Gamesa s net profit rose by 45% to reach 320 million

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1 Gamesa s net profit rose by 45% to reach 320 million February, 26, 2009 EBITDA grew by 40% to reach 495 million while sales increased by 27% to reach billion International markets contributed to 61% of the 3,600 MW sold New record for deliveries in the last quarter of the year The Wind Turbine Generator Manufacturing Unit created 3,600 jobs over the last three years Madrid, February 26, Gamesa Corporación Tecnológica has successfully culminated the transformation cycle initiated in 2006 by reaching the growth, profitability and financial soundness targets laid down in the Business Plan Gamesa has increasingly focused in the wind turbine generator business as the driving force for growth, while consolidated an international industrial base in Europe, America and Asia. Gamesa s sales in 2008 amounted to billion, 27% more than in the preceding year, while EBITDA amounted to 495 million, 40% more than in Net profit obtained by ongoing activities, constituted by the wind turbine generator business unit, rose by 27% to 155 million. Implementation of the strategy defined in 2006 has made it possible to include in the 2008 year-end the capital gain produced by the sale of the solar unit in April last year. Taking into account the performance of the wind farms unit, integrated as intermittent operations, Gamesa Corporación Tecnológica's net consolidated profit in 2008 reached 320 million, 45% more than the figure achieved in 2007 and a record maximum. Net Financial Borrowing has improved significantly, going from 3.4 times EBITDA in 2006 to 0.1 times EBITDA in the last financial year. This improvement is due, for the most part, to the fact that it has been possible to generate a positive cash flow of 1 billion over the last three years, which confirms that a suitable balance has been achieved between growth and cash flow. Wind Turbine Generator Manufacturing as the Driving Force for Growth

2 The wind generator manufacturing unit closed 2008 with a total of 3,684 MWe of wind turbines sold. This figure is 12% above the figure reached in 2007 (3,289 MWe). A new record was also achieved as regards the megawatts delivered to customers in the last quarter of the year, which totaled 1,375 MW. Sixty-one per cent of wind turbine generators were sold in international markets. Of these, 31% were sold in Spain, 21% in the USA and 13% in China. As regards the product mix, the G8x 2 MW segment continued to account for more than two-thirds of MWe sold compared to a third for the G5x 850 MW machine. New agreements amounting to 5,800 MW were entered into during the year. Among the sales milestones, the following stand out: the signing of a Framework Agreement for the supply of 4,500 MW with Iberdrola Renovables. This constituted the largest acquisition of wind turbine generators in the history of the wind energy sector and increased the visibility of the MW portfolio committed to customers for the coming years ( ) to reach 11,700 MW. The fact that products manufactured by MADE, a Gamesa subsidiary, are beginning to contribute to the group s sales total should also be highlighted. Two contracts in Venezuela were announced totaling 100 MW in the second quarter of the year, along with another one in Tunisia amounting to 120 MW. Industrial Base in Three Continents 100% Operational The consolidation of Gamesa s international industrial bases in America and Asia was already a reality in Production capacity at US centers, which were started up in 2006, exceeded 900 MW of annual production in Similarly, capacity in China, where Gamesa s operating capacity has been present since 2007, exceeded 500 MW of annual production. Activities commenced last year at the new wind turbine generator plant that completes an integrated production center in Tianjin, where the manufacturing and assembly of wind turbine components is concentrated. These include gearboxes, the above-mentioned wind turbine generators and nacelle assembly. These Chinese facilities are complemented by another production center for blades, which is also located in Tianjin. Gamesa has continued to move forward in the continuous improvement of its production processes by implementing the Synchronous Manufacturing System (SMS) in Tianjin and

3 subsequently in the other centers. This system enables productivity improvements to be attained. The development of the international industrial base has involved starting up eleven production centers since 2006, developing the local supplier base and taking on more than 3,600 people around the world at the Wind Turbine Generator Unit alone. Strategic Plan to Create Value in the Wind Farm Unit On June 13, Gamesa announced the setting up of two joint ventures with Iberdrola Renovables to promote, develop and operate the projects started up since the beginning of Once of the companies will manage the projects in Spain and the other in the rest of continental Europe. Progress was made during the second half of the year in the wind farm promotions activity. The joint ventures in Continental Europe are currently moving forward in the integration process. Outlook for 2009 The different actions focused on demand and the improvement plans affecting the processes carried out over the last few years have provided Gamesa with flexibility and the ability to adapt deliveries to the pace of execution of customers projects. In 2009, Gamesa expects to add sales that can be attributed to ongoing operations of between 3,300 and 3,600 MWe, a figure which lies along the same lines as in 2007 and It likewise expects to maintain the EBIT margin recovery trend. A series of new actions aimed at improving competitiveness as regards markets and products will be tackled in The first prototype of the new product platform the Gamesa G10x with 4.5 MW of unitary power and installed in Jaulín in the province of Zaragoza will be put into operation this year. The manufacture of the first blade prototypes for this wind turbine generator will also commence this year at the new production center in Aoiz, located in the province of Navarre, and mass production will start in The Aoiz plant will have a production capacity of 900 MW and provide jobs to almost 400 people when it is running at full capacity. Investment in this plant will amount to 65 million. Still within Europe, Gamesa will take part in a project for wind turbine blade design, as well as the process for its automated manufacturing, thus reinforcing the company's technological leadership.

4 The product and services portfolio in the American market will be extended to include the G90 model, which has the largest rotor currently in Gamesa's catalogue. This has led to the corresponding re-organization of the nacelle and blade production centers. Capacity at the plants in Pennsylvania will be increased by 30% over the coming years. Lastly, in the Asian market, the sale of G8x 2 MW wind turbine generators will commence in China. In India, Gamesa will start up a nacelle assembly center for its MADE product platform, which will come into operation at the end of 2009 and have a capacity of 200 MW. Within the wind farm unit, the companies created together with Iberdrola Renovables in continental Europe will start up operations, whilst there are action plans to apply this business model in the United States and later in China. Wind Energy as the Driving Force for Economic and Social Growth The environment of uncertainty around the world resulting from the financial crisis placed into doubt different institutional commitments and electricity generation targets with renewable sources of energy set for the end of the coming decade. Much to the contrary, however, recent events have confirmed political support for renewable sources of generation in the main markets as part of the solution to excessive energy dependence and environmental problems. This is a technology sector with the capacity to generate employment and economic growth. On February 17, the government of the United States (which accounted for 31% of world demand in 2008, source GWEC) approved the Stimulus Bill, including a commitment to draw up an economic and social plan based on renewable sources of energy generation. Measures like the extension of Production Tax Credits until 2012, the possibility of using Investment Tax Credits and the creation of federal funds to finance wind energy projects will ensure the wind energy sector s development over the coming three years. The government of China (which accounted for 23% of installations in 2008, source GWEC) published details of its Economic Stimulus Package on November 27, Among the plan's 10 areas of priority action, the package aimed at promoting the environmental industry and renewable energies, the package aimed at developing the electricity grid and the increase in credits for priority projects (including those involving renewable energies) are worth highlighting.

5 About Gamesa Gamesa is a company specializing in sustainable energy technologies, mainly wind power. It is the leading company in Spain and situated among the world s three most important wind turbine generator manufacturers. Gamesa has installed more than 16,000 MW of its main product lines in 20 countries spread out over four continents. The annual equivalent of this production amounts to more than 3.45 million tons of petroleum (TPE) per year and prevents the emission into the atmosphere of over 24 million tons of CO2 a year. The company has around 30 production centers located in Spain, China and the United States with an international workforce of around 7,200 employees.