|                                                           |   |                                                       |
|----------------------------------------------------------------|--------|------------------------------------------------------------|
| Delaware                                                       |   | 26-0249310                                                 |
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.)                       |
|                                                           |   |
| 100 Thermon DriveSan Marcos, Texas 78666                       |   | (512) 396-5801                                             |
| (Address of principal executive offices, including zip code)   |   | (Registrant’s telephone number, including area code) |

| Large accelerated filer o |   | Accelerated filer o |   | Non-accelerated filer þ                  |   | Smaller reporting company o |
|---------------------------|--------|---------------------|--------|-----------------------------------------------|--------|-----------------------------|
|                      |   |                |   | (Do not check if a smaller reporting company) |   |                        |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                  | Page   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| PART I – FINANCIAL INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| Item 1. Financial Statements (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                              |   |
| Condensed Consolidated Balance Sheets as of December 31, 2010 (“Successor”) and March 31, 2010 (“Predecessor”)                                                                                                                                                                                                                                                                                                | 1      |
| Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the period from May 1, 2010 through December 31, 2010 (“Successor”), the period from April 1 through April 30, 2010 (“Predecessor”), the three months ended December 31, 2010(“Successor”)  and for the three and nine month periods  ended December 31, 2009 (“Predecessor”) | 2      |
| Condensed Consolidated Statements of Cash Flows for the period from May 1, 2010 through December 31, 2010 (“Successor”), the period from April 1 through April 30, 2010 (“Predecessor”) and for the nine months ended December 31, 2009 (“Predecessor”)                                                                                                                                           | 3      |
| Notes to Condensed Consolidated Financial Statements                                                                                                                                                                                                                                                                                                                                                                                  | 4      |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                                                                                                                                                                                                                   | 26     |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                                                                                                                                                                                                                                    | 36     |
| Item 4. Controls and Procedures                                                                                                                                                                                                                                                                                                                                                                                                       | 38     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| PART II – OTHER INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Item 1. Legal Proceedings                                                                                                                                                                                                                                                                                                                                                                                                             | 39     |
| Item 1A. Risk Factors                                                                                                                                                                                                                                                                                                                                                                                                                 | 39     |
| Item 2. Unregistered Sales of Equity of Equity Securities and Use of Proceeds                                                                                                                                                                                                                                                                                                                                                         | 39     |
| Item 3. Defaults Upon Senior Securities                                                                                                                                                                                                                                                                                                                                                                                               | 39     |
| Item 5. Other Information                                                                                                                                                                                                                                                                                                                                                                                                             | 39     |
| Item 6. Exhibits                                                                                                                                                                                                                                                                                                                                                                                                                      | 39     |
| SIGNATURE                                                                                                                                                                                                                                                                                                                                                                                                                             | 41     |
| EXHIBIT INDEX                                                                                                                                                                                                                                                                                                                                                                                                                         | 42     |
| EX-31.1                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| EX-31.2                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| EX-32.1                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| EX-32.2                                                                                                                                                                                                                                                                                                                                                                                                                               |   |

----

|   | Thermon Holding Corp. |
|--------|-----------------------|

Item 1

Condensed 

|                                                                                                                                                |   | December 31,2010(Successor)(Unaudited) |    |   | March 31,2010(Predecessor) |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|---------|--------|---------------------------------|--------|
| Assets                                                                                                                                              |   |                                        |    |   |                            |   |
| Current assets:                                                                                                                                     |   |                                        |    |   |                            |   |
| Cash and cash equivalents                                                                                                                           |   | $                                           | 34,951  |   |                            | $      | 30,147 |   |
| Accounts receivable, net of allowance for doubtful accounts of $1,331 and $1,835 as of December 31, 2010 and March 31, 2010, respectively |   |                                        | 47,073  |   |                            |   | 41,882 |   |
| Notes receivable and other                                                                                                                          |   |                                        | – |   |                            |   | 3 |   |
| Inventories, net                                                                                                                                    |   |                                        | 27,600  |   |                            |   | 22,835 |   |
| Costs and estimated earnings in excess of billings on uncompleted contracts                                                                         |   |                                        | 1,245   |   |                            |   | 1,636 |   |
| Income taxes receivable                                                                                                                             |   |                                        | 1,999   |   |                            |   | 1,368 |   |
| Prepaid expenses and other current assets                                                                                                           |   |                                        | 7,883   |   |                            |   | 4,331 |   |
| Deferred income taxes                                                                                                                               |   |                                        | 1,421   |   |                            |   | 1,428 |   |
| Total current assets                                                                                                                                |   |                                        | 122,172 |   |                            |   | 103,630 |   |
| Property, plant and equipment, net                                                                                                                  |   |                                        | 23,404  |   |                            |   | 22,750 |   |
| Goodwill                                                                                                                                            |   |                                        | 116,626 |   |                            |   | 42,013 |   |
| Intangible assets, net                                                                                                                              |   |                                        | 159,346 |   |                            |   | 50,137 |   |
| Debt issuance costs, net                                                                                                                            |   |                                        | 12,263  |   |                            |   | 2,586 |   |
|                                                                                                                                                |   | $                                           | 433,811 |   |                            | $      | 221,116 |   |
|                                                                                                                                                |   |                                        |    |   |                            |   |   |   |
| Liabilities and shareholder’s/members’ equity                                                                                           |   |                                        |    |   |                            |   |   |   |
| Current liabilities:                                                                                                                                |   |                                        |    |   |                            |   |   |   |
| Accounts payable                                                                                                                                    |   | $                                           | 16,319  |   |                            | $      | 9,397 |   |
| Accrued liabilities                                                                                                                                 |   |                                        | 16,789  |   |                            |   | 13,505 |   |
| Advance payment                                                                                                                                     |   |                                        | 10,248  |   |                            |   | – |   |
| Obligations due to settle the CHS Transaction                                                                                                       |   |                                        | 3,754   |   |                            |   | – |   |
| Billings in excess of costs and estimated earnings on uncompleted contracts                                                                         |   |                                        | – |   |                            |   | 1,035 |   |
| Income taxes payable                                                                                                                                |   |                                        | 129     |   |                            |   | 2,158 |   |
| Deferred income taxes                                                                                                                               |   |                                        | – |   |                            |   | 138 |   |
| Total current liabilities                                                                                                                           |   |                                        | 47,239  |   |                            |   | 26,233 |   |
| Long-term debt, net of current maturities                                                                                                           |   |                                        | 210,000 |   |                            |   | 109,249 |   |
| Deferred income taxes                                                                                                                               |   |                                        | 53,916  |   |                            |   | 30,005 |   |
| Other noncurrent liabilities                                                                                                                        |   |                                        | 1,844   |   |                            |   | 555 |   |
|                                                                                                                                                |   |                                        |    |   |                            |   |   |   |
| Shareholder’s/Members’ equity                                                                                                           |   |                                        | 120,812 |   |                            |   | 55,074 |   |
|                                                                                                                                                |   | $                                           | 433,811 |   |                            | $      | 221,116 |   |

----

|   | Thermon Holding Corp. |
|--------|-----------------------|

Condensed 

|                                                  |   | Three Months Ended |   |   | Three Months Ended     |   |   | For the Period From May 1, Through |   |   | For the Period From April 1, Through |   |   | Nine Months Ended      |    |
|-------------------------------------------------------|--------|--------------------|--------|--------|------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------------------------------|--------|--------|------------------------|---------|
|                                                  |   | December 31, 2010  |   |   | December 31, 2009 |   |   | December 31, 2010                       |   |   | April 30, 2010                       |   |   | December 31, 2009 |    |
|                                                  |   | (Successor)        |   |   | (Predecessor)          |   |   | (Successor)                             |   |   | (Predecessor)                             |   |   | (Predecessor)          |    |
|                                                  |   |               |   |   |                   |   |   |                                    |   |   |                                      |   |   |                   |    |
| Sales                                                 |   | $                  | 64,941 |   |                   | $      | 47,348 |                                    |   | $      | 165,905                                   |   |   | $                      | 13,063  |   |   | $ | 142,905 |   |
| Cost of sales                                         |   |               | 35,333 |   |                   |   | 24,152 |                                    |   |   | 98,795                                    |   |   |                   | 6,447   |   |   |   | 73,966 |   |
| Gross profit                                          |   |               | 29,608 |   |                   |   | 23,196 |                                    |   |   | 67,110                                    |   |   |                   | 6,616   |   |   |   | 68,939 |   |
| Operating expenses:                                   |   |               |   |   |                   |   |   |                                    |   |   |                                      |   |   |                   |    |   |   |   |   |   |
| Marketing, general and administrative and engineering |   |               | 14,705 |   |                   |   | 12,542 |                                    |   |   | 37,227                                    |   |   |                   | 4,263   |   |   |   | 33,770 |   |
| Amortization of other intangible assets               |   |               | 3,700  |   |                   |   | 623    |                                    |   |   | 15,126                                    |   |   |                   | 215     |   |   |   | 1,803 |   |
| Income from operations                                |   |               | 11,203 |   |                   |   | 10,031 |                                    |   |   | 14,757                                    |   |   |                   | 2,138   |   |   |   | 33,366 |   |
| Other income/(expenses):                              |   |               |   |   |                   |   |   |                                    |   |   |                                      |   |   |                   |    |   |   |   |   |   |
| Interest income                                       |   |               | 7      |   |                   |   | 33     |                                    |   |   | 10                                        |   |   |                   | 7       |   |   |   | 54 |   |
| Interest expense                                      |   |               | (5,580 | )      |                   |   | (1,927 | )                                       |   |   | (17,111                                   | )      |   |                   | (6,229  | ) |   |   | (5,570 | ) |
| Success fees to owners related to the CHS Transaction |   |               | -      |   |                   |   | -      |                                    |   |   | (3,022                                    | )      |   |                   | (4,716  | ) |   |   | - |   |
| Miscellaneous expense                                 |   |               | (1,029 | )      |                   |   | (564   | )                                       |   |   | (4,667                                    | )      |   |                   | (8,901  | ) |   |   | (881 | ) |
| Income (loss) before provision for income taxes       |   |               | 4,601  |   |                   |   | 7,573  |                                    |   |   | (10,033                                   | )      |   |                   | (17,701 | ) |   |   | 26,969 |   |
| Income taxes (expense) benefit                        |   |               | (1,592 | )      |                   |   | (3,391 | )                                       |   |   | (927                                      | )      |   |                   | 17,434  |   |   |   | (12,241 | ) |
| Net income (loss)                                     |   | $                  | 3,009  |   |                   | $      | 4,182  |                                    |   | $      | (10,960                                   | )      |   | $                      | (267    | ) |   | $ | 14,728 |   |
| Comprehensive income (loss):                          |   |               |   |   |                   |   |   |                                    |   |   |                                      |   |   |                   |    |   |   |   |   |   |
| Net income (loss)                                     |   | $                  | 3,009  |   |                   | $      | 4,182  |                                    |   | $      | (10,960                                   | )      |   | $                      | (267    | ) |   | $ | 14,728 |   |
| Foreign currency translation adjustment               |   |               | 3,566  |   |                   |   | 281    |                                    |   |   | 1,786                                     |   |   |                   | (576    | ) |   |   | 6,886 |   |
| Comprehensive income (loss)                           |   | $                  | 6,575  |   |                   | $      | 4,463  |                                    |   | $      | (9,174                                    | )      |   | $                      | (843    | ) |   | $ | 21,614 |   |

----

Condensed 

|                                                                                       |   | For the Period From May 1, ThroughDecember 31, 2010 |     |   | For the Period From April 1, ThroughApril 30, 2010 |   |    | Nine Months EndedDecember 31, 2009 |   |
|--------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|----------|--------|--------------------------------------------------------------|--------|---------|----------------------------------------------|--------|
|                                                                                       |   | (Successor)                                              |     |   | (Predecessor)                                                |   |    | (Predecessor)                                |   |
| Operating activities                                                                       |   |                                                     |     |   |                                                         |   |    |                                         |   |
| Net income (loss)                                                                          |   | $                                                        | (10,960  | )      |                                                         | $      | (267    | )                                            |   | $ | 14,728 |   |
| Adjustment to reconcile net income to net cash provided by (used in) operating activities: |   |                                                     |     |   |                                                         |   |    |                                         |   |   |   |   |
| Depreciation and amortization                                                              |   |                                                     | 24,040   |   |                                                         |   | 392     |                                         |   |   | 3,223 |   |
| Amortization of debt costs                                                                 |   |                                                     | 3,365    |   |                                                         |   | 2,586   |                                         |   |   | 512 |   |
| Stock compensation expense                                                                 |   |                                                     | 734      |   |                                                         |   | – |                                         |   |   | – |   |
| Provision (benefit) for deferred income taxes                                              |   |                                                     | (2,660   | )      |                                                         |   | (15,122 | )                                            |   |   | 3,080 |   |
| Changes in operating assets and liabilities:                                               |   |                                                     |     |   |                                                         |   |    |                                         |   |   |   |   |
| Accounts receivable                                                                        |   |                                                     | (6,452   | )      |                                                         |   | 1,365   |                                         |   |   | 240 |   |
| Inventories                                                                                |   |                                                     | (2,972   | )      |                                                         |   | (1,719  | )                                            |   |   | 2,932 |   |
| Costs and estimated earnings and billings on construction contracts                        |   |                                                     | (678     | )      |                                                         |   | 34      |                                         |   |   | 204 |   |
| Other current and noncurrent assets                                                        |   |                                                     | (1,241   | )      |                                                         |   | (3,151  | )                                            |   |   | (1,765 | ) |
| Accounts payable                                                                           |   |                                                     | 5,672    |   |                                                         |   | 825     |                                         |   |   | (223 | ) |
| Accrued liabilities and noncurrent liabilities                                             |   |                                                     | 18,161   |   |                                                         |   | 9,515   |                                         |   |   | (281 | ) |
| Change in liability to former shareholders                                                 |   |                                                     | –  |   |                                                         |   | – |                                         |   |   | (1,437 | ) |
| Income taxes payable                                                                       |   |                                                     | (937     | )      |                                                         |   | (860    | )                                            |   |   | 1,974 |   |
| Net cash provided by (used in) operating activities                                        |   |                                                     | 26,072   |   |                                                         |   | (6,402  | )                                            |   |   | 23,187 |   |
|                                                                                       |   |                                                     |     |   |                                                         |   |    |                                         |   |   |   |   |
| Investing activities                                                                       |   |                                                     |     |   |                                                         |   |    |                                         |   |   |   |   |
| Purchases of property, plant and equipment                                                 |   |                                                     | (1,149   | )      |                                                         |   | (97     | )                                            |   |   | (976 | ) |
| Cash paid for Thermon Holding Corp.   (net of cash acquired of $2,852)           |   |                                                     | (318,048 | )      |                                                         |   | – |                                         |   |   | – |   |
| Other investing activities                                                                 |   |                                                     | –  |   |                                                         |   | (1,397  | )                                            |   |   | – |   |
| Net cash used in investing activities                                                      |   |                                                     | (319,197 | )      |                                                         |   | (1,494  | )                                            |   |   | (976 | ) |
|                                                                                       |   |                                                     |     |   |                                                         |   |    |                                         |   |   |   |   |
| Financing activities                                                                       |   |                                                     |     |   |                                                         |   |    |                                         |   |   |   |   |
| Proceeds from senior secured notes                                                         |   |                                                     | 210,000  |   |                                                         |   | – |                                         |   |   | – |   |
| Proceeds from revolving line of credit                                                     |   |                                                     | 4,599    |   |                                                         |   | – |                                         |   |   | – |   |
| Obligation due to settle the CHS Transaction                                               |   |                                                     | 6,600    |   |                                                         |   | – |                                         |   |   | – |   |
| Payments to settle the CHS Transaction                                                     |   |                                                     | (2,846   | )      |                                                         |   | – |                                         |   |   | – |   |
| Payments on revolving lines of credit and long-term debt                                   |   |                                                     | (4,599   | )      |                                                         |   | (19,385 | )                                            |   |   | – |   |
| Capital contributions                                                                      |   |                                                     | 129,252  |   |                                                         |   | – |                                         |   |   | – |   |
| Dividend paid                                                                              |   |                                                     |     |   |                                                         |   |    |                                         |   |   | (8,600 | ) |
| Debt issuance costs                                                                        |   |                                                     | (15,473  | )      |                                                         |   | – |                                         |   |   | – |   |
| Net cash provided by (used in) financing activities                                        |   |                                                     | 327,533  |   |                                                         |   | (19,385 | )                                            |   |   | (8,600 | ) |
|                                                                                       |   |                                                     |     |   |                                                         |   |    |                                         |   |   |   |   |
| Effect of exchange rate changes on cash and cash equivalents                               |   |                                                     | 543      |   |                                                         |   | (14     | )                                            |   |   | (1,128 | ) |
|                                                                                       |   |                                                     |     |   |                                                         |   |    |                                         |   |   |   |   |
| Change in cash and cash equivalents                                                        |   |                                                     | 34,951   |   |                                                         |   | (27,295 | )                                            |   |   | 12,483 |   |
| Cash and cash equivalents at beginning of period                                           |   |                                                     | –  |   |                                                         |   | 30,147  |                                         |   |   | 13,402 |   |
| Cash and cash equivalents at end of period                                                 |   | $                                                        | 34,951   |   |                                                         | $      | 2,852   |                                         |   | $ | 25,885 |   |

----

1.

----

|               |   | December 31,2010(Successor) |   |   | March 31,2010(Predecessor) |   |
|--------------------|--------|-----------------------------|--------|--------|---------------------------------|--------|
|               |   |                        |   |   |                            |   |
|               |   |                        |   |   |                            |   |
| Raw materials      |   | $                           | 9,143  |   |                            | $      | 7,451 |   |
| Work in process    |   |                        | 1,669  |   |                            |   | 1,831 |   |
| Finished goods     |   |                        | 18,244 |   |                            |   | 14,725 |   |
|               |   |                        | 29,056 |   |                            |   | 24,007 |   |
| Valuation reserves |   |                        | (1,456 | )      |                            |   | (1,172 | ) |
| Net inventory      |   | $                           | 27,600 |   |                            | $      | 22,835 |   |

|                             |   | December 31,2010(Successor) |   |   | March 31,2010(Predecessor) |   |
|----------------------------------|--------|----------------------------------|--------|--------|---------------------------------|--------|
|                             |   |                             |   |   |                            |   |
| Land, buildings and improvements |   | $                                | 14,070 |   |                            | $      | 13,437 |   |
| Machinery and equipment          |   |                             | 8,079  |   |                            |   | 11,739 |   |
| Office furniture and equipment   |   |                             | 2,693  |   |                            |   | 2,866 |   |
|                             |   |                             | 24,842 |   |                            |   | 28,042 |   |
| Accumulated depreciation         |   |                             | (1,438 | )      |                            |   | (5,292 | ) |
|                             |   | $                                | 23,404 |   |                            | $      | 22,750 |   |

| Consideration to or on behalf of sellers at close     |    | $      | 220,600 |    |
|-------------------------------------------------------|--------------|--------|---------|--------------|
| Payoff existing debt, interest and bank fees at close |    |   | 93,700  |    |
| Accrual for obligations in settlement with seller (1) |    |   | 6,600   |    |
|                                                  |    | $      | 320,900 |    |

| (1)   | Consists of estimated amounts owed to sellers in the CHS Transactions for restricted cash and in satisfaction of the post-closing adjustments for working capital and income taxes, of which $2,846 was paid in the period from May 1 through December 31, 2010 and $3,754 was outstanding at December 31, 2010.  |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Assets acquired:                  |    |   |    |         |
|-----------------------------------|--------------|--------|---------|--------------|
| Cash and cash equivalents         |    | $      | 2,852   |    |
| Accounts receivable, net          |    |   | 40,595  |    |
| Inventories, net                  |    |   | 32,325  |    |
| Other current assets              |    |   | 10,676  |    |
| Property, plant and equipment     |    |   | 23,983  |    |
| Identifiable intangible assets    |    |   | 173,711 |    |
| Goodwill                          |    |   | 115,775 |    |
| Other noncurrent assets           |    |   | 284     |    |
| Total assets                      |    |   | 400,201 |    |
|                              |         |
| Liabilities assumed:              |    |   |    |         |
| Current liabilities               |    |   | 21,281  |    |
| Noncurrent deferred tax liability |    |   | 56,757  |    |
| Other noncurrent liabilities      |    |   | 1,263   |    |
| Total liabilities                 |    |   | 79,301  |    |
|                              |    |   |    |         |
| Purchase price                    |    |   | 320,900 |    |
| Less: cash                        |    |   | (2,852  | )       |
| Purchase price net of cash        |    | $      | 318,048 |    |

|                              |   | Original Allocation |    |   | Adjustments |   |    | December 31,2010(Successor) |   |
|-----------------------------------|--------|---------------------|---------|--------|-------------|--------|---------|----------------------------------|--------|
| Inventory                         |   | $                   | 7,648   |   |        | $      | — |                             |   | $ | 7,648 |   |
| Property, plant and equipment     |   |                | — |   |        |   | 1,354   |                             |   |   | 1,354 |   |
| Identifiable intangible assets    |   |                | 92,533  |   |        |   | 29,193  |                             |   |   | 121,726 |   |
| Goodwill                          |   |                | 85,598  |   |        |   | (19,142 | )                                |   |   | 66,456 |   |
| Noncurrent deferred tax liability |   |                | (30,358 | )      |        |   | (11,405 | )                                |   |   | (41,763 | ) |
|                              |   | $                   | 155,421 |   |        | $      | — |                             |   | $ | 155,421 |   |

| Balance at May 1, 2010                 |    | $      | 134,917 |    |
|---------------------------------------------|--------------|--------|---------|--------------|
| Adjustment of the allocation of fair values |         |   | (19,142 | )            |
| Subtotal                                    |    |   | 115,775 |         |
| Foreign currency translation impact         |    |   | 851     |         |
| Balance at December 31, 2010           |    | $      | 116,626 |    |

----

|                   |    | Successor                 |    |
|------------------------|--------------|---------------------------|---------|
|                   |    | Gross CarryingAmount |    |    | AccumulatedAmortization |   |    | Net CarryingAmount |   |
| Trademarks             |    | $                         | 48,280  |    |    | $ | —   |    |    | $ | 48,280 |    |
| Developed technology   |    |                      | 11,063  |    |    |   | 449 |    |    |   | 10,614 |    |
| Customer relationships |    |                      | 102,425 |    |    |   | 4,472 |    |    |   | 97,953 |    |
| Backlog                |    |                      | 10,289  |    |    |   | 10,289 |    |    |   | — |    |
| Certification          |    |                      | 504     |    |    |   | —   |    |    |   | 504 |    |
| Other                  |    |                      | 2,205   |    |    |   | 210 |    |    |   | 1,995 |    |
| Total                  |    | $                         | 174,766 |    |    | $ | 15,420 |    |    | $ | 159,346 |    |

|                   |    | Predecessor               |   |
|------------------------|--------------|---------------------------|--------|
|                   |    | Gross CarryingAmount |   |    | AccumulatedAmortization |   |    | Net CarryingAmount |   |
| Trademarks             |    | $                         | 27,767 |    |    | $ | —   |    |    | $ | 27,767 |    |
| Developed technology   |    |                      | 6,408  |    |    |   | 828 |    |    |   | 5,580 |    |
| Customer relationships |    |                      | 21,632 |    |    |   | 5,588 |    |    |   | 16,044 |    |
| Backlog                |    |                      | 9,770  |    |    |   | 9,770 |    |    |   | —   |    |
| Certification          |    |                      | 521    |    |    |   | 57 |    |    |   | 464 |    |
| Noncompete agreements  |    |                      | 464    |    |    |   | 240 |    |    |   | 224 |    |
| Other                  |    |                      | 58     |    |    |   | —   |    |    |   | 58 |    |
| Total                  |    | $                         | 66,620 |    |    | $ | 16,483 |    |    | $ | 50,137 |    |

----

|                                               |   | December 31, 2010(Successor) |   |   | March 31, 2010(Predecessor) |   |
|----------------------------------------------------|--------|-----------------------------------|--------|--------|----------------------------------|--------|
|                                               |   |                              |   |   |                             |   |
| Accrued employee compensation and related expenses |   | $                                 | 7,997  |   |                             | $      | 6,171 |   |
| Warranty reserve                                   |   |                              | 1,041  |   |                             |   | 699 |   |
| Professional fees                                  |   |                              | 854    |   |                             |   | 1,097 |   |
| Interest                                           |   |                              | 3,434  |   |                             |   | 280 |   |
| Taxes payable                                      |   |                              | 724    |   |                             |   | 567 |   |
| Compliance costs                                   |   |                              | 55     |   |                             |   | 704 |   |
| Other                                              |   |                              | 2,684  |   |                             |   | 3,987 |   |
| Total accrued current liabilities                  |   | $                                 | 16,789 |   |                             | $      | 13,505 |   |

----

|                                      |   | December 31, 2010(Successor) |    |   | March 31,2010 (Predecessor) |   |
|-------------------------------------------|--------|------------------------------|---------|--------|----------------------------------|--------|
|                                      |   |                         |    |   |                             |   |
| 9.500% Senior Secured Notes, due May 2017 |   | $                            | 210,000 |   |                             | $      | – |   |
| Notes payable                             |   |                         | – |   |                             |   | 109,249 |   |
|                                      |   |                         | 210,000 |   |                             |   | 109,249 |   |
| Less current portion                      |   |                         | – |   |                             |   | – |   |
|                                      |   | $                            | 210,000 |   |                             | $      | 109,249 |   |

----

----

|                                  |   | For the Period From May 1, ThroughDecember 31, 2010(Successor) |    |   | For the Period From April 1, ThroughApril 30, 2010(Predecessor) |   |    | Nine Months EndedDecember 31,2009(Predecessor) |   |
|---------------------------------------|--------|--------------------------------------------------------------------------|---------|--------|---------------------------------------------------------------------------|--------|---------|----------------------------------------------------------|--------|
|                                  |   |                                                                     |    |   |                                                                      |   |    |                                                     |   |
| Balance at beginning of period        |   | $                                                                        | 1,057   |   |                                                                      | $      | 699     |                                                     |   | $ | 975 |   |
| Provision for warranties issued       |   |                                                                     | 604     |   |                                                                      |   | 19      |                                                     |   |   | 539 |   |
| Reclassification of other liabilities |   |                                                                     | – |   |                                                                      |   | 339     |                                                     |   |   | – |   |
| Changes in estimates                  |   |                                                                     | – |   |                                                                      |   | – |                                                     |   |   | (807 | ) |
| Settlements                           |   |                                                                     | (620    | )      |                                                                      |   | – |                                                     |   |   | (223 | ) |
| Balance at end of period              |   | $                                                                        | 1,041   |   |                                                                      | $      | 1,057   |                                                     |   | $ | 484 |   |

----

|                                                             |   | Three Months Ended December 31, 2010 |    |   | Three Months Ended December 31, 2009 |   |    | For the Period From May 1, Through December 31, 2010 |   |   | For the Period From April 1, Through April 30, 2010 |   |   | Nine Months Ended December 31, 2009 |    |
|------------------------------------------------------------------|--------|--------------------------------------|---------|--------|--------------------------------------|--------|---------|-----------------------------------------------------------|--------|--------|---------------------------------------------------------------|--------|--------|-------------------------------------|---------|
|                                                             |   | (Successor)                          |    |   | (Predecessor)                        |   |    | (Successor)                                               |   |   | (Predecessor)                                                 |   |   | (Predecessor)                       |    |
|                                                             |   |                                 |    |   |                                 |   |    |                                                      |   |   |                                                          |   |   |                                |    |
| Professional fees and expenses related to CHS Transactions       |   | $                                    | (818    | )      |                                 | $      | (317    | )                                                         |   | $      | (4,662                                                        | )      |   | $                                   | (5,660  | ) |   | $ | (312 | ) |
| Employee bonus payments paid in connection with CHS Transactions |   |                                 | – |   |                                 |   | – |                                                      |   |   | –                                                       |   |   |                                | (3,545  | ) |   |   | – |   |
| Changes in estimates for compliance fees and costs               |   |                                 | – |   |                                 |   | – |                                                      |   |   | 600                                                           |   |   |                                | – |   |   |   | – |   |
| Losses on foreign currency transactions                          |   |                                 | (242    | )      |                                 |   | 19      |                                                      |   |   | (566                                                          | )      |   |                                |    |   |   |   | (303 | ) |
| Other                                                            |   |                                 | 31      |   |                                 |   | (266    | )                                                         |   |   | (39                                                           | )      |   |                                | 304     |   |   |   | (266 | ) |
| Total                                                            |   | $                                    | (1,029  | )      |                                 | $      | (564    | )                                                         |   | $      | (4,667                                                        | )      |   | $                                   | (8,901  | ) |   | $ | (881 | ) |

----

|                                |   | Three Months Ended December 31, 2010 |    |   | Three Months Ended December 31, 2009 |   |    | For the Period From May 1, Through December 31, 2010 |   |   | For the Period From April 1, Through April 30, 2010 |   |   | Nine Months Ended December 31, 2009 |   |
|-------------------------------------|--------|--------------------------------------|---------|--------|--------------------------------------|--------|---------|-----------------------------------------------------------|--------|--------|---------------------------------------------------------------|--------|--------|-------------------------------------|--------|
|                                |   | (Successor)                          |    |   | (Predecessor)                        |   |    | (Successor)                                               |   |   | (Predecessor)                                                 |   |   | (Predecessor)                       |   |
| Sales by geographic area:           |   |                                 |    |   |                                 |   |    |                                                      |   |   |                                                          |   |   |                                |   |
| Western hemisphere                  |   |                                 |    |   |                                 |   |    |                                                      |   |   |                                                          |   |   |                                |   |
| United States                       |   | $                                    | 19,536  |   |                                 | $      | 15,975  |                                                      |   | $      | 46,082                                                        |   |   | $                                   | 4,959  |   |   | $ | 45,393 |   |
| Canada                              |   |                                 | 21,632  |   |                                 |   | 12,972  |                                                      |   |   | 55,369                                                        |   |   |                                | 3,992  |   |   |   | 41,035 |   |
| Elsewhere in the western hemisphere |   |                                 | 250     |   |                                 |   | 160     |                                                      |   |   | 697                                                           |   |   |                                | 25     |   |   |   | 696 |   |
| Intercompany sales                  |   |                                 | 13,744  |   |                                 |   | 10,142  |                                                      |   |   | 34,784                                                        |   |   |                                | 3,850  |   |   |   | 32,342 |   |
|                                |   |                                 | 55,162  |   |                                 |   | 39,249  |                                                      |   |   | 136,932                                                       |   |   |                                | 12,826 |   |   |   | 119,466 |   |
| Eastern hemisphere:                 |   |                                 |    |   |                                 |   |    |                                                      |   |   |                                                          |   |   |                                |   |   |   |   |   |   |
| Europe                              |   |                                 | 15,073  |   |                                 |   | 12,876  |                                                      |   |   | 44,719                                                        |   |   |                                | 2,970  |   |   |   | 38,521 |   |
| Asia                                |   |                                 | 8,450   |   |                                 |   | 5,365   |                                                      |   |   | 19,038                                                        |   |   |                                | 1,117  |   |   |   | 17,260 |   |
| Intercompany sales                  |   |                                 | – |   |                                 |   | – |                                                      |   |   | 105                                                           |   |   |                                | 51     |   |   |   | - |   |
|                                |   |                                 | 23,523  |   |                                 |   | 18,241  |                                                      |   |   | 63,862                                                        |   |   |                                | 4,138  |   |   |   | 55,781 |   |
| Eliminations of intercompany sales  |   |                                 | (13,744 | )      |                                 |   | (10,142 | )                                                         |   |   | (34,889                                                       | )      |   |                                | (3,901 | ) |   |   | (32,342 | ) |
|                                |   |                                 | 64,941  |   |                                 |   | 47,348  |                                                      |   |   | 165,905                                                       |   |   |                                | 13,063 |   |   |   | 142,905 |   |
| Operating income                    |   |                                 |    |   |                                 |   |    |                                                      |   |   |                                                          |   |   |                                |   |   |   |   |   |   |
| Western hemisphere                  |   |                                 |    |   |                                 |   |    |                                                      |   |   |                                                          |   |   |                                |   |   |   |   |   |   |
| United States                       |   |                                 | 687     |   |                                 |   | 3,551   |                                                      |   |   | (281                                                          | )      |   |                                | 1,126  |   |   |   | 12,593 |   |
| Canada                              |   |                                 | 6,521   |   |                                 |   | 4,490   |                                                      |   |   | 10,400                                                        |   |   |                                | 1,066  |   |   |   | 11,545 |   |
| Elsewhere in the western hemisphere |   |                                 | (20     | )      |                                 |   | (235    | )                                                         |   |   | 148                                                           |   |   |                                | (30    | ) |   |   | (316 | ) |
| Eastern hemisphere:                 |   |                                 |    |   |                                 |   |    |                                                      |   |   |                                                          |   |   |                                |   |   |   |   |   |   |
| Europe                              |   |                                 | 3,340   |   |                                 |   | 1,642   |                                                      |   |   | 3,108                                                         |   |   |                                | 125    |   |   |   | 7,214 |   |
| Asia                                |   |                                 | 1,242   |   |                                 |   | 1,076   |                                                      |   |   | 2,819                                                         |   |   |                                | 18     |   |   |   | 3,174 |   |
| Unallocated:                        |   |                                 |    |   |                                 |   |    |                                                      |   |   |                                                          |   |   |                                |   |   |   |   |   |   |
| Management fees                     |   |                                 | (500    | )      |                                 |   | (205    | )                                                         |   |   | (1,333                                                        | )      |   |                                | (79    | ) |   |   | (671 | ) |
| Other                               |   |                                 | (67     | )      |                                 |   | (288    | )                                                         |   |   | (104                                                          | )      |   |                                | (88    | ) |   |   | (173 | ) |
|                                |   | $                                    | 11,203  |   |                                 | $      | 10,031  |                                                      |   | $      | 14,757                                                        |   |   | $                                   | 2,138  |   |   | $ | 33,366 |   |

----

----

|                                                                        |   | December 31, 2010                  |    |
|-----------------------------------------------------------------------------|--------|------------------------------------|---------|
|                                                                        |   | 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                                                   |   | $                                  | – |   |   | $ | – |   |   | $ | 5,409 |   |   | $ | 29,542 |   |   | $ | – |   |   | $ | 34,951 |   |
| Accounts receivable, net                                                    |   |                               | – |   |   |   | – |   |   |   | 17,714 |   |   |   | 34,510 |   |   |   | (5,151 | ) |   |   | 47,073 |   |
| Notes and other                                                             |   |                               | – |   |   |   | – |   |   |   | 2,425 |   |   |   | 2,327 |   |   |   | (4,752 | ) |   |   | – |   |
| Inventories, net                                                            |   |                               | – |   |   |   | – |   |   |   | 13,959 |   |   |   | 15,310 |   |   |   | (1,669 | ) |   |   | 27,600 |   |
| Costs and estimated earnings in excess of billings on uncompleted contracts |   |                               | – |   |   |   | – |   |   |   | 762 |   |   |   | 483 |   |   |   | – |   |   |   | 1,245 |   |
| Income taxes receivable                                                     |   |                               | – |   |   |   | – |   |   |   | 1,913 |   |   |   | 86 |   |   |   | – |   |   |   | 1,999 |   |
| Prepaid expenses and other current assets                                   |   |                               | 736     |   |   |   | – |   |   |   | 840 |   |   |   | 5,858 |   |   |   | 449 |   |   |   | 7,883 |   |
| Deferred Income taxes                                                       |   |                               | – |   |   |   | – |   |   |   | 1,125 |   |   |   | 296 |   |   |   | – |   |   |   | 1,421 |   |
| Total current assets                                                        |   |                               | 736     |   |   |   | – |   |   |   | 44,147 |   |   |   | 88,412 |   |   |   | (11,123 | ) |   |   | 122,172 |   |
| Property, plant and equipment, net                                          |   |                               | – |   |   |   | – |   |   |   | 16,079 |   |   |   | 7,325 |   |   |   | – |   |   |   | 23,404 |   |
| Goodwill                                                                    |   |                               | – |   |   |   | – |   |   |   | 46,131 |   |   |   | 70,495 |   |   |   | – |   |   |   | 116,626 |   |
| Intangible assets, net                                                      |   |                               | 1,997   |   |   |   | – |   |   |   | 79,314 |   |   |   | 78,035 |   |   |   | – |   |   |   | 159,346 |   |
| Debt Issuance costs, net                                                    |   |                               | – |   |   |   | 12,263 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 12,263 |   |
| Intercompany loans                                                          |   |                               |    |   |   |   |   |   |   |   | 130 |   |   |   | – |   |   |   | (130 | ) |   |   | – |   |
| Investment in subsidiaries                                                  |   |                               | 116,206 |   |   |   | 212,567 |   |   |   | 105,758 |   |   |   | – |   |   |   | (434,530 | ) |   |   | – |   |
|                                                                        |   | $                                  | 118,939 |   |   | $ | 224,830 |   |   | $ | 291,558 |   |   | $ | 244,267 |   |   | $ | (445,783 | ) |   | $ | 433,811 |   |
| Liabilities and shareholder’s equity                                  |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities:                                                        |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                                            |   | $                                  | – |   |   | $ | – |   |   | $ | 7,922 |   |   | $ | 13,535 |   |   | $ | (5,138 | ) |   | $ | 16,319 |   |
| Accrued liabilities                                                         |   |                               | – |   |   |   | 3,381 |   |   |   | 6,832 |   |   |   | 8,113 |   |   |   | (1,537 | ) |   |   | 16,789 |   |
| Deferred revenue                                                            |   |                               | – |   |   |   | – |   |   |   | – |   |   |   | 10,248 |   |   |   | – |   |   |   | 10,248 |   |
| Obligations in settlement of the CHS Transaction                            |   |                               | – |   |   |   | – |   |   |   | 3,754 |   |   |   | – |   |   |   | – |   |   |   | 3,754 |   |
| Billings in excess of costs and estimated                                   |   |                               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings on uncompleted contracts                                           |   |                               | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Income taxes payable (receivable)                                           |   |                               | – |   |   |   | – |   |   |   | (4,043 | ) |   |   | 4,172 |   |   |   | – |   |   |   | 129 |   |
| Foreign revolving credit facilities                                         |   |                               | – |   |   |   | 10,318 |   |   |   | (7,137 | ) |   |   | 177 |   |   |   | (3,358 | ) |   |   | – |   |
| Total current liabilities                                                   |   |                               | – |   |   |   | 13,699 |   |   |   | 7,328 |   |   |   | 36,245 |   |   |   | (10,033 | ) |   |   | 47,239 |   |
| Long-term debt, net of current maturities                                   |   |                               | – |   |   |   | 210,000 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 210,000 |   |
| Deferred Income taxes                                                       |   |                               | – |   |   |   | – |   |   |   | 35,009 |   |   |   | 19,608 |   |   |   | (701 | ) |   |   | 53,916 |   |
| Other noncurrent liabilities                                                |   |                               | – |   |   |   | – |   |   |   | 1,230 |   |   |   | 614 |   |   |   | – |   |   |   | 1,844 |   |
| Shareholder’s equity                                                  |   |                               | 118,939 |   |   |   | 1,131 |   |   |   | 247,991 |   |   |   | 187,800 |   |   |   | (435,049 | ) |   |   | 120,812 |   |
|                                                                        |   | $                                  | 118,939 |   |   | $ | 224,830 |   |   | $ | 291,558 |   |   | $ | 244,267 |   |   | $ | (445,783 | ) |   | $ | 433,811 |   |

----

|                                                                        |   | March 31, 2010 (Predecessor) |    |
|-----------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                        |   | Thermon Holdings, Corp. LLC  |    |   | 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                                                   |   | $                            | – |   |   | $ | – |   |   | $ | – |   |   | $ | 4,692 |   |   | $ | 25,455 |   |   | $ | – |   |   | $ | 30,147 |   |
| Accounts receivable, net                                                    |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 15,829 |   |   |   | 30,472 |   |   |   | (4,419 | ) |   |   | 41,882 |   |
| Notes and other                                                             |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 3,024 |   |   |   | 3 |   |   |   | (3,024 | ) |   |   | 3 |   |
| Inventories, net                                                            |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 10,666 |   |   |   | 13,531 |   |   |   | (1,362 | ) |   |   | 22,835 |   |
| Costs and estimated earnings in excess of billings on uncompleted contracts |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 1,209 |   |   |   | 427 |   |   |   | – |   |   |   | 1,636 |   |
| Income taxes receivable                                                     |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 1,098 |   |   |   | 270 |   |   |   | – |   |   |   | 1,368 |   |
| Prepaid expenses and other current assets                                   |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 1,633 |   |   |   | 2,291 |   |   |   | 407 |   |   |   | 4,331 |   |
| Deferred Income taxes                                                       |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 1,125 |   |   |   | 303 |   |   |   | – |   |   |   | 1,428 |   |
| Total current assets                                                        |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 39,276 |   |   |   | 72,752 |   |   |   | (8,398 | ) |   |   | 103,630 |   |
| Property, plant and equipment, net                                          |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 15,366 |   |   |   | 7,384 |   |   |   | – |   |   |   | 22,750 |   |
| Goodwill                                                                    |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 15,404 |   |   |   | 26,609 |   |   |   | – |   |   |   | 42,013 |   |
| Intangible assets, net                                                      |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 12,858 |   |   |   | 37,279 |   |   |   | – |   |   |   | 50,137 |   |
| Debt Issuance costs, net                                                    |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 1,545 |   |   |   | 1,041 |   |   |   | – |   |   |   | 2,586 |   |
| Intercompany loans                                                          |   |                         |    |   |   |   | 56,000 |   |   |   | 56,000 |   |   |   | 335 |   |   |   | – |   |   |   | (112,335 | ) |   |   | – |   |
| Investment in subsidiaries                                                  |   |                         | 55,074  |   |   |   | 55,074 |   |   |   | 28,409 |   |   |   | 63,467 |   |   |   | – |   |   |   | (202,024 | ) |   |   | – |   |
|                                                                        |   | $                            | 55,074  |   |   | $ | 111,074 |   |   | $ | 84,409 |   |   | $ | 148,251 |   |   | $ | 145,065 |   |   | $ | (322,757 | ) |   | $ | 221,116 |   |
| Liabilities and shareholder’s equity                                  |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities:                                                        |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                                            |   | $                            | – |   |   | $ | – |   |   | $ | – |   |   | $ | 4,232 |   |   | $ | 9,001 |   |   | $ | (3,836 | ) |   | $ | 9,397 |   |
| Accrued liabilities                                                         |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 6,671 |   |   |   | 9,262 |   |   |   | (2,428 | ) |   |   | 13,505 |   |
| Billings in excess of costs and estimated                                   |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings on uncompleted contracts                                           |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 1,035 |   |   |   | – |   |   |   | – |   |   |   | 1,035 |   |
| Income taxes payable (receivable)                                           |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 182 |   |   |   | 1,976 |   |   |   | – |   |   |   | 2,158 |   |
| Foreign revolving credit facilities                                         |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 1,155 |   |   |   | 358 |   |   |   | (1,513 | ) |   |   | – |   |
| Deferred income tax                                                         |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 138 |   |   |   |   |   |   |   | – |   |   |   | 138 |   |
| Total current liabilities                                                   |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 13,413 |   |   |   | 20,597 |   |   |   | (7,777 | ) |   |   | 26,233 |   |
| Long-term debt, net of current maturities                                   |   |                         | – |   |   |   | 56,000 |   |   |   | – |   |   |   | – |   |   |   | 53,249 |   |   |   | – |   |   |   | 109,249 |   |
| Intercompany debt                                                           |   |                         | – |   |   |   | – |   |   |   | 56,000 |   |   |   | 56,000 |   |   |   | – |   |   |   | (112,000 | ) |   |   | – |   |
| Deferred Income taxes                                                       |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | 21,861 |   |   |   | 8,144 |   |   |   | – |   |   |   | 30,005 |   |
| Other noncurrent liabilities                                                |   |                         | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 555 |   |   |   | – |   |   |   | 555 |   |
| Shareholder’s equity                                                  |   |                         | 55,074  |   |   |   | 55,074 |   |   |   | 28,409 |   |   |   | 56,977 |   |   |   | 62,520 |   |   |   | (202,980 | ) |   |   | 55,074 |   |
|                                                                        |   | $                            | 55,074  |   |   | $ | 111,074 |   |   | $ | 84,409 |   |   | $ | 148,251 |   |   | $ | 145,065 |   |   | $ | (322,757 | ) |   | $ | 221,116 |   |

----

|                                                  |   | For the Period From May 1, 2010 Through December 31, 2010 |    |
|-------------------------------------------------------|--------|-----------------------------------------------------------|---------|
|                                                  |   | Thermon Holding,Corp. (Guarantor)                         |    |   | ThermonIndustries,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 benefit (expense)                          |   |                                                      | – |   |   |   | – |   |   |   | 3,290 |   |   |   | (4,187 | ) |   |   | (30 | ) |   |   | (927 | ) |
| Net income (loss)                                     |   | $                                                         | (12,833 | ) |   | $ | (10,476 | ) |   | $ | 13,108 |   |   | $ | 7,068 |   |   | $ | (7,827 | ) |   | $ | (10,960 | ) |

----

|                                                  |   | For the Period From April 1, 2010 Through April 30, 2010 (Predecessor) |
|-------------------------------------------------------|--------|------------------------------------------------------------------------|
|                                                  |   | Thermon Holdings, LLC                                             |   |   | 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                    |   |                                                                   | (267 | ) |   |   | 7,689 |   |   |   | 11,780 |   |   |   | (307 | ) |   |   | – |   |   |   | (18,895 | ) |   |   | – |   |
| 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 | ) |
|                                                  |   |                                                                   | (267 | ) |   |   | (267 | ) |   |   | 8,700 |   |   |   | (5,786 | ) |   |   | (3,324 | ) |   |   | (18,895 | ) |   |   | (19,839 | ) |
| Income (loss) before provision for income taxes       |   |                                                                   | (267 | ) |   |   | (267 | ) |   |   | 8,700 |   |   |   | (4,730 | ) |   |   | (2,145 | ) |   |   | (18,992 | ) |   |   | (17,701 | ) |
| Income tax benefit (expense)                          |   |                                                                   | – |   |   |   | – |   |   |   | – |   |   |   | 17,063 |   |   |   | 341 |   |   |   | 30 |   |   |   | 17,434 |   |
| Net income (loss)                                     |   | $                                                                      | (267 | ) |   | $ | (267 | ) |   | $ | 8,700 |   |   | $ | 12,333 |   |   | $ | (1,804 | ) |   | $ | (18,962 | ) |   | $ | (267 | ) |

----

|                                                  |   | For the 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 benefit (expense)                          |   |                                         | – |   |   |   | – |   |   |   | 902 |   |   |   | (2,450 | ) |   |   | (44 | ) |   |   | (1,592 | ) |
| Net income (loss)                                     |   | $                                            | 748     |   |   | $ | (2,217 | ) |   | $ | 7,266 |   |   | $ | 6,808 |   |   | $ | (9,596 | ) |   | $ | 3,009 |   |

----

|                                                  |   | For the Three Months Ended December 31, 2009 (Predecessor) |
|-------------------------------------------------------|--------|------------------------------------------------------------|
|                                                  |   | Thermon Holdings, LLC                                 |   |   | Thermon Holding,Corp. (Guarantor) |   |   | Thermon Industries,Inc. (Issuer) |   |   | Thermon Manufacturing Company and U.S. Subsidiaries (Guarantors) |   |   | International Subsidiaries (Non-guarantors) |   |   | Eliminations |   |   | Consolidated |   |
|                                                  |   |                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                              |   | $                                                          | – |   |   | $ | – |   |   | $ | – |   |   | $ | 26,117 |   |   | $ | 31,372 |   |   | $ | (10,141 | ) |   | $ | 47,348 |   |
| Cost of sales                                         |   |                                                       | – |   |   |   | – |   |   |   | – |   |   |   | 17,214 |   |   |   | 16,804 |   |   |   | (9,866 | ) |   |   | 24,152 |   |
| Gross profit                                          |   |                                                       | – |   |   |   | – |   |   |   | – |   |   |   | 8,903 |   |   |   | 14,568 |   |   |   | (275 | ) |   |   | 23,196 |   |
| Operating expenses:                                   |   |                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Marketing, general and administrative and engineering |   |                                                       | – |   |   |   | – |   |   |   | – |   |   |   | 5,458 |   |   |   | 7,086 |   |   |   | (2 | ) |   |   | 12,542 |   |
| Amortization of other intangible assets               |   |                                                       | – |   |   |   | – |   |   |   | – |   |   |   | 113 |   |   |   | 510 |   |   |   | – |   |   |   | 623 |   |
| Income (loss) from operations                         |   |                                                       | – |   |   |   | – |   |   |   | – |   |   |   | 3,332 |   |   |   | 6,972 |   |   |   | (273 | ) |   |   | 10,031 |   |
| Other income/(expenses):                              |   |                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in earnings of subsidiaries                    |   |                                                       | 4,181 |   |   |   | 4,181 |   |   |   | (593 | ) |   |   | (2,458 | ) |   |   | – |   |   |   | (5,311 | ) |   |   | – |   |
| Interest income                                       |   |                                                       | – |   |   |   | 3,094 |   |   |   | 3,094 |   |   |   | 28 |   |   |   | 5 |   |   |   | (6,188 | ) |   |   | 33 |   |
| Interest expense                                      |   |                                                       | – |   |   |   | (3,094 | ) |   |   | (3,094 | ) |   |   | (1,091 | ) |   |   | (836 | ) |   |   | 6,188 |   |   |   | (1,927 | ) |
| Miscellaneous income/(expense)                        |   |                                                       | – |   |   |   | – |   |   |   | – |   |   |   | 1,316 |   |   |   | (1,879 | ) |   |   | (1 | ) |   |   | (564 | ) |
| Income (loss) before provision for income taxes       |   |                                                       | 4,181 |   |   |   | 4,181 |   |   |   | (593 | ) |   |   | 1,127 |   |   |   | 4,262 |   |   |   | (5,585 | ) |   |   | 7,573 |   |
| Income tax benefit (expense)                          |   |                                                       | – |   |   |   | – |   |   |   | – |   |   |   | (1,720 | ) |   |   | (1,765 | ) |   |   | 94 |   |   |   | (3,391 | ) |
| Net income (loss)                                     |   | $                                                          | 4,181 |   |   | $ | 4,181 |   |   | $ | (593 | ) |   | $ | (593 | ) |   | $ | 2,497 |   |   | $ | (5,491 | ) |   | $ | 4,182 |   |

----

|                                                  |   | For the Nine Months Ended December 31, 2009 (Predecessor) |
|-------------------------------------------------------|--------|-----------------------------------------------------------|
|                                                  |   | Thermon Holdings, LLC                                |   |   | Thermon Holding,Corp. (Guarantor) |   |   | Thermon Industries,Inc. (Issuer) |   |   | Thermon Manufacturing Company and U.S. Subsidiaries (Guarantors) |   |   | International Subsidiaries (Non-guarantors) |   |   | Eliminations |   |   | Consolidated |   |
|                                                  |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                              |   | $                                                         | – |   |   | $ | – |   |   | $ | – |   |   | $ | 77,734 |   |   | $ | 97,512 |   |   | $ | (32,341 | ) |   | $ | 142,905 |   |
| Cost of sales                                         |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | 50,063 |   |   |   | 56,072 |   |   |   | (32,169 | ) |   |   | 73,966 |   |
| Gross profit                                          |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | 27,671 |   |   |   | 41,440 |   |   |   | (172 | ) |   |   | 68,939 |   |
| Operating expenses:                                   |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Marketing, general and administrative and engineering |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | 15,410 |   |   |   | 18,360 |   |   |   | – |   |   |   | 33,770 |   |
| Amortization of other intangible assets               |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | 340 |   |   |   | 1,463 |   |   |   | – |   |   |   | 1,803 |   |
| Income (loss) from operations                         |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | 11,921 |   |   |   | 21,617 |   |   |   | (172 | ) |   |   | 33,366 |   |
| Other income/(expenses):                              |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in earnings of subsidiaries                    |   |                                                      | 14,728 |   |   |   | 14,728 |   |   |   | 10,064 |   |   |   | 5,523 |   |   |   | – |   |   |   | (45,043 | ) |   |   | – |   |
| Interest income                                       |   |                                                      | – |   |   |   | 3,094 |   |   |   | 3,094 |   |   |   | 38 |   |   |   | 16 |   |   |   | (6,188 | ) |   |   | 54 |   |
| Interest expense                                      |   |                                                      | – |   |   |   | (3,094 | ) |   |   | (3,094 | ) |   |   | (3,094 | ) |   |   | (2,476 | ) |   |   | 6,188 |   |   |   | (5,570 | ) |
| Miscellaneous income/(expense)                        |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | 3,461 |   |   |   | (4,341 | ) |   |   | (1 | ) |   |   | (881 | ) |
| Income (loss) before provision for income taxes       |   |                                                      | 14,728 |   |   |   | 14,728 |   |   |   | 10,064 |   |   |   | 17,849 |   |   |   | 14,816 |   |   |   | (45,216 | ) |   |   | 26,969 |   |
| Income tax benefit (expense)                          |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | (7,785 | ) |   |   | (4,530 | ) |   |   | 74 |   |   |   | (12,241 | ) |
| Net income (loss)                                     |   | $                                                         | 14,728 |   |   | $ | 14,728 |   |   | $ | 10,064 |   |   | $ | 10,064 |   |   | $ | 10,286 |   |   | $ | (45,142 | ) |   | $ | 14,728 |   |

----

|                                                     |   | For the Period May 1, 2010 Through December 31, 2010 |     |
|----------------------------------------------------------|--------|------------------------------------------------------|----------|
|                                                     |   | 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                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of P.P.&E.                                 |   |                                                 |     |   |   |   | – |   |   |   | (884 | ) |   |   | (265 | ) |   |   | – |   |   |   | (1,149 | ) |
| Cash paid for Thermon                                    |   |                                                 | (172,631 | ) |   |   | (145,417 | ) |   |   | – |   |   |   | – |   |   |   | – |   |   |   | (318,048 | ) |
| Net cash provided by (used in) investing activities      |   |                                                 | (172,631 | ) |   |   | (145,417 | ) |   |   | (884 | ) |   |   | (265 | ) |   |   | – |   |   |   | (319,197 | ) |
|                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financing activities                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from Senior Secured Notes                       |   |                                                 | –  |   |   |   | 210,000 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 210,000 |   |
| Proceeds from revolving line of credit                   |   |                                                 |     |   |   |   | – |   |   |   | 2,000 |   |   |   | 2,599 |   |   |   | – |   |   |   | 4,599 |   |
| Obligation on in settlement of the CHS Transaction       |   |                                                 | –  |   |   |   | – |   |   |   | 6,600 |   |   |   | – |   |   |   | – |   |   |   | 6,600 |   |
| Payments to settle the CHS Transaction                   |   |                                                 | –  |   |   |   | – |   |   |   | (2,846 | ) |   |   | – |   |   |   | – |   |   |   | (2,846 | ) |
| Payments on revolving lines of credit and long-term debt |   |                                                 | –  |   |   |   | – |   |   |   | (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 |   |   |   | (273 | ) |   |   | 3,002 |   |   |   | (31 | ) |   |   | 327,533 |   |
|                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effect of exchange rates on cash and cash equivalents    |   |                                                 | –  |   |   |   | – |   |   |   | – |   |   |   | 543 |   |   |   | – |   |   |   | 543 |   |
|                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Change in cash and cash equivalents                      |   |                                                 | –  |   |   |   | – |   |   |   | 5,409 |   |   |   | 29,542 |   |   |   | – |   |   |   | 34,951 |   |
| Cash at beginning of period                              |   |                                                 | –  |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Cash at end of period                                    |   | $                                                    | –  |   |   | $ | – |   |   | $ | 5,409 |   |   | $ | 29,542 |   |   | $ | – |   |   | $ | 34,951 |   |

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|                                                  |   | For the Nine Months Ended December 31, 2009 (Predecessor) |    |
|-------------------------------------------------------|--------|-----------------------------------------------------------|---------|
|                                                  |   |   ThermonHoldings,LLC                           |    |   | 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             |   | $                                                         | 8,600   |   |   | $ | 8,600 |   |   | $ | 8,600 |   |   | $ | 9,666 |   |   | $ | 16,282 |   |   | $ | (28,561 | ) |   | $ | 23,187 |   |
|                                                  |   |                                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investing activities                                  |   |                                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of P.P.&E.                              |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | (671 | ) |   |   | (305 | ) |   |   | – |   |   |   | (976 | ) |
| Net cash provided by (used in) investing activities   |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | (671 | ) |   |   | (305 | ) |   |   | – |   |   |   | (976 | ) |
|                                                  |   |                                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financing activities                                  |   |                                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend paid to owners’                        |   |                                                      | (8,600  | ) |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | (8,600 | ) |
| Payment of Intercompany Dividends                |   |                                                      | – |   |   |   | (8,600 | ) |   |   | (8,600 | ) |   |   | (8,600 | ) |   |   | (2,854 | ) |   |   | 28,654 |   |   |   | – |   |
| Change in affiliate debt                              |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | (182 | ) |   |   | 275 |   |   |   | (93 | ) |   |   | – |   |
| Net cash provided by (used in) financing activities   |   |                                                      | (8,600  | ) |   |   | (8,600 | ) |   |   | (8,600 | ) |   |   | (8,782 | ) |   |   | (2,579 | ) |   |   | 28,561 |   |   |   | (8,600 | ) |
|                                                  |   |                                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effect of exchange rates on cash and cash equivalents |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | (1,128 | ) |   |   | – |   |   |   | (1,128 | ) |
|                                                  |   |                                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Change in cash and cash equivalents                   |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | 213 |   |   |   | 12,270 |   |   |   | – |   |   |   | 12,483 |   |
| Cash at beginning of period                           |   |                                                      | – |   |   |   | – |   |   |   | – |   |   |   | 5,912 |   |   |   | 7,490 |   |   |   | – |   |   |   | 13,402 |   |
| Cash at end of period                                 |   | $                                                         | – |   |   | $ | – |   |   | $ | – |   |   | $ | 6,125 |   |   | $ | 19,760 |   |   | $ | – |   |   | $ | 25,885 |   |

----

Item 2

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|   | • | Timing of Greenfield projects.  Our results of operations in recent years have been impacted by the various construction phases of large Greenfield projects. On very large projects, we are typically designated as the heat tracing provider of choice by the project owner. We then engage with multiple contractors to address incorporating various heat tracing solutions throughout the overall project. Our largest Greenfield projects may generate revenue for several quarters. In the early stages of a Greenfield project, our revenues are typically realized from the provision of engineering services. In |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | the middle stages, or the material requirements phase, we typically experience the greatest demand for our heat tracing cable, at which point our revenues tend to accelerate. Revenues tend to decrease gradually in the final stages of a project and are generally derived from installation services and demand for electrical panels and other miscellaneous electronic components used in the final installation of heat tracing cable, which we frequently outsource from third-party manufacturers. We tend to experience higher margins in the middle stages of a Greenfield project, when the demand for our manufactured products is at its highest. By contrast, we tend to experience lower margins in the beginning and final stages of a Greenfield project, when demand is highest for our lower margin engineering and installation services and outsourced electronic components. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Cyclicality of end-users’ markets.  Demand for our products and services depends in large part upon the level of capital and maintenance expenditures of our customers and end users, in particular those in the energy, chemical processing and power generation industries, and firms that design and construct facilities for these industries. These customers’ expenditures historically have been cyclical in nature and vulnerable to economic downturns. Greenfield projects, and in particular large Greenfield projects (i.e., new facility construction projects generating in excess of $5 million in annual sales), have been a substantial source of revenue growth in recent years, and Greenfield revenues tend to be more cyclical than MRO/UE revenues. In recent years we have noted particular cyclicality in capital spending for new facilities in Asia, Eastern Europe and the Middle East. A sustained decrease in capital and maintenance spending or in new facility construction by our customers could have a material adverse effect on the demand for our products and services and our business, financial condition and results of operations. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Impact of product mix.  As a comprehensive provider of heat tracing solutions, we provide both our products and services to both Greenfield and MRO/UE customers. We tend to experience lower margins from our design optimization, engineering, installation and maintenance services than we do from sales of our heating cable, tubing bundle and control system products. We also tend to experience lower margins from our outsourced products, such as electrical switch gears and transformers, than we do from our manufactured products. Accordingly, our results of operations are impacted by our mix of products and services. For MRO/UE orders, the sale of our manufactured products typically represents a higher proportion of the overall revenues associated with such order than the provision of our services. Greenfield projects, on the other hand, require a higher level of our services than MRO/UE orders. Therefore, we typically realize higher margins from MRO/UE revenues than Greenfield revenues. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Large and growing installed base.  Customers typically use the incumbent heat tracing provider for MRO/UE projects to avoid complications and compatibility problems associated with switching providers. Therefore, with the significant Greenfield activity we have experienced in recent years, our installed base has continued to grow, and we expect that such installed base will continue to generate ongoing high margin MRO/UE revenues. For fiscal 2010, MRO/UE sales comprised approximately 60% of our consolidated revenues. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Seasonality of MRO/UE revenues.  Revenues realized from MRO/UE orders tend to be less cyclical than Greenfield projects and more consistent quarter over quarter, although MRO/UE revenues are impacted by seasonal factors. MRO/UE revenues are typically highest during the third fiscal quarter, as most of our customers perform preventative maintenance prior to the winter season. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | significant underperformance relative to expected historical or projected future operating results; |
|--------|---------|-----------------------------------------------------------------------------------------------------|

|   | • | significant changes in the manner of our use of the acquired assets or the strategy for our overall business; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|

|   | • | significant negative industry or economic trends. |
|--------|---------|---------------------------------------------------|

----

----

|                                                       |   | Three Months EndedDecember 31, |    |   | Nine Months EndedDecember 31, |   |
|------------------------------------------------------------|--------|--------------------------------|---------|--------|-------------------------------|--------|
|                                                       |   | 2010(Successor)                |    |   | 2009(Predecessor)             |   |   | 2010(Predecessor/ Successor Combined(Non-GAAP) (1)) |   |   | 2009(Predecessor) |   |
| Consolidated Statements of Operations Data:                |   |                           |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales                                                      |   | $                              | 64,941  |   |                          |   | 100 | % |   | $ | 47,348 |   |   |   | 100 | % |   | $ | 178,968 |   |   |   | 100 | % |   | $ | 142,905 |   |   |   | 100 | % |
| Cost of sales                                              |   |                           | 35,333  |   |                          |   | 54 | % |   |   | 24,152 |   |   |   | 51 | % |   |   | 97,723 |   |   |   | 55 | % |   |   | 73,966 |   |   |   | 52 | % |
| Purchase accounting adjustments                            |   |                           | – |   |                          |   | – |   |   |   | – |   |   |   | – |   |   |   | 7,519 | (2) |   |   | 4 | % |   |   | – |   |   |   | – |   |
| Gross profit                                               |   | $                              | 29,608  |   |                          |   | 46 | % |   | $ | 23,196 |   |   |   | 49 | % |   | $ | 73,726 |   |   |   | 41 | % |   | $ | 68,939 |   |   |   | 48 | % |
| Operating expenses:                                        |   |                           |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Marketing, general and administrative and engineering      |   | $                              | 14,705  |   |                          |   | 23 | % |   | $ | 12,542 |   |   |   | 26 | % |   | $ | 41,490 |   |   |   | 23 | % |   | $ | 33,770 |   |   |   | 24 | % |
| Amortization of intangible assets                          |   |                           | 3,700   |   |                          |   | 6 | % |   |   | 623 |   |   |   | 1 | % |   |   | 15,341 |   |   |   | 9 | % |   |   | 1,803 |   |   |   | 1 | % |
| Income from operations                                     |   | $                              | 11,203  |   |                          |   | 17 | % |   | $ | 10,031 |   |   |   | 21 | % |   | $ | 16,895 |   |   |   | 9 | % |   | $ | 33,366 |   |   |   | 23 | % |
| Other income/(expense):                                    |   |                           |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense (3)                                       |   |                           | (5,573  | )      |                          |   | 9 | % |   |   | (1,894 | ) |   |   | 4 | % |   |   | (23,323 | ) |   |   | 13 | % |   |   | (5,516 | ) |   |   | 4 | % |
| Success fees to owners related to the CHS Transactions     |   |                           | – |   |                          |   | – |   |   |   | – |   |   |   | – |   |   |   | (7,738 | )(4) |   |   | 4 | % |   |   | – |   |   |   | – |   |
| Miscellaneous income/(expense)                             |   |                           | (1,029  | )      |                          |   | 2 | % |   |   | (564 | ) |   |   | 1 | % |   |   | (13,568 | )(4) |   |   | 8 | % |   |   | (881 | ) |   |   | 1 | % |
| Income (loss)  before provision for income taxes |   | $                              | 4,601   |   |                          |   | 7 | % |   | $ | 7,573 |   |   |   | 16 | % |   | $ | (27,734 | ) |   |   | 16 | % |   | $ | 26,969 |   |   |   | 19 | % |
| Income tax benefit (expense)                               |   |                           | (1,592  | )      |                          |   | 2 | % |   |   | (3,391 | ) |   |   | 7 | % |   |   | 16,507 |   |   |   | 9 | % |   |   | (12,241 | ) |   |   | 9 | % |
| Net income (loss)                                          |   | $                              | 3,009   |   |                          |   | 5 | % |   | $ | 4,182 |   |   |   | 9 | % |   | $ | (11,227 | ) |   |   | 6 | % |   | $ | 14,728 |   |   |   | 10 | % |

| (1) | The closing of the Acquisition on April 30, 2010 established a new basis of accounting that primarily affected inventory, intangible assets, goodwill, taxes, debt and equity. This resulted in additional amortization expense, interest expense and tax expense for the period from May 1, 2010 through December 31, 2010 (“Successor”) as compared to the period from April 1, 2010 through April 30, 2010 (“Predecessor”). Except for purchase accounting adjustments, the results for the two combined periods are comparable. Therefore, we believe that combining the two periods into a single period for comparative purposes gives the most clarity for the users of this financial information. Please refer to our unaudited interim condensed consolidated financial statements and accompanying notes thereto for the three and nine months ended December 31, 2010 and 2009 appearing above for a separate presentation of the results for the Predecessor and Successor periods in accordance with GAAP. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In the nine months ended December 31, 2010, there was a non-cash negative impact of $7.5 million to cost of sales and, consequently, gross profit due to a purchase accounting adjustment related to the Acquisition. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | Interest expense for the three and nine months ended December 31, 2010 of $5.6 million and $23.3 million, respectively, included increased interest and amortization related to the CHS Transactions, including interest expense on our revolving credit facility and our senior secured notes issued on April 30, 2010 to finance in part the Acquisition, as well as $2.0 million of unused bridge loan fee amortization, $3.1 million of prepayment fees and $2.6 million of accelerated amortization of the deferred debt costs associated with the repaid debt. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Miscellaneous income (expense) for the nine months ended December 31, 2010 of $21.3 million consisted primarily of $21.6 million of non-recurring expenses related to the CHS Transactions, partially offset by $0.6 million of income related to the reversal of our compliance reserve. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                     |    | For the PeriodFrom April 1,ThroughApril 30,2010(Predecessor) |    |    | For the PeriodFrom May 1,2010 Through December 31, 2010(Successor) |   |    | Nine monthsEnded December 31,2010(Predecessor/SuccessorCombined) |   |
|----------------------------------------------------------|--------------|-----------------------------------------------------------------------------|---------|--------------|----------------------------------------------------------------------------------------|--------|---------|------------------------------------------------------------------|--------|
|                                                     |    | (dollars in thousands)                                                      |    |
| Consolidated Statements of Operations Data:              |    |                                                                        |    |         |                                                                              |   |    |                                                             |   |   |   |   |
| Revenues                                                 |    | $                                                                           | 13,063  |    |                                                                              | $      | 165,905 |                                                        |   | $ | 178,968 |    |
| Cost of revenues                                         |    |                                                                        | 6,447   |    |                                                                              |   | 91,276  |                                                        |   |   | 97,723 |    |
| Purchase accounting non-cash adjustment                  |    |                                                                        |    |         |                                                                              |   | 7,519   |                                                        |   |   | 7,519 |    |
| Gross profit                                             |    |                                                                        | 6,616   |    |                                                                              |   | 67,110  |                                                        |   | $ | 73,726 |    |
|                                                     |         |                                                                        |    |         |                                                                                   |   |    |                                                             |   |   |   |   |
| Marketing, general and administrative and engineering    |    |                                                                        | 4,263   |    |                                                                              |   | 37,227  |                                                        |   |   | 41,490 |    |
| Amortization of intangible assets                        |    |                                                                        | 215     |    |                                                                              |   | 15,126  |                                                        |   |   | 15,341 |    |
| Income from operations                                   |    |                                                                        | 2,138   |    |                                                                              |   | 14,757  |                                                             |   | $ | 16,895 |    |
|                                                     |         |                                                                        |    |         |                                                                                   |   |    |                                                             |   |   |   |   |
| Interest income                                          |    |                                                                        | 7       |    |                                                                              |   | 10      |                                                        |   |   | 17 |    |
| Interest expense(1)                                      |    |                                                                        | (6,229  | )       |                                                                              |   | (17,111 | )                                                           |   |   | (23,340 | )  |
| Success fees to owners related to the CHS Transaction(2) |         |                                                                        | (4,716  | )       |                                                                              |   | (3,022  | )                                                           |   |   | (7,738 | )  |
| Miscellaneous income/(expense)(2)                        |    |                                                                        | (8,901  | )       |                                                                              |   | (4,667  | )                                                           |   |   | (13,568 | )  |
| Income (loss) before provision for income taxes          |    |                                                                        | (17,701 | )       |                                                                              | $      | (10,033 | )                                                           |   | $ | (27,734 | )  |
| Income tax benefit (expense)                             |    |                                                                        | 17,434  |    |                                                                              |   | (927)   |                                                             |   |   | 16,507 |    |
| Net income (loss)                                        |    | $                                                                           | (267    | )       |                                                                              | $      | (10,960 | )                                                           |   | $ | (11,227 | )  |

| Statement of Cash Flows Data:                          |   |   |    |    |   |   |     |    |   |
|--------------------------------------------------------|--------|--------|---------|---------|--------|--------|----------|---------|--------|
| Net cash provided by (used in):                        |   |   |    |    |   |   |     |    |   |
| Operating activities                                   |   | $      | (6,402  | )       |   | $      | 26,072   |    |   | $ | 19,670 |   |
| Investing activities                                   |   |   | (1,494  | )  |   |   | (319,197 | )  |   |   | (320,691 | )  |
| Financing activities                                   |   |   | (19,385 | )  |   |   | 327,533  |    |   |   | 308,148 |   |
| Capital expenditures                                   |   |   | (97     | )  |   |   | (1,149   | )  |   |   | (1,246 | )  |
| Depreciation and amortization                          |   |   | 392     |    |   |   | 24,040   |    |   |   | 24,432 |   |
| Purchase accounting adjustment to cost of goods sold   |   |   | — |    |   |   | 7,519    |    |   |   | 7,519 |   |
| Amortization of deferred debt cost to interest expense |   |   | 2,586   |    |   |   | 3,365    |    |   |   | 5,951 |   |
| Effect of exchange rates on cash and cash equivalents  |   |   | (14     | )  |   |   | 543      |    |   |   | 529 |   |

| (1)      | Interest expense for the nine months ended December 31, 2010 of $23.3 million included increased interest and amortization related to the CHS Transactions as well as $2.0 million of unused bridge loan fee amortization, $3.1 million of prepayment fees and $2.6 million of accelerated amortization of the deferred debt costs associated with the repaid debt. |
|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)      | Miscellaneous expense and success fees paid to owners related to the CHS Transaction combined for $21.3 million in expense for the nine months ended December 31, 2010, which consisted primarily of $21.3 million of non-recurring expenses related to the CHS Transactions, and was offset in part by $1 million of income related to the reversal of our compliance reserve. |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                 |   |   |                          |         | Payment due by period  |   |
|------------------------------------------------------|--------|--------|-------------------------------|--------------|------------------------|--------|
|                                                 |   |   |                          |         | (dollars in thousands) |   |
|                                                 |   | TOTAL  |                          |         | Less than1 Year   |   |   | 1 - 3 Years |   |   | 3 - 5 Years |   |   | More than5 Years |   |
| Senior secured notes                                 |   | $      | 210,000                       |    |                   | $      | —   |    |   | $ | —   |    |   | $ | —   |    |   | $ | 210,000 |    |
| Estimated interest payments on above indebtedness(1) |   |   | 129,675                       |    |                   |   | 19,950 |    |   |   | 39,900 |    |   |   | 39,900 |    |   |   | 29,925 |    |
| Operating lease obligations(2)                       |   |   | 3,070                         |    |                   |   | 1,490 |    |   |   | 1,167 |    |   |   | 413 |    |   |   | —   |    |
| Obligations in settlement of the CHS Transactions(3) |   |   | 3,754                         |    |                   |   | 3,754 |    |   |   | —   |    |   |   | —   |    |   |   | —   |    |
| Information technology services agreement(4)         |   |   |     1,412 |    |                   |   | 804 |    |   |   | 608 |    |   |   | —   |    |   |   | —   |    |
| Management fees payable to sponsors(5)               |   |   | 17,930                        |    |                   |   | 1,535 |    |   |   | 3,729 |    |   |   | 4,000 |    |   |   | 8,666 |    |
| Total                                                |   | $      | 365,841                       |    |                   | $      | 27,533 |    |   | $ | 45,404 |    |   | $ | 44,313 |    |   | $ | 248,591 |    |

| (1) | Consists of the interest on our senior secured notes, which accrues at a fixed rate of 9.500%. |
|-----|------------------------------------------------------------------------------------------------|

| (2) | We enter into operating leases in the normal course of business. Our operating leases include the leases on certain of our manufacturing and warehouse facilities. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Consists of estimated amounts owed to sellers in the CHS Transactions for restricted cash and in satisfaction of the post-closing adjustments for working capital and income taxes. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Represents the future annual service fees associated with certain information technology service agreements with several vendors. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (5) | Consists of fees payable to our sponsors for the rendering of management, consulting, financial and other advisory services pursuant to the terms of our management services agreement. We have also agreed to reimburse the out-of-pocket expenses incurred by the sponsors in connection with the provision of such services. The amounts reflected in this table do not reflect any potential expense reimbursement obligations, as we are unable to estimate the amount of such obligations with any certainty. The amount reflected in the “More than 5 Years” column is prepared on the basis of the initial ten-year term of the management services agreement, though we note that the agreement automatically extends on a year-to-year basis after the expiration of the initial term. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

Item 3

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Item 4

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Item 1

Item 1A 

Item 2

Item 3

Item 4

Item 5

Item 6

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SIGNATURE

|                    | THERMON HOLDING CORP.  |                                                                |
|-------------------------|-----------------------------|---------------------------------------------------------------------|
| Date: February 14, 2011 | By:               | /s/ Jay Peterson                                                    |   |
|                    |                        | Jay Peterson                                                        |   |
|                    |                        | Chief Financial Officer(Principal Financial and Accounting Officer) |   |

----

EXHIBIT 

| ExhibitNumber | Description                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.1          | Form of Manager Equity Agreement among Thermon Group Holdings, Inc., CHS Private Equity V LP, and the management investors (incorporated by reference to Exhibit 10.17 to Registration Statement on Form S-1 (File No. 333-172007) of Thermon Group Holdings, Inc. filed February 2, 2011)                                                                                                                    |
| 10.2          | Co-Investor Letter Agreement dated April 30, 2010 among CHS Private Equity V LP, Thompson Street Capital Partners II, L.P., Crown Investment Series LLC—Series 4 and Star Investment Series LLC—Series 1 (incorporated by reference to Exhibit 10.18 to Registration Statement on Form S-1 (File No. 333-172007) of Thermon Group Holdings, Inc. filed February 2, 2011) |
| 10.3          | Form of Transaction Bonus Agreement between Thermon Holdings, LLC. and certain officers and employees of Thermon Holdings, LLC and its subsidiaries (incorporated by reference to Exhibit 10.19 to Registration Statement on Form S-1 (File No. 333-172007) of Thermon Group Holdings, Inc. filed February 2, 2011)                                                                                           |
| 31.1          | Certification of Rodney Bingham, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*                                                                                                                                                                                                                                                                                                                        |
| 31.2          | Certification of Jay Peterson, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*                                                                                                                                                                                                                                                                                                                          |
| 32.1          | Certification of Rodney Bingham, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*                                                                                                                                                                                                                                                                                                                        |
| 32.2          | Certification of Jay Peterson, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*                                                                                                                                                                                                                                                                                                                          |

| * | Filed herewith. |
|---|-----------------|

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