GOWEX (GOW-MAB, ALGOW-NYSE Alternext) it’s been 13 years operating in the Telecommunication sector and it’s currently leading the creation of WiFi Cities offering Free & Premium WiFi connectivity in streets and transportation. The company is now exporting the innovative business models in many cities in Europe, Latin America, Asia and in emerging countries. In 2010, it has become the first and only Spanish SMB to make a “dual listing”, publicly traded in the MAB (GOW) and the NYSE-Euronext (ALGOW). The company's total revenue in 2011 amounted to 66.7 million Euros. On July 2011 GOWEX subscribed a 7 million € capital increase with a 100 % over-demand (doubling expectations). With offices in Madrid, Burgos, Buenos Aires, London, San José (Costa Rica), Paris and Shanghai, GOWEX develops a sustainable business model in their WiFi networks, based in efficient and technical quality of their patented platforms: The Roaming platform, which allows users to connect freely in all the cities, the Geolocalization Content and Advertisement platform, which provides a financing business through marketing and advertisement agreements. In 2011, GOWEX joined the Wireless Broadband Alliance and received a prize for the “Best Web Company” in the Internet Day In February 2012, Jenaro Garcia GOWEX CEO, received the “Entrepreneur of the Year Award” by Ernst & Young in the category of Innovation

1. SHAREHOLDER BULLETIN October/12
When winds of change blow, some build
walls while others build windmills
– Old Chinese Proverb.

2. SHAREHOLDER BULLETIN
Wireless Environment 3
1H 2012 Results 4
Shareholders structure 6
GOWEX Target price 7
Stock quote evolution in NYSE Alternext 8
Market Cap. In NYSE Alternext 9
New GOWEX Website 10
New Shareholders Website 12
What shareholders have to say 13
Let´s GOWEX News 14

3. Wireless Environment
The data traffic capacity will be multiplied by 5 between 2015
and 2016, while the use will do it in ratios of between 5 and 23
times. That strong begins the "Mobile Paper Data Blue Wave (2)
Morgan Stanley“report
*By region these growths are not going to be the
Pareto: the 80-20 rule same in all regions:
Networks comply "Rule of Pareto 80/20" where concentration of
use is concerned, in other words, 20% of the base stations
loads 80% of the data traffic. And more specifically 1% of
subscribers to mobile data rates provide 24% of mobile data traffic
This rule can be extrapolated to the age of the users, refers, 50%
of users are between 15 and 35 years old, and generate 75% of
total data traffic, according to the report of Morgan Stanley.
A report from Cisco (Cisco Visual Network) anticipates that by
2016, the Internet-connected tablets will generate nearly as
much traffic data as the entire global mobile network in 2012.
This data gives us an idea of ​the potential of the wireless world,
and therefore all companies that are related to this technology.
GOWEX has opted for this technology as the technology to bring
all citizens access to the "information society", a right that all
citizens should have for free.
Source: Cisco VNI Mobile, 2012

4. 1H 2012 Results
Turnover: GOWEX REACHED IN THE FIRST HALF OF 2012 A
TURNOVER OF € 40,984,678, EARNING A PROFIT OF €
€ 40,984,678 5,457,525.
Gross Margin: GOWEX closed the first half of 2012 with a turnover of
€ 40,984,678 which represents an increase of 60% over the same
€ 17,588,740 period in 2011.
GOWEX has maintained during the first six months a great
Profit Before Tax income-generating capacity, which has helped to achieve a net
profit of € 5,457,525, up 68% on the first half of 2011.
€ 7,799,283
GOWEX President, Jenaro Garcia has pointed that “these
achievements are the result of the internationalization process
Net Profit: being carried out and allowing the consolidation of innovative
business models in the Wireless telecommunication
€ 5,457,525 environment.”

5. Balance (thousand €) 06/30/2012
1H 2012 Results
Total Asset 65,248
WITH EQUITY OF 61% OF TOTAL LIABILITIES AND LIQUIDITY RATIO OF
Equity 39,661 3.042, GOWEX IS POSITIONED AS A COMPANY WHIT A SOLID
ROI 0.138 FINANCIAL STRUCTURE.
Liquidity Ratio 3.042
1H 2012 1H 2011
35% 22,897,138 40,083,709 61% 19% 8,943,920 25,012,348 54%
65% 42,351,284
81% 37,378,401 4,741,200 10%
11,243,141 17%
16,568,773 36%
13,921,572 21%
€ 65,248,422 € 65,248,422 € 46,322,321 € 46,322,321
Balance sheet 1H 2012 & 1H 2011

6. Shareholders
30% - Cash Devices S.L
11% - Alvasebi S.L.
29% - Biotelgy VC, S.A.
30% -Free Float Structure
The social capital of the Company of the parent
company amounted to € 646,716.40, divided
into 12,934,268 shares of a € 0.05 value each
one. Fully subscribed and paid. Pertaining to a
single class and series, which gives identical
voting and dividend rights and are represented
by the book entries.

7. mar,10
abr, 10
abr, 10
may, 10
jun, 10
GOW
jul, 10
ago, 10
ago, 10
sept, 10
oct, 10
nov,10
dic, 10
ALGOW
dic, 10
ene, 11
feb, 11
mar, 11
mar, 11
abr, 11
T.Price
may, 11
jun, 11
jul, 11
jul, 11
ago, 11
sept, 11
oct, 11
nov, 11
nov, 11
dic, 11
ene, 12
feb, 12
feb, 12
mar, 12
abr, 12
may, 12
jun, 12
jun, 12
jul,12
ago,12
sep, 12
oct, 12
2
4
6
8
0
10
12
14
GOWEX Target Price

8. Stock quote evolution:
Comparison with CAC-40
Temporal Evolution (Yield in%) analysis period:
GOWEX – CAC-40 10/24/2011 a 10/24/2012

9. Market Cap. in Alternext
Quotation during 2012
Number of shares (units) 12,934,268
Average daily Hiring (shares) 13,400 "GOWEX is the fourth
company of NYSE Alternext,
Average daily trading volume (€) 94,028
according to market
Max.(€) 12.58 capitalization"
Min. (€) 4.62
A t market close (€) 10/24/2012 12.10
Market Cap. (€) 156,504,640
Updated data to 10/25/2012
Market Cap. of the
largest 20 companies in Alternext
500 in million €
400
300
200 158
100
0

10. GOWEX New Web
A new design for a new GOWEX
As with everything in life, it’s important to recycle and reinvent
yourself to improve. In GOWEX, our latest venture in this direction
has recently come to light with a new website. Our new design,
much more daring, fresh and functional wants to establish a direct
communication channel for users, media, social networks and, of
course, shareholders and investors.
In the section 'Shareholders and Investors' you will find all the financial information of the company: from the share price of GOWEX, the
last relevant facts in MAB and Alternext published to the shareholders meeting call and shareholders meeting agreements or publication of
results.
Beyond this information, you can follow the latest news and the most important projects we are developing across five continents, contact
us directly, follow our steps in social networks or marvel at the advantages and opportunities offered by the Wireless Smart Cities ®.

11. GOWEX New Web
 New functionalities: dynamism and updates
Press Room Section
Follow GOWEX News:
• Learn about the projects that have led us to be leaders in creating WiFi Cities
• Do you think you live in a true Wireless Smart City? Discover it!
• Download the latest multimedia and financial and sector reports
• Visualize interviews with our executives or follow the clipping of our media appearances
• Become a fan or follow us on our social networks
….. Talk to us, we listen to you.
"A renewed open
communication channel
to all shareholders of
the Company"
http://www.gowex.com/en/press-room/

12. GOWEX New Web
Shareholders and Investors Section
 New functionalities: dynamism and updates
Shareholders and Investors Section
In our new section Shareholders and Investors may:
• Follow GOWEX quote both in MAB and in NYSE Alternext
• Contact directly with our IR department: Investor Relations
• Download GOWEX Coverage Reports from different analysts
• Knowing the last, relevant facts in MAB and the Press Releases in
Alternext
• Download and share documentation "Indispensable for the
Shareholder"
- … "A renewed open
communication channel
to all shareholders of
the Company“
http://www.gowex.com/en/investors-shareholders/alternext/lets-gowex/

13. What shareholders
Through which "Through the blog of Juan Sainz
media did you
discover GOWEX?
de los Terreros:
http://juanst.com/ have to say
Carlos J. Cabello
Do you know the
different markets in Yes, in the MAB and in the Alternext, and I have seen
which GOWEX that it has been called an EGM proposal to start
shares are traded? trading in the U.S. through an ADR program.
Nuria Oubiña
Do you follow I follow it every day, through
¿Are you satisfied Yes, I think you are one of the the press, in MAB, Twitter,
few in MAB taken seriously routinely GOWEX
with our digital media, and stock
communication with its quote? Through
communication market forums, Invertia.com
investors. what media? and boursorama.com
with investors? Juan Sainz Ignacio Bernabéu
Did you attend any I was fortunate to attend the Annual General Meeting in 2012 and the experience was
General Meeting? fantastic. The company decided to do it in their headquarters and was a hit. An informal
atmosphere in which there was great interaction between the company management and
shareholders. A day dedicated to the shareholder that I personally can’t thank enough. I will
try to repeat. Alejandro Martín

14. News
"GOWEX signs an agreement "GOWEX continues to expand "The free WiFi GOWEX landed in
with SNCF to offer free WiFi in and is awarded the WiFi Paris"
the main train station in network in Dublin"
Dirigentes Digital
Marseille"
Cinco Días
Gowex has awarded the management Since today, citizens and tourists can
el Economista
of the public wifi in Dublin, a city that connect for free in 48 transit stations,
GOWEX has signed an agreement with
houses the European headquarters of which will have WiFi access Smart Zones
the French national railway company
groups such as Google and Facebook. in 66 indoor and outdoor public spaces
(SNCF) to offer its free WiFi service in
The project, which will start in such as squares and boulevards next.
the main train station in Marseille.
December, involves the introduction The 4.5 million daily passengers using
of a network connection with 60 the Paris metro can access with their
points. Thus, there are now more than mobile devices to the Internet for free.
Thus, under this agreement, more
than 15 million passengers per year, 60 cities around the world where
the station "Marseille St. Charles" will Gowex is present.
enjoy free WiFi 24 hours.
"To GOWEX urban and intercity transport is an integral part of the
Wireless Smart Cities ® therefore We prevail a rapid growth of these
projects. In less than two years we have added a total of 16 agreements
worldwide," says GOWEX CEO, Jenaro Garcia Martin

15. News
"Wall Street will help Capital Increase "GOWEX increases its
GOWEX plans to undertake a turnover by 60% in the first
GOWEX to be a giant " capital increase to create new
Expansión shares to be referenced on the half, up to 40.98 million
ADR in New York. The magnitude euros"
The Spanish company GOWEX of the expansion will be decided
specialized in applying WiFi foreseeably, at the meeting of
technology in different parts of the EuropaPress
shareholders to be held on GOWEX recorded a turnover of 40.98
city, plans to go public on the U.S. next November 5. It is "highly probable"
year. It will do it through an ADR million Euros in the first half of the year,
that the agenda items are representing an increase of 60%
(American Depositary Receipt). approved, Jenaro Garcia trusts. compared to the same period of 2011.
"The amount should be sufficient The company attributed the increase to
This mechanism allows a foreign to cover the strategic plan," sums.
company to issue shares in the U.S. the "growing demand for recurring
The price of new GOWEX titles, yet services offered" and the
stock market directly. In that case, the determined, will cost over 10
ADRs representing the evolution of internationalization process that has
euros which is what the company been developing for years, according to
the shares on the Mercado alternativo is quoted at present.
Bursátil (MAB) in Madrid and the the firm of promoting "Wireless Smart
Parisian Alternext, the two markets Cities®".
where the company is listed at
present.
Follow the news of GOWEX through our Twitter account
@gowex on https://twitter.com/gowex

16. Shareholder Services
GOWEX Spain (Headquarters)
Paseo de la Castellana, 21
28046 Madrid (Spain)
T.+34 91 360 14 70
By e-mail: ir@gowex.com
By phone: +34 670 738 579

17. Investors & Shareholders Contact
Florencia Maté Garabito
International Communications Manager &
Investor Relations
+34 670 738 579
fmate@gowex.com
Javier Solsona Piera
Investor Relations & Corporate Area
+34 638 780 690
jsolsona@gowex.com
Alicia Viñas Díaz
Investor Relations & Corporate Area
+34 91 360 14 70
avinas@gowex.com