

Australia

15 19

2016 2018

9 11

2016 2018

28 34

2016 2018

1 2

2016 2018

11 13

2016 2018

49 58

2016 2018

4 5

2016 2018

20

Regulatory framework in Germany Increased certainty emerging

Key highlight of the new regulations

New regulations cleared - 4 auctions p.a.

Onshore auction target for 2017-2019 - 2.8 GW p.a.

Projects receiving permits by Dec 2016 can be installed until end of 2018 under the current FiT system

Projects under current FiT system will face monthly reduction of 1.05% in FiT for installations between March and August 2017

Offshore: Installation target by 2030 - 15 GW

– Two auctions in 2017 and 2018 respectively for total of 3.1 GW for the period 2021 – 2025

IEC1 wind zones in Germany

IEC 1 IEC 2 IEC 3 IEC 3-4

Note: 1. IEC = International Electrotechnical Commission; Class 1 = high wind speed site; Class 3-4 = low wind speed site Source: DiBT, Frauenhofer IWES, Senvion

Senvion is ready with its 3.4M140 WTG to address changing market conditions

Focus on executing current firm orders and add more projects by offering new services to customers

Start increasing its presence in Southern Germany with its new low wind offering 3.4M140, from 2018

Senvion strategy

21

Enhanced Cost Transparency

Top line Growth in Addressable Markets Sustain and grow market shares in

– Current Markets and in new market entries

Based on strong product portfolio – In low wind and with best in class LCOE

And solid Service business with – With improved efficiency and better aftermarket products and offerings

Grow Profitability Focus on quality Drive product cost reduction

– Using global supply chain and multi-vendor sourcing

– Stringent target costing and value engineering

Lead time reduction in scheduling/installation time

Organization – From Function to Project Organization

2

4

3

Clear roadmap to deliver strategic goals

1

22

High single digit growth compared to CY15

Similar margins compared CY15

Guidance 2016

Revenues Revenue €2.25 – 2.3bn

Margins Adj. EBITDA around 9.5%

Guidance during IPO What it means Status

On Target

On Target

23

Financial calendar 2016

Event Date

Q2 2016 results August 12, 2016

Morgan Stanley Industrials and Natural Resources Summit, London September 9, 2016

J.P Morgan London Small/Mid Cap Conference 2016, London September 15, 2016

Macquarie's 9th Alternative Energy Conference, London September 16, 2016

Berenberg and Goldman Sachs Fifth German Corporate Conference, Munich September 20, 2016

Q3 2016 results November 15, 2016

Publication of preliminary annual financials March 2017

Annual results 2016 March 2017

Annual general meeting May 31, 2017

Q&A

Your Investor Relations Team: Dhaval Vakil Vice President – Capital Markets and M&A Phone UK: +44 20 7034 7992 Mobile: +44 7788390185 Email: dhaval.vakil@senvion.com Julia Stargardt Manager Capital Markets Phone Ger: +49 40 5555 090 3517 Phone Lux: +352 26 00 5305 Mobile: +49 172 3683 906 Email: julia.stargardt@senvion.com For general queries: IR@senvion.com

Appendix

MM82 & MM92 WTGs at Massiv du Sud, Canada

25

Opex includes one time listing costs of €0.2m

D&A includes PPA impact of €25.7m

Includes positive PPA impact of €7.5m

Q2 2016 Bridge between reported and adjusted earnings

Income Statement Senvion SA Adjust-ments

Senvion SA Senvion GmbH

€m Q2 CY16 Adj. Q2 CY16 Adj. Q2 CY15

Revenue 505 505 471 Total performance 470 470 491 Material expenses (323) (323) (370)1

Gross profit 146 146 121 Gross margin % 29.0% 29.0% 25.7%

Other operating income 7 7 4

Personnel expenses (66) (66) (55)

Other operating expenses (45) 0.2 (45) (43)

FX gain/loss 2 2 (2)

EBITDA 45 45 25 EBITDA % 8.9% 8.9% 5.4%

Depreciation & Amortisation (46) 25.7 (20) (13)

EBIT -1 25 12 EBIT% (0.1)% 5.0% 2.6% Net interest (14) (14) (11) Taxes 4 -7.5 (4) 1 Net Profit from cont. operations (12) 7 2

PAT % (2.3)% 1.4% 0.3%

2

3

1

2

3

1

Key adjustments

Note: Q2 2015 figures are of Senvion GmbH for comparison purposes, Senvion SA figures are reviewed, while Senvion GmbH figures are unaudited 1. Excludes offshore blade provision of €6.3m

26

Senvion S.A.

Senvion GmbH Senvion S.A.

Adjust-ments

Senvion S.A.

€m PF adj. CY151 Adj. H1 CY15 H1 CY16 Adj. H1

CY16 Revenues 2,139 927 870 870 Capitalized development expenses 45 24 24 24

Changes in finished goods and WIP (13) 61 48 48

Total performance 2,171 1,012 942 942 Material expenses / services obtained (1,563) (760) (676) 1.5 (674)

Gross profit 608 253 266 268 Gross margin % 28.4% 27.2% 30.7% 30.8%

Other operating income 11 6 16 16

Personnel expenses (230) (111) (127) (127)

Other operating expenses (182) (88) (99) 6.7 (92)

Foreign exchange gain/loss 3 (3) 8 8

EBITDA 210 58 64 72 EBITDA % 9.8% 6.2% 7.4% 8.3%

Depreciation & Amortization (56) (28) (85) 51.7 (33)

EBIT 154 30 (21) 39 EBIT % 7.2% 3.3% (2.4)% 4.5%

Net interest (int cost – int income) (52) (16) (37) 7.7 (29)

Earnings before taxes 102 14 (57) 10 EBT % 4.8% 0.0% (6.6)% 0.9%

Taxes (39) (2) 13 (15.6) (3)

Net Profit from cont. operations 63 12 (44) 8 PAT % 2.9% 1.3% (5.1)% 0.1%

Comments

Note: Net FX impact is shown separately; H1 2015 figures are of Senvion GmbH for comparison purposes; Senvion SA figures for H1 2016 are reviewed, while Senvion GmbH figures are unaudited 1 Pro-forma adjusted financials are unaudited and prepared as if Senvion S.A. acquired Senvion GmbH from 1st January 2015. Adjusted EBITDA does not include PPA effects of €90m, trailing edge provision

of €22m, acquisition related costs of €28m and general warranty release income of €4m. EBIT does not include reorganisation expenses of €8m and PPA impact of €104m

Senvion GmbH figures are only provided for comparison purposes

Includes the PPA impact of €1.5m

Includes IPO expenses of €6.7m

Includes PPA of €51.7m

Includes shareholder loan interest of €7.7m, which has been fully converted into equity on listing

Includes positive PPA benefit of €15.6m

1

3

1

Senvion S.A. Income statement

2 4

4

5

5

2

3

27

Note: Current liabilities does not include short term loans; other liabilities include deferred taxes; Equity capital includes minority interest

Assets (€m) Mar-16 Jun-16 Liquid Funds 439 371 Current Assets (excluding liquid funds) 869 857

Receivables 188 202 Inventories 543 536 Others 138 118

Property, plant & equipment 193 193 Goodwill and other intangible assets 667 644 Other Non current assets 19 26 Total 2,188 2,090

Liabilities

(€m) Mar-16 Jun-16 Loans (short term and long term) 15 13 Current liabilities (excluding provisions and short term loans) 1,001 913

Advance payments received 354 294 Trade payables 431 396 Gross amount due to customers for contract work as a liability 47 63 Others 169 160

Provisions 222 225 Other liabilities 566 569 Total equity capital 384 370

Total 2,188 2,090

Senvion S.A. Balance sheet

28

Senvion S.A. Cash flow summary

Senvion GmbH Senvion S.A. Senvion GmbH Senvion S.A. (€m) Q2 CY15 Q2 CY16 H1 CY15 H1 CY16 Result before income taxes (5) (15) 0 (57)

Adjustments for

Depreciation on property, plant and equipment, amortization of intangible assets and write-offs on financial assets 13 46 28 85

Interest income 0 0 (1) 0

Interest expenses 12 14 17 37

Increase/decrease in provisions 1 3 7 7

Profit/loss from sales of property, plant and equipment, intangible and other long-term assets 0 0 0 0

Change in working capital 11 (62) (36) (40)

Interest received 0 0 1 0

Interest paid (3) (18) (7) (22)

Income tax paid/received 0 (12) 0 (13)

Cash flow from operating activities 29 (44) 9 (3) Cash receipts from the sale of property, plant and equipment, intangible and other long-term assets 0 0 0 2

Cash payments for the purchase of intangible assets (12) (15) (26) (26)

Cash payments from purchase of property, plant and equipment and other long-term assets (4) (8) (12) (18)

Cash flow from investing activities (16) (23) (38) (42) Cash repayments of amounts borrowed (1) (1) (3) (3)

Cash flow from financing activities (1) (1) (3) (3) Increase/decrease in cash and cash equivalents 12 (68) (32) (48) Cash and cash equivalents at the beginning of the period 300 434 344 414

Cash and cash equivalents at the end of the period 312 366 312 366 Liquid funds 313 371 313 371

Cash displayed in “Assets of disposal group classified as held for sale” 6 0 6 0

Short-term bank liabilities (7) (5) (7) (5)

Cash and cash equivalents at the end of the period 312 366 312 366

Note: Q1 and H1 2015 figures are of Senvion GmbH for comparison purposes, Senvion SA figures are reviewed, while Senvion GmbH figures are unaudited

29

Key terms of the bond Senior secured notes (Green Bond) 2015

Issuer Senvion Holding GmbH Principal amount €400m Issue Date April 29, 2015 Maturity Date November 15, 2020 Ranking Senior secured Interest 6.625 % Interest Payment May 15 and November 15, commencing November 15, 2015 Minimum Denomination €100,000 and integral multiples of €1,000 in excess thereof

Optional Redemption

Prior to May 15, 2017: Equity clawback – up to 40% at 106.625%; provided that at least 50% of the original issue size remains outstanding after redemption. Up to 10% in any 12-month period commencing the Issue Date, at 103%. 100% plus “make-whole” premium.

On and after May 15, 2017, Notes may redeemed at: 103.313% until May 14, 2018 101.656% until May 14, 2019 100.000% from May 15, 2019

Regulation S ISIN/ Common Code XS1223808749/122380874

Rule 144A ISIN/ Common Code XS1223809390/122380939

Listing Irish Stock Exchange (traded on the Global Exchange Market) Trustee Deutsche Trustee Company Limited

In order to reduce future cash interest payments, as well as future amounts due at maturity or upon redemption, we may consider, from time to time, purchase our Senior Secured Notes for cash in open market purchases, privately negotiated transactions or otherwise; in this case this will be published in accordance with applicable regulations in due course

We will evaluate any such transactions, including the amount and timing of purchases, in light of then-existing market conditions and other factors

The amounts involved in any such transactions, individually or in the aggregate, may be material

Comments

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