Opportunity Day

TRC Corporate Presentation

The 2016 Operating Performance

7 March 2017

1

Key Financial Highlights 32

Future Developments 23

Ongoing Projects 11

Company Overview 3

Content

2

Vision & Mission & Target & Value

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

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)

To become an excellent contractor in design, construction of a total solution in energy and infrastructure industries with sustainable growth

3

Vision

Mission

Target

Within 2019

Corporate

Values

T: Transparency, Ethical Standards and Integrity

R: Respect and Trust

C: Commitment to Quality Safety, Health, Environment and Social Responsibility

TRC Group Structure as at 31 December 2016

TRC Construction Public Company Limited(Thailand)

Paid-up Capital 642 MB

30%

70%

Sinopec-TRC Joint Venture

(Thailand)

Sinopec International Petroleum Service

Corporation(China)

2.79%

100%

100%

26.22%

23.43%TRC Investment Limited(Mauritius)

TRC International Limited(Hong Kong)

ASEAN Potash ChaiyaphumPublic Company Limited

(Thailand)Paid-up Capital 2,688 MB

99.99%

Sahakarn Wisavakorn Co., Ltd. (Thailand)

Paid-up Capital 500 MB

Hydrotek-SahakarnJoint Venture

(Thailand)

49%

HydrotekPublic Company Limited

(Thailand)

51%

4

5

Key Corporate Milestone

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

Contractor

Bidding with many

competitors

with lower margin

EPC ContractorProviding 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

2013 onwardsInvestor

For sustainable growth

2005• Wang Noi-Kaeng

Khoi Cross Country Gas Pipeline(JV with China Petroleum Pipeline 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

2013• Moving to the SET• Navanakorn –

Rangsit Gas Transmission Pipeline

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

2014• Bangchak

Biodiesel Plant - Phase II• New Incinerator, TTM2015• 1st Transmission Pipeline

Life Extension (28” Recoating Section)

• Srinakarin to Romklao Road• Koh Samui Water Works

Expansion2016• LOA for Surface &

Processing Plant & Facilities from ASEAN Potash Chaiyaphum Plc.

2012 & 2015-2016• Investment in ASEAN Potash Chaiyaphum Plc.

6

Our Core Business & Reputable Clients

Our Reputable ClientsOur 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

Our Quality, Health, Safety and Environmental Promises

HSE Achievement of TRC Middle East LLC

HSE Achievement of Sahakarn Wisavakorn Co., Ltd.

HSE Achievement of TRC Construction Plc.

7

8

sSET INDEX CONSTITUENTSFor calculating the index during 1 January 2017 – 30 June 2017

9

OutstandingCEO Awards

Top Corporate Governance Report Awards

Outstanding Company Performance Awards

Outstanding

Company

Performance Awards

Outstanding

Investor Relations Awards

Corporate Governance

CG Scoring

2015

2013

Companies with Very Good CG Scoring

Content

10

Key Financial Highlights 32

Future Developments 23

Ongoing Projects 11

Company Overview 3

11

Completed Project in 2016

PTT’s Provincial Gas Transmission Pipeline Saraburi to Nakorn Ratchasima

(SINOPEC-TRC JV, TRC’s Work Portion:1,728 MB) Project construction period: Nov 13 – Dec 16

12

Completed Project in 2016

Bangchak Biofuel’s 450 TPD Biodiesel Plant Phase 2 (1,226 MB)Project construction period: Dec 14 – Dec 16

13

Completed Project in 2016

The New Incinerator Project (919 MB)

Project construction period: Nov 14 – Dec 16

New Projects Awarded Early of 2017

14

Extension Kalapapruek Road

(by SKW)

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

Award: March 2017

15

New Projects Awarded Early of 2017

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

Award: January 2017

16

Significant Ongoing Projects as at 31 December 2016

PTT’s 1st Transmission Pipeline Life Extension (3,725 MB): 49.06% completion (TRC)

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

(856 MB): 65.54% completion (SKW)

Pipeline

17

Significant Ongoing Projects as at 31 December 2016

Processing Plant Thailand Tobacco Monopoly’s EPC for Dry Ice Expanded Tobacco Process, DIET Process (829 MB):

61.30% completion (SKW)

Civil Work

BMA’s Srinakarin Romklao Road Phase 1 (1,102 MB): 47.04% completion (SKW)

18

Significant Ongoing Projects as at 31 December 2016

Civil WorkAPOT’s Phase I - Early Works of Surface Processing Plant & Facilities Project (711 MB): 27.62% completion (TRC)

APOT’s Preparation & Refurbishment of Existing Decline (144 MB): 53.00% completion (TRC)

19

515

3,347 3,487

3,786

2,480 1,965

599 124

2,616

1,200 1,200

54 908

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 2016

TRC SKW Oman Subsidiaries

TRC Group Backlog

* EPCC Contract for APOT Project is expected to be signed within 2017.

APOT’s Early Works

APOT’s Surface

Processing Plant&

Facilities Project*

(after deduction

Early Works

711 MB)

32,371

4,0003,611

6,402

36,959

2 new awarded

projects in 2017

(MB)

3,680

+ 2017 Projects

Backlog as at 31 December 2016

Backlog by Scope of Works

Scope of Works No. of ProjectsRemaining Value

(MB)

Pipeline 2 2,192

Processing Plant 1 322

Civil Works 3 1,166

Total 6 3,680

Pipeline 59.5%

Civil

31.7%

Petro

8.8%

Backlog by Company

Company No. of ProjectsRemaining Value

(MB)

TRC 3 2,480

SKW 3 1,200

Total 6 3,680

TRC

7

SKW

20

21

New Awarded Projects In 2017

Project NameProject Owner/

Client

Work

Value

(MB)

Project

PeriodStatus

Pipeline by TRC

The Natural Gas Transmission Pipeline connecting

line to NGV Station, the Land Transport

Association of Thailand (Nam Phong)

PTT Public Company

Limited58.14 353 days EPC Contract to be signed

by Q1/2017

Civil Work by SKW

The Kanlapaphruek Road Extension - Department of Rural

Roads

- Metropolitan Electricity

Authority

- Metropolitan

Waterworks Authority

849.72 900 days EPC Contract to be signed by

Q1/2017

Total 2 Projects 907.86

Content

22

Key Financial Highlights 32

Future Developments 23

Ongoing Projects 11

Company Overview 3

List of Potential Bidding Projects in 2017

Project Name

Approximate

TRC Group’s

Work Value

(Million Baht)

Estimated

Project Period

A. Pipeline

Gas Transmission Pipeline Projects 10,000 2017 - 2021

B. Processing Plant

B.1 Waste to Energy Project 2,000 2017 - 2019

B.2 Other Projects 10,000 2017 onwards

C. Infrastructure

Infrastructure Government Projects 4,500 2017 onwards

Total 26,500

23

PTT’s 5-Year Investment Plan

(Year 2017-2021)

Business 2017 2018 2019 2020 2021 Total %

Infrastructure 20,647 36,874 35,970 9,935 40,882 144,308 43%

Investment in Joint

Venture and its wholly owned investment

47,265 51,975 14,313 13,944 7,551 135,048 40%

Oil and International Trading

10,376 9,036 7,265 7,785 6,736 41,198 12%

Natural Gas 4,556 3,887 2,382 2,066 2,304 15,195 4%

Head Office and Others 817 510 556 597 620 3,100 1%

Total 83,661 102,282 60,486 34,327 58,093 338,849 100%

(Unit : Million Baht)

Source : PTT’s news reported to the Stock Exchange of Thailand on 16 December 2016

24

* PTT’s major investments are in infrastructure and oil business unit, core business of PTT, with the main investments being natural

gas transmission pipeline and retail stations development, investment in joint venture and its wholly owned subsidiaries such as

investment in import Liquefied Natural Gas (LNG) capability enhancement in order to meet gas demand growth in the country.

25

Potential Bidding Pipeline Project:

PTT’s Provincial Gas Transmission Pipeline Ratchaburi-Wang Noi 6 (RA#6) to Ratchaburi

Owner: PTT Public Company Limited

Project Value: Approximately Baht 8,200 million

Scope of Works: EPC of 30 inch diameter main transmission pipeline forapproximately 119 km.

Project Location: From Block Valve Station “Ratchaburi-Wang Noi 6”(“RA#6”), Amphur Sai Noi, Nonthaburi to Ratchaburi

Project Period: 33 months

Bidding Submission: March 2017

Notice of Award: June 2017

* TRC will submit bid by STH Join Venture (TRC & Saipem & Huayuan).

26

Potential Bidding Pipeline Project:

PTT’s Fifth Transmission Pipeline Phase 1

Project Owner: PTT Public Company Limited

Project Value: Approximately Baht 11,705 million

Scope of Works: EPC of 42 inch diameter main transmission

pipeline and 36 inch diameter distribution transmission

pipeline for approximately 150 km. length (Rayong to

Chachoengsao province.)

Project Location: 3 provinces consisting of Rayong,

Chonburi and Chachoengsao

Project Period: 36 Months

Bidding Submission: April 2017

Notice of Award : July 2017

* TRC will submit bid by STH Join Venture (TRC & Saipem & Huayuan)

TRC Group has invested in ASEAN Potash Chaiyaphum

Public Company Limited (“APOT”) who develops the

ASEAN Potash Mining Project, one of the cooperation

projects among 6 ASEAN countries. (Thai, Indonesia,

Malaysia, Brunei, Philippines and Singapore) Total

project investment is approximately of USD 1.5

billion.

APOT is during preparation stage for construction of its

project after obtaining the 25-year mining concession in

February 2015. On 10 February 2016, TRC obtained a

Letter of Award from APOT for Turnkey Delivery of

APOT Project Package 2. Surface Processing and

Facilities, work value of USD 142,027,205, EUR

416,000,784 and Baht 12,433,389,522 or approximately

Baht 34 billion. Currently, TRC Group (by TRC

Investment Limited and TRC International Limited) holds

26.22% of APOT’s shares and will hold 25.13% when

APOT’s registered capital is fully paid-up at Baht

2,805,797,300.

During the 25-year Mining Concession, APOT shall

produce at least 22 million tons of MOP (Muriate of

Potash) or equivalent to USD 8 billion.

Investment in ASEAN Potash Chaiyaphum Plc.

27

Source of Potash and Demand & Supply

28

Source: KURZFASSUNGEN FESTSYMPOSIUM,

60 Jahre Kaliprojektierung aus Erfurt – 20 Jahre ERCOSPLAN

Demand & Supply of Potash in market worldThe source of Potash around the world

Source: Fertecon PotashCorp

(http://www.activex.com.au/lake-chandler-potash.php)

Source of Potash in Thailand

ASEAN Potash Project

29Source: Research paper of Asst. Prof. Dr. Parkorn Suwanich, Faculty of Environment and Resource

Studies, Mahidol University, Bangkok (Thailand)

30

Turnkey Delivery of APOT Project Package 2. Surface Processing Plant and Facilities

Project Owner: ASEAN Potash Chaiyaphum Public Company Limited

TRC’s WorkValue: USD 142 million + EUR 416 million + Baht 12,433

million or approximately Baht 33 billion

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

LOA Signing Date: 10 February 2016

Tentative EPCC Contract Signing Date : Within 2017

Content

31

Key Financial Highlights 32

Future Developments 23

Ongoing Projects 11

Company Overview 3

32

Financial Highlights

(Unit: Million Baht)

2012 2013 2014 2015 2016

Construction Services Income 4,315 2,481 3,095 3,880 3,679

Total Revenue 4,344 2,516 3,127 3,955 3,737

Gross Profit 465 375 557 634 751

Net Profit 228 126 215 306 291

Gross Profit Margin 10.78% 15.11% 18.00% 16.44% 20.30%

Net Profit Margin 5.26% 5.02% 6.87% 7.74% 7.78%

D/E Ratio (Time(s)) 1.53 0.71 0.91 0.89 0.86

Financial Highlights

33

Cash, 109

Asset*,4,894

Liabilities, 2,319

Equity, 2,684

D/E Ratio at 0.86 Time

Consolidated 2016 2015

Operating CF (389) 511

Investing CF (1,038) (628)

Financing CF 247 800

Net Cash (1,180) 683

Beginning Cash 1,289 606

Ending Cash 109 1,289

* Excluded Cash

(Unit: Million Baht)

2,516

3,128

3,955

3,737

126215

306 291

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2013 2014 2015 2016 2019 (F)

35

33

2,481

3,095

3,880

75

3,697

40

Total Revenue & Net Profit

(MB)

TARGET: Services Income

≥ 10,000

34Construction services income Net ProfitOther income

Construction Services Income Break Down

2016

(3,697 MB)

2014

(3,095 MB)

2013

(2,481 MB)

Pipeline 2 4

Process Plant

0 2

Civil 16 4

Other Services

1.0%

2015

(3,880 MB)

Pipeline79.2%

Process Plant 9.8%

Civil9.0%

OtherServices

2.0%

Pipeline

Civil

35

Process Plant 39.6%

Pipeline4

Civil 20

Process Plant 31%

Gross Profit & Net Profit Margin

36

15.11

18.0016.44

20.30

5.026.87 4 7.78

0.00

5.00

10.00

15.00

20.00

25.00

2013 2014 2015 2016Gross Profit Margin Net Profit Margin

Return on Equity & Debt to Equity Ratio

Financial Ratio

(%)

Time(s)

11.88%

16.91% 15.99% 11.28%

0.71

0.91 0.89 0.86

0.0

0.2

0.4

0.6

0.8

1.0

0.00

5.00

10.00

15.00

20.00

2013 2014 2015 2016

Return on Equity Debt to Equity Ratio

(%)

Dividend Payout

37

Dividend Policy: 0 of Net Profit of “TRC” after Legal Reserve

Operating

Result

Par Value

on Dividend

Payment Date

(Baht/share)

Dividend Payment

(Baht/Share)

Amount

(Million Baht) TRC’s

Net Profit

Cash/Stock Dividend

Payment to Net Profit

after Legal ReserveCash

Dividend

Stock

Dividend

Cash

Dividend

Stock

Dividend

2010 1.000 0.15 - 49.88 - 103.64 50.66%

2011 1.000 0.12 - 40.25 - 50.62 83.73%

2012 0.500* 0.0503580.083336

(6:1)33.89 56.07 178.95 52.93%

2013 0.500 0.05 - 40.82 - 81.33 52.85%

2014 0.125* 0.0034720.03125

(4:1)11.54 103.82 255.67 45.63%

2015 0.125 0.010.0156250

(8:1)45.64 71.30 399.13 30.48%

2016 0.125Will be considered by the 3/2017 BOD Meeting held on 8 March 2016

and then approved by the 2017 AGM in April 2017

* TRC spitted par value per share from Baht 1 Baht to 0.50 and from 0,50 Baht to 0.125 in May 2013 and May 2015, respectively.

38

Objective: To raise fund for utilizing for working

capital, investing and expanding future

business and repayment of debt

For Future Investment

Baht 2,000 Million

Debentures Issuance by way of Private Placement

(Approved by the 2015 AGM)

8 July 2015 : Baht 100 Million

Interest Rate: 4.68%

Tenor: 2 Years

10 March 2016: Baht 200 million

Interest Rate: 4.40%

Tenor: 2 Years

Baht 500 Million

gradual issuance

Remaining: 200 MB

39

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.

40