Swedish Corporate Governance Code

The Swedish Corporate Governance Code ("the Code") applies to all Swedish companies whose shares are listed in a regulated marketplace in Sweden and must be observed as of the first day of trading. The Code outlines a standard for sound corporate governance at a higher level of ambition than that of the Swedish Companies Act and the minimum criteria stipulated in other regulations. The Swedish Corporate Governance Code is based on the "comply or explain" principle, meaning that the company is not compelled to always comply with every rule of the Code, and is instead free to opt for other solutions that are deemed to better suit the circumstances in a particular case, provided that the company transparently reports every such deviation, describes the alternate solution, and states the reasons for said actions in its corporate governance report.

Munters expects to comply with all rules in the Code from the date of the listing of the Shares on Nasdaq Stockholm, with the exception of rules 9.7 and 9.8 of the Code. Deviations from the Code will be reported in the Company’s annual corporate governance reports.

Munters’ corporate governance structure