Page 1

Nordex AGConference CallQ1 2008

May 26, 2008

Nordex AG

Nordex AGConference Call

FY 2008

April 21, 2009

Nordex AGConference CallQ1/2009

May 22, 2009

Page 2

Overview

� Promising start to 2009

� Sales +17% yoy in Q1; 20% of full-year sales target achieved

� Cost savings measures have already begun to take effect

� Cautiously optimistic outlook for 2009

� Significant uptick in order intake in March

� Economic stimulus packages expected to make an impact over the course of 2009

� Sales expected to climb over EUR 1.2 billion in 2009; profitability will remain

positive, but below level of 2008

� Increase in working capital will be reversed

� Solid balance sheet

� Nordex will benefit from strong industry growth from 2010 onwards

� Favourable government policies and economic stimulus packages will lead to

substantial growth from 2010 onwards

� Particularly strong prospects in USA and China

� Full impact of investment in new structures and efficiency improvements

Page 3

Strong political support for future electricity generation by renewable sources

Source: MAKE; HSBC

The US market:

� USD 112 bn green stimulus package

(USD 40 billion earmarked for clean energy)

� Production Tax Credit (PTC) extended to 2012

� New investment tax credit (option to elect in lieu of

PTC) – currently 30% based on cost of projects

� Treasury Grant Program (option to elect in lieu of

ITC) for projects

� US utility companies have recently announced

their intention to invest significantly in renewable

electricity

Target 2012: 10% renewablesTarget 2025: 25 % renewables

New installed MW (America)

7,270

9,476

2008 2009e

9,900

2010e

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Strong political support for future electricity generation by renewable sources

Source: MAKE, BTM, HSBC

Target 2012: 30,000 MW WTGTarget 2020: 15% renewables

New installed MW (Asia)

10,3008,711

2008 2009e

11,870

2010e

The Chinese market:

� USD 585 billion stimulus package (8% of which is

intended for the environment)

� China is poised to become the biggest growth

market for wind-power generating capacity in 2009

� The NDRC* target for wind energy in 2010 20 GW

on the grid > 12 GW in 2009/2010

� State Grid Corporation of China plans to invest

over CNY1 trillion (approx. EUR 100 billion) in the

construction of power grids within the next two to

three years

* National Development and Reform Comission

Page 5

Strong political support for future electricity generation by renewable sources

Source: MAKE, HSBC

The European market:

� USD 54 billion green stimulus package (6%

renewable, 68% energy efficiency)

� EU Target of 20% renewable electricity agreed for

2020

� Germany: Coming into force of renewable energy

act (EEG) as at 1st January 2009 > higher feed-in

tariff for onshore/offshore, technology bonus

� The UK intends to expand the proportion of

renewable electricity to 10% by 2010 and to 15%

by 2020

Target 2020: 20% renewables

New installed MW (Europe)

8,1709,171

2008 2009e

10,310

2010e

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Global demand forecast 2009e – 2013e

Source: MAKE Consulting

17,25014,75013,120

9,9007,270

9,476

16,510

14,700

11,730

10,080

8,130

9,171

16,870

15,000

13,430

11,870

10,3008,711

2008 2009e 2010e 2011e 2012e 2013e

10,000

20,000

30,000

40,000

50,000

60,000

New MW

27,53225,890

32,200

38,680

44,900

51,230

174190

350

400

450

600

Americas Europe Asia RoW

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2009 – Preparing for further growth

Setup of international supply chain

Flexible purchase coordination

Suppliers

Strengthening of customer relationships in US market

Building relationship with utilities & IPPs

Customers

Preparing for an international organisation

Reduction in project lead time

Structures & Processes

Launch of new 2.5 MW class platform

Launch of new 1.5 MW class platform

Intensive product development

Products

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Capital spending 2009: Partial CAPEX postponements, but no cancellations planned

Extension of the rotor blade production facility

Total budget: ~ EUR 100 million

Location: Rostock, Germany

Completion: 2009

Set up of nacelle and rotor blade production facility

Total budget: EUR 80 million

Location: Jonesboro, USA

Completion: 2010/2011

Nordex is going to invest some EUR 70 million in 2009 to reach its mid-term growth targets

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Q1/2009 overview

� Strong growth in sales

� Substantial expenditure in people and structures

� Cost-cutting impact already visible in q-o-q comparison

� Increase in working capital – will be reversed in H2/2009

� Strong balance sheet

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Development of sales Q1/2009

� Total sales increase by 17% to EUR 233.3 million in Q1/2009 thanks to positive

performance in Europe (+16.2%) and USA (>100%)

� Nordex well on track to reach its sales forecast for 2009:

� Q1 sales share 2009e: 19.4%

� Q1 sales share 2008: 17.5%

All figures in EUR million

198.1

Q1/2008 Q1/2009

0.5

170.5

28.3

198.1

19.1

16.2Total:199.3

Total: 233.3

+ 17%Europe

America

Asia

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Development output in Q1/2009

WTG RotorChina

Q1/2008

31.5

210

16

123

Q1/2009

31.5

261.5

21

107

� Output in turbine production climbed by

25% (sales + 17%)

� Decrease in rotor blade production

reflects build-up of inventory ahead of

production changeover this year

+25%

-13%

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Key figures P+L Q1/2009

In € mn Q1/2009 Q1/2008 ∆ in %

Sales 233.3 199.3 17.1

Total revenues 245.1 231.3 6.0

Costs of materials (193.4) (186.4) 3.8

Gross profit 51.7 44.9 15.1

Personnel costs (26.0) (17.0) 52.9

Depreciation (5.1) (3.9) 30.8

Other op. exp. / inc. (20.3) (17.4) 16.7

EBIT 0.3 6.6 (95.5)

Net financial result (1.4) 0.8 --

EBT (1.1) 7.4 --

Tax 1.6 (1.7) --

Net profit 0.5 5.7 (91.2)

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Fixed costs declining as a result of cost-cutting measures

Net other operating

expenses

Depreciation

Personnel

Q4/2008 Q1/2009

24.8

3.6

36.7

26.0

5.1

20.3

- 21%

Total: EUR 65.1mn

Total: EUR 51.4mn

All figures in EUR million

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Monthly average additions to headcount

Q1/2009 vs. 2008

� Most of the necessary hiring took place in 2008

� Added headcount in Q1/2009 focused on important areas as Central Engineering, the

European service and maintenance operations and in the US

Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009

36

51 49 50

18

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Key figures balance sheet Q1/2009

In EUR mn Q1/2009 2008 In EUR mn Q1/2009 2008

Liquid funds 62.6 111.7 Trade payables 121.9 132.6

Trade receivables and future receivables

108.0 103.4 Provisions 28.5 44.0

Net inventories 405.6 372.2 Prepayments received 175.3 176.6

Other current assets

88.8 82.2 Other current liabilities 139.3 109.7

Current assets 665.0 669.5 Current liabilities 465.0 462.9

Non-current assets 133.0 129.0 Non-current liabilities 34.5 34.0

Deferred tax assets 54.7 55.8 Deferred tax liabilities 30.0 33.0

Shareholders’ equity 323.2 324.4

Total Assets 852.7 854.3Total liabilities and

equity852.7 854.3

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Development inventories and working capital

All figures in EUR million

� Purchasing was adjusted to the reduced requirements for the current year in order to

reduce inventories in the second half of 2009

157.2 165.4

221.6231.8

289.1

318.1340.8

372.2

405.6

Inventories WC including reservation fee (WC to total revenues)

Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 2009e

5%

10%

15%

20%Target

corridor

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Cash flow statement Q1/2009

In € mn Q1/2009 Q1/2008

Net profit/loss 0.5 5.7

Depreciation 5.1 3.9

Change in provisions (14.8) 0.7

Change in inventories (33.4) (57.3)

Change in trade receivables and other assets (9.4) (56.7)

Change in trade payables and other liabilities (7.6) 73.9

Change in deferred taxes (2.0) 1.5

Cash flow from operating activities (61.6) (28.3)

Cash flow from investing activities (10.8) (13.0)

Cash flow from financing activities 23.3 5.5

Change in liquidity from cash flows (49.1) (35.8)

Liquidity beginning of period 111.7 212.2

Liquidity end of period 62.6 176.4

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20

40

60

80

100

120

EUR m

Order intake since January 2007

New orders (12 month rolling average)

Uptick in order intake in March 2009 –

we are cautiously optimistic for the rest of the year

2007

EUR 1,221 mn

2008

EUR 876 mn

2009e

> EUR 876 mn

Growth

Effect of the financial crisis

Recovery?

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Order Backlog in EUR mn as of Q1/2009

Conditional orders Firm orders

2,220

Dec 31, 2008

824

3,044

+´4%

-7%

2,056

Q1/2009

853

2,909� Total order backlog at high level,

even in current financial market

turmoil

� Growing momentum in order

intake over the course of

Q1/2009 noticed

� Around 90% of the sales target

for 2009 already secured by

Q1 sales results and firm order

backlog as of March 31, 2009

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Outlook 2009

� Sales growth to more than EUR 1.2 billion expected(covered by firm order backlog amounting to EUR 853 million and expected order

intake)

� Fixed costs expected to remain at the same level as in Q1/2009

� This means that the operating margin will be lower than in 2008

� Positive net profit expected, albeit lower than in 2008

� Increase in working capital to be reversed; working capital ratio expected unchanged at 15-20% of total revenues at the end of the year

� Investments of around EUR 70 million will lead to negative cash flow

� Net liquidity will remain positive

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Conclusion

� Wind energy has massive long-term growth potential

� Nordex is investing in people, processes and capacity

� Some uptick in demand seen in March; industry to benefit from global economic stimulus packages

� Confirming guidance: sales over EUR 1.2 billion, and positive net profit

� Full impact of demand growth and efficiency improvements in 2010

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Appendix

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Shareholder Structure of Nordex

On the basis of 66.845 mn shares, as of May 2009

SKion / momentum capital / Klatten

(21.8 %)

CMP(14.4 %)

Goldman Sachs(10.6 %)

CJ Holding A/S*(3.5 %)

HSH Nordbank(2.1 %)

Free float

(47.6 %)

* Controlling company of Nordvest A/S

Page 24

Contact & Disclaimer

Nordex AG

Bornbarch 2

22848 Norderstedt

Germany

www.nordex-online.com

Ralf Peters

Head of Corporate Communications

Phone: +49 (0)40/300 30 1522

Fax: +49 (0)40/300 38 1333

eMail: rpeters@nordex-online.com

The targeted goals in this document reflect forward looking statements which are based solely on estimates and not on predictable risks.

Should the estimates with regard to the successful integration of acquisitions and the future internal growth of the company notto be realized or if other unpredictable risks should arise, it cannot be ruled out that the actual financial results of the company will differ substantially from the targeted goals as laid out in this document.

In this respect Nordex AG is unable to give a guarantee that the actual financial results of the company will not differ from any forecasts or guidance given.