T - Transparency, Ethics & Integrity - ซอสตย โปรงใส ใสใจจรยธรรม

R - Respect & Trust - เคารพกนและกน เชอมนไวใจ

C - Commitment - มงมนสคณภาพ ปลอดภยทกเวลา รกษาสงแวดลอม รบผดชอบตอสงคม

TRC Corporate Presentation

The 1st Quarter 2018 Operating Performance

8 June 2018

2

Disclaimers

IR Contact: Investor Relations Department

Email: ir_trc@trc-con.com/ ounruen@trc-con.com

Tel. +66 2022 7777-87 Ext. 3201 and 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.

Content

Key Financial Highlights 27

Future Developments 23

Backlog and New Project Acquisition 12

Significant Events 4

3

To develop an investment in

energy and petrochemical businesses

To deliver 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 reach 20% target increase

of the yearly construction

services income with total

services income of Baht

10,000 million within 2019

(consolidated financial

statements)

2019 Target

Vision & Mission & Target

4 Approved by the 6/2014 BOD Meeting in November 2014 and latest reviewed by the 6/2017 BOD Meeting in November 2017

At present 2 projects are invested:

- APOT - SAO Tasit- Water Supply System

TRC Group Structure as at 1 June 2018

TRC Construction Public Company Limited (Thailand)

Paid-up Capital 770 MB

30%

70%

Sinopec-TRC Joint Venture (Thailand)

PPT’s Provincial Gas Transmission Pipeline

Saraburi to Nakorn Ratchasima Project (Year 2013-2016)

Sinopec International Petroleum Service

Corporation (China)

99.99%

Sahakarn Wisavakorn Co., Ltd. (Thailand)

Paid-up Capital 500 MB

Hydrotek Sahakarn Joint Venture*

(Thailand) Construction, Improvement and

Expansion of Waterworks at Koh Samui (855 MB)

49% Hydrotek Public Company Limited

(Thailand)

51%

5

TRC Utility Co., Ltd. (Thailand)

Paid-up Capital 1 MB Tap Water Concession of

SAO Tasit Project

100%

2.67%

100%

100%

25.13%

22.46% TRC Investment Limited (Mauritius)

TRC International Limited (Hong Kong)

ASEAN Potash Chaiyaphum Public Company Limited

(Thailand) Paid-up Capital 2,806 MB

Project completed

SH Crossings Co., Ltd. (Thailand)

Paid-up Capital 40 MB

Huayuan Innovative Development (Hong Kong)

Company Limited (China)

51% 49%

1st Investment Project

2nd Investment Project

* Sahakarn will be responsible for project execution of Hydrotek Sahakarn Joint Venture whereas HYDRO will not share any gain and loss as well as damage may be arisen from this project.

6

New subsidiary,TRC Utility Co., Ltd., has started COD since March 2018

Project Name: Tap Water Concession of SAO Tasit

Location: Tasit sub-district, Pluak-Daeng District, 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: Baht 31 million for Phase 1 and

additional Baht 6.5 million for Phase 2

Tap Water Concession Agreement: 24 July 2017

Commercial Operating Date: 17 March 2018

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

7

VS

Date Agreement Signed: 28 March 2018

Investment Portion: 51% 49%

Objective: To be the EPCC contractor for Surface Processing Plant & Facilities of

ASEAN Potash Mining Project in Bamnet Narong District, Chaiyaphum Province,

Thailand owned by ASEAN Potash Chaiyaphum Public Company Limited

Establishment Date: JV will be undertaken as soon as APOT’s financial close completion

TRC-SINOHYDRO Joint Venture Agreement Signing in March 2018

Completion of Srinakarin to Romklao Road, Phase 1 Project by SKW

8

Project Owner: Department of Public Work, Bangkok Metropolitan Administration

Metropolitan Electricity Authority

Metropolitan Waterworks Authority

TOT Public Company Limited

CAT Telecom Public Company Limited

Project Value: Baht 1,097,402,592

Project Period: 954 days (27 Jul 2015 – 28 Feb 2018)

9

Issuance of 180 MB Debentures in March 2018

Issuance Date

Maturity Date

Issuance Amount

(MB)

Outstanding Amount

(MB)

Debenture Holders

Interest Rate (Per Year)

8 Jul 2015 8 Jul 2017 (2 years)

100 - (Expired)

10 persons 4.68%

10 Mar 2016 10 Mar 2018 (2 Years)

200 - (Expired)

10 persons 4.40%

12 Jul 2017 12 Jul 2018 (1 year)

100 100 10 persons 4.50%

15 Mar 2018 17 Mar 2020 (2 years&2 days)

180 180 9 persons 4.80%

Outstanding Debentures 280

I) Debentures Baht 500 million

II) Debentures Baht 2,000 million Still not issue

SKW obtained special class contractor from Department of Highways

on 18 May 2018

10

Class

Rights to buy bidding

Road Bridge Value of project (Baht)

Special Class

All All No limit

1st Class

1-5, special

- <=500 Million

SKW’s Reputable Clients

Content

Key Financial Highlights 27

Future Developments 23

Backlog & New Project Acquisition 12

Significant Events 4

11

12

TRC Group Backlog

3,487 3,786

2,480

4,635 5,230

124

2,616

1,200

2,077

2,272

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2014 2015 2016 2017 31-Mar-18

TRC SKW

3,611

6,402

(MB)

3,680

7,502

6,712

30,476

Including

remaining works of

1st and 2nd LNTP of

APOT (2,541)

Backlog as at 31 Mar 2018

Backlog by Scope of Works

Scope of Works No. of Projects Remaining Value

(MB)

Pipeline System 7 2,215

Processing Plant 4* 2,764

Civil Work 8* 2,523

Total 18* 7,502

Backlog by Company

Company No. of Projects Remaining Value

(MB)

TRC 10 5,230

SKW 8 2,272

Total 18 7,502

TRC

SKW

13

* APOT Project consists of both processing plant and civil work.

Processing

Plant 37%

Pipeline

System 29%

Civil Work

34%

Processing

Plant

37%

14

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

Project Owner: ASEAN Potash Chaiyaphum Public

Company Limited (“APOT”)

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

25,789.33 million or approximately Baht 33,498 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. Biomass Power Plant

4. Process building

5. Crystallization Plant

6. 7 km. pipe conveyor, tailing pond with

associated facilities

7. E&I, Interface & Commissioning

* Work Value:

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

Remaining EPCC Contract 30,476 MB

Total 33,498 MB

2,541 MB Remaining, Including in backlog

EPCC Contract between APOT and

TRC-Sino Hydro JV is tentatively to be signed within 2018

15

TRC : Baht 911.2 million

Project Owner: PTT Public Company Limited

Project Contractor Sinopec International Petroleum

Service Corporation

Scope of Works: EPCC and Start-up of the 14 block

valve & facility stations under the Fifth

Transmission Pipeline Project Phase 1

Project Value: Baht 755.23 million

Project Period: 33 months

The 14 block valve & facility stations under the Fifth Transmission Pipeline Project, Phase 1

BCM Naphtha and Pygas Pipeline (2 Projects)

Project Owner: SCG Chemicals Company Limited

Scope of Works: Option 1 RTC Area: Baht 74.5 million &

Option 2 Interconnecting Pipeline:

Baht 80 million

Project Value: Baht 155 million

Project Period: 8 months

The 1st Quarter of 2018: 4 New Project Acquisition (1,259 MB)

16

SKW : Baht 347.4 million

The Construction of Highway Route No. 4 A. Takua Pa – A. Thai Mueang

Project Owner: Bureau of road construction 1

(The Department of Highways)

Scope of Works: The Construction of Highway Route

No. 4 A. Takua Pa – A. Thai Mueang

between Km.803+000.00 to

Km.813+300.00

Project Value: Baht 347.38 million

Project Period: 600 days

The 1st Quarter of 2018: 4 New Project Acquisition (1,259 MB)

17

New Project acquired by Sahahydro JV* in May 2018

Project Owner: Provincial Waterworks Authority

Project Value: Baht 522 million

Scope of Works: Improvement Waterworks for

Chaiyaphum - Ban Khwao,

Chaiyaphum Province

Project Period: 420 days

EPC Conract

Signing Date: within June 2018

Improvement Waterworks for Chaiyaphum – Ban Khwao Project

* Shareholders consist of Hydrotek 51% and SKW 49%

Completed 97.5%

Remaining 2.5%

Significant Ongoing Projects

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

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

(855 MB) by Hydrotek Sahakarn JV

Pipeline

18

Completed 70.6%

Remaining 29.4%

Project period: Feb 15 - Oct 18

Project period: Aug15 - Apr 18

PTT’s Revamp LPG Transfer Pump to Domestic BRP (209 MB) by TRC

Completed 83.5%

Remaining 16.5%

Project period: Apr 17 - Aug 18

Significant Ongoing Projects

Processing Plant

Thailand Tobacco Monopoly’s EPC for Dry Ice Expanded Tobacco Process, DIET Process (834 MB) by SKW

Completed 96.0%

Remaining 2.4%

19

Project period: Dec 15 - Jun 18

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

Processing Plant (2,311 MB) by TRC

Completion 0.0%

Remaining 100.0%

Project period: Mar 17 - Oct 19

Completion 13.7%

Remaining 86.3%

Project period: Sep 17 - Jun 19

RDCC Catalyst Cooler Project Part 2 Back Pressure Steam Turbine and

Utilities System (492 MB) by TRC

20

Civil Work

Significant Ongoing Projects

Department of Highway’s Extension Kalapapruek Road (850 MB) by SKW C ompleted

6.6%

Remaining 93.4%

Project period: Mar 17 - Aug 19

Improvement of Pracharuamjai Road – Mitmaitri Road (991 MB) by SKW

Project period: Sep 17 - Sep 19

Completion 0.0%

Remaining 100.0%

Project period: Feb 18 - Oct 19

Highway Route No. 4 A. Takua Pa – A. Thai Mueang between

Km.803+000.00 to Km.813+300.00 (347 MB) by SKW

C ompleted

0.9%

Remaining 99.1%

21

Civil Work

Significant Ongoing Projects

Project period: May 16 - Dec 19

APOT’s Preparation & Refurbishment of Existing Decline (162 MB) by TRC

Completed 61.2%

Remaining 38.8%

Project period: Jan 16 - Dec 19

APOT’s Package 2 – 1st Limited Notice to Proceed Early Works of

Surface Processing Plant & Facilities Project (711 MB) by TRC

Completed 67.6%

Remaining 32.4%

Content

Key Financial Highlights 27

Future Developments 23

Backlog and New Project Acquisition 12

Significant Events during 2017 4

22

List of Potential Bidding Projects

Project Name

Approximate

TRC Group’s Work Value

(Million Baht)

Estimated

Bidding Period

A. Pipeline

A.1 Pipeline for Floating Storage and Regasification

Unit (FSRU) Project from EGAT 3,500 End of 2018 – 2019

A.2 The 5th Transmission Pipeline Phase 3 from PTT 1,500 Q4 2018

A.3 PTTLNG Nong Fab Receiving Terminal Project

(As a subcontractor) 1,000

Submitted bid

end of 2017

A.4 New Distribution Pipeline and Modify/ Reroute

Pipeline from PTT 260 2018

B. Processing Plant

B. 1Thai Oil Clean Fuel Project

(As a subcontractor) 2,000

Submitted bid

Q1 2018

B.2 Plant Modification Projects from PTT 1,750 2018

C. Infrastructure

Infrastructure Government Projects

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

Total 10,010 23

24

Business 2018 2019 2020 2021 2022 Total %

Natural gas 3,854 2,463 1,759 1,676 1,040 10,792 3%

Natural gas transmission

pipeline

26,049 17,841 5,819 6,437 755 56,901 17%

Oil and international trading 14,169 71 6 6 6 12,258 3%

Infrastructure 21,033 4 4 4 5 21,050 7%

Head office and others 7,038 3,532 4,142 4,259 3,789 22,760 6%

Joint investment and

investment in PTT wholly-

owned entities

176,470 21,969 10,771 8,987 4 218,201 64%

Total 246,613 45,880 22,501 21,369 5,599 341,962 100%

PTT’s 5-year Investment Plan (2018 – 2022)

(Unit: Million Baht)

Source: PTT’s news reported to the Stock Exchange of Thailand on 22 December 2017

Thailand’s EEC

25

Content

Key Financial Highlights 27

Future Developments 23

Backlog and New Project Acquisition 12

Significant Events 4

26

27

The 1St Qtr Operating Performance

(Unit : Million Baht)

the 4th

Qtr the 1st

Qtr the 1st

Qtr

2017 2018 2017 Amount Percentage

Construction services income 529.95 464.73 952.14 -487.41 -51.19

Cost of construction services -365.74 -347.87 -856.15 -508.28 -59.37

Other service income 0.21 0.21 N/A

Cost of other services -0.25 0.25 N/A

Gross profit 164.21 116.82 95.99 20.83 21.70

Interest and other income 10.96 6.52 2.05 4.47 218.05

Administrative expenses -66.49 -86.64 -126.85 -40.21 -31.70

Doubtful debt (+reversal) 0.13

Loss on change in shareholders' equity of associate -34.99

Profit (Loss) before share of loss from investments in

associate and joint venture, finance cost and income tax

expenses

73.82 36.70 -28.81 65.51 227.39

Share of loss from investments in associate -7.37 -12.44 -10.25 2.19 21.37

Share of loss from investments in joint venture -0.11 -0.06 0.06 N/A

Finance cost -4.19 -3.85 -3.68 0.17 4.62

Income tax income (expenses) -22.96 -11.76 1.74 13.50 775.86

Profit (Loss) for the period 39.19 8.59 -41.00 49.59 120.95

Non-controlling interests of the subsidiaries 0.71 0.45 0.56 -0.11 -19.64

Profit (loss) attribute to equity holders of the Company 39.90 9.04 -40.44 49.48 122.35

Earnings (Loss) per Share (Baht) 0.0015 -0.0066

Gross Profit Margin 30.99% 25.13% 10.08%

Net Profit (Loss) Margin 7.38% 1.92% -4.24%

Debt to Equity (Time) 0.63 0.86

Change

(the 1st

Qtr 2018 - the 1st

Qtr 2017)

28

Construction Services Income & Net Profit

1,796

1,075

528 330

1,159

345

167

47

742

950

257

87

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1st Qtr 2017 1st Qtr 2018

Civil Work

Processing Plant

Pipeline System

3,697

2,370

952

464

290

93

-40

9

-33 -34

-10

-12

-35

-100

-50

0

50

100

150

200

250

300

350

1st Qtr 20171st Qtr 2018

(MB)

(MB) Construction services income Profit attribute to equity holders

of the Company

Loss on change in shareholders' equity of associate

Share of loss from investment in associate

10%

71%

19%

* *

*

*

**

*

**

728 780 1,113 954

471

696 955 439

440

801

905 1,173

501

902

1,315 1,012

541

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1Q 2018

Q4

Q3

Q2

Q1

(MB)

29

Total Revenue by Quarter

3,127

3,955 3,737

2,436

-50.6%

-34.8%

-5.5% +26.5%

30

Gross Profit Margin & Net Profit Margin

16.4

20.321.5

10.1

25.1

7.7 7.8

3.8

-4.2

1.9

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

1st Qtr 2017 1st Qtr 2018

Gross Profit Margin Net Profit (Loss) Margin

%

31

726 685 666

1,331 1,266 1,254

72 48 48

2,874 2,599 2,535

-

1,000

2,000

3,000

4,000

5,000

31 Dec 16 31 Dec 17 31 Mar 18

Assets

Current assets

Other non-current assets

Investment in associate and Investment in joint ventures

Property, plant and equipment

5,003

4,598 4,503

(MB)

Financial Position

2,684 2,756 2,766

1,838 1,367 1,323

404

400 339

77

5 75

-

1,000

2,000

3,000

4,000

5,000

31 Dec 16 31 Dec 17 31 Mar 18

Liabilities and Shareholders' Equity

Non-current liabilities

Loans and debentures

Current liabilities

Shareholders' equity

5,003

4,5984,503

(MB)

(APOT: 1,259) (APOT: 1,246) (APOT: 1,328)

TRC Group Industry Group (Construction Services)

0.89 0.860.67

0.860.63

2.462.34

2.47 2 2.47

0.00

0.50

1.00

1.50

2.00

2.50

3.00

31 Mar 17 31 Mar 18

15.99

11.28

3.38

7.095.21

12.26

7.09

2.56

8.58

2.170.00

5.00

10.00

15.00

20.00

Q1 17 Q1 18

(%)

Financial Ratio & Covenant to Bond Holders

Time(s) Return on Equity Debt to Equity Ratio

32

0.06

0.160.15

0.13

0.00

0.05

0.10

0.15

0.20

31 Dec 15 31 Dec 16 31 Dec 17 31 Mar 18

Time(s)

104.12

26.8816.28 17.70

0.00

20.00

40.00

60.00

80.00

100.00

120.00

Q1 2018

EBITDA to Interest Time(s)

TRC TRC

Interest Bearing Debt to Equity Covenant: > = 4 times Covenant: < = 2 times

33

If you have any question please feel fee to contact Investor Relations Department

Email: ir_trc@trc-con.com or ounruen@trc-con.com

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

Fax +66 2022 7778