An annular heat exchanger for cooling hot gases comprises an inner shell, an intermediate shell and an outer shell. Where the heat exchanger is integrated with a catalytic converter for treatment of hot exhaust gases in a motor vehicle, the inner shell contains a catalyst for treatment of the exhaust gases. Inner and outer gas flow passages are provided between the shells, and a coolant flow passage is provided, either on the outer surface of the outer shell, or between the intermediate and outer shells. The exhaust gases change direction twice as they pass through the heat exchanger, and the annular structure of the heat exchanger provides a large surface area, and a large flow section, relative to volume, and thereby provides effective heat exchange without significantly increasing space requirements.