1. Thermax Limited – Corporate Presentation 1 Sustainable Solutions in Energy and Environment

2. Thermax Limited – Corporate Presentation 2 To be a globally respected high performance organisation offering sustainable solutions in energy and environment Vision

3. Thermax Limited – Corporate Presentation 33 Sustaining Values and Brand Attributes Integrity Respect Fairness Excellence Commitment Transparent Trusted Customer focused Entrepreneurial Innovative Socially responsible

4. Thermax Limited – Corporate Presentation 44 Thermax Today Rs. 4366 crore company with subsidiaries and sales & service network in Asia, Middle East, Africa, Europe and the Americas. Headquartered in Pune, India and operate globally through 19 International offices, 12 Sales & Service offices and 12 manufacturing facilities - 7 of which are in India and 5 overseas. Supports customers in over 75 countries with solutions to conserve energy and preserve the environment. A partner in the global initiative for sustainable development.

5. Thermax Limited – Corporate Presentation 55 Thermax Evolution: A Snapshot Established in 1966 as Wanson (India) Thermax Private Limited formed in 1980 and Wanson (India) merged with Thermax Becomes a public limited company in 1996 Features in the Forbes Asia list of “Best under a Billion” companies in 2008 Thermax - Babcock & Wilcox Joint Venture for Supercritical Boilers in 2010 for higher efficiency of power generation Acquires European boiler maker, Danstoker to reinforces its initiatives in renewable energy Acquires Rifox, German steam products company in 2012 for its steam engineering business

6. Thermax Limited – Corporate Presentation 66 A Family Owned, Professionally Managed Organization Rohinton D. Aga Founder Chairman Anu Aga Director & Former Chairperson Meher Pudumjee Chairperson Pheroz Pudumjee Director A. S. Bhathena Founder Chairman-Managing Director Wanson (India)

7. Thermax Limited – Corporate Presentation 77 Thermax Group Thermax Sustainable Energy Solutions Ltd. Thermax Onsite Energy Solutions Ltd. Thermax Engineering Construction Co. Ltd. Thermax Instrumentation Ltd. Thermax International Ltd. (Mauritius) Thermax Europe Ltd. (U.K.) Thermax Hong Kong Ltd (Hong Kong) Thermax do Brasil-Energiae Equipamentos Ltd (Brazil) Thermax Inc. (U.S.A.) Thermax (Zhejiang) Cooling & Heating Engineering Co. Ltd. (China) Thermax Denmark ApS Thermax Netherlands B.V. Danstoker A/S, Denmark Subsidiaries Joint Ventures Thermax Limited Thermax Babcock & Wilcox Energy Solutions Pvt. Ltd. Thermax SPX Energy Technologies Ltd.

8. Thermax Limited – Corporate Presentation 88 Thermax Organisation EC Member SBU Growth Unit Managing Director & CEO Managing Director & CEO EVP C&H EVP C&H EVP B&H EVP B&H EVP ENVIRONMENT EVP ENVIRONMENT EVP POWER EVP POWER EVP HR, IR Admin EVP HR, IR Admin EVP TECHNOLO GY EVP TECHNOLO GY VP Legal VP Legal HEAD TPMO HEAD CORP. COMMN HEAD CORP. COMMN Heating Cooling Services Water Chemical Services Solar UOG SPP MPP O&M LPP EVP FINANCE EVP FINANCE Oil & Gas Utility Solid Fuel Solid Fuel Service Enviro VP Treasury VP Treasury

9. Thermax Limited – Corporate Presentation 9 Our Global Network 9 Thermax operations are backed by a network of subsidiaries and sales & service offices in 12 countries around the world:

10. Thermax Limited – Corporate Presentation 10 Delhi Kolkata Ahmedabad Vadodara Mumbai Pune Hyderabad Bangalore Chennai Headquarters Manufacturing facilities Engineering Sales & Service Our network Nepal 108 Associates Our Domestic and Distribution Network

11. Thermax Limited – Corporate Presentation 11 Financials - Thermax Limited -28% -8% + 24%

12. Thermax Limited – Corporate Presentation 12 Energy - Environment Offerings

13. Thermax Limited – Corporate Presentation 13 Our Core Business

14. Thermax Limited – Corporate Presentation 14 Reliable support for Industry

15. Thermax Limited – Corporate Presentation 15 Technology Partnerships over the Years Babcock & Wilcox SPX Corporation Georgia Pacific Wehrle General Electric Amonix Inc. Lambion Technologies More than 40 technology partnerships / licensing agreements over the years

16. Thermax Limited – Corporate Presentation 16 Thermax has partnered with Bechtel UHDE KPG Jacobs H&G Lurgi Snamprogetti JGC MHI Technip Toyo Black & Veatch Kellog Brown Sumitomo Mitsubishi Hitachi Mitsui Hyundai Daelim EIL TCS

17. Thermax Limited – Corporate Presentation 17 Manufacturing Plants and Assembly Facilities Jiaxing, China Pune, India Paudh, India Mundra, India Savli, India Jagadia, India Omnical, GermanyDanstoker, Denmark TBWES Shirwal, India Sholapur, India

18. Thermax Limited – Corporate Presentation 18 Quality assured manufacturing Thermax manufactures according to stringent international standards and codes : ISO 9001: 2000, ISO:14001 and OSHAS 18000 certified Conforms to international codes - ASME, BS, DIN, API, GOST, CE AQSEQ code for China; IBR code for India

19. Thermax Limited – Corporate Presentation 19 A tradition of customer focused R&D A Research, Technology & Innovation Centre with Centers of Excellence to add value to customer in the areas of: Combustion & Heat Transfer Biotechnology Material Science Solar Thermal

20. Thermax Limited – Corporate Presentation 20 Green energy based power generation (in equivalent terms) at 8045 (7132) MW Environment friendly vapour absorption chilling of 1.64 (1.52) million tons of refrigeration The generation of solar energy is about 33(17) million Kcal/day which is equivalent to oil savings (LDO) of 1461(764) tonnes /per annum Treatment of 2564 (2098) million litres per day of water & waste water of which 1171 (859) MLD is being recycled Thermax in Energy Conservation, Renewable Energy and Waste Water Treatment (as of June 2014) ( Amount in bracket corresponds to numbers as of March 31 st 2013)

21. Thermax Limited – Corporate Presentation 21 Business tempered by social responsibility Thermax sets aside upto 3% of its profits to support community work In association with Pune and Pimpri Chinchwad Municipal Corporations, Thermax runs 6 schools for children from underprivileged backgrounds Thermax also supports schools run by NGOs Akanksha and Teach for India

22. Thermax Limited – Corporate Presentation 22 2014 batch of K C Thackeray Vidya Niketan English Medium School started in 2007 Giving Back to Society - Educational Initiatives

23. Thermax Limited – Corporate Presentation 23 Unnati Skill Development Centre CII Symbiosis Finishing School EAGLE Programme with COEP Teacher Training Program Giving Back to Society – Other Initiatives

24. Thermax Limited – Corporate Presentation 24 Encouraging Employee Participation Since 2007 raised Rs.39,88,093 for Akanksha Standard Chartered Mumbai Marathon Teach for India Volunteering Payroll Giving through Give India, till date raised over Rs.71 Lakh Blood Donation Encouraging employees to apply for TFI fellowship Mentoring Adolescent Children

25. Thermax Limited – Corporate Presentation 25 Recognition for Thermax Asia Innovator Award for Thermax MD and CEO, M.S. Unnikrishnan at the 2012 CNBC Asia Business Leaders Awards at Bangkok.. CII National HR Excellence Award for 2009 in recognition of Thermax's leadership in HR excellence. Business Standard 'Best CEO of the year', 2009 to Meher Pudumjee, Chairperson, Thermax. Business Standard ‘CEO of the Year’ (2007-08) award for Chairperson Listed among the top 100 of India’s most valuable 500 companies (Business Today ’07) National Award for the R&D team at ACREX, 2006 for the design of Trigenie, the chiller that works on exhaust gas and other sources of heat.

26. Thermax Limited – Corporate Presentation 26 Our Belief “Profit is not only a set of figures, but of values.” Rohinton D. Aga 1935 - 1996 Founder Chairman, Thermax

27. Thermax Limited – Corporate Presentation 27 Thank you Thermax Limited Thermax House 14, Mumbai Pune Road, Wakdewadi, Pune 411019 www.thermaxindia.com