Thermon Group Holdings Investor Presentation — May 2021

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THERMON GROUP HOLDINGS, INC.

EARNINGS PRESENTATION

F O U R T H Q U A R T E R F I S C A L 2 0 2 1

M A Y 2 7 , 2 0 2 1

CAUTIONARY NOTE REGARDING FORWARD -LOOKING STATEMENTS

This investor presentation may include forward -looking statements within the meaning of the U.S. federal securities laws in addi tion to historical information. These forward -looking statements

are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward -looking s tatements include, without limitation, statements regarding our

industry, business strategy, plans, goals and expectations concerning our market position, future operations, margins, profit ability, capital expenditures, liquidity and capital resources and other

financial and operating information. When used herein, the words "anticipate," "assume," "believe," "budget," "continue," "co ntemplate," "could," "should" "estimate," "expect," "intend," "may,"

"plan," "possible," "potential," "predict," "project," "will," "would," "future," and similar terms and phrases are intended to identify forward -looking statements in this release. Forward -looking

statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not b e realized. Some of these expectations may be based upon

assumptions, data or judgments that prove to be incorrect. In addition, our business and operations involve numerous risks an d uncertainties, many of which are beyond our control, which

could result in our expectations not being realized or otherwise materially affect our financial condition, results of operat ions and cash flows.

Actual events, results and outcomes may differ materially from our expectations due to a variety of factors. Although it is n ot possible to identify all of these factors, they include, among others,

(i) the outbreak of the novel strain of coronavirus (COVID -19); (ii) general economic conditions and cyclicality in the markets we serve; (iii) future growth of energy, chemical processing and

power generation capital investments; (iv) our ability to operate successfully in foreign countries; (v) our ability to deliver existing orders within our backlog; (vi) our ability to bid and win new

contracts; (vii) the imposition of certain operating and financial restrictions contained in our debt agreements; (viii) tax lia bilities and changes to tax policy; (ix) our ability to successfully develop

and improve our products and successfully implement new technologies; (x) competition from various other sources providing simil ar heat tracing and process heating products and services,

or alternative technologies, to customers; (xi) our revenue mix; (xii) our ability to grow and diversify through strategic ac quisitions; (xiii) our ability to mitigate risk through insurance; (xiv)