Q3 Jan-Sep - Munters

Interim ReportJanuary-September 2008

Group Highlights – Q3Order intake declined vsQ3 ‘07 – down 3% adjusted– Continued relatively high activity inmost markets– WalMart new constructioncontinued to be subdued in Q3– Activity in U.S. coal plant flue gasdesulphurization market still onlow levels– Turbulent credit market affectsdistributor stock building inheatersOrder backlog at 1,377 MSEK(1,365) at end of Q3 Reported sales unchanged – up 2%adjusted– MCS and DH sales relatively strong– HumiCool sales hampered by lowactivity in ME and HVAC Heaters EBITA before one-time costs 119MSEK (152) – margin 7.5% (9.5%)– Recurring earnings impacted by lowvolumes in HumiCool and weak grossmargins in MCS– MEP 2 program incurred cost in Q3 of25 MSEK– 10 MSEK one-time cost related tolarge US client in receivership2

Dehumidification Highlights – Q3 2008Continued good demand globally forindustrial dehumidification systemsRegion Americas - order growth inprocess air and comfort segment– Slow pace in WalMart new storeconstruction continuesRegion Europe - weaker demand onstandard products as a result ofsoftening marketsRegion Asia – demand still briskQ3 Net SalesRegionsAsia9%Americas58%Sales toAsia 18%Europe33%5

Dehumidification Financial Summary – Q3 2008Net sales in line with last year;hampered by low WalMartactivityHigher raw material prices offsetby price increasesIndirect costs above trend due toredundancy costs etc.Third Quarter Jan-SepSEK M 2008 2007 2008 2007Order Intake 511 541 1,525 1,541Growth -6% -1%Adj growth -2% 2%Net Sales 495 504 1,406 1,402Growth -2% 0%Adj growth 2% 2%EBITA Ex. One-Time 48 55 146 162EBITA Margin 9.6% 11.0% 10.4% 11.5%Q4 outlookStable development in mostareasGood order backlog, butturbulent credit marketsincreases uncertaintyEBITA 48 55 126 162EBITA Margin 9.6% 11.0%Operating Capital Turn 3.9 4.3ROOC 40% 52%6

Dehumidification Rolling 4 QuarterSEK M2,4002,200EBITA ex. 1-timeSEK M2402202,0001,800EBITA2001801,6001,400Order intakeNet sales1601401,2001201,0001008008060060400402002000Q4-99Q4-00Q4-01Q4-02Q4-03Q4-04Q4-05Q4-06Q4-077Note: Operating earnings excluding goodwill depreciation.Figures are currency adjusted.

MCS Highlights – Q3 2008Relatively good demand, especially inthe U.S.– Weather-related business in the U.S.of same magnitude as UK floods 2007Continued weak sales mix andinflationary pressure– Limited effect from price hikesImplementation of Field.Link inintensive phase– 368 full-time usersNew framework agreement signedwith global insurance corp’s USdivisionQ3 Net SalesMarket AreasAmericas &Asia15%ContinentalEurope36%Sales toAsia 18%NorthernEurope49%8

MCS Financial Summary – Q3 2008Revenue increase, partly due tohurricane-related businessSo far limited effect from priceincreases to offset risinginflationary pressureContinued price focusMEP 2 costs 25 MSEK– Higher than earlier advised due tochanged view on A/R collectibility– Implementation phase acceleratedQ4 outlookContinued trend of good demandbut still weaker mixStrong order backlog, but shouldbe viewed in context of UKflooding last year10 MSEK in MEP 2 costThird Quarter Jan-SepSEK M 2008 2007 2008 2007Order Intake 710 690 2,025 1,957Growth 3% 4%Adj growth 4% 5%Net Sales 686 666 2,000 1,885Growth 3% 6%Adj growth 5% 8%EBITA Ex. One-Time 32 42 93 100EBITA Margin 4.6% 6.3% 4.7% 5.3%EBITA 7 42 57 90EBITA Margin 1.0% 6.3% 2.8% 4.8%Operating Capital Turns 3.2 3.4ROOC 11% 18%9

MCS Rolling 4 QuarterSEK M3,000SEK M300Net sales2,500Order intake2502,0002001,500EBITA ex. 1-time1501,000EBITA1005005000Q4-99Q4-00Q4-01Q4-02Q4-03Q4-04Q4-05Q4-06Q4-0710Note: Operating earnings excluding goodwill depreciation.Figures are currency adjusted.

HumiCool Highlights – Q3 2008Weak order intake, especially inMist Elimination and HVACHeatersCredit crunch leads to less stockbuildingamong heaterdistributorsAgHort market activity still brisk– Outlook remains strong in mostmarketsActivity in U.S. flue gasdesulphurization market expectedto remain subdued in the mediumterm– Political uncertainty regardingexhaust rightsQ3 Net SalesBusiness AreasSales toAsia 18%HVAC / Pre-Cooler32% AgHort46%MistElimination22%11

HumiCool Financial Summary – Q3 2008Aghort revenue remains strongLow volumes in high margin MistElimination has significant impacton EBITALow volumes and underabsortionof costs in heatersOne-off cost of 10 MSEK– Related to a large US customer beingput in receivershipThird Quarter Jan-SepSEK M 2008 2007 2008 2007Order Intake 369 460 1,330 1,443Growth -20% -8%Adj growth -19% -8%Net Sales 425 446 1,309 1,289Growth -5% 2%Adj growth -4% 1%EBITA Ex. One-Time 46 64 164 178EBITA Margin 10.8% 14.3% 12.5% 13.8%EBITA 36 64 132 178EBITA Margin 8.5% 14.3% 10.1% 13.8%Q4 outlook Continued good development inAgHort is expected Slow order activity in MistElimination and HVAC continues toimpact revenuesOperating Capital Turns 3.3 3.2ROOC 37% 45%12

HumiCool Rolling 4 QuarterSEK M2,6002,4002,2002,0001,8001,6001,4001,2001,0008006004002000EBITA ex. 1-timeEBITAOrder intakeNet salesSEK M260240220200180160140120100806040200Q4-99Q4-00Q4-01Q4-02Q4-03Q4-04Q4-05Q4-06Q4-0713Note: Operating earnings excluding goodwill depreciation.Figures are currency adjusted.

14Munters GroupFinancial Analysis

Munters Group FinancialsSEK M Third Quarter Jan-Sep2008 2007 2008 2007Order Intake 1,582 1,674 4,854 4,889Growth -5% -1%Adj growth -3% 1%Net Sales 1,597 1,597 4,689 4,525Growth 0% 4%Adj growth 2% 5%Gross Margin 26.0% 27.9% 26.2% 28.2%EBITA Ex. 1-time 119 152 367 400EBITA Margin Ex. 1-time 7.5% 9.5% 7.8% 8.8%EBIT 82 149 286 395Net Earnings 40 87 147 23515Note: Adjusted growth is pro forma adjusted for currency effects andacquisitions and divestitures

Quarterly TrendOrder IntakeOrder Backlog1,7001,6001,5001,4001,3001,2001,1001,00090080070060050040030020010001,8001,7001,6001,5001,4001,3001,2001,1001,0009008007006005004003002001000Q1 Q2 Q3 Q4Net SalesQ1 Q2 Q3 Q41,4001,3001,2001,1001,00090080070060050040030020010001801701601501401301201101009080706050403020100Q1 Q2 Q3 Q4EBITQ1 Q2 Q3 Q417

Rolling 4 Quarter DevelopmentSEK M6,5006,0005,5005,0004,5004,0003,5003,0002,5002,0001,5001,0005000Order intakeNet salesEBITASEK M650600550500EBITA ex. 1-time450400350300250200150100500Q4-99Q4-00Q4-01Q4-02Q4-03Q4-04Q4-05Q4-06Q4-0718Note: Operating earnings excluding goodwill depreciation.Figures are currency adjusted.

Key Financial RatiosQ3 2008 Q3 2007Capital Turns 1 2.5 2.7EBIT Margin 1 7.1% 9.0%Return on capital employed 1 17.8% 24.8%Return on Equity 1 21.4% 24.1%Operating Cash Flow 49 -25Net debt, SEK M 1,311 1,245Net debt/equity ratio 1.10 1.16Earnings per share, SEK 0.53 1.161Calculated on rolling 12 months.19

Actionsto AddressEarningsIssuesIssueNegative margin trend inMCS and changing marketdynamicsBusiness cycle downturn /credit crunch in productdivisionsSensitivity to factory volumefluctuationsSlowdown in MistElimination Flue GasDesulphurizationAction New business model basedon Field.Link Enables overhead costreductions Market/Service footprintrestructuring Pricing model development Adjust headcount Pursue pricing,manufacturing footprintand sourcing cost Consolidation ofmanufacturing footprint Business rightsizing20