Growth strategy & outlook

TSX-V: TMG | November 28, 2017

Forward-looking statements

This presentation includes “forward-looking information”. For example, statements about the opportunities for repeat business; thepossibility or expectation of additional orders; growth in existing markets; entry into new markets; order backlog; introduction of newproducts and services; establishment and growth of new distribution channels; growth opportunities and strategies; conversion ofexisting orders into revenues; are all forward looking information. Such forward looking information reflects Thermal EnergyInternational’s (“TEI”) current expectations with respect to future events and are based on information currently available tomanagement. 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 ofproduct could all be delayed for a number of reasons, some of which are outside of TEI’s control, which would result in anticipatedrevenues from such projects being delayed or in the most serious cases eliminated; TEI may not be successful in identifying anddeveloping new products and our new or existing products may not result in new orders or gain acceptance in new geographical orindustrial markets; we may not be successful in establishing new distribution channels or such new channels may not be successful; ourgrowth strategies may not be successful or result in the anticipated growth and orders received by TEI may not turn into revenue in thetime 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 abilityto deliver products on time and in accordance with specifications and the continuing financial viability of the customer. Readers are alsoreferred to the risk factors outlined in our management’s discussion and analysis available at www.SEDAR.com. Should one or more ofthese 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 informationcontained in this presentation.

Readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of thispresentation and TEI does not assume any obligation to update or revise it to reflect new events or circumstances, except as required bylaw.

The term “EBITDAS” as used in this presentation is not a recognized measure under IFRS, does not have a standardized meaningprescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. This measure isprovided as additional information to complement IFRS measures by providing further understanding of the Company’s results ofoperations from management’s perspective and should not be considered in isolation nor as a substitute for analysis of our financialinformation reported under IFRS. Please refer to our management’s discussion and analysis for the applicable period for a reconciliationof EBITDAS to Net income (loss), the closest IFRS measure.

Corporate accounts

Sales tools & support

Growth strategy

Growing productivity

Grow organically and through accretive acquisitions

Enhanced marketing &

branding

Corporate accounts

New products

Sales tools & support

Growth strategy

Growing productivity Expanding the business

Grow organically and through accretive acquisitions

Growing our team & global

presence

Enhanced marketing &

branding

Corporate accounts

Growing our team & global

presenceNew

productsSales tools &

support

Growth strategy

Growing productivity Expanding the business

Grow organically and through accretive acquisitions

Enhanced marketing &

branding

Sales tools & support

Heat Recovery Analysis & Proposal Generator

Increases analysis and response speed

Screen out poor opportunities quicker

GEM data sizing data base

Online library of sales support resources, case studies, slide decks, product animations, technical FAQ

On-going and regular training

Fully open internal training program

Upgrading and enhancing CRM system

Sales tools & support – incentive funding

Creates compelling event, provides 3rd party validation, improves customer ROI

UK SALIX

NHS Efficiency fund

Wisconsin - Focus on Energy

California - PG&E

Quebec - BEIE

EU funding in Poland

Germany: KfW 294

OCE target GHG program.

UK Heat Recovery Fund

Canadian Clean Growth Program

Enhanced marketing and branding

Added a Sales & Marketing Coordinator (Ottawa) in May 2017

Hiring a Sales & Marketing Coordinator (UK) IN Jan/Feb 2018

New internal and new external newsletters a

Updated product brochures and case studies

Launched German website in October 2017

Goal: Better communications, better content, shared knowledge and a stronger brand internally and externally.

Corporate accounts update

Director of Corporate Accounts (appointed January 2016) to mentor and develop the team

Corporate account opportunities expected for every member of sales team

Existing customer engaged at a corporate level

Manufacturing sites in more than 1 sales territory

More than $2 million in sales potential

Corporate accounts update

Fortune 500 food &

beverage leader

Major hospital group #1

Leading performance materials co.

Major hospital group #2

Multinational agribusiness

company

Leading travel destination company

Global beer company

Leading food ingredients

business

Large pulp & paper customer

Fortune 500 life sciences company

Global building materials company

Multinational mining &

resources co.

Developed corporate account Developing

Quebec (2014)

Midwest US (2014)

Southeast UK (2014)

Latin America (2016)

Ontario / CoGen (2016)

Germany (2017)

EU Sales Director (2017)

Engineering / CoGen (2016)

Senior engineering (2017)

Junior engineering X2 (2017)

Added:

Growing our team & global presence

Quebec (2014)

Midwest US (2014)

Southeast UK (2014)

Latin America (2016)

Ontario / CoGen (2016)

Germany (2017)

EU Sales Director (2017)

Engineering / CoGen (2016)

Senior engineering (2017)

Junior engineering X2 (2017)

Added:

Growing our team & global presence

Texas (expect to hire soon)

Germany (interviewing candidates for 2nd person)

Northwestern North America (2018)

France

Eastern Europe

Planned:

Growing our team & global presence

Hired a European Sales Director in July 2017

20+ years of international sales experience (capital goods & services)

+10 years of sales management

Speaks 5 languages

Hired a Senior Project Engineer in October 2017

Former CTO at SofameTechnologies Inc.

Strengthens our engineering & product development capabilities

Experience with new products we are targeting

Support agents/distributors in secondary markets

Increase penetration in key strategic markets

Corporate / Sales Office EU Sales Director

Growing our team & global presence

* Company has engineering offices in Ottawa and Bristol (U.K.)

New Sales People / Territory

Agent / Distributor

Strategic territory expansion

Germany – Large industrial market with strong market fundamentals

High fuel costs

Aggressive carbon reduction targets

Attractive incentives

July 2016Launched our Super-Efficient Cogeneration™ solution

Introduce new products

August 2017Received our 1st order

$1.46 million order from a leading Fortune 500 food & beverage customer

Co-gen

First order received

Dry-Rex low-temp. biomass drying

Working with local customer to relocate BC based decommissioned Dry-Rex

Indirect heat recovery

Direct fired water heater (Percomax – Sofame)

Combined direct contact water heater and direct contact heat recovery (Hybrid Percomtherm – Sofame)

Wastewater heat recovery system (Launrec RBT – Sofame)

Combustion humidification unit to reduce NOx (Steam Pump – Sofame)

Introduce new products

Base business Revenue from mega projects

Revenue ($ millions)

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L4Q

Track record of growth

Base business Revenue from mega projects

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L4Q

*L4Q = last 4 quarters ending with Q1 2018

Track record of growth

14.2Revenue ($ millions)

Growing productivity

Sales tools & support

Enhanced marketing & branding

Corporate accounts

Expanding the business

Growing our team & global presence

New products

Grow organically

and/or through

accretive

acquisitions

Growth strategy summary

Strong market fundamentals, enormous growth potential

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