Thermal Energy AGM 2021

An Innovative Technology Company Providing Custom Energy and Emission Reduction Solutions
OTCQB: TMGEF TSX-V: TMG | investors@thermalenergy.com | www.thermalenergy.com
Annual General Meeting
of Shareholders
November 23, 2021

Agenda
• Call to order
• Chairman’s remarks
• Appointment of scrutineer
• Notice of meeting and quorum
• Items to be voted on:
• Election of Directors
• Appointment of auditors
• Voting
• Close of formal proceedings
• Management presentation
• Question & answer

Directors and Auditors
• William Crossland
• John B. Kelly
• William Ollerhead
• Michael Williams
• David Spagnolo
• William B. White
Nominated board members
Auditors
• KPMG LLP

Management Presentation
November 23, 2021

Forward-Looking Statements
www.thermalenergy.com | 5
This presentation includes “forward-looking information”. For example, statements about
the opportunities for repeat business; the possibility or expectation of additional orders; growth in
existing markets; entry into new markets; order backlog; introduction of new products and
services; establishment and growth of new distribution channels; growth opportunities and
strategies; conversion of existing orders into revenues; are all forward looking information. Such
forward looking information reflects Thermal Energy International’s (“TEI”) current expectations
with respect to future events and are based on information currently available to management.
Forward-looking information involves significant known and unknown risks, uncertainties and
assumptions. For example, existing and new customers may not place orders for any number of
reasons; fulfilment of orders, installation of product and activation of product could all be delayed
for a number of reasons, some of which are outside of TEI’s control, which would result in
anticipated revenues from such projects being delayed or in the most serious cases eliminated;
TEI may not be successful in identifying and developing new products and our new or
existing products may not result in new orders or gain acceptance in new geographical or
industrial markets; we may not be successful in establishing new distribution channels or such new
channels may not be successful; our growth strategies may not be successful or result in the
anticipated growth and orders received by TEI may not turn into revenue in the time frame
anticipated, or at all, due to many factors, some of which are outside of TEI’s control, including but
not limited to TEI’s ability to deliver products on time and in accordance with specifications and
the continuing financial viability of the customer. Readers are also referred to the risk factors
outlined in our management’s discussion and analysis available at www.SEDAR.com. Should one or
more of these risks or uncertainties materialize, or should assumptions underlying the forward-
looking information prove incorrect, actual results, performance or achievements could
vary materially from those expressed or implied by the forward-looking information contained in
this presentation.
Readers should not place undue reliance on forward-looking information. The forward-
looking information is made as of the date of this presentation and TEI does not assume
any obligation to update or revise it to reflect new events or circumstances, except as required by
law.
The term “EBITDA” as used in this presentation is not a recognized measure under IFRS, does
not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to
similar measures presented by other companies. This measure is provided as additional
information to complement IFRS measures by providing further understanding of the Company’s
results of operations from management’s perspective and should not be considered in isolation
nor as a substitute for analysis of our financial information reported under IFRS. Please refer to
our management’s discussion and analysis for the applicable period for a reconciliation of EBITDA
to Net income (loss), the closest IFRS measure.

F2021 & Q1 F2022
Financial Review

Revenue
Fiscal year and LTM
• Prior to the COVID-19 global pandemic we
delivered:
• Revenue: $25 million
• 31%, 5-year CAGR
• Temporary Impact of COVID-19:
• Travel restrictions and site lock downs
temporarily impacting turn-key solutions
revenue
• Turn-key solutions dropped more than 50%
• Custom equipment continued to grow
• Despite COVID however:
• FY2020; Record Revenue of $21.4 million
• FY2021: Revenue of $15.3
• Turn-key solutions down 48%
• Custom equipment up 5%
($ millions)
0
5
10
15
20
25
30
FY15 FY16 FY17 FY18 FY19 Q3 FY20
LTM
FY20 FY21 Q1 FY22
LTM
Global Pandemic

• F2018 and F2019 included $0.6 and $1.3 million
respectively in new strategic expenses to
drive future growth
• These are the investments that drove us to
EBITDA ~ $3 million
• Even with the global pandemic EBITDA = ~ $1
million
EBITDA
Fiscal year and LTM
-3
-2
-1
0
1
2
3
FY15 FY16 FY17 FY18 FY19 Q3
FY20
LTM
FY20 FY21 Q1
FY22
LTM
Global
Pandemic
Investing in
Growth**
** F2018 and F2019 included $0.6 and $1.3 million respectively in
new strategic expenses to drive future growth
($ millions)

-3
-2
-1
0
1
2
F2015 F2016 F2017 F2018 F2019 Q3
F2020
LTM
F2020* F2021 Q1
F2022
LTM
Net Income
Fiscal year and LTM
* F2021 net income is before a COVID related $3.1 million non-cash write
down of intangible assets.
** F2018 and F2019 included $0.6 and $1.3 million respectively in new
strategic expenses to drive future growth
• Despite the global pandemic the company
has remained profitable and cashflow
positive
Global
Pandemic
Investing in
Growth**
($ millions)

• Cash position and working capital remain
strong.
• Strong position to continue our track
record of growth
$0.7
$1.1
$3.0 $3.3
$4.2
$4.8
$4.2 $4.2
$0
$2
$4
$6
Q4 15 Q4 16 Q4 17 Q4 18 Q4 19 Q4 20 Q4 21 Q1 22
($ millions)
$0.5
$1.0
$1.4
$2.0 $2.0
$2.9
$3.8
$3.3
$0
$1
$2
$3
$4
Q4 15 Q4 16 Q4 17 Q4 18 Q4 19 Q4 20 Q4 21 Q1 22
($ millions)
Cash Position and Working Capital
Year end and first quarter ending August 31, 2021
Cash Position
Working Capital

Recent Market Changes

Fast-Growing Global Market
Dramatically improving fundamentals
The last 12 – 18 months has seen a dramatic improvement in our market
as a result of:
• A universal “build-back better” approach
• Significantly increased carbon emission reduction targets
• 40% - 75% by 2030
• Net zero by 2050
• Increasing cost of carbon emissions (carbon taxes & trading etc.)
• EU Carbon Credits: Up 150% ($95/t vs $38 last year)
• Canadian Carbon Taxes: $40/t in 2021 to $170/t in 2030
• Increasing energy costs
• Natural gas prices up 100% in last twelve months
• Increasing demand for ESG investing
As cost of carbon
the ROI of our projects
$100/t increases savings
and improves payback
by avg. 50%

Strategic Review

What We Do
We design, engineer and deliver
• Innovative carbon reduction and sustainable energy solutions
for major multinational companies
• Using our growing suite of unique, proprietary technologies
• Boilerroom Equipment added 2018
• Sofame Technologies added 2021
• Turn-key solutions (approx. 70% of revenue)
• Custom equipment (approx. 30% of revenue)
Projects developed and delivered in partnership with customer
• Sole-source delivery model - Rarely involved in competitive pitches
In short our customers keep coming back because…
We help them Get Projects Done, on time,
on budget and with guaranteed performance
-
Extensive suite of unique energy
& carbon reducing solutions

Corporate
offices in
Canada, USA,
and UK
100’s of
projects
completed In
30+ countries
Spread across
6 continents
Direct sales offices
in 7 countries
Strategic focus in North
America and Europe
Global Reach

Extensive Multinational Client Base
Strategic focus on very large energy intensive
multinational companies
Key multisite multinational Corporate Accounts
• Over the last 5 years 57% of orders have come from eight
key corporate accounts
• So far, we have received orders from 78 of these customers
sites in 17 different countries
• These eight key corporate accounts have approx. $350
billion in revenue, and 800 manufacturing sites worldwide
• Large energy intensive sites
• 100s sites worldwide = strong potential for repeat orders
and re-occurring revenues

Case Study
Global Nutrition Company Once Again Turns to Thermal Energy
International for Carbon Emission Reduction - September 2021
Scope: $900,000 for engineering, manufacturing, installation, and training
Repeat order:
• Third turn-key solution installed for this company in the last two years
• So far TEI has received $5 million in orders from 10 sites
• This company has more than 150 manufacturing sites worldwide
Impressive savings, getting even better:
• Savings from this project: Energy $300,000 annually
• Carbon reduction 1,400 tonnes p.a. ($400K)
• Project ROI: 3 year payback from energy savings alone
1.7 year payback from energy and carbon savings
Unique suite of
Turn-key and Custom
solutions
+
Compelling ROI
+
Growing multinational
customer base
=
Growing “re-occurring”
revenue

Extensive Multinational Client Base
Example recent orders
• Wide range of industry sector provides stability
• 80% essential, non-cyclical food & beverage, hospitals & pharmaceutical
• Diversified across North America and Europe
Sector
Value $900K $500K $1M $770K $1.5M $1.4M $1.5M $2.3M $2.4M $2.4M
Payback (yrs) 1.3 1.5 3.8 3.9 3.7 2.5 3.8 2.5 3.9 5.8
Location EUR EUR NA NA EUR EUR NA EUR NA NA
key corporate accounts

What Makes Us Unique
Extensive suite of unique proprietary solutions
No other company offers large multinational companies the extensive
suite of turn-key and custom solutions.
Design, Engineer, Deliver, Install, Train
Only solutions provider with the expertise to design, deliver and
install unique and proprietary turn-key solutions for its customers globally.
Compelling carbon emission and energy savings
Paybacks of 2 – 5 years with 30+ year project life, compelling ROIs
Strong established relationships with a growing list of major
multinational companies
80% repeat orders = strong base of re-occurring revenue
Unprecedented market conditions =
Average project
paybacks
2-5 years
80%
Repeat orders =
Re-occurring revenue
Extensive
multinational
client base
Design, Engineer,
Deliver, Install Turn-
key solutions globally
Unique suite of
proprietary solutions
Perfect position to help our customers meet their
carbon targets
+

Looking Forward

Building Back Better
Custom equipment orders
Require less travel and site visits
Already well ahead of pre-pandemic levels:
Order intake
26% ahead of F2020
35% ahead of F2019 (pre-pandemic)
Order backlog
83% higher than this time last year,
120% higher than YE 2019 (pre-pandemic)
Custom equipment order levels are already exceeding pre-pandemic levels
0
2
4
6
8
10
F2019 F2020 F2021 LTM AUG
21
0
2
4
F2019 F2020 F2021 LTM AUG
21
Order Intake Order Backlog
($ millions) ($ millions)

Turn-key solutions
Activity levels already exceeding pre-Covid
levels:
• 11 turn-key projects in paid development
• 38% higher than the pre-pandemic
levels
• Good indicator of future project levels
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
0
2
4
6
8
10
12
1994 2011 2016 2017 2018 2019 2020 2021 LTM
PDA's Value
No. of turn-key projects in paid development
Turn-key solutions activity levels are exceeding pre-pandemic levels
with highest level of Paid Project Development in history

Investor Relations

Highlights of the Past Year
• OTC listing July 2021 (OTCQB: TMGEF)
• Driving investor awareness by increasing news flow, press releases, social posts,
followers, Investor pack downloads, email subscribers and direct 1:1 investor meetings
Increased social activity over time:
Press releases per month:
PR flow increased;
• FY22 on track to double FY20 levels
Increase in social followers;
• Twitter 4% net increase LTM
• LinkedIn 47% net increase LTM

Increased communications to email subscriber base:
Consistent newsletter flow;
Regular flow of news delivered every 4-6 weeks
to just under 1000 subscribers
Investor pack download
Steady increase in requests;
120% more investor pack
requests Q1 FY22 than Q1 FY21

Virtual conferences:
• Dec ‘20 – Benzinga Global SmallCap Conference
• Dec ‘20 – LD Micro Main Event XIII
• Jan ‘21 - Small cap discoveries
• Feb ‘21 – Capital Events 1:1s
• Apr ‘21 – Explore Cleantech Small Cap Stocks
• Apr ‘21 – Benzinga Global SmallCap Conference
• Apr ‘21 - Planet MicroCap Showcase incl 1:1s
• Jun ‘21 - Lytham Partners Summer 2021 Investor Conference
• Aug ’21 - Q3 Virtual Investor Summit
• Nov ‘21 – Q4 Investor Summit Micro & Small Cap Conference
• Upcoming: Dec ’21 – OTC Small Cap Growth Conference
1:1 series:
• Feb-Mar ‘21 – 30 CEM 1:1

Stock Movement
0
2000000
4000000
6000000
8000000
10000000
12000000
14000000
0
0.05
0.1
0.15
0.2
0.25
0.3
20-11-20 20-12-20 20-1-21 20-2-21 20-3-21 20-4-21 20-5-21 20-6-21 20-7-21 20-8-21 20-9-21 20-10-21
Volume Daily Close Price ($)
CEM
1:1’s
CEM
1:1’s
CEM 1:1s
2020
AGM
Benzinga
IR
Event
LD
Micro
Main
Event
Planet
Micro
Cap
Benzinga
Panel
Q4
Investor
Summit
Q3
Investor
Summit

Investor Relations
• Retained Oak Hill Financial IR services
• Continue to focus on increasing
news flow (press releases, social posts etc.)
• Focus on 1:1s
• Continue with regular virtual conferences
• Begin in-person conferences and road shows
• Grow US investor base
• New website and digital marketing – early 2022
• 90% increase in share price
• 100% increase in volume
• 300% increase in value traded
Results so Far Looking forward

Extensive suite of proprietary solutions
+
Turn-key design, engineer, install, train
+
Compelling project ROI
+
Strong established relationships with a growing
list of major multinational companies
+
Unprecedented market conditions
=
TEI is in a very strong position
to help our large multinational
customers
to achieve their increasingly
aggressive carbon emissions
reduction targets
Continue Growing Investor Relations Outreach

www.thermalenergy.com
Thermal-Energy-International on LinkedIn
GoThermalEnergy on Twitter
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