September 2013


Through its global network, Thermon provides highly engineered thermal solutions, known as heat tracing, for process industries, including energy, chemical processing and power generation. Thermon's products provide an external heat source to pipes, vessels and instruments for the purpose of freeze protection, temperature maintenance, environmental monitoring and surface snow and ice melting. Thermon is headquartered in San Marcos, Texas. For more information, please visit www.thermon.com.
End-Markets (1) Market Share (3)
Geography (1)
(1) Results for nine months ended 3/31/2013
(2)
‘Other’ category includes all sales to Agents and Representatives, as well as sales to end-markets such as Mining, Food & Beverage, Wastewater Treatment, Textiles, LNG, Pharmaceuticals and Pulp & Paper
(3) From an analysis prepared by Alvarez & Marsal, February 2013
(4) Formerly Tyco Thermal Controls
2

Transformer
Power Distribution /
Control Panel
Communication
Software
Conduit and Wire
Heating Cable /
Power Connection
Thermal
Insulation
RTD/Temperature Sensor
3

Europe:
Thermon #2
Russia:
Thermon #2
Canada:
Thermon #1
USA:
Thermon #2
Mexico:
Thermon #1
South America:
Thermon #2
India:
Thermon #1
Japan:
Thermon #1
Korea:
Thermon #1
China:
Thermon #2
Sales and engineering
Fabrication plants
Production plants
Turnkey construction offices
Source: Heat tracing market analysis prepared by Alvarez & Marsal, April 2012.

Global footprint, local presence
─ Sales in more than 90 countries worldwide
─ Over 800 employees in more than 15 countries (380 full-time employees in San Marcos)
─ Over 100 independent sales agents and distributors in over 30 countries
─ Manufacturing facilities in the U.S., Europe, Canada and India
4

Greenfield: Imperial Oil’s Kearl Oil Sands Project
MRO / UE: Irving Oil Project
Phase 1 Phase 2


Total feet of heat tracing:
% of total pipes traced:
~1.5 million
~44%

Total heat tracing expenditure: ~$64 million

Total project cost: ~$8 billion
~2.0 million
~47%
~$58 million
~$9 billion


Original contract value of $6.3 million
Recurring revenue generated by small site projects and material purchases
─ Average annual revenue continues to be approximately $0.5 million, or 7.5% of original contract value
5

Sakhalin Island: ExxonMobil’s Arkutun-Dagi Project
Emissions Monitoring: Calaveras Power’s J.K. Spruce 2
Upgrade
Total feet of heat tracing:
% of total pipes traced:
Total heat tracing expenditure:
Total project cost:
350,000
40%
$14 million
~$1.5 billion
Total feet of tubing bundles:
Total tubing bundle expenditure:
Total emissions monitoring upgrade cost:
1,975
$89,000
$750,000
6

Loyal Relationships with Customers and Strategic Partners, Some for 50+ Years
No customer represents > 10% of the Company’s revenue
7

($ Millions)
Revenue Growth and Consistent Margins Since 1990
Average Gross Margin: 44%
6-Year Average Gross Margin: 47%
Note: Results for fiscal years ended March 31. Gross margin results for fiscal years ended March 31, 2008 and 2011 exclude non-cash purchase accounting adjustments of $7.1 million and $7.6 million related to the Audax and CHS private equity transactions, respectively.
8


New manufacturing facility recently completed; approximately 48,000 square ft

We estimate that the increased production capacity resulting from this expansion will support growth to a revenue threshold of $400-$500 million.
9

•
Recently completed a total upgrade of manufacturing facility now dedicated exclusively to our panel production; approximately 25,000 square ft
• The increased production capacity resulting from this upgrade will allow us to take full advantage of the release of our new control system by building more of these systems in-house.
10

Next Generation Thermal
Control Products & Solutions
Pursue Organic Growth,
Including Commercial Market,
Steam-to-Electric Conversion and
Re-Invest in Business
Leverage Installed Base to Expand Recurring
Revenue Stream
Pursue Value-
Added Acquisitions
Drive Growth Through
Alliances with Major
Customers and Suppliers
Support Alternative Energy
Initiatives and Environmental
Compliance Mandates
11

12