Vestas Corporate presentation Vestas Wind Systems A/S 19 de Septiembre, Bogotá Colombia

Content Vestas today: solid execution of the strategy and excellent global results What differentiates us? Lowering CoE for our customers 3. Pioneering wind in Latin America

Vestas Today Country: USA.State: New Mexico.Site: Macho Springs.Turbine: V100 1.8 MW

+30 years of wind industry leadership The only company 100% dedicated to wind truly global Doing only wind since 1979 73.970 MW installed 56.860 turbines installed In 75 countries Out of which we’ve pioneered +35 Argentina Mexico Peru Chile Uruguay Nicaragua 75 countries +8.4 bn€ in revenues Unmatched by any other wind player Brazil Jamaica Dominican Rep. Guatemala Costa Rica Taller de Energía Eólica, Bogotá Colombia

Unique global reach once again manifested in 2015 Balanced order intake from 34 countries across five continents in 2015. Installations in Guatemala and Serbia expand global reach to 75 countries. Order intake by country, FY 2015 8,943 MW 34 countries 5 continents Scandinavia Finland Sweden Denmark Norway Northern Europe United Kingdom Netherlands Belgium Ireland Canada USA South Korea Jamaica Central Europe Germany Poland Austria Romania Serbia* Switzerland China Mexico Brazil Vietnam Costa Rica Southern Europe France Turkey Italy Portugal Greece Georgia* India Thailand Chile Australia Uruguay * New markets for Vestas with firm order intake for the first time in 2015. Paving the way to leadership in Mexico Classification: Confidential

Worldwide leader of wind energy solutions 2 MW / 3 MW PLATFORMS SITE SOLUTIONS MONITORING AND CONTROL CONSTRUCTION FORECASTING SITING & WIND SOLUTIONS TURBINES O&M SERVICES Expertise built from 30 years of wind industry experience AFTERSALES SOLUTIONS OPERATION & MAINTENANCE Taller de Energía Eólica, Bogotá Colombia

…as shown by data in terms of market shares… Global Key takeaways 12.0% 12.3% 11.6% Siemens 9.7% Siemens 9.9% Siemens 9.5% Cumulative market share Goldwind 8.9% GE Wind 9.1% Goldwind 8.7% GE 8.9% Goldwind 9.0% GE 8.7% Enercon 7.6% Enercon 7.8% Enercon 7.3% 52.9% 51.9% 54.2% Otros Otros Otros IHS BTM FTI ConsultingFTI Consulting “Wind turbine shipments” “Installations” “Installations” Taller de Energía Eólica, Bogotá Colombia

Solid execution of Strategy

Another strong year executing on our strategy Execution of Profitable Growth for Vestas well on track… … with continued financial and operational performance: ~9 GW d FOI +2.1pp EBIT EUR 2.3bn d Net cash 117% d ROIC Taller de Energía Eólica, Bogotá Colombia

A combined backlog at EUR 16.8bn Wind turbines: EUR 7.9bn Service: EUR 8.9bn Taller de Energía Eólica, Bogotá Colombia

Outlook 2016 2016 expected to be another year with solid financial performance Outlook Revenue (bnEUR) min. 9 EBIT margin before special items (%) min. 11 Total investments (mEUR) (incl. the acquisition of Availon GmbH) approx 500 Free cash flow (mEUR) (incl. the acquisition of Availon GmbH) min. 600 Service business is expected to continue to grow with stable margins.

Lowering CoE for our customers How?

Solutions for all wind classes with two proven platforms… 2 MW The performance and reliability of the 2 MW platform have seen more than 15,000 turbines installed worldwide since 2002. Proven performance: Almost 4,000 MW sold in 2015; evidence of flagship status on e.g. US market. Target is to: “Reduce LCOE faster than the market” 3.45 MW Customers have ordered 10 GW of the 3 MW platform and have already installed over 7 GW 3 MW upgrade Upgrade incl. wind class, power rating, and control system 18-35% AEP improvement since introduction of 3 MW platform Taller de Energía Eólica, Bogotá Colombia

The most advanced test center in the world… Full-scale drivetrain test facility in Aarhus, Denmark. 12 MW input torque and radial/bending load simulator stress drivetrain beyond normal operating limits. All new drivetrains HALT tested to validate design. Taller de Energía Eólica, Bogotá Colombia

VestasServices™ is built on comprehensive experience 30 years of global data collection and a track record of 74 GW enable Vestas to have more information than anybody about WTG performance The right O&M plan Focused on preventive and predictive maintenance to secure highest possible availability for customers The right Infrastructure Build on 30 years of experience in maintaining wind turbines on a global scale The right People Who have been trained through certified training programmes and attained real field experience The right Intelligence Based on 30 years of global data collection, which enables Vestas to offer the industry’s most fact-based maintenance During the last 30 years, Vestas has refined each element of our O&M offerings. Servicing more than 45 GW has allowed us to tie these elements perfectly together. The result is unmatched O&M offerings, followed by industry leading turbine performance. Taller de Energía Eólica, Bogotá Colombia

Continuously driving down CoE by harnessing more and more energy Lost production factor & number of turbines Key takes LPF measures potential energy production not captured by the wind turbines. Over 30,000 turbines monitored, nearly 57 GW LPF continues at a low level below 2.0. LPF % Turbines Ensuring maxium uptime of turbines is a Key Performance Indicator at Vestas which we call Lost Production Factor. The Lost Production Factor is a measure for how much of the power production has been lost due to turbine downtime and unscheduled repairs. At Vestas, the Lost Production Factor is used to continously track turbine downtime and take measures to ensure that the turbine is ready to produce when the wind is there. In order words, it is a measure for turbine reliability. Vestas is monitoring the Lost Production Factor on all turbines under a full service agreement (AOM 4000 or 5000), currently approx. 17,000 turbines out of a total 25,000 turbines under surveillance Since 2009 when the Lost Production Factor was introduced as a KPI at Vestas, the number on the world-wide fleet has dropped every year. The current level is below 2%. Vestas is constantly working to optimise and develop our service capabilities, in order to maintain an attractive service offering to our customers. KNOWLEDGABLE AND CERTIFIED STAFF: All Vestas service technicians are certified (4 levels of certification) to ensure the right level knowledge and skills and highest HSE standards. INDUSTRY-LEADING INTELLIGENCE Vestas has implemented processes and systems to enable monitoring of turbine conditions and acting upon it to minimize lost production. This is the core of Vestas Performance & Diagnostic Centre (VPDC). VPDC enables prevention through prediction and a fact-based feedback loop for continuous improvement. Vestas monitors the performance of 25,000+ installed Vestas turbines around the globe in real-time giving Vestas the largest data set of turbine performance characteristics. 139 sensors in each wind turbine send pressure, temperature and log data to VPDC every 10 minutes. This data is combined with information on service visits, spare parts usage and service work hours to create a complete picture of turbine health. EFFICIENT OPERATIONS AND MAINTENANCE PLANNING: The operation of today’s large wind power plants require efficient maintenance strategies. Essential to this effort is the ability to predict impending breakdowns in critical components as this enables the operator to avoid costly breakdowns and unscheduled interruptions of the power production. Knowing how one turbine performs compared to similar turbines in similar conditions give Vestas a unique ability to identify abnormalities and react. Based on past performance data, predictive models are utilized to predict potential component failures before they occur. GLOBAL INFRASTRUCTURE Vestas has a global, synchronized service support structure, both in terms of supply chain and service delivery, technical hotline and support as well as ERP system. We currently carry out service in 50+ countries across North, Central and South America, Europe, Middel East, Africa, Asia and the Pacific. 2010 2015 LPF (1 year rolling) Turbines *Sources: Vestas VPDC Graph shows turbines under AOM 4000 & 5000 service contracts Taller de Energía Eólica, Bogotá Colombia

Big data behind every decision at Vestas From product development, to siting, to service, data insights are at the center Big data Validation testing Product design Project siting Operations & maintenance Sourcing & production Key takes Data every 10th minute 24/7 surveillance Up to 500 data points 10x10m Vestas has the ability to predict meteorological conditions world-wide down to areas of : Product design: Data is the fundamental prerequisite for a design life of 20+ years Validation testing: Data ensures that accelerated lifetime simulations on key components are as realistic as possible Project siting: Data enables siting to optimise component loads and production Sourcing & production: Data ensures that the most significant CtQs (critical-to-quality) are thoroughly managed in manufacturing Operations & maintenance: Data allows us to (through condition monitoring) implement timely predictive maintenance, thereby minimising lost production Tailored Site assessment and optimization services The Vestas Performance and Diagnostics Center is monitoring >46,000 MW of wind power plants globally. The VPDC receives 10 minute data 24 hours per day, 7 days per week from 130-500 sensors in each wind turbine, resulting in the world’s largest set of wind turbine operations data. We build predictive models to detect problems and signals from the WTGs, which classified according to severity. The severity classification is used to alert service technicians and prevent performance deviations and turbine downtime. Vestas also uses this unique knowledge throughout the value chain to improve turbine design, mirror real site conditions during reliability testing, optimise siting and identify Critical to Quality items in manufacturing. Taller de Energía Eólica, Bogotá Colombia

Investing to expand our portfolio of services Acquisition broadens Vestas service capabilities and contributes to Vestas becoming our customers’ preferred fleetwide service partner In December, Vestas acquired UpWind Solutions to build on its global leadership within service and increase its foothold in the U.S. market. “The acquisition accelerates our profitable growth strategy and helps Vestas to capture the full potential of the service business. We are broadening our capabilities and increasing the size of our addressable market for all major turbine technologies. In short, the acquisition is a strong strategic fit,” says Group Senior Vice President Christian Venderby, Vestas Global Service.  MILESTONE IN 2015 Taller de Energía Eólica, Bogotá Colombia

Engaging with strong partners to achieve our shared goals Africa’s largest wind park underlines wind energy’s strong business case in emerging markets Upon completion of Lake Turkana wind park in 2017, Google will acquire Vestas’ 12.5 percent stake in Africa’s largest wind park. A prime example of wind energy’s ability to create sustainable development across the globe, the Lake Turkana wind park will supply around 15 percent of Kenya’s electricity needs* and is key to Kenya’s development goals. John Woolard, Vice President, Energy at Google, said “We are making a commitment to invest in Lake Turkana because it makes financial sense, but also because it has the potential to have a massive impact on Kenya’s grid, helping to spur the deployment of renewable energy in one of the world’s fastest-growing countries”. MILESTONE IN 2015 Taller de Energía Eólica, Bogotá Colombia

Pioneering wind in Latin America

Vestas has a global footprint… HQ Sales and O&M Factories R&D 39 sales offices and O&M 6 R&D centers 19 manufacturing centers Taller de Energía Eólica, Bogotá Colombia

But works under the principle: ‘in the region, for the region’ Technology Supply chain Procurement Quality Transport RSC Security Human Resources Finance BoP Mexico DF +80 employees Mexico, Central America and Caribbean Santiago Chile +150 employees Southern Cone (except Brazil) Local teams in: Mexico, Jamaica, Nicaragua, Guatemala, Dom. Republic, Costa Rica, Puerto Rico, Chile, Argentina, Uruguay and Perú. General Management Sales Construction Service + same replicated structure in Brazil Taller de Energía Eólica, Bogotá Colombia 22

Strong and longest lasting track record in LAC +2,400 MW Installed throughout LATAM and Caribbean 1994 2001 2004 2010 2014 2016 2 86 113 371 +2 GW +3.600 Countries in Latam with Vestas turbines: Argentina, Aruba, Brazil, Chile, Costa Rica, Cuba, Dominican Rep., Guatemala, Jamaica, Mexico, Montserrat, Curaçao, Peru, Puerto Rico, Uruguay First wind farm Argentina / México First wind farm Chile Expansion of wind in Brazil First Vestas >1 MW WTG in LAC Cumulative capacity Vestas in LAC (MW)) +1.200 MW Under construction +almost 3 GW Under O&M contracts in 2016 Taller de Energía Eólica, Bogotá Colombia 23

…which allow overcoming challenges most efficiently WE TAKE CARE OF THE FULL SUPPLY CHAIN, REDUCING RISKS AND BURDEN CUSTOMS & LOGISTICS WE SECURE THE SUPPLY OF THE EQUIPMENT NEEDED CRANES AND EQUIPMENT AVAILABILITY WE TRAIN LOCAL TEAMS TO HAVE HIGH-SKILLED PERSONNEL SKILLED LABOR WHICH ONLY EXPERIENCE A LONG TRACK RECORD CAN GIVE LOCAL EXPERTISE Taller de Energía Eólica, Bogotá Colombia 24

Activity level in Latam: Total of 1 Activity level in Latam: Total of 1.3 GW under Construction during 2016 (planning & execution) Taller de Energía Eólica, Bogotá Colombia

Wide experience in Turnkey-EPC projects Cumulative Track Record (global) EPC projects (MW) +557 7.085 By years’ end, Vestas will accumulate +7 GW of Turnkey/EPC projects executed Over the past decade we have executed an average of 600 MW / year of projects with an EPC scope EPC projects represents approximately 10% of Vestas business volume 6.528 +522 5.976 +500 5.454 5.270 4.770 +281 4.168 3.887 +1.094 3.270 2.176 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Taller de Energía Eólica, Bogotá Colombia

By parterning Vestas, our customers have succeded in numeruous auctions systems throughout LAC and RoW Brazil Vestas installed 713 MW in Brazil, most of them belonging to the auction system (Leiloes). We currently have 385 MW under construction + 230 MW in conditional orders. Large European players + and also local players customers have trusted Vestas to deliver the lowest CoE. Our 2.0 MW platform delivers this. Brazil is one of the most competitive markets worldwide with PPAs of 50 USD/MWh and below. Only between these markets, Vestas helped customers secure 3.1 GW in the most various auction systems over the past 5 years Uruguay Uruguay implemented reverse auctions similar to Brazil. Vestas’ customers have been able to secure +350 MW with PPAs around 65 USD/MWh due to the high performing 3.0 MW platform Vestas is the leader in the market with 30-40% market share Argentina The GenRen tender in Argentina allocated 700 MW of wind back in 2010. Only a few were built, most of them with Vestas WTGs on Rawson I&II wind farms, partnering local utility Egmasud (Genneia). Taller de Energía Eólica, Bogotá Colombia

Strong expertise in Islands and Isolated Systems Wind Farm Location Size Installed Capabilities Vader Piet Aruba 30 MW 2009 Savings and energy dependence reduction Vader Piet supplies 18% of the total Aruban electricity consumption. 2. Adaptation to isolated systems. 3. Minimum impact to environment. Bangui Philippines 24.75 MW 2009 First wind farm of the Philippines. Signed under the Emissions Reduction Purchase Agreement (ERPA) within the CDM scheme. Positive impact in the local communities. Turnkey project Cabeolica (4 WFs) Cape Verde 25.50 MW 2009 Transport and constructoin. 30 WTGs installed in 4 different islands; crane and trucks imported. Grid integration of 4 wind farms in 4 different islands. 18% of Cape Verde’s consumption is supplied by Vestas WTGs: Cape Verde is now a global leader in wind penetration. Knowledge transfer Blue Mountain Jamaica 36.3 MW Under construction Transport Alternative solutions to infrastructure challenges. Collaboration with BoP supplier. Vestas-Customer Collaboration Support throughout the whole process to ease financing. Juancho Los Cocos Dominican Rep. 25.2 MW 2011 First WF of Dom. Republic. Massive logistics and civil works needed as special roads were built to transport the cranes used for the construction. 2. High temperatures CoolerTop® concept, which uses wind to cool the WTGs. Allows for the operation of the WTG at high temperatures. Punta Lima Puerto Rico 23 MW 2012 O&M Contracts: VestasOnline® Business SCADA 5-years O&M contract with an availability guarantee Vestas offers up to 15-year long O&M contracts +500 MW installed in small islands and isolated systems… Taller de Energía Eólica, Bogotá Colombia

In short Why partnering Vestas in Colombia ?

¿Why Vestas in Colombia? We have the product and service portfolio that maximize the production of your wind farm at all sites We leverage from our global footprint and local knowledge to deliver the lowest CoE We have extensive experience within auction environments to support you to win projects at the maximum PPA In the end it is all about people skills, and we are certain that we have the best Because harnessing the power of wind is all that we do

Thank you for your attention

Track record in the region Project Sponsor Status Size # WTG MW/WTG HH MEXICO Eólica del Sur Mareña Under Construction 396 MW 132 V90 3.0 80 Sierra de Juarez Sempra 155 MW 47 V112 3.3 84 Oaxaca I COBRA 2012 102 MW 51 V80 2 Tres Mesas GBM, Goldman Sachs 150 MW 45 V117 91.5 La Mesa & Cd. Victoria Enhol 99 33 El Porvenir GEMEX 2013 54 MW 30 V100 1.8 Los Altos Grupo Dragon 50 MW 28 Arriaga 29 MW 16 Granja Sedena SEDENA 2014 15 MW 5 La Venta CFE 1994 1.5 MW 6 V27 225 KW TOTAL MEXICO 1.150 MW

Track record in the region Project Sponsor Status Size # WTG MW/WTG HH NICARAGUA La Fe San Martin Blue Power 2012 40 MW 21 V90 1.8 80 Alba Rivas ALBANISA 2013 V100 TOTAL NICARAGUA 80 MW Project Sponsor Status Size # WTG MW/WTG HH GUATEMALA San Antonio Grupo Sentrance Under Construction 53 MW 16 V112 3.3 84 Viento Blanco Hunt Energy 23 MW 7 TOTAL GUATEMALA 76 MW Project Sponsor Status Size # WTG MW/WTG HH República Dominicana Juancho Los Cocos EGE Haina 2011 25 MW 14 V90 1.8 80 Quilvio Cabrera 9 MW 5 V82 1.85 Larimar Under Development 50 MW 15 V112 3.3 TOTAL REPUBLICA DOMINICANA 84 MW

Track record in the region Project Sponsor Status Size # WTG MW/WTG HH Costa Rica La Tejona ICE 2003 20 MW 30 V47-660 kW 0,66 AeroEnergia CR Corp. 1998 7 MW 9 NM48/750 0,75 40 Tilawind 21 MW 3 V90 3.0 80 TOTAL COSTA RICA 48 MW Project Sponsor Status Size # WTG MW/WTG HH Aruba Vader Piet / Tera Cora NU Capital 30 MW 10 V90 3.0 80 TOTAL Aruba Project Sponsor Status Size # WTG MW/WTG HH Puerto Rico Punta Lima Gestamp 2012 23 MW 13 V100 1.8 80 TOTAL Puerto Rico Project Sponsor Status Size # WTG MW/WTG HH JAMAICA Wigton JPC 2009 21 MW 20 NM 52 900 KW Wigton II 18 MW 9 V80 2.0 67 Blue Mountain BMR Under Construction 36 MW 11 V112 3.3 84 TOTAL JAMAICA 75 MW