January

1
JanuaryDecember 2001
2
Rolling four quarters
SEKm
SEKm
IPO
4 000
400
3 500
350
3 000
300
Order intake
2 500
250
EBIT
2 000
200
Net sales
1 500
150
1 000
100
500
50
0
0
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
1995
1996
1997
1998
1999
2000
2001
Excluding Alecta (SPP) surplus refund of SEK 15
million in Q3, 2000.
3
Market Development JanDec 2001

• Continued good demand in non-cyclical
  industries
• Europe
• Soft market in general
• Strong demand for MCS
• Strong market in poultry
• Americas
• Softening demand in general
• Very good demand for MCS Hurricane Allison and
  Sept 11
• Strong demand for Zeol, but declining
• Weak poultry market
• Asia
• Good start for Thailand and Korea
• Recession in Japan

4
Dehumidification
Preservation
Pharma
Dehumidification 38 of Munters 2001
Food
5
Dehumidification 17

• Strong Net Sales in Americas
• Gaining market shares in Americas
• Zeol orders declining as expected
• Flat development in Europe
• Asia growing

6
Munters wins in Salt Lake City

• NHL experience
• The indoor Oval Arena has 4 very large
  dehumidifiers
• 13 Rh - very hard ice - like ceramics
• Fastest ice in history
• 5 World records, 6 Olympic records, 1 Swedish
  record

7
Moisture Control Services
Fire Damage Restoration
Water Damage Restoration
Moisture Control services 34 of Munters 2001
8
Munters support in catastrophe situations... Mun
ters in New York, September 2001
9
Munters in Washington, September 2001
10
MCS 39

• Hurricane Allison in Houston, Texas
• Orders USD 9 M in Q2 and Q3
• Net Sales USD 7 M Q3 and 2 M in Q4
• Pentagon and World Trade Centre
• Growth and margin improvements continue
• Increased Net Sales but low margins in Australia
• Three acquisitions
• Customer consolidation continues

11
HumiCool
Comfort Cooling
Poultry
HumiCool 28 of Munters 2001
Utilities
12
HumiCool 12

• Non-US AgHort business growing fast - Euroemme
  successfully integrated
• US AgHort market very slow
• Gas turbine business good
• HVAC demand soft
• The water business is declining

13
Glacier-Cor (acquired Jan 2002)

• Munters lost market share when changing the
  distribution network
• Glacier-Cor no 2 in CELdek, accumulated
• Rapid decline. Quality issues
• Munters acquired assets
• Separate sales organization
• Consolidated manufacturing to Florida
• Glacier-Cor remains exclusive with the fan
  companies
• Lower cost, lower performance than CELdek
• Integrated since 1 January

14
Most customers are non-cyclical
Others
23
MCS
33
Pharma
4
6
6
Electronics
6
11
18
After Sales
Utilities
Food
15
Munters strategy for growth
Open new geographical markets
Grow the Service business
Global roll-out of existing applications
Integration forward
Underlying growth
16
Global organization
Net Sales SEK 3.9 billion Employees 2 600
17
Net sales by Region
Net sales Jan-Dec 2000 SEK 3 179 million
Net sales Jan-Dec 2001 SEK 3 894 million
22
Asia
Asia
16
10
10
29
Europe
Americas
Americas
Europe
50
40
38
52
18
Net sales by Product Area
Net sales Jan-Dec 2000 SEK 3 179 million
Net sales Jan-Dec 2001 SEK 3 894 million
12
17
DH
HumiCool
30
40
39
19
October-December 2001

• Order intake over SEK 1 billion
• Order growth 19
• Currency and acquisition adjusted 12
• Net sales growth 14
• Currency and acquisition adjusted 6
• Operating earnings growth 20
• Operating margin 12.8

20
Financial overview by Quarter
2000
2001
Q1 Q2 Q3 Q4 Q1 Q2
Q3 Q4 Growth
1) Excluding Alecta (SPP) surplus refund of SEK
15 million in Q3, 2000.
21
Regional development Oct-Dec 2001
Net sales Growth EBIT margin
Europe 562 14 12.9 Americas 412 15 11.7 Asia
104 8 11.2 Total Group 1 063 14 12.8
22
January - December 2001

• Order intake growth 19
• Currency and acquisition adjusted 8
• Net sales growth 22
• Currency and acquisition adjusted 12
• Operating earnings growth 31
• Operating margin 10.3
• Strong development in MCS in all regions
• Four acquisitions
• Strong development in all regions

23
Financial Overview 2001
1996 1997
1998 1999 2000 2001 Growth Order
intake 1 943 2 265 2 384 2
608 3 322 3 945 19 Invoicing
1 927 2 197 2 401 2 594 3 179
3 894 22 EBIT 155
184 205 237
306 401 31 Margin, 8.1
8.4 8.5 9.1
9.6 10.3 Net earnings 90
105 124 144 184 240 30 Op.
Cash flow 1) 176 211 171
219 273 470 72 (bef capex tax)
/253
SEKm
Pro forma for 1996 and 1997 Excluding SPP surplus
refund 1) 1999 excluding resp. including effects
from Euroemme acquisition
24
Regional development Jan-Dec 2001
Net sales Growth EBIT margin
Europe 1 950 16 9.2 Americas 1
592 29 12.0 Asia 408 22 11.6 Total Group 3
894 22 10.3
25
Currency and Acquisition Effects
Net Sales - Jan-Dec 2000 3 179

• Currency effect

285
9
Net Sales from acquired units
58
2
Organic Growth
372
11
Net Sales - Jan-Dec 2001
3 894
22
26
Key Ratios

1996 1997 1998 1999 2000 2001
Return on Capital Employed
() 29.3 34.5 33.3 30.3 30.1 34.0 Interest
coverage ratio (times) 7.6 10.5
11.6 13.1 12.4 18.2 Net debt (SEK m) 225 112
135 230 333 196 Net debt/Equity
ratio 0.74 0.26 0.25 0.35 0.41 0.19 Earnings
per share (SEK)1) 3.62 4.18 4.95
5.78 7.37/ 9.57/ 7.43 9.75
Pro forma for 1996 and 1997 Excluding SPP surplus
refund 1) Year 2000 calculated on 25.0 million
resp 24.8 million shares Year 2001 calculated
on 25.0 million resp 24.5 million shares
27
A capital light company
of invoicing 19981) 19991) 2000 2001 Tangib
le Assets 15 15 16 15 Inventory
7 7 8 7 Trade Receivables 22
23 25 22 Trade Payables 6 7 8
7 Advances From Customers 1 1 2
2 Operating Working Capital 22 22
23 20 Operating Capital Turnover, times 2.7
2.7 2.6 2.9
1) 1999 excluding Euroemme
28
Munters Group - Net debt
300
Net Debt
200
Liquid Funds
100
0
Short-term Loans
-100
-135
-112
-200
-196
-230
Long-term Loans
-300
-400
-333
-500
Dec.-97
Dec.-98
Dec.-99
Dec.-00
Dec.-01
29
Order intake
SEK m
1 100
19
1994
10
25
21
1 000
1995
1996
900
1997
1998
800
1999
2000
700
2001
600
500
400
300
200
100
0
Q1
Q2
Q3
Q4
30
Net sales
SEK m
14
1 100
1994
28
30
1 000
1995
1996
900
20
1997
800
1998
1999
700
2000
600
2001
500
400
300
200
100
0
Q1
Q2
Q3
Q4
31
Backlog
SEK m
700
14
45
1994
5
650
1995
16
600
1996
550
1997
500
1998
1999
450
2000
400
2001
350
300
250
200
150
100
50
0
Q1
Q2
Q3
Q4
32
EBIT
SEK m
20
140
1994
130
1995
120
1996
110
1997
31
100
1998
42
90
1999
80
2000
41
2001
70
60
50
40
30
20
10
0
Q1
Q2
Q3
Q4
33
Earnings per Share (EPS) and Dividend
12
Dividend
EPS
9.57
10
8
7.37
5.78
6
4.95
4.18
1)
3.00
4
2.30
1.80
1.50
1.00
2
0
1997
1998
1999
2000
2001
1) Proposal from Munters board EPS calculated on
25 million shares
34
Munters Group Net Sales
SEK m
4,500
Acquired growth
4,000
Organic growth
3,500
CAGR 9.8
3,000
CAGR 12.3
2,500
2,000
1,500
1,000
500
0
1994
1995
1996
1997
1998
1999
2000
2001
35
Dehumidification - Net Sales
SEK m
1,600
1,400
CAGR 9.3
1,200
1,000
800
600
400
200
0
1994
1995
1996
1997
1998
1999
2000
2001
36
MCS, Moisture Control ServicesNet Sales
SEK m
1,600
Acquired Businesses
1,400
MCS
1,200
CAGR 13.9
1,000
800
600
400
200
0
1994
1995
1996
1997
1998
1999
2000
2001
37
HumiCool- Net Sales
SEK m
1,600
1,400
Acquired Businesses
ME Water
1,200
HumiCool
1,000
CAGR 14.9
800
600
400
200
0
1994
1995
1996
1997
1998
1999
2000
2001
38
Munters share and index (all shares)
39
Summary

• One Strong brand Munters
• Strong organic growth
• Technical leadership
• Global presence
• Large service operations
• Large installed base
• High market share in defined niches
• Customers in growing and non-cyclical areas
• Capital light

40
The Humidity Expert