Exhaust gases containing oxides of nitrogen and sulfur from a fired process heater, a fossil fuel fired boiler, or a chemical process are diverted from a stack prior to admission to the atmosphere through a duct system containing heat exchangers that reduce the exhaust gas from an elevated temperature, if any, to about ambient temperature. Any heat extracted from the exhaust gas may be transferred to the boiler feed water which would serve to reduce the energy cost of operating a boiler. Once the exhaust gas is cooled to about ambient temperature, the gas is then mixed with an oxidant, such as ozone, at a preselected molar ratio to transform the oxides to higher orders of nitrogen and sulfur oxides to increase the absorbability of the nitrogen and sulfur oxides in a reagent solution. The reagent absorbs the oxidized contaminants from the exhaust gas. The oxides are transformed to dilute acids which are then neutralized to form salts that are acceptable for discharge to a municipal waste water treatment plant. The treated exhaust gas is then emitted from an exhaust stack containing contaminants at a level meeting air quality standards. Additionally any heat recovered from the exhaust gas can be used to lower operating costs.