T - Transparency, Ethics & Integrity - ซอสตย โปรงใส ใสใจจรยธรรม

R - Respect & Trust - เคารพกนและกน เชอมนไวใจ

C - Commitment - มงมนสคณภาพ ปลอดภยทกเวลา รกษาสงแวดลอม รบผดชอบตอสงคม

TRC Corporate Presentation

The 2017 Operating Performance

23 March 2018

2

Disclaimers

IR Contact: Investor Relations Department

Email: ir_trc@trc-con.com

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

Content

Key Financial Highlights 29

Future Developments 24

Ongoing Projects 14

Significant Events during 2017 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

5

Significant Event 2017: Establishment TRC Utility Co., Ltd.

To operate SAO Tasit– Water Supply System Project

Establishment Date: 20 June 2017

Type of Project: Build-Own-Operate

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]

6

Establishment Date : 17 November 2017

Nature of the Business : Construction of underground electrical conduits,

trenchless for Horizontal Directional Drilling (HDD),

Boring and Pipe Jacking

Registered Capital : Baht 40,000,000

Paid-up Capital : Baht 10,000,000

Shareholders : Sahakarn Wisavakorn Co., Ltd. 51%

Huayuan Innovative Development (Hong Kong)

Co., Ltd. 49%

Significant Event 2017: Establishment SH Crossings Co., Ltd.

TRC Group Structure as at 31 December 2017

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 (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%

7

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

New subsidiary in June 2017

SH Crossings Co., Ltd. (Thailand)

Paid-up Capital 10 MB

Huayuan Innovative Development (Hong Kong)

Company Limited (China)

51% 49%

New subsidiary in November 2017

1st Investment Project

2nd Investment Project

8

Issuance of 100 MB and 180 MB Debentures in Jul 2017 and Mar 2018,

respectively

Issuance Date

Maturity Date

Issuance (MB)

Outstanding (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

Debentures Issuance by Way of Private Placement (Approved by the 2015 AGM)

I) Debentures Baht 500 million

II) Debentures Baht 2,000 million Still not issue

9

sSET INDEX CONSTITUENTS For calculating the index during 2017 and to be continued in 1H 2018

Significant Event 2017: TRC has been chosen as one of sSET index during 1st & 2nd half of 2017 continuing to the 1st half of 2018

Top Corporate Governance Report Awards

Outstanding Company Performance Awards

Outstanding Company Performance Awards

Outstanding

Investor Relations Awards

Corporate Governance

2017 CG Scoring

2013

Outstanding CEO Awards

2015

10 Excellent CG Scoring Step up from Good

2016 CG Scoring

11

In 2017, TRC Group obtained 14 projects (Baht 5,358 million)

By: TRC (3,328 MB) Significant Projects: Project Owner Value (MB) Period

2nd LNTP for Turnkey Delivery of

APOT Project Package 2. Surface

Processing and Facilities (Long Lead Equipment for Processing Plant)

ASEAN Potash

Chaiyaphum Plc.

2,310.72 2 years

Revamp LPG Transfer Pump to Domestic BRP

PTT Plc. 208.50 17 months

BV4.19 PIG Launcher and Receiver Installation Project

PTT Plc. 229.28 16 months

RDCC Catalyst Cooler Project Part 2

Back Pressure Steam and Utilities System

IRPC Plc. 492.00 21 months

12

TRC Group obtained 14 projects (Baht 5,358 million)

By: SKW (2,030 MB) Significant Projects:

Project Owner Value (MB) Period

Kanlapaphruek Road Extension

Department of Highways,

Ministry of Transport and related state enterprises

849.72 900 days

Improvement Nature

Trail into National Park

Office Hat-Khanom-Mu-

Ko-Thale-Tai phase Ao

Thong Yang - Ao Thong Yee

Nakhonsithammarat Province 98.12 8 Months

Improvement of

Pracharuamjai Road – Mitmaitri Road

- The Bangkok Metropolitan

Administration

- Metropolitan Electricity

Authority

- Metropolitan Waterworks

Authority - TOT Plc.

990.84 30 months

Content

Key Financial Highlights 29

Future Developments 24

Ongoing Projects 14

Significant Events during 2017 4

13

14

TRC Group Backlog

3,487 3,786

2,480

4,635 4,635

124

2,616

1,200

2,077 2,077

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2014 2015 2016 31-Dec-17 31-Dec-17TRC SKW

3,611

6,402

Including

remaining works of

1st and 2nd LNTP of

APOT (2,550 MB)

(MB)

3,680

37,542

APOT’s Surface

Processing Plant&

Facilities Project *

(after deduction

1st /2nd LNTP for

Early Works)

20,000

30,000

6,712

30,830

+APOT Project* + 4 new projects in the 1st qtr 2018

* TRC obtained LOA of APOT Project in February 2016

4 new projects in the 1st

Qtr 2018 from

1 Sinopec (755.23 MB)

2 The Department of

Highways (347.38 MB)

3&4 SCG (76&80 MB)

1,259

Backlog as at 31 Dec 2017

Backlog by Scope of Works

Scope of Works No. of Projects Remaining Value

(MB)

Pipeline System 6 1,653

Processing Plant 3* 2,265

Civil Work 10* 2,794

Total 18* 6,712

Backlog by Company

Company No. of Projects Remaining Value

(MB)

TRC 8 4,635

SKW 10 2,077

Total 18 6,712

TRC

SKW

15

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

Processing

Plant 34%

Pipeline

System 25%

Civil Work

41%

Processing

Plant

33%

16

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 33,852 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 30,830 MB

Total 33,852 MB

2,550 MB Remaining, Including in backlog

EPCC Contract is tentatively to be signed within 2018

17

4 New Projects in the 1st quarter 2018 (1,259 MB) 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

Project Owner: SCG Chemicals Company Limited

Scope of Works: Option 1 RTC Area: Baht 76 million

Option 2 Interconnecting Pipeline:

Baht 80 million

Project Value: Baht 156 million

Project Period: 8 months

18

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

4 New Projects in the 1st quarter 2018 (1,259 MB)

Completed 90.3%

Remaining 9.7%

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 SKW

Pipeline

19

Completed 64.3%

Remaining 35.7%

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 73.7%

Remaining 26.3%

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 4.0%

20

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 73.7%

Remaining 26.3%

Project period: Sep 17 - Jun 19

RDCC Catalyst Cooler Project Part 2 Back Pressure Steam Turbine and

Utilities System (492 MB) by TRC

21

Civil Work

Significant Ongoing Projects

Srinakarin Romklao Road Phase 1* (1,101 MB) by SKW

Completed 99.0%

Remaining 1.0%

Project period: Jul 15 - Jan 18

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

C ompleted

3.3%

Remaining 96.7%

Project period: Mar 17 - Aug 19

Improvement of Pracharuamjai Road – Mitmaitri Road (991 MB) by SKW Completion 0.0%

Remaining 100.0%

Project period: Sep 17 - Sep 19

22

Civil Work

Significant Ongoing Projects

Project period: May 16 - Dec 17

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

Completed 60.8%

Remaining 39.2%

Project period: Jan 16 - Dec 17

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

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

Completed 66.4%

Remaining 33.6%

Content

Key Financial Highlights 29

Future Developments 24

Ongoing Projects 14

Significant Events during 2017 4

23

List of Potential Bidding Projects during 2018

Project Name

Approximate

TRC Group’s Work Value

(Million Baht)

Estimated

Project Period

A. Pipeline

A.1 New Distribution Pipeline to New Customers

and Modify/ Reroute Pipeline 260 2018

A.2 PTTLNG Nong Fab Receiving Terminal Project 1,000 Q1 - Q2 2018

A.3 5TP Phase 3 1,500 Q4 2018

A.4 Pipeline for FSRU Project 3,500 2018 - 2019

B. Processing Plant

B.1 Plant Modification Project 1,750 2018

B.2 Thai Oil Clean Fuel Project 2,000 Q4 2018

C. Infrastructure

Infrastructure Government Projects

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

Total 10,010

24

25

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

27

Potential Awarded Projects

Project Owner: Provincial Waterworks Authority

Project Value: Approximately Baht 522 million

Scope of Works: Improvement Waterworks for

Chaiyaphum - Ban Khwao,

Chaiyaphum Province

Project Period: 420 days

Awarded Period: within 2018

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

* Shareholders consist of Hydrotek 51% and SKW 49%

Content

Key Financial Highlights 29

Future Developments 24

Ongoing Projects 14

Significant Events during 2017 4

28

29

2017 Operating Performance

(Unit : Million Baht)

9-Month the 4th Qtr 2017 2016

2017 2017 Amount Percentage

Construction services income 1,840.18 529.95 2,370.13 3,697.30 -1,327.17 -35.90

Cost of construction services -1,493.98 -365.74 -1,859.72 -2,946.65 -1,086.93 -36.89

Gross profit 346.20 164.21 510.41 750.65 -240.24 -32.00

Interest and other income 54.74 10.96 65.70 39.60 26.10 65.91

Administrative expenses -275.42 -66.49 -341.91 -349.80 -7.89 -2.26

Doubtful debt (+reversal) 0.00 0.13 0.13 -7.03 -7.16 -101.85

Loss on change in shareholders' equity of associate 0.00 -34.99 -34.99 0.00 -34.99 N/A

Profit before share of loss from investment in

associate, finance cost and income tax expenses125.52 73.82 199.34 433.42 -234.08 -54.01

Share of loss from investment in associate -26.97 -7.37 -34.34 -32.94 1.40 4.25

Share of loss from investment in joint venture 0.00 -0.11 -0.11 0.00 0.11 N/A

Finance cost -12.21 -4.19 -16.40 -17.03 -0.63 -3.70

Income tax expenses -34.85 -22.96 -57.81 -98.34 -40.53 -41.21

Profit for the period 51.49 39.19 90.68 285.11 -194.43 -68.19

Non-controlling interests of the subsidiaries 1.40 0.71 2.11 5.65 -3.54 -62.65

Profit attribute to equity holders of the Company 52.89 39.90 92.79 290.76 -197.97 -68.09

Earnings per Share (Baht) 0.016 0.050

Gross Profit Margin 18.81% 30.99% 21.54% 20.30%

Net Profit Margin 2.79% 7.38% 3.81% 7.78%

Debt to Equity (Time) 0.71 0.67 0.86

Change

(2017 - 2016)

30

Construction Services Income & Net Profit

2,108 1,796

1,075

1,535

1,159

345

236

742

950

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5

Civil Work

Processing Plant

Pipeline System

305290

93

-33 -34

-35

-100

-50

0

50

100

150

200

250

300

350

5

(MB) (MB) Construction Services Income Profit attribute to equity holders of the Company

3,786 3,697

2,370

Loss on change in shareholders' equity of associate

Share of loss from investment in associate

40%

15%

45%

624 728 780 1,113 954

544 696

955 439 440

719

801

905 1,173

501

629

902

1,315 1,012

541

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

5

Q4

Q3

Q2

Q1

(MB)

31

Total Revenue by Quarter

2,516

3,127

3,955 3,737

2,436

32

2,516

3,127

3,9553,737

2,436

126213

305 290

93

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2019 (F)

Construction Services Income Net Profit Other Income

TARGET Construction Services Income

≥ ,

35

32

75

40

66

5-Year Total Revenue & Net Profit

(MB)

2,481 3,095 3,880 3,697 2,370

33

Gross Profit & Net Profit

375

557 638

751

540

126215

306 291

93

15.1%

18.0%

16.4%

20.3%

21.5%

5.0%

6.9%7.7% 7.8%

3.8%

0.0

5.0

10.0

15.0

20.0

25.0

0

100

200

300

400

500

600

700

800

5

Gross Profit Net Profit Gross Profit Margin Net Profit Margin

(MB) (%)

34 34

707 726 685 2

1,331 1,266

547

72 48

3,316

2,874 2,599

-

1,000

2,000

3,000

4,000

5,000

31 Dec 15 31 Dec 16 31 Dec 17

Assets

Current assets

Other non-current assets

Investment in associate and Investment in joint ventures

Property, plant and equipment

4,572

5,003

4,598

(MB)

Financial Position

2,421 2,684 2,756

1,966 1,838

1,367

100

404

400

85

75

-

1,000

2,000

3,000

4,000

5,000

31 Dec 15 31 Dec 16* 31 Dec 17

Liabilities and Shareholders' Equity

Non-current liabilities

Loans and debentures

Current liabilities

Shareholders' equity

5,003

4,5984,572

(MB)

* Note: In the 2016 Financial Statements, non-current liabilities as

at 31 Dec 16 were 277 MB. In this graph, debentures- net of

current portion 200 MB were included in loans and debentures, also net current liabilities were only 77 MB.

(APOT: 1,361 1,328) (APOT: 1,259) (APOT: 455)

TRC Group Industry Group (Construction Services)

0.89 0.860.67

2.462.34

2.47

0.00

0.50

1.00

1.50

2.00

2.50

3.00

31-Dec-15 31-Dec-16 31-Dec-17

15.99

11.28

3.38

12.26

7.09

2.56

0.00

5.00

10.00

15.00

20.00

5

(%)

Financial Ratio

Time(s) Return on Equity Debt to Equity Ratio

35

0.06

0.160.15

0.00

0.05

0.10

0.15

0.20

31-Dec-15 31-Dec-16 31-Dec-17

Time(s)

104.12

26.8816.28

0.00

20.00

40.00

60.00

80.00

100.00

120.00

5

EBITDA to Interest Time(s)

TRC

TRC

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

Dividend Payout

36

Dividend Policy: 40% of Net Profit of “TRC” after Legal Reserve

0.03125(4:1)

0.015625(8:1)

0.0178571(7:1)

0.00625(20:1)

0.003472

0.01 0.004

0.002

0

0.005

0.01

0.015

0.02

0.025

0.03

0.035

0.04

5

Stock Cash

0.034722

0.025625

0.0218571

0.00825

Dividend/ Net Profit after Legal Reserve 46% 30% 30% 48%

DPS (Baht/Share)

* 2017 Dividend will be proposed to the 2018 AGM for approval on 28 April 2018.

37

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