Investor Presentation Nordex AG

July 2006

Page 2

Nordex Management Team

Thomas Richterich

CEO / CFO

Carsten PedersenBoard MemberHead 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

Page 3

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

Germany44%

Asia 20%

Africa 4%

America 2%

Other Europe30%

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

Page 4

Investment Highlights

1. Attractive fast growing end-markets

2. Well positioned for strong growth

Technology leader

Well-positioned across the value chain

Positioned in high-growth product segments

International expansion

3. Successful completion of turnaround

4. Momentum generation & further upside potential

5. Strong management team with proven track record

Page 5

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

4.8 6.1 7.6 10.2 13.9 18.424.9

32.040.3

47.959.3

72.6

87.6

104.2

124.4

148.8

170.4

193.9

219.5

246.9

276.6

0.1% 0.1% 0.2% 0.2% 0.3% 0.3% 0.4% 0.5% 0.6% 0.7%0.9%

1.1%1.2%

1.4%1.6%

1.9%2.1%

2.4%2.7%

2.9%

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

To

tal I

nst

alle

d G

W

Europe The Americas Asia-Pacific RoW Wind Powers' Share of Total Power Market

CAGR 1995-2005: 28.6%CAGR 2006E – 2015E: 15.8%

% Increase 27.0 25.8 33.0 37.2 32.4 35.1 28.5 25.8 18.9 23.7 22.4 20.7 19.0 19.4 19.6 14.6 13.8 13.2 12.5 12.0

CAGR

‘05 – ‘10 ‘10 – ‘15

53% 17%

29% 17%

24% 16%

16% 11%

13%20%

Source: BTM

Page 6

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

0 50 100 150 200 250

Advanced Nuclear

Conv. Hydro

Geothermal

IGCC - Coal

Wind

Advanced Gas/Oil CC

Biomass

Conv. Gas/Oil CC

Solar Thermal

Photovoltaic

€/MWh

Page 7

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

Current R&D Initiatives

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

Page 8

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

Wind farm systemplanning

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

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

Additional service offering:

increasing demand due to new wind farm investors, which

are only interested in stable cash flow

Page 9

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.11,203

8,1538,305

7,4177,057

0

2,000

4,000

6,000

8,000

10,000

12,000

2001A 2002A 2003A 2004A 2005A

< 750 750 - 1500 1500 - 2500 > 2500

CAGR: 12.2%

CAGR ‘01-’05 by MW class

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

Page 10

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

0%

9%

12%

15%

17%

24%

60%

117%

120%

30%

Gamesa

Mitsubishi

Ecotécnia

Vestas

Enercon

Siemens

Repower

Nordex

Suzlon

GE

Market Growth in 2005 Nordex’ World Market Share Recovery in 2005

70

230

500

250

190

300

2002 2003 2004 2005

7% 3% 2% 3% Market Share

2H

1HWorld Market

Growth40%

Source: BTM 2006

60%

No

rdex

’ N

ewly

In

stal

led

Cap

acit

y in

MW

Page 11

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:

Page 12

0

50

100

150

200

250

300

350

400

450

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Momentum Generation: Continuously Increasing Order Intake

Order Intake Above Budget in 2005 and 1HY 2006

Q1: €35m

Q1-2: €158m

Q1-3: €280m

Q1-4: €395m

Q1: €263m

20052006

+67%

Germany 21%

Order Intake by Region in 1HY-2006

Rest of Europe

75%

Asia 4%

Total: € 400m

Order Intake by Product in 1HY-2006

Total: € 400m

N80/N90 77%

N60/N62 8% Sub-MW 0%

S70/S77 15%

2004

Q1-2: €400m

Page 13

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

Page 14

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)

Page 15

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%

Page 16

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 completelynew design required

4. Production capacities

Europe: expandable to750 (turbines) / 400 (blades) MW

Asia: expandable to250 (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 secureddue to capital increase (€ 70m)

LimitationsOpportunities

Page 17

Investment Highlights

1. Attractive fast growing end-markets

2. Well positioned for strong growth

Technology leader

Well-positioned across the value chain

Positioned in high-growth product segments

International expansion

3. Successful completion of turnaround

4. Momentum generation & further upside potential

5. Strong management team with proven track record

Page 18

Appendix

Page 19

in %

Source: ARA, WTI, Datastream

Increasing prices of fossil fuels have made wind more competitive

Price Development of Fossil Fuels

50

100

150

200

250

Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006

Steam Coal ARA $/MT Natural Gas $/MMBTU Crude Oil WTI Spot U$/BBL

Page 20

Market power price was considerably in excess of the EEG tariff

Spot Market Price in 2005 (EEX)

Jan-2005 Feb-2005 Mar-2005 Apr-2005 May-2005 Jun-2005 Jul-2005 Aug-2005 Sep-2005 Oct-2005 Nov-2005 Dec-2005

Peakload

Baseload

Euro/MWh

EEG max. remuneration (85.9 EUR/MWh)

EEG basic remuneration (53.9 EUR/MWh)

Source: EEX

Page 21

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

Page 22

2005 Recapitalisation and Current Shareholder Structure of Nordex

Share Capital

• Reverse split 10 : 1

Cash Capital Increase

• €41.6m

• Capital increase with pre-emptive rights for existing shareholders

• All shares from rights not taken up by existing shareholders purchased by CMP and Goldman Sachs

Debt-to-Equity Swap

• Reduction in bank liabilities of €28m

• Issue of 12m new shares

Credit Facilities

• Renewal for a further four years in the existing credit facilities

• €60 million in additional credit facilities

CMP26.7%

GoldmanSachs17.4%

HypoVereinsbank 4.3%

HSH Nordbank 3.8%

Morgan Stanley 3.7%

Nordvest 4.1%

Freefloat40.04%

Recapitalisation Completed in May 2005 Current Shareholder Structure

Capital Increase in May 2006

€ 70.4m from issue of 5.5m newshares

Page 23

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

Page 24

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

Page 25

Production Facilities

8-10 WTG MW-class/week

2 WTG 600 kW-class/week

99 blades/yearYinchuan: S70/77 JV

NR-34/37 120 blades/year

NR-40/45 180 blades/year

Page 26

Income Statement (IFRS) Fiscal 2005

01-Oct-2003- 30-Sep-2004€m

Sales

Total Revenues

Cost of materialsas a percentage of total revenues

Personnel costsas a percentage of total revenues

Depreciation/amortisationas a percentage of total revenues

Other operating income/expensesas 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

Page 27

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)

Page 28

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)

Page 29

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

Page 30

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

Page 31

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