STAR Park ForumSeptember 2013

Who We Are

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.

Market Share (3)Market Share (3)

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(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

End-Markets (1)End-Markets (1)Geography (1)Geography (1)

What is Heat Tracing?

TransformerTransformer

Power Distribution / Control PanelPower Distribution / Control Panel

Conduit and WireConduit and Wire

Heating Cable / Power ConnectionHeating Cable / Power Connection

RTD/Temperature SensorRTD/Temperature Sensor

Communication SoftwareCommunication Software

Thermal Insulation

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Global Footprint Provides Access to High-Growth Markets Worldwide

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

Sales and engineering Production plants

Fabrication plants Turnkey construction offices

Source: Heat tracing market analysis prepared by Alvarez & Marsal, April 2012.

Canada:Thermon #1

USA:Thermon #2

Mexico:Thermon #1

South America:Thermon #2

Europe:Thermon #2

Russia:Thermon #2

Japan:Thermon #1

Korea:Thermon #1

China:Thermon #2

India:Thermon #1

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Customer Case Studies

Greenfield: Imperial Oil’s Kearl Oil Sands Project

Greenfield: Imperial Oil’s Kearl Oil Sands Project MRO / UE: Irving Oil ProjectMRO / UE: Irving Oil Project

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

Total feet of heat tracing:

% of total pipes traced:

Total heat tracing expenditure:

Total project cost:

Phase

1

Phase

2~1.5 million

~44%

~$64 million

~$8 billion

~2.0 million

~47%

~$58 million

~$9 billion

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Customer Case Studies

Sakhalin Island: ExxonMobil’s Arkutun-Dagi Project

Sakhalin Island: ExxonMobil’s Arkutun-Dagi Project

Emissions Monitoring: Calaveras Power’s J.K. Spruce 2 Upgrade

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

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Serving a Large and Diverse Base of Loyal Customers

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No customer represents > 10% of the Company’s revenue

Loyal Relationships with Customers and Strategic Partners, Some for 50+ Years

Impressive Financial Performance($ Millions)

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Revenue CAGR: 8.4%

Average Gross Margin: 44%

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.

6-Year Revenue CAGR:

14.7%

Revenue Growth and Consistent Margins Since 1990Revenue Growth and Consistent Margins Since 1990

6-Year Average Gross Margin: 47%

Manufacturing Capacity Increase

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.

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Manufacturing Capacity Increase

• 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.

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Platform for Growth

Pursue Organic Growth,Including Commercial Market,

Steam-to-Electric Conversion and Re-Invest in Business

Leverage Installed Baseto Expand Recurring

Revenue Stream

Drive Growth ThroughAlliances with Major

Customers and Suppliers

Support Alternative Energy Initiatives and Environmental

Compliance Mandates

Pursue Value-Added Acquisitions

Next Generation Thermal Control Products & Solutions

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Thank You!

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