193 184 47 191 191 191 226 140 5 217 209 101 49 47 50 199 207 60 250 169 38 Creating a Global Wind Industry Leader 17 June 2016 193 184 47 Today’s Participants 191 191 191 226 140 • Ignacio Martín 5 Executive Chairman, Gamesa 217 209 101 49 • Lisa Davis 47 50 Managing Board Member, Siemens AG 199 207 60 • David Mesonero 250 Head of Corporate Development, Gamesa 169 38 • Ignacio Artázcoz Chief Financial Officer, Gamesa 2 193 184 47 Agenda 191 191 191 226 140 1. Introduction 5 217 209 2. Companies Overview 101 49 47 3. Transaction Rationale 50 199 207 4. Transaction Structure 60 250 5. Conclusion 169 38 Appendix 3 193 184 47 191 191 191 226 140 5 217 209 101 49 47 50 199 207 60 250 169 38 1. Introduction 193 184 Gamesa: Focus on Value Creation through 47 191 Profitable Growth and Cash Generation 191 Value Creation for 191 Strategy Delivery of Guidance Shareholders 226 Gamesa: 140 +961% Leadership in turnaround: 5 2014 Results: 217 2013 • Cost reduction initiatives • Volume: c. 2.6 GW 961% 209 - Achievement of (2) 101 2014 • Balance sheet reinforcement 2013-2015 • EBIT : c. €191 m financial targets 1 • EBIT Margin (3): 8.3% 49 • Focus on core markets year in advance 47 50 199 Profitable growth: 207 2016 Targets: Share Price 60 • Tap growth opportunities in (1) 2015 • Volume: >3.8 GW Performance Aiming to achieve 250 - emerging and mature markets 2016 2015-2017 • EBIT: >€400 m + return to dividend 169 • Maintain cost control, breakeven 38 financial targets 1 • EBIT Margin: ≥9% focus and balance sheet strength year in advance Ibex 35: +6% 25-Oct-12 25-Apr-13 25-Oct-13 25-Apr-14 25-Oct-14 25-Apr-15 25-Oct-15 25-Apr-16 Share Price Performance Gamesa Ibex-35 Prepare Gamesa for beyond 2017 Today Announcement of merger with Siemens Wind Power to create a sector leader Note (1): Since the 2012 Capital Markets Day (25 October 2012) until 15 June 2016 (2): Excluding non-recurring items 5 (3): EBIT margin at October 2012 exchange rates 193 184 47 Superior Strategic and Financial Transaction 191 Rationale 191 191 Key Transaction Highlights 226 Creation of a leading WTG manufacturer in onshore and offshore with true global 140 reach 5 Complementary growth profiles 217 209 Diversified and complementary platforms de-risking the business profile 101 Diversified business profile and geographical positioning 49 Strategic 47 Complementary portfolios and operational and management strengths 50 Combined business better positioned to create value for customers 199 Enhanced comprehensive global product and service offering focused on LCoE 207 optimization through technology and scale 60 Transaction structured to create value for all stakeholders (shareholders, clients, 250 employees, suppliers and communities) 169 38 €20.2 bn total combined order backlog Combined pro-forma LTM Mar-16 recurrent EBIT of €839 m (1) ~€230 m cost and revenue annual pre-tax run-rate synergies expected by year 4. More Financial than 50% in year 2 Financial support from Siemens Group EPS accretive for Gamesa shareholders from year 1 (2) Sound capital structure preserved Note (1): Recurrent EBIT excluding synergies. €347 m for Gamesa and €492 m normalized standalone EBIT scope for Siemens (explained in slide 32) 6 (2): Including stock and cash terms. Excluding synergies and impacts from purchase accounting 193 184 47 Highly Attractive Friendly Transaction 191 191 191 Key Transaction Highlights 226 140 5 Transaction structure: Merger 217 Ownership in new company: Siemens 59% and Gamesa shareholders 41% (1) 209 101 Additional cash payment: €3.75 / share to Gamesa shareholders (2) Transaction Structure 49 26% of Gamesa’s unaffected (3) share price and Key Terms 47 (3) 50 25% of Gamesa’s L3M VWAP until unaffected date Global headquarters and public listing in Spain 199 207 Onshore headquarters in Spain and offshore headquarters in Germany / Denmark 60 250 169 Iberdrola supportive of proposed transaction 38 Agreement signed between Ibedrola and Siemens Transaction subject to the following conditions: Approval by Gamesa shareholders, Approvals & Timing mandatory tender offer exemption by CNMV and antitrust authorities approval Binding agreements reached with Areva waive non-compete/exclusivity restrictions in Adwen Expected closing Q1 2017 Note (1): Iberdrola maintains its equivalent stake of 8.1% in combined entity (2): As part of the merger, Siemens will make a cash payment of €3.75 per share to Gamesa. Extraordinary dividend to be paid to Gamesa shareholders post merger effectiveness (excluding Siemens) will amount to €3.75 less any ordinary dividends paid between signing of the agreements and completion of the merger to Gamesa’s shareholders 7 (3): As of 28 January 2016 193 184 47 Sound Anchor Shareholder Base Post 191 Transaction 191 191 226 Siemens Iberdrola 140 5 Largest European industrial Largest European utility by market 217 209 company capitalisation 101 49 New Gamesa as platform for wind Current world leader in renewable 47 50 power activities Gamesa energies + 199 Acts as a strategic partner to the Further investments in renewables, 207 Siemens 60 combined business globally Wind Power a core strategic pillar 250 Continues to provide support for Long lasting shareholder of Gamesa 169 38 offshore financing Key customer of Gamesa and Key component supplier Siemens Wind Power Wind Power will remain a Continued commitment as fully consolidated business shareholder and key of Siemens’ energy portfolio customer 8 193 184 47 191 191 191 226 140 5 217 209 101 49 47 50 199 207 60 250 169 38 2. Companies Overview 193 184 47 Creation of an Operational and Financial 191 Sector Champion 191 Pro Forma Entity 191 Siemens Gamesa (Exl. Synergies & Wind Power Ending March 2016 Transaction 226 Ending March 2016 140 adjustments) 5 (1) 217 Backlog (WTG and O&M) €5.4 bn €14.8 bn €20.2 bn 209 101 LTM Revenues (2) €3.7 bn €5.5 bn €9.3 bn 49 47 50 LTM recurrent EBIT (2) €347 m €492 m (3) €839 m (3) 199 207 (2) (3) (3) 60 LTM recurrent EBIT Margin 9.2% 8.9% 9.1% 250 169 Net Cash Position (1) €194 m N.A. Cash positive 38 Accumulated Installed Base (1) 35 GW 34 GW 69 GW LTM GW Installed (2) 3.3 GW 5.9 GW (4) 9.2 GW GW Under O&M (1) 22.3 GW (5) 24.6 GW (5) 46.9 GW Note (1): As at 31 March 2016 (2): LTM Mar -16 10 (3): Based on recurrent EBIT. Normalized standalone EBIT scope for Siemens (explained on slide 32) (4): Based on completed projects LTM Mar -16 (5): Including warranty 193 184 47 Gamesa among Onshore Leaders Strongly 191 Positioned in Attractive Emerging Markets 191 191 Business Overview Regional Footprint (1) 226 #4 onshore wind turbine manufacturer by 2015 installations 140 Headquartered in Spain 5 217 21 years of experience in wind 209 turbine's operation and maintenance China 101 Leading international services onshore player 49 Manufacturing facilities for key 47 Southern Europe components in Spain, China, India Traditional leading 50 player and Brazil 199 Mexico ~ 35 GW installed 1 India 1 207 60 22.3 GW under service Brazil 2 250 Lean and best-in-class operational 169 management practices. Focus on Market position 38 break-even point control and profitable growth Order Intake by Region (LTM Mar-16) Backlog by Business Unit (Mar-16) RoW EMEA 9% North 12% America O&M 14% 40% India Onshore 36% 60% LATAM 29% Source MAKE and company information 11 Note (1): Market position data based on onshore and offshore in 2015 (net additions in MW) 193 184 47 Siemens Wind Power as a Leading Player both 191 in Onshore and Offshore 191 191 Business Overview Regional Footprint (1) 226 #4 WTG global player and leader in offshore by 2015 installations 140 Siemens Wind Power (2) is a division 5 of Siemens Sweden 1 217 Headquartered in Germany / Denmark Canada 1 209 UK 1 101 35 years of wind experience (3) USA 49 Nacelles and blades manufacturing 3 Germany 1 47 facilities in Canada, China, Denmark 50 and USA Morocco (4) 1 199 ~34 GW installed 207 60 24.6 GW under service: Thereof onshore: 17.8 GW 250 169 Thereof offshore: 6.8 GW Market position 38 Global reach and best-in-class O&M platform Order Intake by Region (LTM Mar-16) Backlog by Business Unit (Mar-16) RoW Onshore 10% 14% O&M 42% North America 29% EMEA 61% Offshore 44% Source MAKE and company information Note (1): Market position data based on onshore and offshore in 2015 (net additions in MW) (2): Siemens Wind Power and Renewables businesses not related with wind turbine manufacturing excluded from transaction: Hydro, stake in A2Sea and Gwynt y Môr windfarm 12 (3): Including Bonus, which was acquired in 2004 (4): Market position in 2014. No MWs were installed in 2015 193 184 47 191 191 191 226 140 5 217 209 101 49 47 50 199 207 60 250 169 38 3. Transaction Rationale 13 193 184 47 Transaction Rationale 191 191 191 1 Creating a leading wind turbine manufacturer globally to add value to clients A Leading 226 Combined 140 Platform 2 Leading complementary growth profiles 5 Benefiting 217 from Scale Highly complementary platforms and operational and management 209 3 101 strengths Gamesa Complementary 49 + 47 & Diversified 4 Diversified, balanced and complementary geographical footprint 50 Siemens Wind 199 207 Power 5 Full range product portfolio to offer best-in-class LCoE to clients 60 Providing Enhanced 250 Offering to Service business with scale, global reach and a comprehensive offering 169 6 portfolio for clients 38 Clients Strategic agreements with Siemens to explore differential value enhancing 7 initiatives Strong synergy potential with complementary operational and management strengths driving up margins and de-risking business profile Significant value creation to stakeholders (shareholders, clients, employees, suppliers and communities) 14 193 184 1 47 Creating a Leading Wind Turbine Manufacturer 191 Globally to Add Value to Clients 191 191 Global Net Capacity Installed 226 2015A, Based on Net Additions 140 (GW) 5 8.2 7.6 6.9 6.4 217 4.6 3.6 3.1 209 2.9 2.6 2.5 2.2 101 49 47 G+S Gamesa 50 Gamesa Siemens Siemens WP Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6 Competitor 7 Competitor 8 Competitor Gamesa+ Gamesa+ WP Siemens 199 WP Siemens 207 60 Reported Backlog (excl.