RoadshowGSJuly2006

Investor Presentation Nordex AG: 

Investor Presentation Nordex AG July 2006

Slide2: 

Nordex Management Team Thomas Richterich CEO / CFO Carsten Pedersen Board Member Head of Sales Dr. Hansjörg Müller COO Previous positions with MAN, Ferrostaal and Babcock Borsig CFO since 2002, CEO since 2005 Managing Director of Nordex Energy GmbH since 1987 and Board Member of Nordex Responsible for Sales, since 2001 Previous positions with Siemens and Roland Berger Since 2004 Nordex board member for Operations

Nordex at a Glance: 

Nordex at a Glance Headquarter: Norderstedt, Germany Founded in 1985 in Denmark Establishment of production operations in Germany (1992) and China (1998) IPO in 2001 Global manufacturer of wind energy systems with a focus on turbines in the “MW class” 2005 Sales of €309m 721 employees Main production sites in Rostock (Germany) and Baoding (China) Installed Base by Geography Installed Base by Segment Germany 44% Asia 20% Africa 4% America 2% Other Europe 30% Mainstream (0.75-1.5MW) 51% “MW Class” (1.5-2.5MW) 43% Small WTG (<750 kW) 6% Total Base (as of Mar-2006): 2,738

Investment Highlights: 

Investment Highlights Attractive fast growing end-markets Well positioned for strong growth Technology leader Well-positioned across the value chain Positioned in high-growth product segments International expansion Successful completion of turnaround Momentum generation & further upside potential Strong management team with proven track record

Attractive Fast Growing End-Markets: Growing Importance of Wind Energy: 

Attractive Fast Growing End-Markets: Growing Importance of Wind Energy CAGR 1995-2005: 28.6% CAGR 2006E – 2015E: 15.8% CAGR ‘05 – ‘10 ‘10 – ‘15 53% 17% 29% 17% 24% 16% 16% 11% 13% 20% Source: BTM

Attractive Fast Growing End-Markets: Key Growth Drivers: 

Attractive Fast Growing End-Markets: Key Growth Drivers Growing Energy Consumption Rising Energy Costs Favourable Regulatory Environment World demand for primary energy increased by over 4% in 2004, world petrol demand by 1.5% in 2005 Economic growth in 2006 expected to support oil demand further (+2.2% vs. 2005 in volume terms) IEA estimates worldwide energy demand may double from 2002 to 2030 Oil price more than tripled since 2001, reaching all-time high in spring 2006 with in excess of US$70/barrel Market forward curve for oil swaps implies prices at a level of US$70-75 for next three years Kyoto protocol supports renewable energy to help countries achieve their targets Regulatory outlook worldwide positive: PTC in US extended until end of 2007; widely expected to be extended again Supportive new renewable energy law in China European Parliament reiterates position on renewable energy targets (20% by 2020) Source: Goldman Sachs Commodity Research, Bundesverband Wind Energie, Merrill Lynch Commodities Research Demand for wind energy driven by renewables regulations, price competitiveness of wind energy and strong worldwide energy demand Generation Cost in €/MWh

Well Positioned for Strong Growth: Technology Leader: 

Well Positioned for Strong Growth: Technology Leader Nordex track record of technological innovation Production of the world’s largest series wind turbine (250 kW) Construction of the world’s first series MW wind turbine Completion of the world’s first series of 80m class 2.5 MW wind turbine Installation of 1st Nordex offshore turbine Launch of serial production of 90m class 2.5 MW wind turbine New drive train concept with differential gearbox (N90/2500) Upgrade yaw system Upgrade pitch system New platform generation Modular tower concept incl. standardized mounting parts (S70 & N90) Advanced control system (reduced-load operation) Redesign of rotor blade NR45 (until maturity phase) Adoption to international grid codes Development of 100m class turbine 1987 1995 2000 2003 2005

Well Positioned for Strong Growth: Well Positioned Across the Value Chain: 

Well Positioned for Strong Growth: Well Positioned Across the Value Chain Wind farm system planning Technical realisation Wind farm operation Service and maintenance Project development marketing financing Micrositing of 100% of signed projects to review customer layout Supporting customers (co-development) to receive necessary approvals and to optimize the park layout n Core business: WTG assembly, production of selected components, installation on site, initial operation 2200 turbines are currently under Nordex service Full service contract offering up to 9+3 years duration Market leader in France (high margin potential) Development of first commercially financed project in China n Additional service offering: increasing demand due to new wind farm investors, which are only interested in stable cash flow

Well Positioned for Strong Growth: Positioned in High-Growth Product Segments: 

Well Positioned for Strong Growth: Positioned in High-Growth Product Segments MW-Class (1500 – 2500 kW) is by far the fastest growing segment and will be the market mainstream in the next 5 years Newly installed MW p.a. CAGR: 12.2% NM +39.9% +13.6% (35.2)% Nordex is growing faster than the market and has established a proven technological position in the MW turbine class

Nordex Has Grown Faster Than the Market Leading to Recovery of Market Share: 

Nordex Has Grown Faster Than the Market Leading to Recovery of Market Share Market Share 2H 1H World Market Growth 40% Source: BTM 2006 Nordex’ Newly Installed Capacity in MW

Well Positioned for Strong Growth: International Expansion: 

Well Positioned for Strong Growth: International Expansion China: Foundation of rotor blade production (4,000 sqm) for N60/1,300 kW in spring 2005 Foundation of production JV for S70/77 (1,500 kW) in spring 2006 Foundation of rotor blade production for S70/77 planned for 2006 Market re-entry in 2006/7 Upgrading capacities for project development 17 new projects developed, construction expected in 2006/7 (total capacity: ~240 MW) Successful re-entry achieved in 2006 (first major orders signed) Successful entry achieved in 2006 (first major order signed) Country Activity As of Mar-2006 Nordex has installed 1,543 turbines outside Germany (56% of total installed base) and is further expanding its international operations. UK: USA: France: Italy:

Momentum Generation: Continuously Increasing Order Intake: 

Momentum Generation: Continuously Increasing Order Intake Q1: €35m Q1-2: €158m Q1-3: €280m Q1-4: €395m Q1: €263m 2005 2006 +67% Germany 21% Rest of Europe 75% Asia 4% Total: € 400m Total: € 400m N80/N90 77% N60/N62 8% Sub-MW 0% S70/S77 15% 2004 Q1-2: €400m

Further Upside Potential : 

Further Upside Potential Implementation of EBIT improvement plan started in spring 2005 to achieve sustainable profitability (target: 5 – 10% EBIT margin) Positive market development since autumn 2005 generates good opportunities to secure bottom-line growth short- / medium-term improved utilisation of capacities increasing sales prices EBIT improvement plan will secure profitability long-term     

Main Drivers of Bottom-Line Growth : 

Main Drivers of Bottom-Line Growth Increase in price per MW - due to shortages of WTG 2006 2007 2008 + + + +/- EBIT improvement program + + + Increase in material costs - - - - Expenditures in new markets - - - - Target EBIT margin 3.0% 4 – 7% 5 – 10% Target revenue growth + 50% + 50% + 50% (1) Higher utilization of capacity + + + + + (2) (3) (4) (5)

Further Upside Potential:Enhanced Outlook 2006: 

Further Upside Potential: Enhanced Outlook 2006 Projected revenues secured by order volume: 100% of 2006 revenues secured by unconditional orders Unconditional and conditional orders (> €1bn) secure workload until end of 2007 Mid-term annual growth target of 50% 2006E (old) 2006E (new) Order Intake >€450m ≥€600m (Y-on-Y) +14% +50% Revenues >€400m ≥€460m (Y-on-Y) 30% +50% EBIT Margin 2.5% ≥3.0%

Opportunities for and Limitations of Growth Beyond Plan: 

Opportunities for and Limitations of Growth Beyond Plan 1. Markets Recovery of market share, target  5% New set-up in 1-2 markets p.a. Cautious towards offshore 2. Core components International supply 2-3 supplier strategy Production capacity gear boxes and blades 3. Product development capabilities Solid 2.5 MW technology Scaling up to 4.0 MW Above 4.0 MW completely new design required 4. Production capacities Europe: expandable to 750 (turbines) / 400 (blades) MW Asia: expandable to 250 (turbines) / 300 (blades) MW North America Further investments in Europe and Asia 5. Management & organisation Restructuring completed Basis for further improvements Max. growth path +50% p.a. 6. Financial capabilities Set-up for business volume with a target of € 1b Working capital requirements secured due to increased bond lines Investment requirements secured due to capital increase (€ 70m) Limitations Opportunities

Investment Highlights: 

Investment Highlights Attractive fast growing end-markets Well positioned for strong growth Technology leader Well-positioned across the value chain Positioned in high-growth product segments International expansion Successful completion of turnaround Momentum generation & further upside potential Strong management team with proven track record

Slide18: 

Appendix

Slide19: 

in % Source: ARA, WTI, Datastream Increasing prices of fossil fuels have made wind more competitive Price Development of Fossil Fuels

Slide20: 

Market power price was considerably in excess of the EEG tariff Spot Market Price in 2005 (EEX) Peakload Baseload Euro/MWh EEG max. remuneration (85.9 EUR/MWh) EEG basic remuneration (53.9 EUR/MWh) Source: EEX

The Nordex Group’s Restructuring Concept was based on Five Core Elements: 

The Nordex Group’s Restructuring Concept was based on Five Core Elements Elements of restructuring at Nordex Group Focus on attractive core markets Concentration on foreign growth markets Improved marketing efficiency Regaining technical position in upper market segment Elimination of existing deficiencies and lowering production costs Priority: N80/N90 Elimination of previous organizational shortcomings Pragmatic approach to optimize business processes with immediate activities Avoidance of inventory losses and guarantee expenditure Radical cost-cutting by means of operative and structural measures Creation of a reasonable cost structure to regain competitiveness Harnessing liquidity potential by reducing working capital Creation of a reasonable cost structure to regain competitiveness 1 2 3 4 5

2005 Recapitalisation and Current Shareholder Structure of Nordex: 

2005 Recapitalisation and Current Shareholder Structure of Nordex CMP 26.7% Goldman Sachs 17.4% HypoVereinsbank 4.3% HSH Nordbank 3.8% Morgan Stanley 3.7% Nordvest 4.1% Freefloat 40.04% € 70.4m from issue of 5.5m new shares

Monthly Index Ranking TecDAX 6/30/2006: 

Monthly Index Ranking TecDAX 6/30/2006 Company Rank Market Cap in million* Rank Turnover in million** ……… ……… NORDEX 18 342.68 15 563.58 ………. ………. 30 )* on basis of freefloat )** 12 Month

Product Overview: 

Product Overview Nordex N60 1,300kW stall GL1/GL2 Nordex S70/77 1,500kW pitch GL2/IEC 3a Nordex N80 2,500kW pitch IEC 1a Nordex N90 2,300kW pitch GL2 Nordex N90 2,500kW pitch IEC 1b (HS) IEC 2a (LS) Type Capacity Regulation Certification

Production Facilities: 

Production Facilities 8-10 WTG MW-class/week 2 WTG 600 kW-class/week 99 blades/year Yinchuan: S70/77 JV NR-34/37 120 blades/year NR-40/45 180 blades/year

Income Statement (IFRS) Fiscal 2005: 

Income Statement (IFRS) Fiscal 2005 01-Oct-2003- 30-Sep-2004 €m Sales Total Revenues Cost of materials as a percentage of total revenues Personnel costs as a percentage of total revenues Depreciation/amortisation as a percentage of total revenues Other operating income/expenses as a percentage of total revenues EBIT (operational) One-off items Financial result Tax Net income/loss 221.6 218.8 (173.3) 79.2% (34.5) 15.8% (12.1) 5.5% (24.0) 11.0% (25.5) (2.5) (5.1) 0.4 (33.5) 01-Jan-2005- 31-Dec-2005 309.0 319.4 (251.3) 78.6% (34.1) 10.7% (11.7) 3.7% (22.1) 6.9% 0.3 (5.4) (3.0) 0.1 (8.2)  39.4% 46.0% 45.0% (1.3)% (3.3)% (7.9)% 101.2% (116.0)% 41.4% 75.4% 87.4 100.6 78.0 (0.4) (0.4) (1.9) 25.8 (2.9) 2.1 0.3 25.3

Income Statement (IFRS) Q1/2006: 

Income Statement (IFRS) Q1/2006 01-Jan-2005- 31-Mar-2005 €m Sales Total Revenues Cost of materials Personnel costs Depreciation/amortisation Other operating income/expenses EBIT (operational) One-off items Financial result Tax Net income/loss 01-Jan-2006- 31-Mar-2006 124.7 122.8 (101.2) (9.1) (2.9) (7.3) 3.7 0.0 (1.0) 0.0 2.6 34.9 40.7 (30.6) (8.8) (2.8) (6.0) (8.7) (1.6) (0.9) 0.1 (9.5)

Balance Sheet (IFRS) Q1/2006: 

Balance Sheet (IFRS) Q1/2006 €m 31-Dec-2005 31-Mar-2006 (as if incl. cap. Increase) Fixed assets Current assets Net inventories Receivables and other assets Liquid funds Other assets Total Assets Shareholder‘s equity Provisions Liabilities Banks Trade payables Other liabilities Others Total liabilities and equity 55.5 183.7 80.6 94.2 79.3 26.4 336.0 136.5 57.7 134.6 3.0 62.7 68.8 7.2 336.0 55.4 150.0 71.1 59.4 19.5 26.0 231.4 63.5 55.8 105.2 7.1 64.1 34.0 6.9 231.4 € 70.4 m net proceeds from capital increase as of May 2006 31-Dec-2005 31-Mar-2006 (as if incl. cap. Increase)

Cash Flow Statement (IFRS) Fiscal 2005: 

Cash Flow Statement (IFRS) Fiscal 2005 01-Oct-2003- 30-Sep-2004 Net income/loss Depreciation Change in provisions Change in inventories Change in trade receivables and other assets Change in trade payables and other liabilities Other changes from operating activities Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Change in liquidity 01-Jan-2005- 31-Dec-2005 (8.2) 11.7 (6.3) (23.5) (12.6) 18.6 (0.3) (20.6) (8.6) 39.0 9.9 (33.5) 12.2 (4.6) 41.8 (6.6) (8.6) 0.1 0.8 (3.3) (0.4) (2.9) €m

Contact: 

Contact Ralf Peters Head of Corporate Communication/ Investor Relations Phone: +49 (0)40/500 98 522 Fax: +49 (0)40/500 98 333 eMail: rpeters@nordex-online.com Nordex AG Bornbarch 2 22848 Norderstedt Germany www.nordex-online.com

Financial Calendar: 

Financial Calendar Report on the first half of 2006 August 25, 2006 Report on the third quarter of 2006 November 23, 2006 Report on fiscal 2006 April 26, 2007