Expert Corporate Governance Service (ECGS)
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Proxy Report - 03/04/2018

In general, Vestas is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting.

Under ITEMS 4.2a-4.2i, the (re-)election of the board of directors is proposed. ECGS has concerns over the aggregate time commitments of Mr. Bert Nordberg (ITEM 4.2a) and Mr. Henrik Andersen (ITEM 4.2d). Therefore, ECGS normally would have
recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.

Under ITEM 6, the board of directors proposes to re-appoint PricewaterhouseCoopers as the Company

Vestas Wind Systems A/S

Vestas Wind Systems is an industrial machinery and equipment manufacturing company based in Denmark. Co. is engaged in the production of wind turbines. Co.'s main activities comprise development, manufacture, sale, marketing and maintenance of installations that use wind energy to generate electricity. Co. supplies products, from individual turbines to the delivery of turnkey wind power installations globally. Co. supplies guidance services to its customers in connection with the development, financing and ownership of wind turbine projects. Co.'s main customers are utilities and energy companies.


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