Dividend policy

Holders of the Shares will be entitled to receive future dividends, including any future dividends declared in respect of the year ended 31 December 2016 and in respect of any subsequent period, provided dividends are declared.

Munters aims to pay an annual dividend corresponding to 30–50 percent of its consolidated income for the period. The pay-out decision will be based on the Company’s financial position, investment needs, acquisitions and liquidity position. There can be no assurances, however, that in any given year a dividend will be proposed or declared.

The Board of Directors proposes that no dividend be paid for 2019.

Dividend history

To date, no divided has been paid out in respect of the years ended 31 December 2016, 2015 and 2014.