NIBE Industrier — M&A Activity 2011

May 10, 2011

Not for distribution in the United States, Australia, Canada or Japan.

NIBE receives antitrust clearance

NIBE Industrier AB (publ) of Sweden ("NIBE"), one of the leading heat pump manufacturers in Europe, has received clearance by relevant competition authorities of its purchase of 31.13% of shares and its recommended, voluntary public tender offer for all publicly held registered shares of Schulthess Group AG ("Schulthess"), the Swiss heating, cooling and washing technology company.

• As previously announced, NIBE filed for ordinary clearance of the transaction by the relevant competition authorities. The antitrust clearance thereby fulfills a further part of NIBE's public tender offer conditions.
• Following NIBE's publication of the offer prospectus on April 20, 2011, the acceptance period of the public tender offer has started as of yesterday and will run up to and including June 6, 2011.
• On May 11, 2011, NIBE will publish its interim report for the financial period Jan-Mar 2011 at 9.00 (CET) and hold a telephone conference for analysts and investors at 11.00 (CET) via tel. +46 (0)8-506 853 31.
• On May 11, 2011, NIBE will hold its Annual General Meeting (AGM). The AGM will vote, inter alia, on the authorisation of the Board of Directors of NIBE to decide upon the capital increase to issue the NIBE B shares required as part of the consideration under the public tender offer.

Should you have any questions, please contact:

Gerteric Lindquist	Leif Gustavsson	Christel Fritiofsson
Managing Director and CEO	CFO	IR-contact
NIBE Industrier AB	NIBE Industrier AB	NIBE Industrier AB
Tel: +46 433-73 076	Tel: +46 433-73 075	Tel: +46 433-73 078

NIBE in brief

NIBE is an international heating technology company. Operations are organised around three business areas - NIBE Element, NIBE Energy Systems and NIBE Stoves - all united under a shared vision: to create world-class solutions in sustainable energy. The group has more than 5,900 employees and carries out business operations in Europe, North America and Asia. In 2010, net sales and operating profit (EBIT) amounted to SEK 6,512 million (CHF 930 million) and SEK 796 million (CHF 114 million) respectively.

NIBE Element is a market leader in Northern Europe and a leading international manufacturer of components and systems for electric heating applications and for resistors. The market is composed of industrial users and users of components. NIBE Energy Systems is a market leader in the Nordic region and holds a leading position in Northern Europe in its main focus areas of heat pumps and electric water heaters for private homes and larger premises. The market is comprised of the RMI sector (Renovation, Maintenance and Improvement) and the construction of new homes and other properties. NIBE Stoves is a market leader in the Nordic region for wood-burning stoves. The market is composed of private homeowners in the new and existing housing market and in the holiday homes sector.

THIS PRESS RELEASE MAY NOT, DIRECTLY OR INDIRECTLY, BE DISTRIBUTED TO, OR PUBLISHED IN, THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR IN ANY OTHER JURISDCTION WHERE SUCH DISTRIBUTION OR THE OFFER DESCRIBED IN THIS PRESS RELEASE WOULD REQUIRE FURTHER OFFER DOCUMENT, PROSPECTUS, FILING OR OTHER MEASURES THAN THOSE APPLICABLE UNDER SWISS AND SWEDISH LAW, OR BREACHES THE RULES APPLYING IN SUCH JURISIDCTION. THIS PRESS RELEASE AND RELATED INFORMATION DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SELL OR PURCHASE OR TENDER ANY SECURITIES. SHAREHOLDERS IN SCHULTHESS ARE ADVISED TO REVIEW AND READ CAREFULLY THE OFFER DOCUMENT WHICH CONTAINS THE FULL TERMS AND CONDITIONS OF THE OFFER.