The Preferred Wind Power Provider in North AmericaMartha WyrschPresident, Vestas Americas

Capital Markets Day 2010, Colorado, USA2

President Vestas AmericasMartha Wyrsch

14 months with Vestas

Extensive experience with gas pipelines and electric markets

Influential Board Activity• National Infrastructure Advisory Council• National Petroleum Council• American Wind Energy Association (AWEA) • SPX Corp., a Fortune 500 company

25 years of experience in the North American energy sector

Capital Markets Day 2010, Colorado, USA3

Meeting Customer Needs in North America for Three Decades

2010Colorado factories in production

Blades (Windsor) Nacelles (Brighton)

Towers (Pueblo)R&D site opens in Colorado

January 2010 – August 20101,359 MW firm orders in North America

1981Vestas enters North

American market

2004 Merger with NEG

Micon A/S December 31, 2009 More than 8,500 MW

announced

1997Vestas delivers first

turbines to Canada —two V44-600 kW units

2006 First V90-3.0 MW

power plant in the U.S. installed in Rio Vista,

California

August 2010Vestas announces largest order for a

single site

1985 Vestas reaches 2,500 turbines sold in the

U.S. market

2005 Vestas signs frame

agreement for 800 MW with Horizon

2004 3,148 MW installed

2006 4,626 MW installed

Capital Markets Day 2010, Colorado, USA4

A Big Player in a Big Market

Capital Markets Day 2010, Colorado, USA5

OR, CA, WAMW serviced: 1,193Turbines serviced: 701

CanadaMW serviced: 1,837Turbines serviced: 1,017

TX, WY, KS, ND, NE, OKMW serviced: 1,345Turbines serviced: 656

IL, IA, MN, WI, MI, IN, TNMW serviced: 2,597Turbines serviced: 1,696

ME, MA, NY, CTMW serviced: 512Turbines serviced: 273

This year, more than 2,600 North American employees and growing.Total MW installed 9,000+

Total turbines installed 11,150+Total MW under construction 1,188Total turbines under construction 468

Sales and ServiceCurrently 1,200+ employees

Supply ChainCurrently 24 employees

R&DCurrently 135 employeesEstimated 235 employees in the next two years

ManufacturingCurrently 1,300+ employeesEstimated 2,000 employees in 2011

Spare Parts & RepairCurrently 35 employees

Our Track Record Speaks for Itself

Capital Markets Day 2010, Colorado, USA6

The Power Market is Growing Steadily

Source: Wood Mackenzie Long Term View (April 2010)

US & Canada Electricity Sales Forecast (TWh)

4,057

4,641

2010

622

4,380

5,002

2015

653

584

4,681

5,334

2020

CanadaUS

+15%

Capital Markets Day 2010, Colorado, USA7

Capacity Addition Forecast, US & CanadaWind and Gas Will Take Most of the Prize

0

10000

20000

30000

40000

50000

60000

70000

1950 1970 1990 2010 2030

Cap

acity

(MW

)

Other Non-RenewableOther RenewableHydroWindOilGasNuclearCoal

CoalRetiring coal replaced by base-load natural gas, driving up gas prices

NuclearGeneration growing more slowly than electricity demand

RenewablesDominated by wind

Natural GasStrongest competitor & best complement to wind

Source: Wood Mackenzie, Long Term View (Dec 2009)

Capital Markets Day 2010, Colorado, USA8Source: Vestas, based on IHS/EER data. Assumes 30% capacity factor.

37.9

2010-15 2016-20

Total selected states(GW)

(years)

CA

NV

CO KS

MN

WI

MI

OH

NYMA

NJ

MD

NC

PA

IL

Renewable Energy Capacity Needed to Comply with State Requirements and Goals

63.8

5.1 22.8

1.4 0.5

5.9 3.5

4.3 0.0

2.9 3.2

OK2.7 0.0

2.6 1.32.3 0.1

2.0 2.3

2.0 1.2

2.0 2.7

2.0 1.2

1.7 0.2

1.5 3.2

1.3 2.2

1.2 2.1

WV1.1 0.9

CT1.1 0.9

Other states with renewable energy requirements and goals

U.S. Cumulative MW Installed by State and Manufacturer

Source: American Wind Energy Association (AWEA)

Capital Markets Day 2010, Colorado, USA9

GE Energy43%

Vestas19%

Siemens11%

Mitsubishi7%

Gamesa5%

Suzlon5%

Clipper 3%

Acciona2% Repow er

1%Other4%

2009 Total Installed Base

35,066 MW

As of December 31, 2009

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Canada Cumulative MW Installed by Province and Manufacturer

Source: Canadian Wind Energy Association

2009 Total Installed Base

3,319 MW

Vestas48%

GE33%

Siemens9%

Enercon9%

Other1%

As of December 31, 2009

Source: Vestas

Capital Markets Day 2010, Colorado, USA11

0

2

4

6

8

10

12

14

0

20

40

60

80

100

120

140

US$ / MM

Btu

US$

/ MW

h

PJM SPP MISO ERCOT ISO-NE Henry Hub Gas Prices

Average Monthly Day-Ahead Price

Wind Generation Cost w/PTC (est.)

Source: PJM Interconnection, Southwest Power Pool, HIS Emerging Energy Research

Wind Brings Price Certainty in a Fluctuating Energy Market

Capital Markets Day 2010, Colorado, USA12

Our Approach – Understand Our Customers’ Needs

Business Case Certainty

Cost of Energy

Partnership with our Customers

Access to capital

Power markets and competition

Transmission constraints

Increasing choice among turbine manufacturers

Safety and Citizenship

Customers’ Business Environment Our Strategic Response

Permitting and siting

Capital Markets Day 2010, Colorado, USA13

Steps We Have Taken Focus Areas

Increase Profitability for our Customers and

Vestas

Drive Execution Excellence

Establish a safe and inspired workforce

REGIONALLY

> Restructured the sales team> Leveraged global relationships> Created key sales initiatives

> Segmentation: utility, IPP, special projects

> New types of agreements: yield-based guarantees, EPC, global MSAs with production flexibility

> Prioritized safety and reliability > Enhanced operations> Reduced overhead costs> Integrated manufacturing and R&D with

Sales and Service> Established regional locations> Helped customers win PPAs> Improved government policy positioning

SALES

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In the Region, For the Region

Vestas Blades America, Windsor

Vestas Nacelles America, Brighton Vestas Towers America, Pueblo

Capital Markets Day 2010, Colorado, USA15

The Approach is Working

Vestas has captured more than 50% of firm orders in

North America as of 8/19/10

EDPR Global Frame agreement will add to North America’s order book

Nine firm orders in 2010 totaling 596 turbines and 1,3591) MW

1) Project MW are rounded numbers

Utility12,3%

Others0,2%

IPP87,4%

TransAlta 54 MW

Terra-Gen Power 570 MW

RES Americas 250 MW

Noble Environmental Power 99 MW

Capital Power Corporation 142 MW

We Energies 162 MW

International Power Canada, Inc. 48 MW

Algonquin Power 26 MW

JK Scanlan 7 MW

Capital Markets Day 2010, Colorado, USA16

We anticipate order momentum through 2010 and into 2011.

A Sustainable North American Business Model

Enhancing customer relationsthrough Key Account Programs

Rolling outnew technology

Achievingsupply chain efficiencies

Enhancingservice offerings

Working to improveregulatory and policy stability

Remaining apure play company