Company Announcement:

Share buy-back programme of up to DKK 2,984 million (approximately EUR 400 million)

The Board of Directors of Vestas Wind Systems A/S has decided to initiate a share buy-back programme of up to DKK 2,984 million (approximately EUR 400 million) to be executed during the period 18 August 2016 to 30 December 2016.

The share buy-back programme is initiated pursuant to the authorisation granted to the Board of Directors by the Annual General Meeting on 30 March 2016, which authorises Vestas to acquire treasury shares at a nominal value not exceeding 10 percent of the share capital at the time of the authorisation. The consideration for such shares may not deviate by more than 10 percent from the closing price quoted by Nasdaq Copenhagen at the time of purchase.

The buy-back will be structured in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules).

The purpose of the share buy-back programme is to adjust Vestas’ capital structure and to meet obligations arising from share based incentive programmes to employees of Vestas.

At Vestas' annual general meeting in 2017, a resolution will be proposed that shares acquired, which are not used for hedging purposes of share based incentive programmes, will be cancelled.

Time frame
The share buy-back programme will run from 18 August 2016 to 30 December 2016.

Vestas has appointed SEB as lead manager for the share buy-back programme. SEB will make its own trading decisions independently of and without influence or involvement from Vestas.

Under the share buy-back programme Vestas may repurchase shares up to a maximum amount of DKK 2,984 million, and no more than 20,148,033 shares, corresponding to 9.1 percent of the share capital of Vestas Wind Systems A/S.

No shares may be bought back at a price exceeding the higher of i) the price of the last independent trade and ii) the highest current independent bid at the trading venue, on which the purchase is carried out, at the time of trading.

The maximum number of shares that may be purchased on each trading day may not exceed 25 percent of the average daily trading volume of shares on the trading venue, on which the purchase is carried out, over the last 20 trading days prior to the date of purchase.

Prior to the share buy-back, Vestas holds 2,006,439 treasury shares, equal to 0.9 percent of the share capital.

Vestas is entitled to suspend or stop the programme at any time subject to an announcement to Nasdaq Copenhagen.

On a weekly basis, Vestas will issue an announcement in respect of transactions made under the programme.

Contact details

Vestas Wind Systems A/S, Denmark

Hans Martin Smith, Senior Vice President, Group Treasury and Investor Relations

Tel: +45 9730 8209