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Third quarter 2017 - Vestas

Third quarter 2017 Vestas Wind Systems A/SCopenhagen, 9 November 2017 Classification: PublicDisclaimer and cautionary statement9 November, 2017 Third quarter 2017 (Public)2 Thisdocumentcontainsforward-lookingstate mentsconcerningVestas financialcondition,resultsofoperationsan dbusiness. Allstatementsotherthanstatementsofhistor icalfactare,ormaybedeemedtobe,forward-lo okingstatements. Forward-lookingstatementsarestatementsof futureexpectationsthatarebasedonmanageme nt scurrentexpectationsandassumptionsandinv olveknownandunknownrisksanduncertainties thatcouldcauseactualresults,performance, oreventsto differmateriallyfromthoseexpressedorimpl iedin ,amongotherthings,statementsconcerningVe stas potentialexposuretomarketrisksandstateme ntsexpressingmanagement sexpectations,beliefs,estimates,forecast s,projectionsandassumptions. A numberoffactorsthataffectVestas futureoperationsandcouldcauseVestas resultstodiffermateriallyfromthoseexpres sedintheforward-lookingstatementsinclude dinthisdocument,include(withoutlimitatio n): (a)changesindemandforVestas products; (b)currencyandinterestratefluctuations; (c)lossofmarketshareandindustrycompetiti on;(d)environmentalandphysicalrisks,incl udingadverseweatherconditions; (e)legislative,fiscal,andregulatorydevel opments,includingchangesintaxoraccountin gpolicies; (f)economicandfinancialmarketconditionsi nvariouscountriesandregions; (g)politicalrisks,includingtherisksofexp ropriationandrenegotiationofthetermsofco ntractswithgovernmental

Third quarter 2017 (Public) The wind power industry continues to evolve. 5. 9 November, 2017. Market is transitioning quickly to more competitive tenders and auction systems

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