1 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

MASATO YAMADAChief Strategy Officer (CStO)

The Mission, Vision and Creeds of MHI Vestas Offshore WindAn update to provide clarity around a solid foundation for MVOW

2 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

Agenda ● What is the Mission Statement?

● What was the original Mission

Statement?

● What are the revised Mision, Vision,

Creeds of MVOW?

• Overview

• Specific meanings and implications

3 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

Mission:

● Why we exist.

Vision:

● What we want to be.

Creeds*

● What we believe in and how we will

behave.

* A set of company beliefs.

What are Mission, Vision, Creeds?Define the very core of a company and the foundation of its existence.

4 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

Integration of the “soul” of both parent companiesMission, Vision from Vestas and Creeds from MHI

1.Company

attitude.

2. Employee

attitude.

3. Future

direction.

Our Values

Accountability

Collaboration

Simplicity

5 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

MVOW Mission, Vision, CreedsThe original

6 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

7 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

Mission

Co-develop offshore wind as an economically viable and sustainable energy resource to

benefit future generations.

Interpretations:

Co-develop underlines that ”partnership” and ”collaboration” is in our DNA and runs

through all our activities. This means we will always work ‘together’, ‘as a team’ or as

‘partners’ to achieve our ambitions or meet the requirements of the industry.

Economically viable and sustainable means ‘durable’, ‘ongoing’ or ‘everlasting’ as

opposed to fossile fuels but also ‘feasible’.

Mission: Why We existOur Mission as a storyline.

8 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

Vision

To be a responsible leading player in the offshore wind industry. To be the most value

adding partner through reliable wind power solutions.

Interpretations:

A responsible leading player: We want to be a leading player in the offshore wind

industry by creating higher market share and revenue. We act responsibly without

compromising safety and our high quality standards.

Most value adding partner: It defines the way to be a responsible leading player.

Through our collaborative DNA we want to create the most value for our customers and

stakeholders by striving for excellence across our entire value chain.

Vision: What we want to beOur Vision as a storyline.

9 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

Creeds

Company attitude

Sustainable Growth

We will lead the industry in driving down the Cost of Energy through sustainable wind

turbine technology, project management, offshore experience and powerful partnerships.

Interpretations:

Driving down the Cost of Energy means to drive down the price of one MWh, which is a

neccessity to meet the challenges and win competition in the industry.

We want to do so through the following paths, all of which should support sustainable

growth of the company and industry.

i) wind turbine technology includes all our activities and competencies to provide best-

in-class WTG

ii) project management is our common bedrock that underpins us to be a company that

hinges on huge offshore wind projects.

iii) offshore experience is defined by construction and service in offshore projects

through 20+ years, which is our significant asset and differentiator

iv) powerful partnerships means our DNA of collaboration.

.

Creeds: What we believe in and will behaveOur Creeds as a storyline.

10 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

Creeds

Employee attitude

Value creation

We will create optimal value for our stakeholders and ourselves with dedication, passion

and integrity.

Interpretations:

The attitude of each employees should be to create optimal value for all our stakeholders

and ourselves.

Value ranges from monetary, safety, quality, environmental through to social elements.

”create optimal value” means that we will always strive to the above elements.

We should do so with dedication, passion and integrity.

Creeds: What we believe in and will behaveOur Creeds as a storyline.

11 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

Creeds

Future direction

Innovation and solutions

We will strive to provide innovative, best-in-class solutions to meet the challenges of our

industry.

Interpretations:

Our future direction as a leading player in the offshore wind industry is to provide

innovative and best-in class solutions in all aspects of our business. This is our

responsibility and a neccessity to meet the challenges of our industry.

Innovation should not be limited to “technology” but applied in all our activities. Innovation

is the engine moving us forward to a prosperous future.

Creeds: What we believe in and will behaveOur Creeds as a storyline.

12 | Strategy Update: Mission, Vision, Creeds | 1 November 2016 | Classification: Restricted

© 2016 MHI Vestas Offshore Wind A/S

MASATO YAMADAChief Strategy Officer (CStO)

Let’s move the horizon.