T - Transparency, Ethics & Integrity - ซอสตย โปรงใส ใสใจจรยธรรม

R - Respect & Trust - เคารพกนและกน เชอมนไวใจ

C - Commitment - มงมนสคณภาพ ปลอดภยทกเวลา รกษาสงแวดลอม รบผดชอบตอสงคม

Opportunity Day

TRC Corporate Presentation

The 2nd Qtr 2017 Operating Performance

15 September 2017

2

Disclaimers

IR Contact: Investor Relations Department

Email: ir_trc@trc-con.com

Tel. +66 2022 7777-87 Ext. 3201, 3207, 3212, 3213

Fax +66 2022 7778

Information disclosed on this presentation includes forward looking information of TRC

determined by TRC based on information available at the time, as well as information about

risks and factors of uncertainty related to economic trends, intensified competition in the

industry, market demand, exchange rates, applicable laws and regulations. Operating

results and other information published in the future may vary due to these factors. TRC is

in no way responsible for any damage incurred due to the use of information disclosed on

this presentation. Further, no obligation to revise and/or publish forward-looking information

on this presentation based on new information and/or future events.

The information disclosed on this presentation is for information purposes only and does

not constitute an offer or invitation to sell or the solicitation of an offer or invitation to

purchase or subscribe for securities in TRC in any jurisdiction nor should it or any part of it

form the basis of, or be relied upon in any connection with, any contract or commitment

whatsoever.

Key Financial Highlights 29

Future Developments 23

Ongoing Projects 13

Company Overview 4

Content

3

To develop an investment in

energy and petrochemical businesses

To deriver the works with

quality with recognition of

safety within defined timeframe

for customers’ highest

satisfaction

To run the business under the

corporate governance principle

focusing on safety,

environment, society and

community for stable and

sustainable growth

To operate the construction

business as an EPC contractor (Engineering, Procurement

and Construction) for natural

gas and crude oil pipeline

projects, petrochemical plants

and basic infrastructure

Mission To become an excellent

contractor in design,

construction of a total solution in energy and infrastructure

industries with sustainable

growth

Vision

To acquire the National

Total Quality Class (TQC)

Award

To continually develop the

investment project at least

4 projects

To meet the target of yearly

operating result of 20%

increase with a total

services income of Baht

10,000 million

2019 Target

Vision & Mission & Target*

4

* Approved by the 6/2014 BOD Meeting in November 2014

5

We are TRC

TRC Group Structure

TRC Construction Public Company Limited (Thailand)

Paid-up Capital 734 MB

30%

70%

Sinopec-TRC Joint Venture (Thailand)

PPT’s Provincial Gas Transmission Pipeline

Saraburi to Nakorn Ratchasima Project

Sinopec International Petroleum Service

Corporation (China)

Sahakarn Wisavakorn Co., Ltd. (Thailand)

Paid-up Capital 500 MB

99.99%

Hydrotek-Sahakarn Joint Venture

(Thailand) Construction, Improvement and

Expansion of Waterworks, Koh Samui Branch Project

49%

Hydrotek Public Company Limited

(Thailand)

51%

6

TRC Utility Co., Ltd. (Thailand)

Paid-up Capital 1 MB Tap Water Concession of

SAO Tasit Project

100%

2.67%

100%

100%

25.12%

22.45% TRC Investment Limited (Mauritius)

TRC International Limited (Hong Kong)

ASEAN Potash Chaiyaphum Public Company Limited

(Thailand) Paid-up Capital 2,806 MB

Project completed

New subsidiary

2014 • Bangchak Biodiesel Plant - Phase II • New Incinerator, TTM 2015 • 1st Transmission Pipeline Life

Extension (28” Recoating Section)

• Srinakarin to Romklao Road • Koh Samui Water Works

Expansion

2016 • LOA for Surface & Processing

Plant & Facilities from APOT • 1st LNTP for Early Works from

APOT (Engineering & Site Preparation)

2017 • 2nd LNTP for Early Works

from APOT (Long Lead Equipment)

• Investment in TRC Utility Co., Ltd., new subsidiary for SAO Tasit – Water Supply System Project 7

2005 • Wang Noi-Kaeng Khoi Cross Country Gas Pipeline (JV with China Petroleum Pipeline

(“CPP”) from China) • Listed on the MAI

2006 • Songkla Transmission Pipeline 2007 • Acquisition Sahakarn Wisavakorn Co., Ltd. as subsidiary by share swap • Investment in Ratchaploen Co., Ltd.

2008 • Bangchak Biodiesel Plant -Phase I 2009 • EPC for Flow Line in Sultanate of Oman • Consortium with Siemens for Revamp Onshore Compressor Station No.1 Project

2010-2011 • Gulf’s 7SPP and IPP

Gas Pipeline

2011 • Ubon-Bio Ethanol • PTTAR-IRPC Multiproduct Pipeline

2012 • GUT Gas Pipeline

2012 & 2015-2016 • Investment in ASEAN Potash Chaiyaphum Plc. (“APOT”) by TRC International Ltd. and TRC Investment Ltd.

2013 • Moving to the SET • Navanakorn – Rangsit

Gas Transmission Pipeline

• Provincial Gas Transmission Pipeline to Nakhorn Ratchasrima (JV with Sinopec from China)

Key Corporate Milestone From “Small Business” to “International Thai Multi -Million Company”

Contractor

Bidding with many

competitors

with lower margin

EPC Contractor Providing Engineering,

Procurement & Construction services with

fewer competitors and higher margin

Project Developer - Utilizing EPC experiences and

become the “ONE STOP SERVICE” for the clients

- TRC is equipped capability of EPC and undertake large scale projects

8

Core Business & Reputable Clients

Reputable Clients Core Business

Pipeline Construction

for Energy

and Petrochemical

Industry

Mechanical Installation and Process Plant &

Construction for Energy and

Petrochemical Industry

Project Development

and Investment

Infrastructure Construction

sSET INDEX CONSTITUENTS For calculating the index during 1H 2017 and to be continued in 2H 2017

TRC was elected as one of listed companies for SET 100 & sSET Index

SET 100 INDEX CONSTITUENTS For calculating the index during 2H 2016

9

Top Corporate Governance Report Awards

Outstanding Company Performance Awards

Outstanding Company Performance Awards

Outstanding

Investor Relations Awards

Corporate Governance

CG Scoring

2013

Companies with Very Good CG Scoring

Outstanding CEO Awards

2015

10

TRC and SKW obtained the ISO System Certification

from SGS (Thailand) Limited

11

Content

Key Financial Highlights 29

Future Developments 23

Ongoing Projects 13

Company Overview 4

12

3347 3,487 3,786

2,480

4,245 4,245

599 124

2,616

1,200

1,584 1,584

54

784

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2013 2014 2015 2016 30-Jun-17 30-Jun-17

TRC SKW

13

TRC Group Backlog

31,067

4,000 3,611

6,402

5,829 4 new projects

in the 3rd Qtr 17)

(MB)

3,680

+ New Projects (Already obtained LOI/LOA)

37,068

APOT’s Surface

Processing Plant&

Facilities Project*

(after deduction

1st /2nd LNTP for

Early Works)

20,000

30,000

Backlog as at 30 June 2017

Backlog by Scope of Works

Scope of Works No. of Projects Remaining Value

(MB)

Pipeline 4 1,677

Processing Plant 2* 2,398

Civil Works 7* 1,754

Total 12* 5,829

Pipeline 29%

Civil Works 30%

Processing Plant 41%

Backlog by Company

Company No. of Projects Remaining Value

(MB)

TRC 5 4,245

SKW 7 1,584

Total 12 5,829

TRC

SKW

14

*Project APOT consists of both civil works and processing plant

15

Turnkey Delivery of APOT’s Package 2 Surface Processing and Facilities – Obtained LOA in Feb 2016

Project Owner: ASEAN Potash Chaiyaphum Public

Company Limited

TRC’s Work Value*: USD 245.46 million and Baht

25,789.33 million or approximately Baht 34,089 million

Scope of Works: Mineral Processing plant, Office

Building, Power Supply and Facilities Utilities

1. 26 km. Water Pipe line with Associated Facilities

2. Infrastructure and early works

3. Power Plant

4. Process building an area

5. Crystallization Plant

6. 7 km. Pipe Conveyor, Tailing Pond with

Associated Facilities

7. E&I, Interface & Commissioning

Tentative EPCC Contract Signing Date: Within

December 2017 * Details of Work Value

Early Works (1st & 2nd LNTP) 3,022 MB

Remaining EPCC Contract 31,067 MB

Total 34,089 MB

Project Owner: PTT Public Company Limited

Scope of Works: EPC of Revamp LPG Transfer Pump to

Domestic

Project Location: Gas Separation Unit Rayong Province

16

3 New Projects in the 2nd Qtr 2017 (Total 307.33 MB)

TRC

Revamp LPG Transfer Pump to Domestic BRP

Project Value: Baht 208.50 million

Project Period: 510 days

Contract Signing Date: 13 June 2017

: Baht 208.50 million

Concrete barrier type I and Approach

Concrete barrier type D:Project Construction

of a bridge over the Moei River in Mae Sot

between km.13+200 - km.14+500

Project Owner: Lampang Road Construction

Center Department of Highway

Project Value: Baht 0.71 million

Scope of Works: EPC Concrete barrier type I and

Approach Concrete barrier type D

Project Location: Mae Sot, Tak Province

Project Period: 45 days

Contract Signing Date : 27 April 2017

17

3 New Projects Awarded in the 2nd Qtr 2017 SKW

Improvement Nature Trail into National Park Office

Project Owner: Nakhonsithammarat Province

Project Value: Baht 98.12 million

Scope of Works: Improvement Nature Trail into National Park

Office Hat-Khanom-Mu-Ko-Thale-Tai phase Ao Thong Yang - Ao

Thong Yee

Project Location: Nakhonsithammarat Province

Project Period: 8 months

Contract Signing Date: 18 May 2017

: Baht 98.83 million

Completed 82.7%

Remaining 17.3%

Significant Ongoing Projects as at 30 June 2017

PTT’s 1st Transmission Pipeline Life Extension (3,725 MB) by TRC

Provincial Waterworks Authority’s Construction, Improvement and Expansion of Waterworks, Koh Samui

(856 MB) by SKW

Pipeline

18

Completed 64.3%

Remaining 35.7%

Project period: Feb 15 - Oct 18

Project period: Aug15 - Dec 17

Completed 63.6%

Remaining 36.4%

Significant Ongoing Projects as at 30 June 2017

Processing Plant Thailand Tobacco Monopoly’s EPC for Dry Ice Expanded Tobacco Process, DIET Process (833 MB) by SKW

Civil Work BMA’s Srinakarin Romklao Road Phase 1 (1,102 MB) by SKW

Completed 89.5%

Remaining 10.5%

19

Project period: Dec 15 - Oct 17

Project period: Jun 17 - Nov 19

Extension Kalapapruek Road (885.7 MB) by SKW Completion

0.2%

Remaining 99.8%

Project period: Jul 15 - Jan 18

Significant Ongoing Projects as at 30 June 2017

APOT’s Package 2 – 1st LNTP Early Works of Surface Processing Plant & Facilities Project (711 MB) by TRC

APOT’s Preparation & Refurbishment of Existing Decline (144 MB) byTRC

20

Completion 48.7%

Remaining 51.3%

Completion 54.3%

Remaining 45.7%

Project period: May 16 - Dec 17

Project period: Jan 16 - Dec 17

Civil Work

APOT’s Package 2 – 2nd LNTP Early Works for Long Lead Item of

Processing Plant Equipment (2,300 MB) by TRC

Completion 0.0%

Remaining 100.0%

Project period: Mar17 - Aug 18

21

4 New Projects in the 3rd Qtr 2017

Project Name Project Owner/

Client

Work

Value

(MB)

Project

Period Status

SKW

1. Construction Thong Nian Water Supply Station

and Laying of water supply pipes

Provincial Waterworks

Authority Khanom Branch 47.80 240 days

(Jul 17-Mar 18)

EPC Contract signed

on 12 Jul 17

2. Laying of raw water distribution Pipeline in

Quality Coffee Products Ltd.

Eastern Water Resources

Development and

Management Public

Company Limited

15.42 120 days

(Sep 17-Jan 18)

EPC Contract signed on

24 Aug 17

Total 2 Projects 63.22

Project Name Project Owner/

Client

Work

Value

(MB)

Project

Period Status

TRC

1. BV4.19 PIG Launcher and Receiver Installation

Project (Obtained LOI in Aug)

PTT Public Company

Limited 229.28 455 days

(Sep 17- Jun 18)

EPC Contract to be signed

within Sep 17

2. RDCC Catalyst Cooler Project Part 2 Back

Pressure Steam and Utilities System (Obtained

LOI in Aug)

IRPC Public Company

Limited 492.00 21 months

(Sep 17-Jun 19)

EPC Contract to be signed

within Oct 17

Total 2 Projects 721.28

Content

Key Financial Highlights 29

Future Developments 23

Ongoing Projects 13

Company Overview 4

22

List of Potential Bidding Projects during Sep-Dec 2017

Project Name

Approximate

TRC Group’s Work Value

(Million Baht)

Estimated

Project Period

A. Pipeline

A.1 The 5th Gas Transmission Pipeline,

Phase II 3,000 2018 – 2021

A.2 Other Pipeline Projects 2,000 2H 2017 – 2018

B. Processing Plant

Glycerin Plant 450 2H 2017 – 2018

C. Infrastructure

Infrastructure Government Projects

(I.e. Double Track Railway Projects) n/a 2018 onwards

Total 5,450

23

24

The Fifth Transmission Pipeline Project - Phase 2

Project Name: The Fifth Transmission Pipeline Project - Phase 2

Project Value: Approximately Baht 9,175 million

Description of Project: - 42" onshore pipeline from the downstream of midline block valve station

(BV 5. 8) to the existing PTT pipeline network at RA#6 Mixing Station, 12 block

valve stations and 2 dispatching facilities

- The pipeline length is approximately 200 km passing through Chachoengsao,

Prachinburi, Ayutthaya, Bangkok, Pathumthani and Nonthaburi provinces

Project Period: 32 months

Bidding Period: October - November 2017

Awarded Period: Early of 2018

Potential Bidding Projects

25

Potential Awarded Projects

Project Owners & Project Value:

1. Bangkok Metropolitan Administration 367.3 MB

2. Metropolitan Waterworks Authority 195.2 MB

3. TOT Public Company Limited 9.5 MB

4. Metropolitan Electricity Authority 418.8 MB

Total 990.8 MB

Prachruamjai-Mitmaitree Road (Submitted bid by SKW)

Scope of Works: Expansion of the existing road, construction

of canal bridge and utility system

Project Period : 24 months

(Pracharuamjai - Mitmaitree Road, Length approximately of 7- 8 Km.)

26

Potential Awarded Projects

Project Owner: Provincial Waterworks Authority

Project Value: Approximately Baht 522 million

Scope of Works: Improvement Waterworks for

Chaiyaphum - Ban Khwao at

Chaiyaphum Province

Project Period: 420 days

Improvement Waterworks for Chaiyaphum – Ban Khwao Project (Submitted bid by Sahahydro Joint Venture*)

* Shareholders consist of Hydrotek 51% and SKW 49%

27

Investment Project

SAO Tasit– Water Supply System Project

(by TRC Utility Co., Ltd., new subsidiary of SKW)

Type of Project: Build-Own-Operate

Project Name: Tap Water Concession of SAO Tasit

Location: T.Tasit, A.Pluak-Daeng, Rayong

Plant Capacity: Phase 1 – total 2,400 cu.m. per day

Phase 2 – total 4,800 cu.m. per day

Source of Raw Water: Klong Kram (priority), Klong Rawoeng,

and Nong Pla Lai Reservoir

Initial Investment: 31 MB for Phase 1 and

additional 6.5 MB for Phase 2

Tap Water Concession Agreement: signed with SAO Tasit

on 24 July 2017

Construction Period: within 6 months after TWCA signed

Expected COD: December 2017

Concession Period: 3 years + 3 years +… [extendable every 3 years]

Content

Key Financial Highlights 29

Future Developments 23

Ongoing Projects 13

Company Overview 4

28

29

3 months (MB) 6 months (MB)

2nd Qtr 17 1st Qtr 17 + / (-) 2nd Qtr 16 + / (-) 1H 2017 1 H 2016 + / (-)

Construction services income 435.94 952.14 -516.20 433.25 2.69 1,388.07 1,537.59 -149.52

Total revenues 439.86 954.19 -514.33 439.15 0.71 1,394.05 1,551.65 -157.60

Cost & expenses 333.05 983.00 -649.95 394.00 -60.95 1,316.05 1,412.75 -96.69 Share of loss from investments in

associate -7.32 -10.25 -2.92 -8.72 -1.40 -17.57 -13.67 3.90

Profit (Loss) before finance cost and

income tax expenses 99.49 -39.06 138.54 36.43 63.06 60.43 125.23 -64.80

Finance cost -4.37 -3.68 0.69 -3.95 0.42 -8.05 -6.47 1.58

Income tax income (expenses) -24.05 1.74 25.78 -13.13 10.91 -22.31 -36.16 -13.86

Profit (Loss) for the period 71.07 -41.00 112.07 19.35 51.73 30.07 82.60 -52.52 Non-controlling interests of the

subsidiaries -0.49 -0.56 -0.07 -1.76 -1.27 -1.05 -4.60 -3.54

Profit (Loss) attributable to equity

holders of the Company 71.56 -40.44* 112.00 21.11 50.46 31.13 87.19 -56.07

Growth n/a 239% -64%

Gross Profit Margin 38.60%** 10.80% 25.02% 19.04% 18.04% Net Profit (Loss) Margin 16.27% -4.24% 4.81% 2.23% 5.62% D/E Ratio (Time) 0.86 0.74 0.95

The 2nd Qtr & 6-month 2017 Performance

* In the 1st Qtr, TRC Group recorded loss of 40.44 MB mainly due to 33 MB loss from foreign exchange loss ** A high gross profit margin in the 2nd Qtr 2017 at 39% due to effective project cost management

30 30

(MB)

Financial Position

1,378

2,421 2,684 2,695 50

185 276 75

1,203

1,966

2,043 1,920

-

1,000

2,000

3,000

4,000

5,000

31 Dec 14 31 Dec 15 31 Dec 16 30 Jun 17

Liabilities & Equity

Current

Non-current liabilities

Equity

4,572

5,0034,690

2,631

(MB)

Investment in APOT*

:50*

:455*

Shareholding in APOT 4.48% 12.25% 26.22% 25.13%

Debentures*

:100*

:200* :100*

:300*

(including debentures)

(Including current portion of debentures in 2016 and 2017)

2,551

2,108 1,796

849 782

7

1,535

1,158

428 237

507

236

742

261 369

30

1

3

32

75

40

11 6

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2014 2015 2016 6-M 2016 6-M 2017

(MB)

3,127

3,955 3,736

1,552 1,388

31

Total Revenue & Profit

Pipeline 81.6% 53.3% 48.1% 54.7% 56.1%

Process plant 0.2% 38.8% 31.0% 27.6% 17.0%

Civil Work 16.2% 6.0% 19.9% 16.8% 26.5%

Other services 1.0% 0.0% 0.0% 0.2% 0.0%

Other incomes 1.0% 1.9% 1.1% 0.7% 0.4%

Total Revenue Gross profit & Net Profit

557638

751

277 264215

306 291

87 31

18

16

2 3 .0

1 .0

6

8

0.0

5.0

10.0

15.0

20.0

25.0

0

100

200

300

400

500

600

700

800

2014 2015 2016 6-M 2016 6-M 2017

Gross Profit Net Profit Gross Profit Margin Net Profit Margin

(MB) (%)

• Most of construction service income in the 1H 2017 derived from long term projects carried forwarded from pervious year

such as the 1st Transmission Pipeline Life extension Project-Recoating Section, Dry Ice Expanded Tobacco Process,

Construction, Improvement and Expansion of Waterworks at Koh Samui, Srinakarin to Romklao Road, Phase I.

TRC Group Industry Group

0.91 0.89 0.860.95

0.74

2.53 2.462.34 2.38 2.35

0.003 0.060.16 0.20 0.18

0.00

0.50

1.00

1.50

2.00

2.50

3.00

31-Dec-14 31-Dec-15 31-Dec-16 30-Jun-16 30-Jun-17

16.9115.99

11.2812.31

8.98

13.1112.26

7.09

9.05

4.88

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2014 2015 2016 2Q 2016 2Q 2017

(%)

ROE & D/E

Time(s)

Return on Equity Debt to Equity Ratio&

Interest Bearing Debt to Equity

32

Industry Group’s D/E

Industry Group’s ROE

Covenant to Debenture’s Holders: Interest Bearing Debt to Equity <=2.00 times

TRC Group’s interest bearing debt to equity

33

Issuance Date

Maturity Date Amount (MB)

Debenture Holders

Interest Rate (Per year)

8 Jul 2015 8 Jul 2017 (Expired)

100 10 persons 4.68%

10 Mar 2016 10 Mar 2018 (2-Year)

200 10 persons 4.40%

12 Jul 2017 12 Jul 2018 (1-Year)

100 10 persons 4.50%

Total Issuance 400

Outstanding Debentures 300

Debenture Issuance by Way of Private Placement

(Approved by the 2015 AGM)

I) Debenture Baht 500 million

II) Debenture Baht 2,000 million Still not issue

34