Changes in Group Management

In addition, Segment Director, Søren Ø. Sørensen will be appointed Group Exec. Vice President as of 1 January 2003.

This means that from the turn of the year Grundfos Group Management will consist of the following members: Group President, Jens Jørgen Madsen, Vice Group President, Carsten Bjerg, Group Exec. Vice President, Carlo Prola, and Group Exec. Vice President, Søren Ø. Sørensen.

Carsten Bjerg, 42, B. Eng., joined Grundfos in 1997 as Director of international production. In 2000 he was appointed Group Exec. Vice President, production and logistics, and in addition he is responsible for Group R&T, eBusiness, and Quality Management. He is Chairman of the Boards of the production companies of the Group.

Søren Ø. Sørensen, 44, B. Com. (Marketing), joined Grundfos in 1989 as Group Marketing Manager. In 1993 he was appointed Gen. Manager of Grundfos’ sales company in Japan and in 1996 Gen. Manager of Grundfos’ Danish sales company as well as Regional Gen. Manager of the North European region. Since 1998 Mr. Sørensen has been Segment Director of Building Services (pumps for heating, ventilation and air-conditioning). In addition he is chairman of the boards of several Grundfos sales companies.

Lars Fournais, 49, Regional Gen. Manager of the North-European region and Gen. Man. of Grundfos’ Danish sales company, Grundfos DK A/S, at the turn of the year will be appointed Segment Director of Building Services, which is the largest and most important market segment of the Grundfos Group. Mr. Fournais, a B.Com., joined Grundfos in 1998 for his present position. In addition he is chairman of the board of a number of Grundfos companies.

Duncan Cooper, 41, Managing Director of Grundfos’ sales company in the UK, from 1 January 2003 will be appointed Regional Gen. Manager of the North European region in addition to his present position. An engineer, Mr. Cooper joined Grundfos in 1997 to become Man. Director of Grundfos ‘ sales company in the UK.

Claus Witt, 46, Sales Director at Grundfos DK A/S, from 1 January 2003 will be appointed Managing Director of that company. Mr. Witt, a MSc. Engineering and BCom., joined Grundfos in 1981.