RCR Tomlinson : Chairman's Address to Shareholders

24 October 2017

ADDRESS BY CHAIRMAN, RODERICK BROWN 2017 ANNUAL GENERAL MEETING‌

Good morning ladies and gentlemen.

My name is Rod Brown, Chairman of the Board of RCR Tomlinson Ltd.

On behalf of my fellow Directors, I'd like to welcome you to our 2017 Annual General Meeting.

Before we begin proceedings, I would firstly like to acknowledge and pay respect to the traditional owners of the land on which we meet; the Gadigal people of the Eora Nation and to acknowledge the indigenous people of all regions of Australia where we operate.

Safety is paramount in everything we do and as such I would like to make sure you are familiar with the evacuation procedures we will follow in the unlikely event of an emergency. In the event of an emergency, you will hear an evacuation alarm. Please follow the instructions of the wardens and assemble at the primary evacuation point for the Hotel.

Ladies and gentlemen, I'm satisfied a quorum is present and so I declare the meeting open.

A Notice of Meeting was distributed earlier, setting out the business and resolutions to be considered at today's meeting, and I will take that Notice as read.

Introduction of the Board and Others

I'd now like to introduce my fellow Directors. On stage here with me is:

• RCR's Managing Director and Chief Executive Officer, Dr Paul Dalgleish.

• Our Non-Executive Directors, firstly, Ms Eva Skira (who is Chair of the Remuneration & Nominations Committee), next is Mr Paul Dippie, Mr Lloyd Jones, Mr Bruce James and finally, Ms Sue Palmer (who is Chair of the Audit & Risk Committee).

• I am also joined by our Chief Financial Officer, Mr Andrew Phipps and our Company Secretary, Mr Darryl Edwards.

In the audience today are a number of RCR senior executives, employees, and advisers.

We also have Mr Alex Collinson from our Auditors, Deloitte Touche Tohmatsu. Alex is available to answer any questions you may have on the conduct of the audit, or the auditor's report itself.

1

RCR Tomlinson Ltd | ABN 81 008 898 486 | www.rcrtom.com.au | enquiries@rcrtom.com.au

Meeting Format

As you will be aware from the Notice of Meeting, there are a number of items of business to be discussed when we move into the formal part of the meeting.

Two of the items involve the re-election of Ms Sue Palmer and Mr Bruce James. The additional items relate to consider and receive the 2017 Annual Report, the adoption of the Company's 2017 Remuneration Report; approval for the proposed grant of long-term equity based incentives to Managing Director, Dr Paul Dalgleish; approval of Proportional Takeover Provisions; and Ratification of our recently completed Institutional Placement.

Voting on items will be conducted by a poll, which will be conducted by casting your votes on your voting card.

Before we move to the formal part of the meeting, I'll make some comments about our performance over the last financial year and update you on the Company's strategic direction and outlook.

Then we will move to the formal business and at the conclusion of the formal meeting Dr Dalgleish will present further detail on the Company's strategic priorities, as well as an overview of current business activities. After that we will be happy to take questions.

A Significant Year of Progress

2017 was a year of significant progress for the Company, a year in which we delivered earnings that exceeded market expectations and grew our revenues by 45% to $1.3B.

The business also ended the financial year with a record Order Book1 of $1.4 billion, up 40% on prior comparative period ("PCP") and we are also Preferred Contractor2 on a further $1.6 billion, of opportunities up 198% on PCP.

RCR has also firmly positioned itself as one of Australia's leading Engineering, Procurement and Construction ("EPC") providers of large-scale solar and other renewable energy infrastructure projects.

Successful Completion of Capital Raising to Support Growth

To support our enviable growing pipeline of projects and to capitalise on the substantial growth across our end- markets, particularly the solar market, the Board announced on 24 August 2017, a capital raising initiative.

Pleasingly, we successfully completed the capital raising, which raised approximately $90 million and was extremely well supported by existing and new institutional shareholders and also by our existing base of retail shareholders.

Importantly, this new capital will enable RCR to maintain a conservative and flexible balance sheet, which is essential to ensure that RCR is in a position to take full advantage of growth opportunities that exist across its end markets. It will also support future working capital and bonding requirements, and provide a stronger balance sheet which will further enable RCR to selectively invest in solar projects, alongside its project partners, when the Board considers it prudent to do so.

2

RCR Tomlinson Ltd | ABN 81 008 898 486 | www.rcrtom.com.au | enquiries@rcrtom.com.au

Our Strategy has Positioned us for Continued Growth

As a result of management's significant efforts, this past year has provided RCR with great opportunity and great stimulus.

It is clear that RCR's future continues to be built on the same principles that have driven our success throughout this Company's long and proud history - a deep commitment to continually evolve through intelligent application of engineering.

Furthermore, we firmly believe that RCR's ability to adapt to market conditions and position ourselves effectively in new sectors will continue to set RCR apart from its peers.

Our core strategy remains to continue to diversify our business, and to broaden our engineering led activities to leverage our strengths and enhance our offerings in the infrastructure, energy and resources markets.

As highlighted earlier, we have made substantial progress during the year on our near-term priorities. Having continued with our disciplined approach to strategy, we identified significant emerging growth opportunities in renewable energy, rail and water; and I am pleased to report that we have successfully secured significant new business in these areas.

Our forward pipeline of renewable energy projects is, indeed, significant.

We have also been awarded a number of new rail projects, and are well positioned for future opportunities being driven by increased spending in rail infrastructure.

In our traditional markets, where RCR continues to show leadership, our edge in innovative design saw RCR being awarded a number of EPC projects in the resources sector. These projects demonstrate the application of our Engineering Intelligence to materials handling across a range of minerals including iron ore, gold, lead/zinc and lithium.

Growth in Renewable Energy

We continue to identify opportunities in the rapidly evolving renewable energy sector, which we believe will see a significant number of new projects developed in Australia over the next decade, including an estimated 12.7GWac3 of new projects over the coming years.

Our strengths in core aspects of engineering and project delivery have been readily translatable to the new and emerging renewable energy market. This has enabled us to position RCR as a market leader in the design and construction of large scale utility photovoltaic solar, wind and battery storage projects.

Our success in this sector has been enviable, and during this past year we have secured over 600MWac of projects which are under construction and over 1GWac have confirmed RCR as the preferred contractor or under development, with a number of contract conversions anticipated within the next six months.

Major renewable energy projects secured in the past year include two of Australia largest solar farms currently under construction, being a 125MWac Solar Farm for Sun Metals and the 110MWac Darling Downs (stage 1) Solar Farm for APA Group. Other projects currently under construction include the Gannawarra, Manildra, Longreach, Oakey, Swan Hill, Daydream and Hayman Solar Farms and the balance of plant for the Yaloak Wind Farm. As just announced yesterday, we can now add the Emerald Solar Farm to this enviable list.

Notwithstanding the growth in renewable energy projects, RCR continued to build on its strategy around other growing markets and is ideally positioned in the rail and transport, water, resources and defence sectors.

We also continued to invest in broadening RCR's engineering led offerings by expanding our footprint into SE Asia, developing partnerships with technology leaders, and maintaining a continuous focus on creating intelligent engineering solutions.

FY17 Results

Looking back on the past year's financial performance, on a reported basis we delivered a Net Profit After Tax ("NPAT") of $25.7 million which was supported by strong cash flows.

Our financial performance was reflective of growth in our infrastructure business and the solid performance from our resources business and recurring revenue base.

For you our shareholders, the Company pleasingly also delivered total shareholder returns of 95% for the 12 months ending 30 June 2017 and on 5 October 2017 the Company paid out approximately $10 million in dividends to shareholders.

Safety and People

Now turning to our safety performance and our people.

RCR's safety performance demonstrates that our ongoing focus on a strong safety culture and robust safety management systems continues to deliver results.

The commitment of our employees has seen an improvement by 56% in our Lost Time Injury Frequency Rate ("LTIFR") to 0.78 per million man hours.

Our continuing focus on safety remains on leading behaviours which proactively develop a strong safety culture, ultimately keeping our employees safe in our workplaces.

Currently, RCR employs around 3,500 people who are located across multiple countries. Their unwavering dedication has been key in enabling RCR to achieve even greater success this year and I thank all our employees for their contribution.

Importantly, we also continue to maintain a strong apprentice and graduate workforce of over 130 people. It is these young people who are the foundation of our future workforce.