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

Vacon Plc, Stock Exchange Release, 28 November 2014 at 12.45 p.m. (EET)

Vacon Plc (ID 1519966-5) ("Vacon") has on 27 November 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 subject to the notification obligation:
Montanaro Asset Management Limited (UK Company Number: 03246931)

3. Date on which the flagging threshold is reached or crossed:
Montanaro Asset Management Limited instructed to accept the Tender Offer on 16 October 2014. The completion trades of the Tender Offer were made on 27 November 2014 and will be settled on or about 1 December 2014.

4. Reason for the notification:
Danfoss A/S announced on 12 September 2014 that it will make, through its wholly owned subsidiary Oy Danfoss Ab (the "Offeror"), a voluntary public tender offer to purchase all the issued and outstanding shares in Vacon (the "Tender Offer"). The offer period under the Tender Offer expired on 21 November 2014 at 4:00 pm (Finnish time).

Danfoss A/S announced on 25 November 2014 the final result of the Tender Offer according to which the valid tender of shares together with the shares held by the Offeror represent more than 90 per cent of the shares and voting rights in Vacon. As all the conditions to completion of the Tender Offer were satisfied, the Offeror declared the Tender Offer unconditional and announced that it will complete the Tender Offer in accordance with its terms and conditions.

As a result of the above, the ownership of Montanaro Asset Management Limited will upon the settlement of the completion trades of the Tender Offer decrease below the threshold of 5 per cent of Vacon's shares and voting rights.

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 31 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