December 31, 2011

Thermon Holding
Corp. (Guarantor)

Thermon
Industries, Inc.
(Issuer)

Thermon
Manufacturing
Company and US
Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-guarantors)

Eliminations

Consolidated

Assets

Current assets:

Cash and cash equivalents

$

—

$

—

$

7,657

$

12,119

$

—

$

19,776

Accounts receivable, net

—

—

33,854

32,907

(20,574

)

46,187

Inventories, net

—

—

20,760

21,387

(2,004

)

40,143

Costs and estimated earnings in excess of billings on uncompleted contracts

—

—

1,814

469

—

2,283

Income taxes receivable

—

—

7,037

(709

)

—

6,328

Prepaid expenses and other current assets

—

—

839

5,610

616

7,065

Deferred Income taxes

—

—

966

718

—

1,684

Total current assets

—

—

72,927

72,501

(21,962

)

123,466

Property, plant and equipment, net

—

—

19,738

5,643

—

25,381

Goodwill

—

—

47,391

69,047

—

116,438

Intangible assets, net

1,142

—

73,479

71,378

—

145,999

Debt Issuance costs, net

—

7,472

—

—

—

7,472

Intercompany loans

130

—

(130

)

—

Investment in subsidiaries

105,372

241,500

101,734

—

(448,606

)

—

$

106,514

$

248,972

$

315,399

$

218,569

$

(470,698

)

$

418,756

Liabilities and shareholder’s equity

Current liabilities:

Accounts payable

$

—

$

—

$

14,409

$

23,783

$

(16,600

)

$

21,592

Accrued liabilities

—

2,203

7,342

8,740

(2,760

)

15,525

Obligations in settlement of the CHS Transactions

—

—

3,550

—

—

3,550

Borrowings under revolving lines of credit

—

9,000

—

—

—

9,000

Billings in excess of costs and estimated

—

—

2,234

400

—

2,634

Intercompany loans

(69,383

)

101,434

(30,869

)

162

(1,344

)

—

Total current liabilities

(69,383

)

112,637

(3,334

)

33,085

(20,704

)

52,301

Long-term debt, net of current maturities

—

139,145

—

—

—

139,145

Deferred Income taxes

—

—

31,090

16,463

—

47,553

Other noncurrent liabilities

—

—

1,470

497

—

1,967

Shareholder’s equity

175,897

(2,810

)

286,173

168,524

(449,994

)

177,790

$

106,514

$

248,972

$

315,399

$

218,569

$

(470,698

)

$

418,756

March 31, 2011

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries, Inc.
(Issuer)

Thermon
Manufacturing
Company
and US
Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Assets

Current assets:

Cash and cash equivalents

$

—

$

—

$

41,829

$

9,187

$

—

$

51,016

Accounts receivable, net

—

—

22,613

31,175

(13,775

)

40,013

Inventories, net

—

—

14,426

18,461

(1,769

)

31,118

Costs and estimated earnings in excess of billings on uncompleted contracts

—

—

1,816

247

—

2,063

Income taxes receivable

—

—

2,001

461

—

2,462

Prepaid expenses and other current assets

620

—

1,065

5,402

546

7,633

Deferred Income taxes

—

—

2,254

525

—

2,779

Total current assets

620

—

86,004

65,458

(14,998

)

137,084

Property, plant and equipment, net

—

—

15,257

6,429

—

21,686

Goodwill

—

—

47,391

73,359

—

120,750

Intangible assets, net

1,332

—

77,860

79,864

—

159,056

Debt Issuance costs, net

—

11,573

—

—

—

11,573

Other noncurrent assets

—

—

633

—

—

633

Intercompany loans

130

—

(130

)

—

Investment in subsidiaries

105,738

226,904

100,848

—

(433,490

)

—

$

107,690

$

238,477

$

328,123

$

225,110

$

(448,618

)

$

450,782

Liabilities and shareholder’s equity

Current liabilities:

Accounts payable

$

—

$

—

$

10,713

$

19,308

$

(11,448

)

$

18,573

Accrued liabilities

—

9,023

7,554

13,500

(1,105

)

28,972

Current portion of long-term debt

—

21,000

—

—

—

21,000

Borrowing under revolving lines of credits

—

—

—

2,063

—

2,063

Billings in excess of costs and estimated Earnings on uncompleted contracts

—

—

1,119

(9

)

—

1,110

Income taxes payable (receivable)

—

—

4,427

3,507

—

7,934

Obligations in settlement of the CHS Transactions

—

—

4,213

—

—

4,213

Intercompany payables

(18,592

)

10,167

9,580

197

(1,352

)

—

Total current liabilities

(18,592

)

40,190

37,606

38,566

(13,905

)

83,865

Long-term debt, net of current maturities

—

189,000

—

—

—

189,000

Deferred Income taxes

—

—

31,134

18,675

—

49,809

Other noncurrent liabilities

—

—

1,298

528

—

1,826

Shareholder’s equity

126,282

9,287

258,085

167,341

(434,713

)

126,282

$

107,690

$

238,477

$

328,123

$

225,110

$

(448,618

)

$

450,782

Three Months Ended December 31, 2011

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

41,985

$

44,977

$

(18,125

)

$

68,837

Cost of sales

—

—

27,498

26,128

(18,480

)

35,146

Gross profit

—

—

14,487

18,849

355

33,691

Operating expenses:

Marketing, general and administrative and engineering

58

—

7,847

7,395

—

15,300

Amortization of other intangible assets

64

—

1,460

1,285

—

2,809

Income (loss) from operations

(122

)

—

5,180

10,169

355

15,582

Other income/(expenses):

Equity in earnings of subsidiaries

6,546

6,381

3,765

—

(16,692

)

—

Interest income

—

—

12

60

—

72

Interest expense

—

(4,048

)

(55

)

(100

)

—

(4,203

)

Loss on retirement of debt

—

(229

)

—

—

—

(229

)

Miscellaneous income/(expense)

—

—

2,087

(2,302

)

—

(215

)

Income (loss) before provision for income taxes

6,424

2,104

10,989

7,827

(16,337

)

11,007

Income tax expense (benefit)

—

—

1,697

2,266

111

4,074

Net income (loss)

$

6,424

$

2,104

$

9,292

$

5,561

$

(16,448

)

$

6,933

Nine Months Ended December 31, 2011

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

116,485

$

135,615

$

(50,622

)

$

201,478

Cost of sales

—

—

76,617

77,618

(50,388

)

103,847

Gross profit

—

—

39,868

57,997

(234

)

97,631

Operating expenses:

Marketing, general and administrative and engineering

6,573

7,860

22,224

22,946

—

59,603

Amortization of other intangible assets

192

—

4,381

3,999

—

8,572

Income (loss) from operations

(6,765

)

(7,860

)

13,263

31,052

(234

)

29,456

Other income/(expenses):

Equity in earnings of subsidiaries

12,546

26,403

13,336

—

(52,285

)

—

Interest income

—

—

33

206

—

239

Interest expense

—

(15,637

)

(90

)

(296

)

—

(16,023

)

Loss on retirement of debt

—

(3,195

)

—

—

—

(3,195

)

Miscellaneous income/(expense)

—

—

5,735

(7,137

)

—

(1,402

)

Income (loss) before provision for income taxes

5,781

(289

)

32,277

23,825

(52,519

)

9,075

Income tax expense (benefit)

—

—

(3,167

)

6,532

(71

)

3,294

Net income (loss)

$

5,781

$

(289

)

$

35,444

$

17,293

$

(52,448

)

$

5,781

Three Months Ended December 31, 2010

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

33,280

$

45,404

$

(13,743

)

$

64,941

Cost of sales

—

—

21,789

27,287

(13,743

)

35,333

Gross profit

—

—

11,491

18,117

—

29,608

Operating expenses:

Marketing, general and administrative and engineering

850

—

7,445

6,410

—

14,705

Amortization of other intangible assets

131

—

2,946

623

—

3,700

Income (loss) from operations

(981

)

—

1,100

11,084

—

11,203

Other income/(expenses):

Equity in earnings of subsidiaries

1,729

3,259

4,564

—

(9,552

)

—

Interest income

—

—

1

6

—

7

Interest expense

—

(5,476

)

(45

)

(59

)

—

(5,580

)

Miscellaneous income/(expense)

—

—

744

(1,773

)

—

(1,029

)

Income (loss) before provision for income taxes

748

(2,217

)

6,364

9,258

(9,552

)

4,601

Income tax expense (benefit)

—

—

(902

)

2,450

44

1,592

Net income (loss)

$

748

$

(2,217

)

$

7,266

$

6,808

$

(9,596

)

$

3,009

For the Period From April 1, 2010 Through April 30, 2010 (Predecessor)

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

8,621

$

8,342

$

(3,900

)

$

13,063

Cost of sales

—

—

5,223

5,027

(3,803

)

6,447

Gross profit

—

—

3,398

3,315

(97

)

6,616

Operating expenses:

Marketing, general and administrative and engineering

—

—

2,304

1,959

—

4,263

Amortization of other intangible assets

—

—

38

177

—

215

Income (loss) from operations

—

—

1,056

1,179

(97

)

2,138

Other income/(expenses):

Equity in earnings of subsidiaries

7,689

11,780

(307

)

—

(19,162

)

—

Interest income

—

—

1

6

—

7

Interest expense

(1,245

)

—

(3,404

)

(1,580

)

—

(6,229

)

Miscellaneous income/(expense)

(6,711

)

(3,080

)

(2,076

)

(1,750

)

—

(13,617

)

Income (loss) before provision for income taxes

(267

)

8,700

(4,730

)

(2,145

)

(19,259

)

(17,701

)

Income tax expense (benefit)

—

—

(17,063

)

(341

)

(30

)

(17,434

)

Net income (loss)

$

(267

)

$

8,700

$

12,333

$

(1,804

)

$

(19,229

)

$

(267

)

For the Period From May 1, 2010 Through December 31, 2010

Thermon
Holding,
Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantors)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Revenues

$

—

$

—

$

80,866

$

119,928

$

(34,889

)

$

165,905

Cost of sales

—

—

55,855

77,776

(34,836

)

98,795

Gross profit

—

—

25,011

42,152

(53

)

67,110

Operating expenses:

Marketing, general and administrative and engineering

1,044

—

18,701

17,482

—

37,227

Amortization of other intangible assets

210

—

6,721

8,195

—

15,126

Income (loss) from operations

(1,254

)

—

(411

)

16,475

(53

)

14,757

Other income/(expenses):

Equity in earnings of subsidiaries

(6,055

)

6,805

6,994

—

(7,744

)

—

Interest income

—

—

1

9

—

10

Interest expense

—

(16,820

)

(195

)

(96

)

—

(17,111

)

Miscellaneous income/ (expense)

(5,524

)

(461

)

3,429

(5,133

)

—

(7,689

)

Income (loss) before provision for income taxes

(12,833

)

(10,476

)

9,818

11,255

(7,797

)

(10,033

)

Income tax expense (benefit)

—

—

(3,290

)

4,187

30

927

Net income (loss)

$

(12,833

)

$

(10,476

)

$

13,108

$

7,068

$

(7,827

)

$

(10,960

)

Nine Months Ended December 31, 2011

Thermon
Holding, Corp.
(Guarantor)

Thermon
Industries, Inc.
(Issuer)

Thermon
Manufacturing
Company and
U.S.
Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Net cash provided by (used in) operations

$

1,139

$

(25,588

)

$

6,908

$

11,345

$

(285

)

$

(6,481

)

Investing activities

Purchases of P.P.&E.

—

—

(5,948

)

(231

)

—

(6,179

)

Cash paid for Thermon

—

—

(663

)

—

—

(663

)

Net cash provided by (used in) investing activities

—

—

(6,611

)

(231

)

—

(6,842

)

Financing activities

Payments on Senior Secured Notes

—

(70,855

)

—

—

—

(70,855

)

Proceeds from revolving lines of credit

—

9,000

—

—

—

9,000

Payments on revolving lines of credit

—

—

—

(2,063

)

—

(2,063

)

Capital contributions

50,288

—

—

—

—

50,288

Premiums paid on redemption of Senior Secured Notes

—

(3,825

)

—

—

—

(3,825

)

Change in affiliate debt

(51,427

)

91,268

(34,469

)

(5,657

)

285

—

Net cash provided by (used in) financing activities

(1,139

)

25,588

(34,469

)

(7,720

)

285

(17,455

)

Effect of exchange rates on cash and cash equivalents

—

—

—

(462

)

—

(462

)

Change in cash and cash equivalents

—

(34,172

)

2,932

—

(31,240

)

Cash at beginning of period

—

—

41,829

9,187

—

51,016

Cash at End of period

$

—

$

—

$

7,657

$

12,119

$

—

$

19,776

For the Period from May 1, 2010 to December 31, 2010 (Successor)

Thermon
Holding, Corp.
(Guarantor)

Thermon
Industries,
Inc. (Issuer)

Thermon
Manufacturing
Company and
U.S. Subsidiaries
(Guarantor)

International
Subsidiaries
(Non-
guarantors)

Eliminations

Consolidated

Net cash provided by (used in) operations

$

(6,570

)

$

(217

)

$

6,566

$

26,262

$

31

$

26,072

Investing activities

Purchase of P.P.&E

—

—

(884

)

(265

)

—

(1,149

)

Cash paid for Thermon

(172,631

)

(145,417

)

3,754

—

—

(314,294

)

Net cash provided by (used in) investing activities

(172,631

)

(145,417

)

2,870

(265

)

—

(315,443

)

Financing activities

Proceeds from Senior Secured Notes

—

210,000

—

—

—

210,000

Proceeds from revolving line of credit

—

—

2,000

2,599

—

4,599

Payments on revolving lines of credit

—

—

(2,000

)

(2,599

)

—

(4,599

)

Capital contributions

129,252

—

—

—

—

129,252

Debt issuance costs

—

(15,473

)

—

—

—

(15,473

)

Change in affiliate debt

49,949

(48,893

)

(4,027

)

3,002

(31

)

—

Net cash provided by (used in) financing activities

179,201

145,634

(4,027

)

3,002

(31

)

323,779

Effect of exchange rates on cash and cash equivalents

—

—

—

543

—

543