Share buy-back programme of up to DKK 1,120 million (approximately EUR 150 million)

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 2015, which authorises Vestas to acquire treasury shares at a nominal value not exceeding 10 percent of the share capital. 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 the EU Commission Regulation no. 2273/2003 of 22 December 2003 (the "Safe Harbour Regulation"). 

Purpose
The purpose of the share buy-back programme is to adjust Vestas’ capital structure and to meet the obligations arising from employee share option programmes or other allocations of shares to employees of Vestas. 

At Vestas' annual general meeting in 2016, a resolution will be proposed that shares acquired, which are not used for hedging purposes of the ongoing incentives programmes, will be cancelled. 

Time frame
The share buy-back programme will run from 5 November 2015 to 31 December 2015. 

Terms
Vestas has appointed Nordea as lead manager for the share buy-back programme. Nordea 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 1,120 million, and no more than 19,268,107 shares, corresponding to 8.6 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) share price of latest independent trade and ii) the highest current independent bid at Nasdaq Copenhagen or other regulated markets, on which the purchase is carried out, at the time of trading. 

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

Prior to the share buy-back, Vestas holds 3,139,344 treasury shares, equal to 1.4 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, Investor Relations
Tel: +45 9730 8209 

Henrik Guldbæk Welch, Senior Vice President, Group Treasury
Tel: +45 9730 8205