A % 5% 6% 12% 64% % 3% 38% 19% 27% 2

(8621)50818887 2007-09-24 000862. SZ 14.15 14 6 2007 6 1.8A : 33, 4.30 021-50818887-215, hanl@ebscn.com 2006 2.03 103 ( ) 23589 ( ) 335907.00 20%-30% (%) 71.97% 2010 25000 6 8000 12 / 19.29/2.57 3 1190 07 08 09 4.95 32.750 (12 ) 385% 20075 1 084 2 20 250% 0950-70 2010120 4.16 115% 0809 10 EPS0.010.060.18-20% 40% ( ) ( 2007 09-11- 12-02- 03-7 211.5MW 50 06 06 06 07 07 " % 08 1.8-7.26-36.24 180.29 4.16, 070809 EPS 0.090.21-3.26-7.71 386.41 0.41. 08 60 ( ) 2006 2007E 2008E 2009E 352.5 409.2 912.1 1,579.7 18.76 20.91 88.52 171.34 () 0.08 0.09 0.21 0.41 (X) 179.80 159.01 66.49 34.35 () 0.67 0.82 1.38 1.56 (X) 21.12 17.26 10.25 9.07 520% : 05-06- 07-09- 07 07 07 07

2007-09-24 1959 1998 20076 1.8A 33 2007417 90 4.30 1 2007 2007 13% 5% 6% 12% 64% 2 2007 2007 13% 3% 38% 19% 27% 2

2007-09-24 1959 50 5-10 20 60 85% 2006 2.03 103 20%-30% 2010 25000 6 8000 3 250 200 150 100 50 0 2002 2003 2004 2005 2006 3

2007-09-24 356 2506, 78 30m/s 15 176 9 2010 100 2020 215 20% 5% 4 2006 5% 1% 6% 4% 4% 8% 2% 7% 9% 29% 14% 11% 50% 50% 4

2007-09-24 2004416 20061 9.18 54 50 4.05 2007 20065 25 CDM 172,500 7 2006 829 Trading Emissions Limited CER 2005 2012 13.23 5,875 CDM 50% 2002516 2.04 2006 106 Trading Emissions Limited CER 2004 2012 2.04 895.2 CDM 200512 4.95 2007 3 CDM 2007 2014 4.95 3,178 CDM 4.95 46,156 8% 10.58 200736 MGM S.a.R.L CDM 2008 2012 4.95 2,279 CDM 4.5 38,427 8.39% 10.43 5

2007-09-24 4.05 34,841 8.21% 10.76 5 ( ( 1-3 9.18 100% 9.18 2.04 50% 1.02 4.95 100% 4.95 4.05 100% 4.05 2007 4.95 100% 4.95 4.5 100% 4.5 4.05 100% 4.05 33.72 32.7 08 070809 4.9532.750 0.53-0.65/KWH 2000 6 6 2007E 2008E 2009E ( ) 4.95 32.7 50 ( ) 52.47 210.84 521.01 ( ) 20.99 88.55 234.45 ( ) 4.20 8.86 25.79 ( ) 416 416 416 EPS () 0.01 0.02 0.06 1MW 20075 2600 100% 1 MWT-1000A 200 6

2007-09-24 5 2005 117 1899 1MW 7 8 2005 2005 (MW) 1 VESTAS 4,015 35.0% 2 ENERCON 1,606 14.0% 3 GAMESA 1,491 13.0% 4 GE 1,377 12.0% 5 918 8.0% 6 NORDEX 574 5.0% 7 REPOWER 344 3.0% 8 SUZLON 229 2.0% 9 229 2.0% 10 ECONTECNIA 229 2.0% 07 08 50-80 09120 2010200 530 084 2 20 09 50-70 2010120 4.16 0809 10 EPS0.010.060.18 7

2007-09-24 9 2008E 2009E 2010E 20 60 120 ( ) 106 318 636 ( ) 5.3 25.44 76.32 415.8 415.8 415.8 EPS 0.01 0.06 0.18 ( ) ( ) 2005 40% 10% Nordex 50% Nordex 1.5MWS77/1500KW S70/1500KW 2007 7 21 50 08 150 ( ) ( ) Nordex 15% 0460 / 200 / 6N-9N 9N-11N A 40% 4N6N, 1/10 18,000 (18,000 ) 33% 8

2007-09-24 2003 6 9 200612 8 10 16 5 5 7 11 9

2007-09-24 12 2006 2006-12-31 1,219 5,684 181 2006 1,964 425 111 95 109 7,178 54 2,898 3,002 5,900 293 985 7,178 08 1.8 4.16, 070809 EPS 0.090.210.41. 08 60 13 2006 2007E 2008E 2009E 352.5 409.2 912.1 1,579.7 216.74 267.9 584.1 971.7 132.8 140.1 325.2 603.3 : -2.85-3.0-3.0-3.0 : -5.77-6.0-6.0-6.0 34.37 36.8 91.2 158.0 30.58 35.2 77.5 134.3 61.30 62.0 70.0 90.0 9.46 9.1 89.5 224.0 0.00 - - - -2.52 11.4 12.0 10.0 20.83 23.1 99.5 234.0 2.06 1.2 8.0 53.8 10

2007-09-24 0.19 1.0 3.0 5.0 18.76 20.9 88.5 175.2 236.00 235.0 416.0 416.0 EPS / 0.08 0.09 0.21 0.41 2.01 3 23.87% 70% 07 2007 08 st 4,198 3,000 04 1,877 3000 11

2007-09-24 1) 2) 6 15% 6 5%15% 6-5%5% 6 5%15% 6 15% 12

2007-09-24 www.ebscn.com 13