NACON — Major Shareholding Notification 2014

Sep 16, 2014

Correction to the stock exchange release: Notification pursuant to Chapter 9, Section 10 of the Finnish Securities Market Act on 12 September 2014 at 5:50 p.m. (EET)

Correction to the stock exchange release: Notification pursuant to Chapter 9, Section 10 of the Finnish Securities Market Act on 12 September 2014 at 5:50 p.m. (EET)

Vacon Plc, Stock Exchange Release, 16 September 2014 at 1.45 p.m. (EET)

Vacon Plc (ID 1519966-5) ("Vacon") has on 16 September 2014 received a
specification to the notification of major shareholdings pursuant to Chapter 9,
Section 5 of the Finnish Securities Markets Act given by Ilmarinen Mutual
Pension Insurance Company on 12 September 2014. The specification to the
notification concerns the description of the undertaking that is the reason to
the notification. The specified notification is described in its entirety below.

1. Full name of the target company:
   Vacon Plc

2. Full name of the person subject to the notification obligation:
   Ilmarinen Mutual Pension Insurance Company (ID 0107638-1)

3. Date on which the flagging threshold is/are reached or crossed:
   12 September 2014

4. Reason for the notification:
   The notification specifies the notification made on 12 September 2014. Ilmarinen
   Mutual Pension Insurance Company is party to an agreement which, when realized,
   would result in the disposal of shares. The agreement in question is an
   undertaking subject to customary conditions given by the person subject to the
   notification obligation to Danfoss A/S to accept the voluntary tender offer
   which Danfoss A/S announced on 12 September 2014 it will make through its
   subsidiary. The tender offer concerns all the issued and outstanding shares of
   the target company. The undertaking is valid until the expiry of the tender
   offer.
   Danfoss A/S announced on 12 September 2014 a voluntary conditional public tender
   offer for Vacon. According to Vacon's stock exchange release on 12 September
   2014, the offer period under the tender offer is expected to commence on or
   about 29 September 2014 and expected to run until 21 October 2014. Should the
   tender offer be completed, Mutual Pension Insurance Company Ilmarinen's
   ownership in Vacon will as a result of said undertaking fall below 5% of all the
   shares and votes in Vacon and will be 0%.

Vacon Plc has a total of 30,590,000 shares. The company has only one class of
shares and each share entitles to one vote.

VACON PLC

Further information:

* Sebastian Linko, Director, Corporate Communications and Investor Relations,
+358 (0)40 8371 634, sebastian.linko(at)vacon.com

Vacon in brief

Vacon is driven by a passion to develop, manufacture and sell the best AC drives
and inverters in the world - and provide customers with efficient product
lifecycle services. Our AC drives offer optimum process control and energy
efficiency for electric motors. Vacon inverters play a key role when energy is
produced from renewable sources. Vacon has production and R&D facilities in
Europe, Asia and North America, and sales offices in 30 countries. Further,
Vacon has sales representatives and service partners in nearly 90 countries. In
2013, Vacon's revenues amounted to EUR 403.0 million, and the company employed
globally approximately 1,600 people. The shares of Vacon Plc (VAC1V) are quoted
on the main list of the Helsinki stock exchange (NASDAQ OMX Helsinki).

Driven by Drives, www.vacon.com

Distribution:

NASDAQ OMX Helsinki
Financial Supervisory Authority
Main media

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