CLSA on Wind Power

§ Wind Energy is now No. 1 in Europe, no 2 in US and No 3 globally as a source of power generation § Credit crunch impacts are easing; business as usual in 2010 § BTM Consult forecasts 15.7%/year growth for next five years - Bias towards underperformance § Wind Energy is nearly 2% of global electricity supply - Will achieve 10-20% by 2030 § No other ‘green’ energy technology offers same cost/benefit in the near future § Strong drivers: - Economics - Energy Security - Environment § Vestas Wind Systems remained the largest turbine- component manufacturer as at end-2008 with a 19% market share globally <nd largest holding in the BGF New Energy Fund comprising of 6.7% of the Portfolio as at end-August 09 >> § Iberdrola Renovables was the leading wind-farm operator as at end-2008 with a 7930MW capacity and a 6.65% market-share globally < is the 3rd largest holding in the BGF New Energy Fund comprising of 6.1% of the Portfolio as at end-August 09 >>