T - Transparency, Ethics & Integrity - ซอสตย โปรงใส ใสใจจรยธรรม

R - Respect & Trust - เคารพกนและกน เชอมนไวใจ

C - Commitment - มงมนสคณภาพ ปลอดภยทกเวลา รกษาสงแวดลอม รบผดชอบตอสงคม

TRC Corporate Presentation

The 1st Qtr 2017 Operating Performance

2 June 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 27

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

(consolidated financial

statements)

Target

Vision & Mission & Target

4

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)

under establishment With registered 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

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 EPC and Commissioning of the Revamp Onshore Compressor Station No.1

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. 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)

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 ASEAN Potash Chaiyaphum Plc.

• 1st LNTP for Early Works from APOT

2017 • 2nd LNTP for Early Works

from APOT • Investment in new subsidiary

for SAO Tasit– Water Supply System Project

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

Our Core Business & Reputable Clients

Our Reputable Clients Our 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

9

sSET INDEX CONSTITUENTS For calculating the index during 1H 2017

SET 100 For calculating the index during 2H 2016

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

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

11

Q1 2017 CSR & News updated

January 2017 :

300 gift sets to encourage willpower of Wat Phornpharuangprasit School’ s students

January 2017 : TRC-SKW donated relief

materials such as drinking water, dried foods, to

representatives of the Bangkok Metropolitan Administration to further deliver to flood victims.

March 2017 : IT for Kids at Ban

Map Lambit School, Chon Buri Province

March 2017 : Organized a tutoring

course of “English for O-NET”

designed for grade 6 students of Klongkeawyingwittaya School

March 2017 : Co-host of the

royal funeral rite of the late King Bhumibol Adulyadej

Content

Key Financial Highlights 27

Future Developments 23

Ongoing Projects 13

Company Overview 4

12

3347 3,487 3,786

2,480

4,284

5,951

599 124

2,616

1,200

1,667

355

54

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 31-Mar-17 31-Mar-17

TRC SKW Oman Subsidiaries

13

TRC Group Backlog

APOT’s Surface

Processing Plant&

Facilities Project*

(after deduction

1st /2nd LNTP for

Early Works)

31,183

4,000 3,611

6,402

5,951 3 new projects

obtained LOI after

1Q 2017

(MB)

3,680

+ New Projects (Already obtained LOI/LOA)

37,489

Backlog as at 31 March 2017

Backlog by Scope of Works

Scope of Works No. of Projects Remaining Value

(MB)

Pipeline 3 1,722

Processing Plant 2* 2,462

Civil Works 5* 1,767

Total 9* 5,951

Pipeline 29%

Civil Works 30%

Processing Plant 41%

Backlog by Company

Company No. of Projects Remaining Value

(MB)

TRC 4 4,284

SKW 5 1,667

Total 9 5,951

TRC

SKW

14

*Project APOT consists of both civil works and processing plant

15

Name of Project Client Period Project Value

(MB) Type

1. 2nd LNTP for Turnkey Delivery of APOT

Project Package 2 Surface Processing and

Facilities (Long Lead Equipment for

Processing Plant)

ASEAN Potash Chaiyaphum Public

Company Limited

7 months

(Mar 17 – Sep 17)

2,310.72 Process Plant

2. The Natural Gas Transmission Pipeline

connecting line to Nam Phong's NGV Station

The Land Transport Association of Thailand

(Nam Phong)

353 days

(Jan 17 - Dec17)

58.14 Pipeline

2,368.86

Awarded Projects during 1Q 2017 (already included in 1Q 2017 Backlog)

TRC

Name of Project Client Period Project Value

(MB) Type

1. Extension Kalapapruek Road - Department of Rural Roads

- Metropolitan Waterworks Authority

- Metropolitan Electricity Authority

900 days

(Mar 17 -

Aug 19)

850.00 Civil Work

2. Earthworks and Gabion Wall Amata Natural Gas Distribution Co., Ltd. 7 months

(Mar 17 –

Sep 17)

8.19 Civil Work

858.19

SKW

Total 3,227

Project Owner: PTT Public Company Limited

Project Value: Baht 58.14 million

Scope of Works: EPC of pipeline to Nam Pong’s NGV station

Project Location: Khon Kean Province

Project Period: 353 days

Awarded: January 2017

16

Awarded Projects during Jan - May 2017 TRC

The Natural Gas Transmission Pipeline

connecting line to Nam Phong's NGV Station

2nd LNTP for Turnkey Delivery of APOT

Project Package 2. Surface Processing and

Facilities (Long Lead Equipment for Processing Plant)

Project Owner: ASEAN Potash Chaiyaphum Public

Company Limited

TRC’s Work Value: Baht 2,310.72 million

Scope of Works: Mineral Processing Plant, Office

Building, Power Supply and Facilities Utilities

Project Location: Bamnet Narong District, Chayiaphum

Province

Project Period: Approximately 3 years

2nd Limited Notice to Proceed : 23 March 2017

Extension Kalapapruek Road

Project Owner: 1. Department of Rural Roads

2. Metropolitan Waterworks Authority

3. Metropolitan Electricity Authority

Project Value: Approximately Baht 850 million (3 contracts)

Scope of Works: EPC of the extension Kalapapruek Road

for approximately 7.602 km. length together with the involve

infrastructure

Project Location: Kalapapruek Road, Bangkok

Project Period: 900 days

Awarded: March 2017

17

Awarded Projects during Jan - May 2017 SKW

Earthworks and Gabion Wall

Project Owner: Amata Natural Gas Distribution Co., Ltd.

Project Value: Baht 8.19 million

Scope of Works: Land reclamation and soil compaction with

Gabion Wall

Project Location: Rayong province

Project Period: 7 months

Awarded: March 2017

Completion 79.1%

Remaining 20.9%

Significant Ongoing Projects as at 31 March 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

Completion 59.8%

Remaining 40.2%

Project period: Feb 15 - Oct 18

Project period: Aug15 - Feb 17

Completion 56.5%

Remaining 43.5%

Significant Ongoing Projects as at 31 March 2017

Processing Plant

Thailand Tobacco Monopoly’s EPC for Dry Ice Expanded Tobacco Process, DIET Process (829 MB) by SKW

Civil Work

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

Completion 81.6%

Remaining 18.4%

19

Project period: Dec 15 - Oct 17

Project period: Jul 15 - Oct 17

Significant Ongoing Projects as at 31 March 2017

Civil Works

APOT’s Phase I – 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 - Jun 17

21

3 new projects after 31 Mar 17 which already obtained LOI

Project Name Project Owner/

Client

Work

Value

(MB)

Project

Period Status

Processing Plant by TRC

Revamp LPG Transfer Pump to Domestic BRP PTT Public Company

Limited 208.50 17-Month

EPC Contract to be signed by Q2 2017

Civil Works by SKW

The Improvement Nature Trail into National Park

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

Thong Yang - Ao Thong Yee

Nakhon Si Thammarat

Province 98.12 8-Month EPC Contract to be signed by

Q2 2017

Construction Thong NianWater Supply Station and

Laying of water supply pipes

Provincial Waterworks

Authority Regional Office 4 48.13 8-Month

EPC Contract to be signed by

Q2 2017

Total 3 Projects 354.75

Content

Key Financial Highlights 27

Future Developments 23

Ongoing Projects 13

Company Overview 4

22

List of Potential Bidding Projects during Jun - Dec 2017

Project Name

Approximate

TRC Group’s

Work Value

(Million Baht)

Estimated

Project Period

A. Pipeline

A.1 Gas Transmission Pipeline Projects 3,000 2017 - 2021

A.2 Other Pipeline Projects 500 2017 onwards

B. Processing Plant

B.1 Glycerin Plant 300 2017

B.2 Other Projects 500 2017 onwards

C. Infrastructure

Infrastructure Government Projects 3,500 2017 onwards

Total 7,800

23

24

New Investment Project : Under New Subsidiary Establishment

SAO Tasit– Water Supply System Project

Type of Project : Build-Own-Operate (“BOO”)

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 : 46.5 MB for Phase 1 and

additional 6.5 MB for Phase 2

TWCA* : to be signed with SAO Tasit within July 2017

(* Tap Water Concession Agreement)

Construction Period: within 6 months after TWCA signed

Expected COD : December 2017

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

Key Success Factor

Raw Water Secure

Project is located nearby natural canals namely Klong Kram and Klong Rawoeng which

having flow rate at approx. 68,000 and 73,000 cu.m./day respectively.

Project is planned to build its own reservoir at capacity 60,000 cu.m. to divert and store

water from Klong Kram.

Project also can divert water from Nongplalai Reservior at 7,200 cu.m./day which

already allowed by RID under the quota of SAO Tasit.

Cost of Raw Water

No cost for water diversion from natural canals.

Cost of raw water from Nongplalai at only 50 stang paid to RID.

Good Service and Quality of Tap Water

Engage O&M service from local supplier who is in charge of existing services of SAO

Tasit and provides service to K-Water who being tap water concessionaire in

Pluakdaeng.

Well plan for periodic monitoring and surveying.

25

Content

Key Financial Highlights 27

Future Developments 23

Ongoing Projects 13

Company Overview 4

26

Q1 2017 & Q1-Q4 2016 Performance

(Unit: Million Baht)

27

Q1 2017 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Y 2016 %YoY %QoQ

Construction services income 952.14 1,104.34 433.25 1,170.17 989.54 3,697.30 -13.78% -3.78%

Total revenues 954.19 1,112.50 439.15 1,172.56 1,012.69 3,736.90 -14.23% -5.78% Cost & expenses (excluded depreciation,

amortisation and gain (loss) on FX) 921.67 992.01 371.85 1,024.04 789.95 3,177.84 -7.09% 16.67%

EBITDA before Share of loss from

investments in associate & Fx 32.52 120.49 67.30 148.52 222.74 559.05 -73.01% -85.40%

Gain (Loss) on exchange rate -34.38 0.46 6.83 -8.12 -10.70 -11.54 -7645.30% 221.30%

Share of loss from investments in associate -10.25 -4.95 -8.72 -9.70 -9.56 -32.94 106.91% 7.14% EBITDA -12.10 115.99 65.41 130.70 202.47 514.57 -110.44% -105.98% Depreciation and amortisation -26.95 -27.20 -28.98 -29.28 -28.64 -114.10 -0.90% -5.91% Profit (Loss) before finance cost and

income tax expenses -39.05 88.80 36.43 101.42 173.83 400.48 -143.98% -122.47%

Finance cost -3.68 -2.52 -3.95 -5.67 -4.89 -17.03 46.00% -24.73%

Income tax income (expenses) 1.74 -23.03 -13.13 -26.18 -36.00 -98.34 -107.55% -104.83%

Profit (Loss) for the period -41.00 63.25 19.35 69.57 132.94 285.11 -164.82% -130.84%

Non-controlling interests of the subsidiaries -0.56 -2.84 -1.76 -0.68 -0.38 -5.65 -80.18% 49.74% Profit (Loss) attributable to equity

holders of the Company -40.44 66.09 21.11 70.24 133.32 290.76 -161.19% -130.33%

Gross Profit Margin 10.80% 15.30% 25.02% 16.78% 27.98% 20.30% Net Profit (Loss) Margin -4.24% 5.94% 4.81% 5.99% 13.16% 7.78% D/E Ratio (Time(s)) 0.86 1.03 0.95 0.94 0.86 0.86

Cash Flows

28

Cash, 94 MB

Assets,4,894 MB

(excluded cash)

Liabilities, 2,265 MB

Equity, 2,644 MB

D/E Ratio at 0.86 Time

Consolidated Q1 2017 Q1 2016 2016

Operating CF (220) (205) (389)

Investing CF (28) (749) (1,038)

Financing CF 233 208 247

Net Cash (15) (746) (1,180)

Beginning Cash 109 1,289 1,289

Ending Cash 94 543 109

(Unit: Million Baht)

As at 31 Dec 2017

29

Total Revenue & Profit

Pipeline 81.6% 53.3% 48.1% 63.9% 55.3%

Process plant 0.2% 38.8% 31.0% 24.2% 17.5%

Civil 16.2% 6.0% 19.9% 11.1% 26.9%

Other services 1.0% 0.0% 0.0% 0.2% 0.1%

Other incomes 1.0% 1.9% 1.1% 0.6% 0.2%

Total Revenue Gross profit & Net Profit

557

638

751

16996

215

306 291

66

-40

18.0%

16.4%

20.3%

15.3%

10.8

6.9%

7.7%7.8%

5.9%

-4.2%-5.0

0.0

5.0

10.0

15.0

20.0

25.0

-100

0

100

200

300

400

500

600

700

800

2014 2015 2016 1st Qtr 2016 1st Qtr 2017

Gross Profit Net Profit (Loss)

Gross Profit Margin Net Profit (Loss) Margin

(MB) (%)

2,551

2,108 1,796

708 528

7

1,535

1,158

268 167

507

236

742

123

257

30

1

2 1

32

75

40

6 2

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2014 2015 2016 1st Qtr 2016 1st Qtr 2017

(MB)

3,127

3,955 3,736

1,112 954

TRC and its subsidiaries Industry Group**

0.91 0.89 0.861.03

0.86

2.53 2.462.34 2.37 2.31

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2014 2015 2016 31-Mar-16 31-Mar-17

16.9115.99

11.28

14.71

7.09

13.1112.26

7.09

9.768.58

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2014 2015 2016 1st Qtr 2016 1st Qtr 2017

(%)

ROE & D/E

Time(s)

Return on Equity Debt to Equity Ratio

30

2013: PROPCON, CONMAT, PROP

2014 onwards: CONS

Bond Covenant: 2 times

31