Thermax Limited

Rating Product	Rating	Score	Action
ESG Rating	CareEdge-ESG 1	78.0	Rating Reaffirmed Score Improved

Modifiers {"+" (plus)} is used with the rating symbols at highest category representing exemplary position within same rating definition. ‘Core’ is prefixed to the rating symbols when a rating is assigned based on third-party assured or audited data disclosed by the Company in its Core BRSR report. Please refer to CareEdge-ESG’s website for detailed reference to ESG rating symbols and definitions for various ESG rating products.