Exhaust system

An exhaust system designed for connection to a combustion engine of a motor vehicle, which system comprises a catalytic converter (12) and a heat exchanger (13) arranged in a flow path for exhaust gases from the engine to an outlet to the surroundings of the vehicle. The arrangement comprises means (14) for defining at least two alternative flow paths for exhaust gases from the engine to the outlet, a first with the heat exchanger (13) arranged downstream of the catalytic converter (12) and a second with the heat exchanger (13) arranged upstream of the catalytic converter (12). The determination as to which of said alternative flow paths the exhaust gases are to be conducted in is made on the basis of a measured operating parameter of the exhaust system.