Munters Group — M&A Activity 2010

Oct 28, 2010

The Offer is not being made, and this press release may not be distributed, directly or indirectly, in or into, nor will any tender of shares be accepted from or on behalf of holders in, Australia, Canada, Japan, New Zealand, South Africa, or the United States of America, or any other jurisdiction in which the making of the Offer, the distribution of this press release or the acceptance of the Offer would contravene applicable laws or regulations or require further offer documents, filings or other actions in addition to those required under Swedish law.

Press release, 28 October 2010

Cidron Intressenter has received acceptances representing 96.0 per cent of the shares and votes in Munters and extends the acceptance period

On 29 September 2010, Cidron Intressenter AB¹ ("Cidron Intressenter"), a company indirectly wholly owned by Nordic Capital VII Limited2 ("Nordic Capital Fund VII"), announced a recommended offer (the "Offer") to the shareholders in Munters AB (publ) ("Munters"), to acquire all the shares in Munters for SEK 73 in cash per share, which was increased on 13 October 2010 to SEK 77 in cash per share.

The Offer has been accepted by shareholders representing 70,966,321 shares, corresponding to 96.0 per cent of the outstanding shares and votes in Munters.

All conditions for completion of the Offer are fulfilled, except for the condition regarding clearances from competition authorities.3 The condition regarding clearances from competition authorities continues to apply and remains unchanged. Cidron Intressenter has at the same time decided to abandon its right to waive this condition. As a consequence, shareholders who have accepted the Offer do not have the right to withdraw their acceptance.

Receipt of the remaining competition clearances is expected to occur on or around 4 November 2010.

In order to await the remaining competition authority clearances, and to provide shareholders that have not yet submitted their acceptances the opportunity to accept the Offer, Cidron Intressenter has decided to extend the acceptance period up to and including 4 November 2010 at 17.00 (CET).

Provided that Cidron Intressenter announces that the remaining condition for completion of the Offer has been fulfilled no later than on 5 November 2010, settlement is expected to commence on or around 8 November 2010.

Shareholders who accept the Offer during the extended acceptance period do not have the right to withdraw their acceptance. Cidron Intressenter reserves the right to extend the acceptance period, as well as to postpone the settlement date.

For additional information about the Offer, please visit www.cidronintressenter.com or contact Nordea on +46 8 21 27 67.

All media enquiries to:

Mikael Widell, Communications Manager +46 8 440 50 70 +46 703 11 99 60

The information in this press release was submitted for publication on 28 October 2010 at 08.40 (CET).

¹ A newly formed company indirectly wholly owned by Nordic Capital Fund VII. ² Nordic Capital VII Limited, a limited liability company established under the laws of Jersey, with registered office in St Helier, Jersey, acting, in relation to the Offer, in its capacity as General Partner for and on behalf of Nordic Capital VII Alpha, L.P. and Nordic Capital VII Beta, L.P.

³ See condition no. (iv) in the section Conditions of the Offer on page 5 in the offer document regarding the Offer and on page 3 in the supplement to the offer document dated 14 October 2010.