TRC Corporate Presentation. The 3 rd Qtr & 9-Month 2015 Operating Performance. 16 December 2015

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1 TRC Corporate Presentation The 3 rd Qtr & 9-Month 2015 Operating Performance 16 December

2 Content Company Overview 3 Ongoing Projects 15 Future Developments 22 Capital Increase & Debenture Issuance 32 Key Financial Highlights 35 2

3 Vision Vision To Become An excellent contractor in design, construction of a total solution in energy and infrastructure industries with sustainable growth 3

4 Mission 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 run The business under the corporate governance principle focusing on safety, environment, society and community for stable and sustainable growth To deliver The works with quality with recognition of safety within defined timeframe for customers highest satisfaction To develop An investment in energy and petrochemical businesses 4

5 Target To continually develop the investment project at least 4 projects within 2019 To acquire the National Total Quality Control (TQC) Award within 2019 To meet the target of yearly operating result of 20% increase with a total services income of Baht 10,000 million within 2019 (consolidated financial statements) 5

6 TRC Group Structure TRC Construction Public Company Limited (Thailand) Paid-up Capital 565 MB 30% 99.99% 100% Sinopec-TRC Joint Venture (Thailand) Sahakarn Wisavakorn Co., Ltd. (Thailand) Paid-up Capital 500 MB TRC Investment Limited (Mauritius) 9.80% 70% Sinopec International Petroleum Service Corporation (China) 51% Sahakarn and CR Group 100% TRC International Limited (Hong Kong) 4.14% 13.94% ASEAN Potash Chaiyaphum Public Company Limited (Thailand) Paid-up Capital 1,811 MB 70% 70% TRC Middle East LLC (Sultanate of Oman) Paid-up Capital OMR 150,000 TRC Engineering LLC (Sultanate of Oman) Paid-up Capital OMR 250,000 6

Key Corporate Milestone Ubon Bio-Ethanol

Khoi Cross Country Gas Pipeline Listed on the

Phase I Project Bidding with many competitors

Undertaking International & Large Scale Project

Sultanate of Oman Consortium with Siemens for

Projects Ubon-Bio Ethanol Project Gulf s 7SPP

Developer Utilizing EPC experiences and become

the SET in 2013 Navanakorn - Rangsit Project

Ratchasrima Project (JV with Sinopec) Bangchak

7 Key Corporate Milestone Ubon Bio-Ethanol Nigeria Project Revamp OCS#1 Wang Noi-Kaeng Khoi Cross Country Gas Pipeline Listed on the MAI 2005 Contractor Bangchak Biodiesel Plant - Phase I Project Bidding with many competitors and lower margin Ratchaploen Project Undertaking International & Large Scale Project Development Oman Project EPC for Flowline in Sultanate of Oman Consortium with Siemens for OCS# EPC Contractor Providing Engineering, Procurement & Construction services with fewer competitors and higher margin Gulf JP Pipeline TRC is equipped capability of EPC and undertake Large Scale Projects Ubon-Bio Ethanol Project Gulf s 7SPP and IPP Gas Pipeline Project 2010 Project Developer Utilizing EPC experiences and become the ONE STOP SERVICE for our clients Moving to the SET in 2013 Navanakorn - Rangsit Project Provincial Gas Transmission Pipeline to Nakhorn Ratchasrima Project (JV with Sinopec) Bangchak Biodiesel Plant - Phase II Project TTM Project Investment with China Railway 2013 onwards Investor For sustainable growth 7

8 Our Core Business Pipeline Construction for Energy and Petrochemical Industry Mechanical Installation and Process Plant & Construction for Energy and Petrochemical Industry Infrastructure Construction Project Development and Investment 8

9 Strategic Partners * ** * CRCC: China Railway Construction Corporation Limited, China ** TWC: Tiong Woon Crane Pte Ltd., Singapore 9

10 Our Quality, Health, Safety and Environmental Promises HSE Achievement of TRC Construction Plc. HSE Achievement of Sahakarn Wisavakorn Co., Ltd. HSE Achievement of TRC Middle East LLC June 2015 HSE Achievement 10

11 Our Reputable Clients 11

Very Good 2015 CG Scoring from IOD Data for Evaluation TRC 2014 2015 Listed Companies Average 2013 publicly available information TRC Listed Companies Average 2014 publicly available information 1.

12 Very Good 2015 CG Scoring from IOD Data for Evaluation TRC Listed Companies Average 2013 publicly available information TRC Listed Companies Average 2014 publicly available information 1. Overall Ranking 86% 72% 88% 75% Very Good Very Good *Noted Lower Score *Noted Higher Score 2. Ranking by Categories 1. Shareholders Rights 84% 87% 99% 91% 2. Equitable Treatment of Shareholders 96% 91% 96% 91% 3. Stakeholders Rights 82% 62% 83% 70% 4. Financial Transparency and Information Disclosure 93% 77% 95% 80% 5. Role and Responsbilities of the Board 82% 63% 82% 66% 12

13 SET AWARDS 2015 SET market capitalization of THB 3 bln. - THB 10 bln. Outstanding Company Performance Awards Outstanding Investor Relations Awards 13

14 Content Company Overview 3 Ongoing Projects 15 Future Developments 22 Capital Increase & Debenture Issuance 32 Key Financial Highlights 35 14

TRC Group Revenue Growth Ongoing Core Business: Significant Projects Pipeline PTT s Provincial Gas Transmission Pipeline Saraburi to Nakorn Ratchasima (SINOPEC-TRC JV, TRC s Work Portion:1,641 MB)

15 TRC Group Revenue Growth Ongoing Core Business: Significant Projects Pipeline PTT s Provincial Gas Transmission Pipeline Saraburi to Nakorn Ratchasima (SINOPEC-TRC JV, TRC s Work Portion:1,641 MB) PTT s 1 st Transmission Pipeline Life Extension (3,725 MB) Petrochemical Plant Bangchak Biofuel s 450 TPD Biodiesel Plant (1,200 MB) Trans Thai-Malaysia s Incinerator Plant (922 MB) Civil Work PTT s the Energy Laboratory of Applied Building (278 MB) Construction Srinakarin Romkao Road Project Phase 1 (1,120 MB) Investment in APOT EPC Construction Project & Long-Term Investment 15

Pipeline: PTT s Provincial Gas Transmission Pipeline Saraburi to Nakhon Ratchasima

Public Company Limited Contractor: Sinopec-TRC Joint Venture Contract Value: Baht

40 million TRC s Work Portion: Approximately of THB 1,641 million Scope of Work:

from Saraburi to Nakhon Ratchasima EPC of 6 Block Valve Stations, Launcher &

16 Pipeline: PTT s Provincial Gas Transmission Pipeline Saraburi to Nakhon Ratchasima Provincial Gas Transmission Pipeline Saraburi to Nakhon Ratchasima Owner: PTT Public Company Limited Contractor: Sinopec-TRC Joint Venture Contract Value: Baht 4, million + USD million TRC s Work Portion: Approximately of THB 1,641 million Scope of Work: EPC of 28 inch diameter main transmission pipeline for approximately of 112 km. from Saraburi to Nakhon Ratchasima EPC of 6 Block Valve Stations, Launcher & Receiving Station Work Location: Along Highway No.2 (Mittraphab Road) Work Period: Nov 13 - Aug 16 % of Completion as at 30 September 2015: 82.65% 16

Pipeline: PTT s 1 st Transmission Pipeline Life Extension Project 1 st Transmission Pipeline Life Extension Project (PLLEP) : 28 Recoat Section (RC-400) Owner: PTT Public

17 Pipeline: PTT s 1 st Transmission Pipeline Life Extension Project 1 st Transmission Pipeline Life Extension Project (PLLEP) : 28 Recoat Section (RC-400) Owner: PTT Public Company Limited TRC s Work Value : Baht 3,725 million Scope of Work: Recoating the existing 28-inch diameter pipeline (Route Code 400), separate into 2 sections as following: - Section 1 : from KP to AMATA City Block Valve Station (approximately 35,400 M long) - Section 2 : from BV#3 to BV#6 (approximately 57,216 M long) Total length : 92,616 M long Project Location : From Amphur Mabkha, Rayong Province to Bangpakong Powerplant, Chonburi Province Work Period: Feb 15 - Oct 18 % of Completion as at 30 September 2015: 10% 17

33 million (Approximately of Baht 922 million) Scope of Work: Install the 2 of new incinerator package for 2 separation trains of

18 Petrochemical Plant: TTM Project New Incinerator Project Owner: Trans Thai-Malaysia (Thailand) Limited. TRC s Work Value: Baht 519 million + USD million (Approximately of Baht 922 million) Scope of Work: Install the 2 of new incinerator package for 2 separation trains of existing gas separation plant. And bypass system to the existing incinerator in case of the new incinerator trip. Work Location: Chana District, Songkhla Province Work Period: Nov 14 - Jul 16 % of Completion as at 30 September 2015: 27.99% 18

Petrochemical Plant: BBF s 450 TPD Biodiesel Plant 450 TPD Biodiesel Plant Project Owner : Bangchak Biofuel Company Limited TRC s Work Value : Baht 1,215 million Scope of Work : EPC package of new

19 Petrochemical Plant: BBF s 450 TPD Biodiesel Plant 450 TPD Biodiesel Plant Project Owner : Bangchak Biofuel Company Limited TRC s Work Value : Baht 1,215 million Scope of Work : EPC package of new Biodiesel Plant with capacity of 450 tons/day and together with conversion unit of High Fatty Acid Oil to Biodiesel or feed stock unit at least capacity 55 tons/day using Crude Palm oil (CPO), Palm stearin (RPS) and Palm Fatty Acid Distillation (PFAD) as main raw material Project Location : Bangpa-in District, Phra Nakhon Si Ayutthaya Province Work Period: Dec 14 - May 16 % of Completion as at 30 September 2015: 51.39% 19

Civil Work: Construction Srinakarin Romkao Road Project Phase 1 Owners: Bangkok Metropolitan Administration Metropolitan Waterworks Metropolitan Electricity Authority TOT Public Company Limited CAT

20 Civil Work: Construction Srinakarin Romkao Road Project Phase 1 Owners: Bangkok Metropolitan Administration Metropolitan Waterworks Metropolitan Electricity Authority TOT Public Company Limited CAT Telecom Public Company Limited These 3 contracts (1,090 MB) are signed. The remaining 2 contracts (12 MB) are on the process of contract signing. Total Work Value: Baht 1, million (Total 5 owners) Scope of Work: Construction the interchange of Srinakarin Road and Krungthepkreetha Construction Srinakarin Road to Hua Mark Klong Construction of Manholes and Underground Duct banks Construction Plumbing and related tasks Work Period: July 15 July 17 20

21 content Company Overview 3 Ongoing Projects 14 Future Developments 22 Capital Increase & Debenture Issuance 31 Key Financial Highlights 34 21

22 Revised Five-year Investment Plan of PTT (Year ) Revised from 325,551 MB to 298,700 MB* (Unit : Million Baht) Business Total % Natural Gas 34,885 19,398 33,876 40,008 36, , Oil and International Trading Head Office and Others 9,149 4,708 7,040 2,882 2,777 26, ,311 5,763 2,214 1,177 1,222 13,687 5 Infrastructure 5, ,582 2 Investment in Joint Venture and its wholly owned investment 24,416 9,034 19,432 16,906 18,169 87, Total 77,280 38,925 62,581 60,988 58, , Source : PTT s news reported to the Stock Exchange of Thailand on 28 March 2015 *The reduction is mainly for the phase 2 of Liquefied Petroleum Gas (LPG) import facilities project of oil business unit, due to LPG import tends to lower as a result of Government s LPG Price restructure, which would affect LPG consumption. Moreover, the uncommitted investment projects are also reduced. However, investments in gas business unit, core business of PTT, which comprise of natural gas transmission pipeline including import Liquefied Natural Gas (LNG) capability enhancement to meet gas demand growth, still maintain at the same level. 22

23 Potential Project : Mega Project Metropolitan Rapid Transit Authority 5 Projects No Line Station Project Value (MB) Progress 1 Metropolitan Rapid Transit Purple Line : MRT Purple Line Tao Poon Rat Burana 131,003 To be proposed the Council of Ministers 2 Metropolitan Rapid Transit Orange Line : MRT Orange Line Thailand Cultural Center Min Buri 110,116 To be proposed the Council of Ministers 3 Metropolitan Rapid Transit Pink Line : MRT Pink Line Khae Rai Min Buri 56,690 To be proposed the Proposing PPP* 4 Metropolitan Rapid Transit Yellow Line : MRT Yellow Line Lat Phrao Samrong 54,644 To be proposed the Proposing PPP* 5 Metropolitan Rapid Transit Dark Red Line : MRT Dark Red Line Bang Sue - Hua Lamphong 44,157 To be proposed the Council of Ministers *Public Private Partnerships 23

24 List of Potential Bidding Projects in 2016 Project Name Approximate Project Value (Million Baht) Estimated Project Period A. Natural Gas Pipeline Gas Transmission Pipeline 8, B. Processing Plant B.1 Processing Plant-APOT Project 20,000 30, B.2 Processing Plant from Thailand Tobacco Monopoly (5 Packages) B.3 Waste to Energy 5, , B.4 Other Projects 5, onwards C. Infrastructure Government Projects 20,000-30, Total 24

Investment in APOT TRC has invested in ASEAN Potash Chaiyaphum Public Company Limited ( APOT ) (former name was ASEAN Potash Mining Public Company Limited or APMC ) who develops the ASEAN Potash

25 Investment in APOT TRC has invested in ASEAN Potash Chaiyaphum Public Company Limited ( APOT ) (former name was ASEAN Potash Mining Public Company Limited or APMC ) who develops the ASEAN Potash Mining Project, one of the cooperation projects between ASEAN members. (Thai, Indonesia, Malaysia, Brunei, Philippines and Singapore) At present, APOT is during developing its project after obtaining the 25-year mining concession in February The ITB for EPC package of underground mining and processing plant was issued during 2-6 November The result of bid should be finalized in January-February During the 25-year Mining Concession, APOT shall produce at least 20 million tons of MOP (Muriate of Potash) or equivalent to at least USD 8,000 million. 25

26 APOT Mining Concession License (25-Year) 26

27 Investment in APOT s shares The 9/2015 Board of Directors Meeting of TRC in September 2015 approved TRC Investment Limited, a subsidiary in Mauritius, to acquire additional ordinary shares of ASEAN Potash Chaiyaphum Public Company Limited at the aggregate of not exceeding 6.3 million shares, par value at Baht 100 per share, at price of Baht 200 per share, total value of Baht 1,260 million from Thermal Trade and Investment Limited. Current Status: TRC Investment acquired million shares on 30 Oct 2015 As at 11 Nov 2015 No. of APOT s Shares Fully paid-up capital (During 2016) Total APOT s Paid-up Shares 18,113,373 28,057,973 Shareholding in APOT by TRC Group: TRC International Limited 750, ,000 TRC Investment Limited 1,775,000 6,300,000 Total TRC Group 2,525,000 7,050, % 25.13% 27

28 The source of Potash around the world Source: KURZFASSUNGEN FESTSYMPOSIUM, 60 Jahre Kaliprojektierung aus Erfurt 20 Jahre ERCOSPLAN 28

29 The source of Potash in Thailand ASEAN Potash Project Source: Research paper of Asst. Prof. Dr. Parkorn Suwanich, Faculty of Environment and Resource Studies, Mahidol University, Bangkok (Thailand) in

30 Supply Demand of Potash in market world Source: Fertecon PotashCorp ( 30

31 Content Company Overview 3 Ongoing Projects 14 Future Developments 21 Capital Increase & Debenture Issuance 32 Key Financial Highlights 34 31

32 Capital Increase during May-Oct 2015 Registered Capital (After Par Changing from Baht 0.50 to Baht 0.125) No. of Shares (Million Shares) At Par Baht 0.125/Share Million Baht 5, Paid-up Capital (11 May 15) 3, Capital Increase during May-Oct 2015: Stock Dividend on 28 May The 5 th ESOP Exercising in Jun Offering shares to 16 investors through Private Placement during Jul Aug Baht 2.20 Baht/Share (Proceeds : 726 MB) The 6 th ESOP Exercising in Sep Paid-up Capital at Present 4,

33 Debenture Issuance by way of Private Placement (Approved by 2015 AGM in April 2015) Objective: To raise fund for utilizing for working capital, investing and expanding future business and repayment of debt Baht 500 Million, gradual issuance 8 July 2015 : Baht 100 Million Interest Rate: 4.68% Tenor: 2 Years Baht 2,000 Million - TRC-W1 675,000 units can be issued together with Bond - Exercise ratio: 1 warrant: 1 new share - Exercise price: Baht Tenor of Debentures & Term of Warrants: 5 Years 33

34 Content Company Overview 3 Ongoing Projects 14 Future Developments 21 Capital Increase & Debenture Issuance 31 Key Financial Highlights 35 34

35 Financial Highlights (Million Baht) Month Month 2015 YoY Growth Amount % Amount % Amount % Amount % (9-Month 2015 vs 2014) Construction services income 2, % 3, % 2, % 2, % 16.14% Cost of services 2, % 2, % 1, % 2, % 20.61% Gross profit % % % % -1.37% Other income Interest income % % % % % Other income % % % % % SG&A and finance cost % % % % 11.50% Earning before tax % % % % 7.92% Tax % % % % -7.66% Profit % % % % 12.54% Profit attributable to non-controlling interests of the subsidiaries Profit attributable to equity holders of the Company % % % % -4.93% % % % % 12.12% Total revenues 2, , , , % Total assets 1, , , , %* Total liabilities , , %* Total shareholders' equity 1, , , , %* D/E (Time) * Growth from at the end of

2% 2012 (4,315 MB) 2013 (2,481 MB) Process & Plant 0.2% Civil 16.4% Other Services 1.

36 Construction Services Income Break-Down Process & Plant 28.3% Civil 7.4% Pipeline 64.2% Other Services 0.1% Process & Plant 9.8% Civil 9.0% Other Services 2.0% Pipeline 79.2% 2012 (4,315 MB) 2013 (2,481 MB) Process & Plant 0.2% Civil 16.4% Other Services 1.0% Process & plant 35.3% Civil 6.1% Other Services 0.1% Pipeline 82.4% Pipeline 58.5% 2014 (3,095 MB) 9-M 2015 (2,572 MB) 36

37 Total Revenue & Net Profit TARGET: Services Income 10,000 (MB) 2014 Total Revenue Growth 24% Net Profit Growth 71% 9-M 2015 Total Revenue Growth 18% Net Profit Growth 12% 37

38 Gross Profit & Net Profit Margin (%) M 2015 Gross Profit Margin Net Profit Margin 38

39 ROE & D/E Return on Equity Debt to Equity Ratio (%) Time(s) nd Qtr 14* 3rd Qtr 15* Sep 2015 TRC and its subsidiaries Industry Group** * Financial Ratio of Industry Group was from the following sector: : PROPCON, CONMAT, PROP 2014 onwards: CONS 39

40 TRC Group Backlog 8,000 7,000 6,000 (MB) 6, ,705 Projects Awarded in the 4 th ,000 4,000 3,000 2,000 1,000 4, ,415 1, ,835 2,970 4, , ,347 3,487 4,917 6,622 (30 Sep 15) Sep-15 TRC SKW Oman Subsidiaries + New Projects Awarded In the 4 th Qtr

41 30 September 2015 Backlog Backlog by Scope of Work Scope of Work No. of Projects Remaining Value (MB) Pipeline 4 4,507 Petrochemical Plant 2 1,267 Civil Work Total 10 6,622 Civil 12.8% Petro 19.1% Pipeline 68.1% Backlog by Company Company No. of Projects Remaining Value (MB) TRC 5 4,916 SKW 5 1,706 SKW 25.8% Total 10 6,622 TRC 74.2% 41

42 TRC s Backlog as at 0 September 2015 Pipeline Project Name Type of Works Project Owner/ Client Work Value (MB) Uncompleted Work Value (MB) Project Period 1. 1 st Transmission Pipeline Life Extension Project: 28 Recoating Section E, P, C PTT Public Company Limited 3, , Feb 15 Oct Provincial Gas Transmission Pipeline to Nakhon Ratchasima (Contractor: Sinopec TRC Joint Venture) (Project value 4, MB and USD Million) 3. Natural Gas Pressure Reduction Station Pipeline Project E, P, C PTT Public Company Limited E, P, C PTT Public Company Limited 1, (Only TRC s Portion) Nov 13 Aug 16 (Extended from Apr 16) Apr 14 Oct 15 Total 3 Projects 5, ,

43 TRC s Backlog as at 0 September 2015 Petrochemical Plant Project Name TPD Biodiesel Project (Expansion Phase) Type of Works Project Owner/ Client E, P, C Bangchak Biofuel Company Limited Work Value (MB) Uncompleted Work Value (MB) Project Period 1, Dec 14 May Change order in Plant layout revise to be Option 2 E, P, C Bangchak Biofuel Company Limited Jun-15 Jun The new Incinerator Project (Project value MB and USD Million) E, P, C Trans Thai Malaysia (Thailand) Limited Nov 14 Jul 16 Total 2 Projects 2, ,

44 SKW s Backlog as at 30 September 2015 Project Name Type of Works Project Owner/ Client Work Value (MB) Uncompleted Work Value (MB) Project Period 1. Construction, Improvement and Expansion of Waterworks, Koh Samui Branch, Koh Samui District, Surat Thani Province Phase 1, Part 2 2. Construction Project, Srinakarin to Romklao Road, Phase 1 3. Construction the Energy Laboratory of Applied Building, Amphur Wangnoi, Ayutthaya Province 4. Water Resource Conservation and Rehabilitation for Buengsanat, Nakhonsawan Province 5. Water Resource Conservation and Rehabilitation for Nong Yai, Nakhonsawan Province E, P, C Provincial Waterworks Authority E, P, C Bangkok Metropolitan Administration E, P, C PTT Public Company Limited E, P, C Department Of Water Resources E, P, C Department Of Water Resources Aug-15 Feb Jun 15 Jul Dec 13 Oct Jul -15 Jan Jul 15 Dec-15 Total 5 Projects 1, ,

New Projects Awarded during Oct - Nov 2015 TRC Project Name Type of Works Project Owner/ Client Upgrade PLC & SCADA System E Bangchak Biofuel Company Limited Work Value (MB) Uncompleted Work Value

45 New Projects Awarded during Oct - Nov 2015 TRC Project Name Type of Works Project Owner/ Client Upgrade PLC & SCADA System E Bangchak Biofuel Company Limited Work Value (MB) Uncompleted Work Value (MB) Project Period Oct 15 Dec SKW Project Name 1. Construction Project, Srinakarin to Romklao Road, Phase 1 2. Increase performance of highway no. 32 section 0401 Pho Nangdam ok + Hang Nam Sakhon between km km Type of Works Project Owner/ Client E, P, C Metropolitan Electricity Authority E, P, C Metropolitan Waterworks Authority E, P, C The Department of Highways 12 (Suphan Buri) Work Value (MB) Uncompleted Work Value (MB) Project Period Oct 15 Jun Nov 15 Jun days

46 46

TRC Corporate Presentation. The 2 nd Qtr & 6-Month 2015 Operating Performance. 4 September 2015

TRC Corporate Presentation. The 2 nd Qtr & 6-Month 2015 Operating Performance. 4 September 2015 TRC Corporate Presentation The 2 nd Qtr & 6-Month 2015 Operating Performance 4 September 2015 1 Content Company Overview 3 Ongoing Projects 14 Future Developments 21 Capital Increase & Debenture Issuance