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 organization 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. 4932 crore company with subsidiaries and sales & service network in Asia, Middle East, Africa, Europe and the Americas. Manufacturing facilities in India, China, Germany and Denmark. 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 Ltda Thermax Inc. (U.S.A.) Thermax (Zhejiang) Cooling & Heating Engineering Co. Ltd. (China) Thermax Denmark ApS Thermax Netherlands B.V. Danstoker A/S, Denmark PtT Thermax International, Indonesia Thermax Engineering Singapore Pte Ltd. Thermax Senegal SARL 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 Treasur y VP Treasur y

9. Thermax Limited – Corporate Presentation 9 Our Global Network 9 Thermax operations are backed by a network of subsidiaries and sales & service offices in 19 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 at a Glance

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 Conserving energy, Preserving the environment Green energy based power generation (in equivalent terms) till Mar’15 is at 8331 (8002) MW Environment friendly vapour absorption chilling of 1.7 (1.6) million tons of refrigeration The generation of solar energy is about 45 (33) million Kcal/day which is equivalent to oil savings (LDO) of 3026 (2590) tonnes /per annum Treatment of 2688 (2439) million litres per day of water & waste water of which 1172 (1169) MLD is being recycled Thermax in Energy conservation, renewable energy and wastewater treatment ( Amount in bracket corresponds to numbers as of March 31st 2014)

21. Thermax Limited – Corporate Presentation 21 Business tempered by social responsibility Thermax sets aside 2% 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 Recognition for Thermax Thermax recently won the BML Munjal Awards 2015- Business Excellence through Learning and Development in the Private sector (Manufacturing) category. Thermax wins National Intellectual Property Award for 2013 Thermax MD and CEO, M.S. Unnikrishnan received the Asia Innovator Award at the 2012 CNBC Asia Business Leaders Awards (ABLA) in Bangkok. He is the first Indian to be presented the Innovation Award in the 11 year history of ABLA. Thermax's Savli plant bagged gold award for Safety and Health practices at the Greentech Safety Award 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. Listed among the top 100 of India’s most valuable 500 companies (Business Today ’07) Featured four times in the Forbes’ list of Asia’s ‘Best under a Billion Companies’ (2005-’08)

23. Thermax Limited – Corporate Presentation 23 Our Belief “Profit is not only a set of figures, but of values.” Rohinton D. Aga 1935 - 1996 Founder Chairman, Thermax

24. Thermax Limited – Corporate Presentation 24 Thank you Thermax Limited Thermax House 14, Mumbai Pune Road, Wakdewadi, Pune 411019 91-20-66051200/25542122 Business Enquiries Customer Information Center India Toll Free number : 1800-209-0115 enquiry@thermaxglobal.com www.thermaxglobal.com