Vestas Wind Systems — Capital/Financing Update 2012

Nov 26, 2012

Agreement on credit facilities reached

Aarhus, Denmark, 2012-11-26 11:16 CET (GLOBE NEWSWIRE) --

In July 2012 (ref. company announcement No. 30/2012 of 31 July 2012), Vestas
agreed with its lenders to defer the half-year testing of the financial
covenants. Following this and during the autumn of 2012, Vestas has conducted a
thorough review of the future funding requirements of the company’s new
operating business model.

The review shows that with the new operating business model, Vestas will be
capable of reducing its debt in the years to come.

Consequently, the lenders and Vestas have agreed on the following facilities
and loans:

-- A revised EUR 900m syndicated loan facility with the existing lender group
of nine international banks structured as a EUR 250m amortising term loan
and a EUR 650m revolving credit facility. The revised facility will replace
the current syndicated facility of EUR 1,300m.
-- Revised term loans on an amortising basis with the European Investment Bank
for EUR 200m and with the Nordic Investment Bank for EUR 55m.

The terms loans will be amortised by January 2015 and the revolving credit
facility will expire in January 2015 with an option to extend it for another
two years.

The thorough review also concludes that the revised facilities are sufficient
to support the company’s new operating business model without the need for an
equity issue.

The terms of the revolving credit facility and the term loans are subject to
final credit approval and documentation. Once this is completed, Vestas will
have credit facilities of EUR 1,155m and a corporate Eurobond of EUR 600m. In
addition to this, Vestas is securing new project related guarantee facilities.

Vestas’ President and CEO Ditlev Engel says: “We are satisfied to have reached
an agreement with our lenders. It is in the interest of Vestas to reduce our
debt and we now look forward to focusing all our efforts on the continuous
development of a more scalable Vestas.”

Vestas’ CFO, Dag Andresen adds: “Vestas’ new operating business model has
demonstrated its strength as our future funding requirement is now at a lower
level, and we are confident that with the revised facilities Vestas will be
well covered.”

Contact details
Vestas Wind Systems A/S, Denmark

Henrik Guldbæk Welch, SVP, Head of Group Treasury and
Lars Villadsen, SVP, Head of Investor Relations
Tel. +45 9730 0000

Disclaimer and cautionary statement

This document contains forward-looking statements concerning Vestas' financial
condition, results of operations and business. All statements other than
statements of historical fact are, or may be deemed to be, forward-looking
statements. Forward-looking statements are statements of future expectations
that are based on management’s current expectations and assumptions and involve
known and unknown risks and uncertainties that could cause actual results,
performance, or events to differ materially from those expressed or implied in
these statements.

Forward-looking statements include, among other things, statements concerning
Vestas' potential exposure to market risks and statements expressing
management’s expectations, beliefs, estimates, forecasts, projections and
assumptions. A number of factors that affect Vestas' future operations and
could cause Vestas' results to differ materially from those expressed in the
forward-looking statements included in this document, including (without
limitation): (a) changes in demand for Vestas' products; (b) currency and
interest rate fluctuations; (c) loss of market share and industry competition;
(d) environmental and physical risks, including adverse weather conditions; (e)
legislative, fiscal, and regulatory developments, including changes in tax or
accounting policies; (f) economic and financial market conditions in various
countries and regions; (g) political risks, including the risks of
expropriation and renegotiation of the terms of contracts with governmental
entities, and delays or advancements in the approval of projects; (h) ability
to enforce patents; (i) product development risks; (j) cost of commodities; (k)
customer credit risks; (l) supply of components; and (m) customer-created
delays affecting product installation, grid connections and other
revenue-recognition factors.

All forward-looking statements contained in this document are expressly
qualified by the cautionary statements contained or referenced to in this
statement. Undue reliance should not be placed on forward-looking statements.
Additional factors that may affect future results are contained in Vestas'
annual report for the year ended 31 December 2011 (available at
www.vestas.com/investor) and these factors also should be considered. Each
forward-looking statement speaks only as of the date of this document. Vestas
does not undertake any obligation to publicly update or revise any
forward-looking statement as a result of new information or future events
others than as required by Danish law. In light of these risks, results could
differ materially from those stated, implied or inferred from the
forward-looking statements contained in this document.