Proven energy efficiency solutions that significantly reduce carbon emissions and provide industrial and institutional operations with substantial savings. UPDATED: Now with Q1 2017 financial results.

1. 1
Unlocking the Power of
Energy Savings
TSX-V: TMG | Corporate Presentation | October 2016

2. 2
This presentation includes “forward-looking information”. For example, statements
about the opportunities for repeat business, additional orders, entry into new markets
and growth of recurring revenue streams; order backlog; introduction of new products
and services and growth opportunities and strategies 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. 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.
Forward-Looking Statements

3. 33
Thermal Energy is a…
Global provider of energy
efficiency solutions to
the ICI sectors
We save our customers
money & improve their
bottom lines by…
Reducing their fuel use
and cutting emissions

4. 4
Highlights
1
2
3
Enormous, fast-growing global market
with strong fundamentals
Proprietary products sold to leading
companies in many sectors
Poised to continue strong track record of
growth

5. 5
Governments and industries
around the world taking
unprecedented action on
climate change
Increasing energy efficiency is the cheapest
& easiest way to reduce GHG emissions
5

6. 6
Market Opportunity
1 2015 International Energy Agency. 32% of the $68 trillion world energy sector investment.
2 P&S Market Research Report on Global Waste Heat Recovery Market
$21.8trillion
Expected investment
in end-use energy
efficiency from 2015
to 20401
20% to 50%
Amount of
industrial energy
consumption lost as
waste heat2
6.8% CAGR
Projected for the
global waste heat
recovery market from
2016 to 20222

7. 77
Proprietary, Proven Solutions
FLU-ACE®
Direct contact
condensing
heat recovery
GEM™
Condensate return
systems
(steam trap)
~80%We can recover
of energy lost in typical
boiler plant and steam
system operations
High ROI with short,
compelling payback
17 year track record
7

8. 88
FLU-ACE® Heat Recovery
 Recovers waste heat from
process exhaust
 Returns hot water for use
in production or heating
 1 system per location –
sells for $100k to millions
each
90% 10-30% 2-5YRS
Recovery
Rate
Reduction in
Energy Costs
Payback
Period

9. 99
GEM™ Condensate Return System
 Improved efficiency vs.
traditional mechanical
traps
 No moving parts – never
needs replacing
 100’s to 1,000’s of traps
per location and sell for
$500 to $2,000 per trap
10-30% 1-2YRS
Reduction in
Energy Costs
Payback
Period
9
GEM steam trap
Mechanical trap

10. 10
Customers include F500 &
other leading companies
across many sectors

11. 11
$0.82
$4.93
$3.96
$5.81
$9.70
$13.15
$8.21
$13.15
$6.80
$12.40
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Revenue excl. mega
projects
Revenue from mega
projects (>$2 million)
($ millions)
10-Year Revenue
(1)
(1)
(1)
(2)
**Boxes above bars indicate number of "Mega" projects acquired in that year

12. 12
FY 2016 Highlights
FY 2015 FY 2016
Revenue
FY 2015 FY 2016
Gross Profit EBITDAS
EBITDAS is defined as earnings before interest, taxation, depreciation, amortization, impairment of goodwill and other intangible assets, share-based
compensation expense and net write down of lease.
($ millions)
6.8 3.6
(2.0)
12.4 6.8 0.6
FY 2015 FY 2016

13. 13
Historical Q1 Revenue
0
0.5
1
1.5
2
2.5
3
Q1 13 Q1 14 Q1 15 Q1 16 Q1 17
($ millions)

14. 14
EBITDAS
Q1 2017 Highlights
EBITDAS is defined as earnings before interest, taxation, depreciation, amortization, impairment of goodwill and other intangible assets, share-based
compensation expense and net write down of lease.
($ millions)
Q1 2016 Q1 2017Q1 2016 Q1 2017
Revenue
Q1 2016 Q1 2017
Gross Profit
2.6
1.1 (0.4)
2.1
1.5
0.0

15. 15
Growing Order Backlog
Recent orders included in order backlog:
 $1,700,000heatrecoveryorderfromethanolproducer
 $500,000GEMorderfromanewhospitalcustomer
 $750,000heatrecoveryorderfromaglobalbrewingcompany
 $1,148,000heatrecovery+ GEMorderfromahospitaltrust
 $840,000 heat recovery extension from a multi-site hospital group
 $1,015,000 heat recovery order from leading food products business
~$7.8 million
Oct. 18, 2016
$3.7 million
a year ago
Order
backlog

16. 16
Listing TSX-V: TMG
Recent price $0.16
52-week range $0.03 to $0.23
# of shares 157.8 million
Market cap $25.3 million
Cash position $0.8 million
Debt Nil
Trading data as at October 19, 2016. Balance sheet data as at August 31, 2016. 16
Stock Overview

17. 17
Footholds established but significant growth potential remains
in key markets (North America & Europe) and secondary
markets
Growing Global Presence
17Corporate / sales office Agent / distributor

18. 18
Future Growth
18
 Increase penetration in key
and secondary markets
 Enter new markets
 Cross-selling
 Corporate accounts
 Sector-based initiatives
 Introduce new products &
services
Grow organically
and/or through
accretive
acquisitions

19. 19
Summary
19
Enormous, fast-growing
market with strong
fundamentals
Proprietary products sold
to leading companies in
many sectors
Poised to continue strong
track record of growth
1
2
3

20. 20
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