Notification pursuant to Chapter 9, Section 10 of the Finnish Securities Markets Act

Vacon Plc, Stock Exchange Release, 27 October 2014 at 5.50 p.m. (EET)

Vacon Plc (ID 1519966-5) ("Vacon") has on 27 October 2014 received a notification of major shareholdings pursuant to Chapter 9, Section 5 of the Finnish Securities Market Act.

1. Full name of the issuer of shares:
Vacon Plc

2. Full name of the person(s) subject to notification obligation:
Danfoss A/S (20165715)

3. Chain of controlled undertakings:
Oy Danfoss Ab is 100 per cent directly owned by Danish company Danfoss International A/S. Danfoss International A/S is 100 per cent directly owned by Danish company Danfoss A/S.

4. Date on which the threshold is reached or crossed:
24 October 2014

5. Reason for the notification:
Danfoss A/S' indirect and Oy Danfoss Ab's direct ownership in Vacon is currently 3,053,400 shares and voting rights in Vacon, which corresponds to 9.98 per cent of all the shares and voting rights in Vacon.

Oy Danfoss Ab has on 29 September 2014 commenced the voluntary public tender offer recommended by the Board of Directors of Vacon for all the issued and outstanding shares in Vacon. The offer period under the Tender Offer commenced on 29 September 2014 and was initially scheduled to expire on 28 October 2014 (the 'Offer Period'). Pursuant to the terms and conditions of the Tender Offer, the Offeror has on 27 October 2014 decided to extend the Offer Period to expire on 21 November 2014 at 4:00 pm (Finnish time) to allow sufficient time to complete the approval processes of relevant authorities. Certain large shareholders of Vacon, together representing approximately 14.32 per cent of Vacon's all shares and voting rights, have subject to certain customary conditions undertaken to accept the tender offer.

Shareholders of Vacon the holdings of which amount to 15,707,997 Vacon shares representing 51.35 per cent of all the shares in Vacon have accepted (or have signed an undertaking to accept) the Tender Offer in accordance with its terms and conditions by 24 October 2014. In addition, the Offeror and AC Invest Three B.V. have on 11 September 2014 entered into an agreement on the sale to the Offeror of AC Invest Three B.V.'s whole holding in Vacon corresponding to a 10.56 percent shareholding in Vacon.

Based on Danfoss A/S' and Oy Danfoss Ab's current ownership and shareholders' acceptances of the tender offer received by 24 October 2014 (including the shares represented by the above undertakings to accept the tender offer), Danfoss A/S' indirect and Oy Danfoss Ab's direct ownership would exceed 50 per cent of all the shares and voting rights in Vacon in case the tender offer is completed. The acceptances of the offer are valid until the expiry of the acceptance period under the tender offer, unless withdrawn, and the ownership thereunder will be transferred to Danfoss in connection with the completion of the tender offer.

The total indirect ownership of Danfoss A/S and direct ownership of Oy Danfoss Ab may on the basis of the above amount to a maximum of 18,937,685 shares which corresponds to 61.91 per cent of all the shares and voting rights in Vacon.

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:

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