1.0x 3.5x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x At Acquisition At Exit $47 $75 $0 $20 $40 $60 $80 At Acquisition At Exit $187 $273 $0 $75 $150 $225 $300 At Acquisition At Exit Thermon Case Study 1 • Organized Independent Board of Directors and governance best -practices • Globalized management leadership and operating structure • Identified and hired public-company CFO • Invested in greenfield facility to support revenue growth • Completed acquisiti

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