1 Table of Contents 1 Table of Contents 1 1.1 List of Tables 1 1.2 List of Figures 2 2 Wind Power Market Update 9M 2017 2 2.1 Wind Turbine New Order Intake from 2015-Q3 2017 3 2.1.1 High Level of Order Activity Backlog 3 2.2 Market Outlook: Wind Annual Capacity Additions to Slow Down in 2017 3 2.2.1 Demand Outlook, 2016-2018 3 2.2.2 The US: Offshore Wind Installation Momentum Continues 4 2.2.3 China: Leads the Global Market for Wind Power Growth 6 2.2.4 Brazil: The Largest Wind Power Producer in the Latin American Region 7 2.2.5 India: The Second Wind Auction of 1 GW Attains Lowest Wind Tariff of INR2.64 per kWh 8 2.2.6 Germany Ranks First in Offshore Wind Installations in Europe, with the Netherlands in Second Position, and the 2017 Renewable Energy Sources Act Paving Way for Shift toward Auctions 10 2.3 Offshore Wind Outlook - European Region Witnesses Swift Rise in Demand 11 2.3.1 Major Developments in the Offshore Wind Market, 2017 11 2.4 Operations and Maintenance Market: Rising Service Revenues Fostered by Fleet under Maintenance 14 2.4.1 Operations and Maintenance Performance 14 2.4.2 Major Operations and Maintenance Contracts, 2017 16 2.5 Wind Power: Policy Updates in 2017 18 2.6 Wind Turbine Generator Pricing 22 2.6.1 Global Wind Turbine Generator Pricing 22 2.6.2 Onshore Wind Turbine Generator Prices Bottomed Out in 2017 22 3 Appendix 23 3.1 Bibliography 23 3.2 Abbreviations 23 3.3 Disclaimer 24

1.1 List of Tables Table 1: Order Activity Backlog (MW), 2014- Q3 2017 3 Table 2: Wind Installation Outlook (MW), 2016-2018 3 Table 3: The US, Five Major US states when it comes to wind power capacity additions, Q1-Q3 2017 5 Table 4: Wind Power Market, China, Regional Approval Pipeline List for 2017-2020 6 Table 5: Wind Power Market, Brazil, Major Deals, H1 2017 7 Table 6: Offshore Wind Installation Outlook (MW), 2016-2018 11 Table 7: Offshore Wind, Global, Asset Transactions (Announced and Completed), 2017 12 Table 8: Offshore Wind, Global, Acquisitions (Announced and Completed), 2017 14 Table 9: Operations and Maintenance Performance, 2012- H1 2017 15 Table 10: Major Operations and Maintenance Contracts, 2017 16 Table 11: Policy Updates, 2017 18 Table 12: Abbreviations 23 1.2 List of Figures Figure 1: Global New Order Intake, Publicly Announced (GW), Q1 2015-Q3 2017 3 Figure 2: Wind Power Market, Global, Major Developments 4 Figure 3: The US, Annual Installed Capacity, 2014-2018 4 Figure 4: China, Annual Installed Capacity, 2014-2018 6 Figure 5: Brazil, Annual Installed Capacity, 2014-2018 7 Figure 6: India, Annual Installed Capacity, 2014-2018 8 Figure 7: Germany, Annual Installed Capacity, 2014-2018 10 Figure 8: Global Wind Turbines, Average Price Indexed at 2012 (%), 2012-2017 22 Figure 9: Vestas, Average Selling Price (per MW), 2011-Q3 2017 22 Figure 10: Goldwind, China Domestic Average Selling Price (per MW), January 2014-September 2017 22