The Board of Directors of Vestas Wind Systems A/S has decided to continue the share-based incentive programme for all participants, including all members of Executive Management, and launch a new programme for 2021 based on the terms and conditions governing the restricted performance share programme for the year 2020, however with the adjustments approved by the Annual General Meeting on 8 April 2021 as to be found in the updated Remuneration Policy, which can be downloaded from Vestas' website.

As previously, the programme is based on restricted performance shares and the performance will be measured over a period of three years, based on financial key performance indicators, as well as commercial targets defined by the Board of Directors.

The following changes have been introduced with the purpose of simplifying the programme as well as introducing a cap for the value at vesting for the registered members of Executive Management: The shares will vest after three years (previously split between three and five years).

A cap is introduced for the CEO and CFO, to the effect that the actual value of the shares vesting may not exceed 300 percent of their annual fixed salary.

Contact:

Mathias Dalsten

Tel: +45 2829 5383

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