ANNUAL REPORT 2016 Mass Authority of

Annual Report 2016 Mass Rapid Transit Authority of Thailand

METRO LIFE WE ELEVATE WE ELEVATE MRTA : MRTA Facebook Fanpage : การรถไฟฟ้าขนส่งมวลชนแห่งประทศไทย www.mrta.co.th 175 Rama IX Road, Huai Khwang, 10320 โทรศัพท์ 0 2716 4000 โทรสาร 0 2716 4019 175 ถนนพระราม 9 เขตห้วยขวาง กรุงเทพมหานคร 10320 Mass Rapid Transit Authority of Thailand การรถไฟฟ้าขนส่งมวลชนแห่งประเทศไทย ANNUAL REPORT

Mass2016 Rapid Transit Authority of Thailand 4 Message from the Chairman 6 Message from the MRTA Governor 8 Overview of the State Enterprise 16 Important Financial Information and Report of Financial Status Analysis 20 Organization Chart 22 Structure of MRTA Board of Directors 24 Profile and Compensation MRTA Board of Directors 41 Committees and Sub - Committees of MRTA

List of Executive52 Officers at Departmental Director Level (As of 30 September 2016)

Summary60 of Manpower Information: MRTA Officers and Employees (As of 30 September 2016) 62 Capital Structure 65 Key Current and Future Investments 67 Summary of MRTA Performance 99 Conflicts of Interest Prevention Policy 101 Policy on Good Governance 102 MRTA Corporate Social and Environmental Responsibility Policy 103 CSR Activities 109 Important Activities 116 Report of MRTA Board of Directors’ Responsibility to the Financial Report 117 Report of the Audit Committee for the Fiscal Year 2016 4 ANNUAL Report 2 0 1 6

Message from the Chairman of the MRTA Board of Directors As the vision of the Mass Rapid Transit Authority of Thailand (MRTA) is to become a leading organization in providing efficient and complete mass rapid transit service to enhance people’s quality of life, and to commemorate the 25th anniversary of the MRTA establishment, I am so pleased, as the Chairman of the MRTA Board of Directors, that “the M.R.T. Chalong Ratchadham Line” can operate its full service to serve commuters residing in Bangkok and Province. Most importantly, on August 6, 2016, Her Royal Highness Princess Maha Chakri , graciously presided over the official opening ceremony of the M.R.T. Chalong Ratchadham Line. Such success is derived from the MRTA’s strong commitment to complete the implementation of the mass rapid transit projects in accordance with the government policy based on the perception that an effective MRT system with the networks covering all areas is one of the factors that will rapidly drive the country’s socio and economic growth. Presently, MRTA has undergone a number of MRT projects for the extension lines and new line projects, namely the MRT Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Sections, which are scheduled to be open for service in 2019 and 2020 respectively; the MRT Project : Bearing - Samut Prakan Section, scheduled to be completed and open for service in 2018 and the MRT Green Line Project : Mo Chit - Saphan Mai - Khu Khot Section, scheduled to be completed and open for service in 2020. Apart from that, 3 MRT projects have been approved by the Cabinet and are waiting for implementation as follows: the MRT Project : - Min Buri (Suwinthawong) Section; the MRT Project : Khae Rai - Min Buri Section and the MRT Project : Lat Phrao - Samrong Section. Moreover, MRTA has also prepared 2 projects ready for implementation which are in the process of submitting for the cabinet’s approval, namely the MRT Project : Tao Pun - Rat Burana Section and the MRT Blue Line Extension Project : Bang Khae - Phutthamonthon Sai 4 Section. With these, the MRT system will be able to accommodate the MRT passengers’ demand and the MRT networks will be interconnected for travelling and covering all areas of the Bangkok Metropolitan Region. On behalf of MRTA, I have intensified my efforts to enable the MRT projects to be open for service as planned so as to facilitate the public with more convenient, faster and safer travelling. Also, I would like to express my sincere appreciation to MRTA executives and employees as well as all parties involved for their continuous support and cooperation in the MRTA operations. May I have my words to give full determination to implement all MRT projects to be completed as scheduled for the public’s best interests and the country’s progress in the future. 5 ANNUAL Report 2 0 1 6

an effective MRT system with the networks covering all areas is one of the factors that will rapidly drive the country’s socio and economic growth.

General (Yodyuth Boonyatikarn) Chairman of the MRTA Board of Directors Mass Rapid Transit Authority of Thailand 6 ANNUAL Report 2 0 1 6 Message from the MRTA Governor Regarding to primary concern of the government to develop the transportation network with a goal to improve the capability on mode of transport of the country to become hub of the ASEAN region, the Mass Rapid Transit Authority of Thailand (MRTA), as the key organization which is in charge of 6 lines, 13 projects, has accelerated the implementation of MRT projects in response to the government policy to enhance the efficiency of the country’s transportation system. In fiscal year 2016, MRTA expedited the implementation of MRT projects with continuous progress, especially “the M.R.T. Chalong Ratchadham Line” which was completed and opened for service on August 6, 2016 to serve the commuters residing in Bangkok and . Prior to officially opening, MRTA also conducted the virtual trial run and opened the M.R.T. Chalong Ratchadham Line for public trail in preparing for the Mechanical and Electrical (M&E) Systems and operation service to be ready at maximum efficiency. As the MRTA Governor, I am very proud that opening of the M.R.T. Chalong Ratchadham Line will help improve and raise the quality of life of people who reside in Bangkok and Nonthaburi Province. In addition to the M.R.T. Chalong Ratchadham Line, MRTA has also accelerated the implementation of the other MRT projects with steady progress. Currently, there are 3 projects under construction, namely the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections; the MRT Green Line Project : Mo Chit - Saphan Mai - Khu Khot Section; and the MRT Green Line Project : Bearing – Samut Prakan Section. Three other projects of which the bidding is underway include the MRT Orange Line Project (East): Thailand Cultural Centre - Min Buri (Suwinthawong) Section; the MRT Pink Line Project : Khae Rai - Min Buri Section; and the MRT Yellow Line Project : Lat Phrao - Samrong Section. Besides, there are also 4 more projects scheduled to be carried out in 2017 as follows: the MRT Orange Line Project (West) : Taling Chan - Thailand Cultural Centre Section; the MRT Blue Line Extension Project : Bang Khae - Phutthamonthon Sai 4; the MRT Purple Line Project (South) : Tao Pun - Rat Burana Section; and the MRT Green Line Project : Samut Prakan - Bang Pu and Khu Khot - Lam Luk Ka Sections. Upon completion of the projects, people will be able to use the MRT service with complete network coverage of the Bangkok Metropolitan Area which allows facilitation, reduces travel time, mitigates traffic congestion and enhances people’s quality of life. Apart from its main responsibilities to carry out the MRT projects, MRTA has also recognized the importance of improving people’s quality of life simultaneously through the implementation of Corporate Social Responsibility (CSR) activities, e.g., the Bright Community along the Route of MRT Line activity which offers training on basic fire fighting, first aid and CPR to people in communities together with repair services for electrical appliances and basic health check-up with free of charge. Additionally, MRTA has also organized volunteering activities to pay back to public especially for the youth, as future of the nation, for instance, improving sports ground and donating sports equipment, books as well as study materials at Wannawit School in Bangkok and designing and constructing a computer learning center building at Ban Tha Yae School, Dan Makham Tia District, . Those CSR activities are essential guidelines for creating collaboration and giving back good things to the society. Lastly, I would like to thank MRTA’s Board of Directors, committees and subcommittees, executives, employees and all staff members for their work commitment, contribution and dedication. Moreover, I would like to convey my heartfelt thanks to the communities living along the MRT lines, partners, consulting firms, contractors and related agencies for being the key component in stimulating the successful implementation of the MRTA projects and creating an effective and sustainable mass rapid transit system in the Bangkok Metropolitan Region. 7 ANNUAL Report 2 0 1 6 Opening of the M.R.T. Chalong Ratchadham Line will help improve and raise the quality of life of people who reside in Bangkok and Nonthaburi Province.

(Mr. Peerayudh Singpatanakul) Governor of Mass Rapid Transit Authority of Thailand 8 9 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Overview of the State Enterprise

Background and History of MRTA The traffic congestion in Bangkok Metropolitan Area has intensified as the city growth. In 1971, the government of Thailand has been assisted by the Government of Federal Republic of Germany with a team of experts to conduct a study to explore and draft a master plan for traffic and transportation in Bangkok. The mass rapid transit system was proposed as needed to resolve the travel and traffic issues in Bangkok. The Announcement of the National Executive Council No. 290, dated 27 November 1972, authorized setting up the Expressway and Rapid Transit Authority of Thailand to construct “special routes” consisting of express way and mass rapid transit system. As road traffic became worse in Bangkok, the government considered expediting the part of the mass rapid transit system, to facilitate travel within the metropolitan area without the need for private car usage. The Cabinet then passed resolution on July 28, 1992 approved the establishment of a state enterprise under the auspices of the Prime Minister to oversee the implementation of mass rapid transit system. Consequently, the Royal Decree Establishing the Metropolitan Rapid Transit Authority B.E. 2535 (1992) was announced (published in the Government Gazette, Vol. 109, Part 90, on August 20, 1992) in accordance with the Act on the Establishment of the Government Organizations B.E. 2496 (1953). Owing to the Royal Decree establishing the Metropolitan Rapid Transit Authority B.E. 2535’s lack of comprehensive provisions for the establishment, management and services of mass transportation by MRT, including the public safety, the Metropolitan Rapid Transit Authority was severely limited legally thereby affecting its ability to provide efficient services. As MRT was becoming even more necessary, the Mass Rapid Transit Authority of Thailand Act B.E. 2543 (2000) was enacted and announced (published in the Government Gazette, Vol. 117, Part 114A on December 1, 2000) establishing the Mass Rapid Transit Authority of Thailand, with abbreviation “MRTA”, specifically improving the authority and duties of MRTA to enable the mass transit business to be operated

Address No. : 175 Rama IX Road, Huai Khwang, Huai Khwang, Bangkok 10320 Telephone : 66 2716 4000 Fax : 66 2716 4019 Website : www.mrta.co.th E-mail address : [email protected] 8 9 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 more systematically and efficiently, especially in terms of safety and security. Its main objectives are as follows: 1) Operate the mass rapid transit in Bangkok and its vicinities including other provinces in accordance with the Royal Decree. 2) Study, analyze and formulate projects and plans concerning the mass rapid transit to improve and modernize the system. 3) Perform business involving mass rapid transit and other businesses for the benefits of MRTA and the people using the MRT service. In 2002, after the functional reform of the governmental agencies, the authority of the supervision of supervision the MRTA was transferred from the Prime Minister to the Minister of Transport. Vision “To be a leading organization in providing efficient and complete mass rapid transit service in order to enhance the people’s quality of life” Responsibilities 1) To provide a network of MRT system. 2) To provide a convenient, fast, safe and punctual MRT system. 3) To provide an efficient MRT system that will allow travelers to connect with other modes of transport. 4) To provide fare structure in accordance with targeted users. 5) To conduct the continuous commercial business that is in line with the lifestyles of the targeted users. 6) To develop itself as a learning organization and a center of dissemination technological knowledge on the MRT system in the country. 7) To make itself well-known and a well-accepted by the public. 8) To encourage the stakeholders to understand and be aware of the benefits they will receive from the MRT. 9) To be involved in determining the directions of developing the cities and quality of life. Missions According to the Mass Rapid Transit Authority of Thailand Act B.E. 2543 (2000) has set its main objectives are as follows: 1) Operate the MRT in Bangkok and its vicinities, including in other provinces in accordance with the Royal Decree. 2) Study, analyze and formulate projects and plans concerning the MRT to improve and modernize it. 3) Perform businesses involving the MRT and other businesses for the benefits of MRTA and the people using the MRT services. 10 11 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Corporate Goals 1) MRTA services cover more areas of Bangkok and it vicinities. 2) The number of MRT user increases as targeted. 3) Users are satisfied with the MRTA services. 4) MRTA services are varied and in line with the lifestyles and travelling behaviors of the MRT users. 5) Increase revenue and reduce the government’s subsidy. 6) Become a leading organization in management and dissemination of knowledge base for the country’s mass rapid transit systems. 7) MRTA is well-known and recognized throughout the country. 8) MRTA has an efficient internal management system. 9) MRTA personnel have knowledge and expertise in their responsible work areas. 10) MRTA’s MRT plays an important part in raising people’s quality of life. Main Targets Based on the MRTA’s vision, missions and corporate goals, MRTA’s main targets to be achieved within fiscal year 2016 and beyond are as follow: 1) To commence the services of the following MRT projects*: - In 2016 : Start operations of the MRT Purple Line Project : Bang Yai - Bang Sue Section. - In 2019 : Start operations of the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections. - In 2020 : Start operations of the MRT Green Line Project : Bearing - Samut Prakan Section and Mo Chit - Saphan Mai - Khu Khot Section; the MRT Pink Line Project : Khae Rai - Min Buri Section; the MRT Purple Line Project : Tao Pun - Kanchanaphisek Outer Ring Road Section; and the MRT Yellow Line Project : Lat Phrao - Samrong Section. 10 11 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 - In 2021 : Start operations of the MRT Blue Line Extension Project : Bang Khae - Phutthamonthon Sai 4 Section. - In 2022 : Start operations of the MRT Orange Line Project : Thailand Cultural Centre - Min Buri Section and Taling Chan - Thailand Cultural Centre Section. 2) The number of MRT users is to increase by 5% per annum. 3) The common ticket and fare systems are to be utilized with the M.R.T. Chaloem Ratchamongkhon Line and the MRT Purple Line Project : Bang Yai - Bang Sue Section. 4) 95% of the service users are satisfied with the MRT service and other supplementary services. 5) MRTA’s revenue from the management of assets, services and other businesses already in operation rises to 150 million baht per annum in 2016 as well as the revenue from concessions to 1,078 million baht per annum in 2016. 6) To systematically manage and follow up debts, cash and exchange rates thereby reducing the financial risks and increasing its revenue within 2013. 7) Development of the organization into a center of disseminating MRT technologies to be achieved as planned. 8) 80% of people in the Bangkok Metropolitan Region recognize and are confident in the MRTA’s operations. 9) 90% of service users and people along the MRT lines have a better quality of life. 10) Complete the Executive Information System (EIS) and Decision Support System (DSS) within 2016. 11) 90% of personnel are content with the internal management. 12) 90% of personnel’s competence is raised in accordance with the MRTA’s standards. Note *The targets of the MRTA’s MRT projects acknowledged by the Board of Directors on June 3 and July 3, 2015 Statement of Directions : SOD (The policy of the Government Shareholders) SOD Overview for all state enterprises : To be the mechanism in effectively driving the country’s economic strategy and social development that are based on the principles of good corporate governance. SOD towards the transport infrastructure development field : Develop infrastructure and transportation systems for interconnection networks and improve its service as a high standard, promote mass rapid transit service and logistic systems development in order to increase competitiveness of the country and encourage participation for private sector. SOD for Mass Rapid Transit Authority of Thailand: Implement MRT projects for interconnection networks to cover the Bangkok Metropolitan Region, thereby generating revenue for MRTA and lowering the burden on public sector. 12 13 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Factors that Have a Major Impact on MRTA’s Operation Core Tasks MRT construction projects are huge, requiring a high amount of invested capital and long periods of time to complete, over several changes of government. Changes to the MRT policy may be made due to the new government policy associated with new projects, invariably leading to delay to the MRT construction planned timeline. In addition, people have turned to utilize a private car because of a decrease in fuel prices as well as government policies to encourage the use of NGV gas. Furthermore, certain stages of the huge project construction within the city limits or high density areas require collaboration from both public and private sectors. A lack of cooperation or taking a long time to consider certain issues until they are resolved negatively affects MRTA operations process and plans. Operation and Customer Service Convenience, rapidity, punctuality, safety from accident and crime, common ticket and fare systems, and interconnected transportation are the key factors that clients or service users expect from the MRT services. Other secondary factors also include facilities provided in the stations and in the MRT trains, service quality by staff members etc. Human Resources In fiscal year 2016, MRTA implemented 5 MRT projects construction simultaneously, having a route length of around 80 km, up from previously 1 route with a route length of 20 km. As a result, increasing appropriate manpower is necessary. Besides, in the next 3 - 5 years, MRTA will have to implement more MRT projects for about 8 routes. However, when the implementation of the MRT projects is complete in the next 10 years, a dramatic increase in manpower during the construction period will dwindle. Thus, good and agile manpower planning and human resources management are greatly important. The ability to recruit and retain personnel in the organization is another essential factor as well. Industrial Situation and Future Trend The “Rail Mass Transit Master Plan Adjustment in Bangkok and its vicinities Study Project”, the study conducted by the Office of Transport and Traffic Policy and Planning (OTP) on Bangkokians’ travelling behavior, found that in 2008, the number of trips made by people in Bangkok and its vicinities was 15.3 million trips/day. Trips made by personal car equals 54.7% and by accounts for 45.3%. The MRT only served 3.7% of all modes of travel as depicted below. Using travel models

MRT 3.7% Taxi 4.5% Motorcycle 15.0% Car 35.1% BMTA and Other Public Transport 41.7% % 0 10 20 30 40 50 Modes of travel, categorized by vehicles in 2008 12 13 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 An analysis using travel models revealed that if the MRT is not built, the percentage of private car usage will rise continuously, from 54.7% in 2008 to 60.8% in 2009. Data compilation and analysis concerning trips made in the Bangkok Metropolitan Region showed that private-vehicle trips, both by cars and motorcycles have grown steadily and tend to increase in the future. Registered cars in Bangkok surged from 987,999 in 1992 to 4,013,519 in 2015, an average increase of 6.72% per year. In the same period, registered motorcycles in the Bangkok Metropolitan Region climbed from 1,006,302 in 1992 to 3,284,422 in 2015, an average increase of 6.41% per year. The Number of Registered Private Cars and Motorcycles in Bangkok from 1992-2015 4,500,000 4,013,519 4,000,000 3,809,929 3,572,179 3,500,000 3,048,194 3,284,422 3,000,000 2,719,950 3,168,496 2,546,821 3,066,088 2,352,762 2,261,545 2,390,366 2,792,363 2,500,000 2,366,981 2,229,285 2,339,308 1,964,850 2,490,093 1,853,788 2,383,061 2,585,624 2,297,872 2,267,166 2,446,267 2,000,000 1,616,622 1,660,119 2,171,826 1,527,834 1,646,738 2,084,102 1,373,072 2,019,680 2,078,247

Number of Vehicles 1,233,503 1,606,178 1,679,328 1,500,000 1,105,084 1,548,912 1,536,512 1,719,972 1,006,302 1,475,907 1,342,813 1,593,685 1,000,000 1,262,069 Car 1,214,927 Motorcycle 1,091,836 500,000 987,999 0 Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 In contrast, the number of people using public transport is likely to decline steadily. The number of trips by the Bangkok Mass Transit Authority (BMTA) decreased from 4,073,883 trips per day in 1992 to 1,022,589 trips per day in 2011 (as of the end of April), an average decrease of 6.8% per year. The Number of BMTA Passengers from 1992 - 2011 4,500,000 4,073,883 4,000,000 3,787,103 Total 3,820,278 3,506,255 3,379,584 3,352,554 3,500,000 3,180,626 Bus 3,022,395 3,360,663 3,325,352 2,928,975 Air-conditioned 3,000,000 2,743,496 2,811,440 2,570,656 Bus 2,831,131 Trip / Day 2,366,444 2,370,326 2,500,000 2,664,412 2,525,173 1,955,139 2,000,000 2,065,322 1,766,391 1,596,357 1,480,557 1,603,177 1,805,892 1,401,931 1,680,752 1,500,000 1,264,011 1,123,083 1,164,862 1,124,346 1,113,423 1,090,099 999,846 1,046,1371,022,589 1,215,083 932,947 894,936 1,000,000 1,123,242 1,106,315 688,142 607,784 548,453 814,182 900,460830,793 566,549 532,309 426,440 766,545 747,805 708,240 500,000 581,856 483,860 505,639 479,588 490,280 0 253,605 Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011* 14 15 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 The number of passengers of the Bangkok Mass Transit System (BTS Skytrain) continued to rise from 148,641 people-trip per day in 1999 to 622,451 people-trip per day in 2015, an average increase of 9.68% per year. The Number of Passengers of the Mass Transit System from 1999-2015

700,000 622,451 594,158 600,000 561,785 511,665 BTS 500,000 448,085 MRT 395,820 400,000 361,335 363,737 407,613 324,561 379,610 372,438 Trip/Day 300,000 264,360 256,957.00 287,140 231,999.00 173,051.00 190,941.00 251,378.00 200,000 161,146 217,133 154,360.00 163,874.00 208,814.00 168,461.00 180,955.00 100,000 148,641 158,067.00 0 Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

As for the M.R.T. Chaloem Ratchamongkhon Line, the number of passengers in July 2004, which was the first month of opening the service, was as high as 217,000 people-trips per day. This was due to the trial period when the fare was only 10 baht per trip. Subsequently, the number of passengers fell to 165,966 people - trips per day as of the end of September 2004. Later on, the number of passengers came to the level of normal usage. In fiscal year 2005, the number of passengers was 154,360 people-trips per day and rose to 256,957 people - trips per day in fiscal year 2015, an average increase of 5.27% per annum. From the above-mentioned data, it is concluded that travel by private vehicle is likely to increase over time based on the increase in the number of vehicles registered. While travelling by public transportation as a whole has continued to fall, but the number of trips by the MRT has grown steadily because of its speed and punctuality, the rising oil price, and people’s lifestyle which has become city centric.. Furthermore, if travelling on the MRT is more convenient by introducing a common ticket between the MRT and other systems, providing a feeder system, increasing wider coverage by extending longer and adding more MRT lines, providing supplementary services that are in line with the target groups’ lifestyles, and developing a residential property close to MRT stations with reasonable price or rental so the low income group can afford, it will continuously promote greater MRT service. The result may lead to a continuous increase in MRT service usage, allowing trips by private cars, oil utilization, road pollution, traffic congestion and traffic accidents to effectively dwindle and enhancing the competitiveness of the country in public transport system as well. However, the forecast of the passenger from one of the cases number from the Mass Rapid Transit Master Plan in the Bangkok Metropolitan Region found that the total number of passengers for all systems of mass transit by rail in 2014 will be 1,840,000 people -trips per day and will rise to 4,384,000 people-trips per day in 2019 and 7,680,000 people-trips per day in 2029, an average increase of 8.22% per year. The percentage of the passenger number transferring from one mass transit by rail line to another is expected to be about 14.89% in 2014 and 14 15 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 grow to 26.98% and 34.86% of the total number of passengers in 2019 and 2029 respectively. The MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections will enjoy the highest percentage of line transfers, about 31-40% of the total passenger number. This is consistent with the survey result of the modes of travel that most passengers want to use to travel into the city center. Mass Rapid Transit Master Plan in the Bangkok Metropolitan Region Forecast within 2029 Passenger Volume (People - Trip/Day) Line 5 Year Plan (2014) 10 Year Plan (2019) 20 Year Plan (2029) Boarding Transfer Total Boarding Transfer Total Boarding Transfer Total Dark Red 110,000 12,000 122,000 357,000 119,000 476,000 518,000 204,000 722,000 Light Red 38,000 12,000 50,000 145,000 83,000 228,000 253,000 218,000 471,000 ARL 119,000 9,000 128,000 144,000 33,000 177,000 161,000 59,000 220,000 Dark Green 600,000 55,000 655,000 721,000 165,000 886,000 1,038,000 410,000 1,448,000 Light Green 376,000 40,000 416,000 246,000 132,000 378,000 272,000 168,000 440,000 Blue 254,000 119,000 373,000 673,000 301,000 974,000 974,000 562,000 1,536,000 Purple 69,000 27,000 96,000 372,000 132,000 504,000 490,000 225,000 715,000 Orange - - - 377,000 165,000 542,000 521,000 291,000 812,000 Pink - - - 166,000 53,000 219,000 233,000 121,000 354,000 Yellow ------175,000 139,000 314,000 Gray ------206,000 136,000 342,000 Light Blue ------162,000 144,000 306,000 Total 1,566,000 274,000 1,840,000 3,201,000 1,183,000 4,384,000 5,003,000 2,677,000 7,680,000 In 2029, the main mode of transportation as forecasted by the Mass Rapid Transit Master Plan in the Bangkok Metropolitan Region, 57.6% of trips are expected to be by private vehicles, higher than the 42.4% public transport use. Travel by private car is 41.1%, motorcycle 12.4% and taxi 4.1%. Trip via MRT is set to rise from 3.7% in 2008 to 20.7% in 2029 as illustrated below. (Source: Office of Transport and Traffic Development; OTD) Using travel models

MRT 20.7% Taxi 4.1% Motorcycle 12.4% Car 41.1% BMTA and Other Public Transport 21.7% % 0 10 20 30 40 50 Mode of Transport in 2029 as forecasted by the Mass Rapid Transit Master Plan in the Bangkok Metropolitan Region 16 17 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Important Financial Information and Report of Financial Status Analysis

Unit : Million Baht June 30, 2016 2015 2014 (Preliminary) (Certified by OAG) (Certified by OAG) Operation Results Revenue from operation and others 4,461.82 5,755.55 7,440.57 Earnings before interest, taxes, depreciation, and 896.41 2,486.39 6,733.10 amortization (EBITDA) including finance costs (interest expense) Financial Costs 1,238.26 1,741.37 1,338.67 Depreciation & Amortization 1,436.06 1,915.82 1,915.77 Net Profit (Loss) (1,777.91) (1,170.80) 3,478.66

Financial Status Total Assets 256,790.51 241,520.74 230,348.33 Total Liabilities 242,745.41 225,697.73 213,354.52 Owner’s Equity 14,045.10 15,823.01 16,993.81 Financial Ratio Current Ratio (Times) 0.31 0.23 0.23 Return on Assets (Percentage) (0.01) 0.00 0.02 Debt Equity Ratio (Times) 17.28 14.26 12.55 Debt Ratio (Times) 0.95 0.93 0.93 Financial Status At the end of the fiscal year 2016, MRTA had total assets of 256,790.51 million baht, total liabilities of 242,745.41 million baht which most of them are long term liabilities or loans for the MRT construction projects and owner’s equity of 14,045.10 million baht. MRTA’s 2016 operation results in net loss due to: • Losses from the foreign exchange rate in 2016 totalling 2,882.88 million baht The exchange rate: As of September 30, 2016 : 1 Yen = 0.346090 baht As of September 30, 2015 : 1 Yen = 0.306478 baht As of September 30, 2014 : 1 Yen = 0.298871 baht 16 17 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Revenue from operation and others (Unit : Million Baht) 6,000.00 50.86 62.02 92.93 51.85 1,017.59 Other revenues 5,000.00 64.56 195.71 84.56 47.29 313.28 57.18 From Park & Ride fees 4,000.00 From asset usage 882.55 3,000.00 and rental rights From concession fees 2,000.00 4,168.65 4,532.15 3,279.09 Government subsidies (for operational expenses) 1,000.00 0 Year 2014 2015 2016 Net Profit (Loss) (Unit : Million Baht)

5,000.00 4,532.15 Government subsidies 4,000.00 4,168.65 (for operational expenses) 3,478.66 3,279.09 From concession fees 3,000.00 2,757.65 From asset usage 2,000.00 and rental rights 313.28 1,017.59 882.55 1,000.00 84.56 92.93 57.18 64.56 62.02 47.29 From Park & Ride fees 51.85 50.86 195.71 0 Other revenues -1,000.00 -518.07 Net profit (Loss) -1,170.80 -1,777.91 -2,000.00 Profit (Loss) from foreign -2,882.88 exchange rate -3,000.00 2014 2015 2016 Year Jun Financial Position (Unit : Million Baht) 300,000.00 256,790.51 241,520.74 242,745.41 250,000.00 230,348.33 225,697.73 213,354.52 200,000.00 Total assets 150,000.00 Total liabilities Owner’s equity 100,000.00 50,000.00 16,993.81 15,823.01 14,045.10 0 Year 2014 2015 2016 Jun ANNUAL Report 2 016 18 Ratio Analysis (การวิเคราะห์อัตราส่วนทางการเงิน)

Financial Ratio Formula As of As of As of Unit June 30, 2016 Sept 30, 2015 Sept 30, 2014 1. Liquidity 1.1 Working Capital Current Assets - Current Liabilities (17,067.36) (22,689.51) (21,359.34) Million Baht 1.2 Current Ratio Current Assets 0.31 0.23 0.23 Times Current Liabilities 1.3 Current Ratio* Current Assets 2.07 1.42 1.07 Times Current Liabilities - Short Term Loan Note: *Excluding short term loans owing to the government subsidizing loan repayments. 2. Liabilities Status 2.1 Debt Ratio Total Liabilities 0.95 0.93 0.93 Times Total Assets 2.2 Debt Equity Ratio Total Liabilities 17.28 14.26 12.55 Times Owner’s Equity 3. Profitability 3.1 Return on Assets (ROA) Ratio Earning (lost) Before (0.01) 0.00 0.02 % Interest and Tax (EBIT) Total Assets 3.2 Return on Equity (ROE) Ratio Net Profit (Loss) (0.13) (0.07) 0.20 % Owner’s Equity ANNUAL Report 2 016 19 18 19 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 From the above results, the operation result and financial status of MRTA in 2016 can be summarized as follows: 1. Liquidity Analysis: - The MRTA did not have adequate liquidity to repay its current liabilities as its net working capital was negative. Most of current liabilities are long term loans due to be paid off within 1 year. - When compared to 2014, 2015 and 2016, MRTA’s liquidity increased owing to a dramatic decrease in long term loans due to be paid off within 1 year. Still it was not sufficient to repay its current liabilities. 2. Liabilities Status Analysis: - Debt ratio was steadily in a high level between 2014 and 2016 and debt equity ratio also rose because of the loss in 2016, causing the ratio to increase. Most of MRTA’s debts were domestic and foreign loans which the government subsidies were used to repay when due. However, there was still the risk of exchange rate fluctuations which the Ministry of Finance (MOF) entered into Cross Currency Swap (CCS) agreement for a total of 5 contracts for JICA loans. As for other loan contracts, MOF is currently in the process of gradually closing out the foreign exchange risk at an appropriate time. 3. Profitability Analysis: - In 2016, the return on assets and the return on equity were negative due to a net loss from the high amount of losses arising from foreign exchange rates, both actual and unrealized ones. 20 21 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Organization Chart

Board of Directors

Governor

Office of the Governor

Administrative Public Affairs & Corporate Social Safety Occupational Health Affairs Division Communication Affairs Division and Environment Office Division

Deputy Governor Deputy Governor Deputy Governor (Strategy and Planning) (Finance) (Engineering and Construction)

Assistant Governor Assistant Governor Assistant Governor Assistant Governor

Policy and MRT Project Information Accounting Land Engineering and Construction Construction Development Strategy Development Technology and Finance and Management Architecture Management Management Department Department Department Department Department Department Department 1 Department 2 Strategy and MRT Project IT Planning and Accounting Land Civil Engineering Construction Construction Planning Planning Development Division Development Division Management Management Division Division Division Division Division 1 Division 4 Evaluation Analysis and Computerization Pre-Payment Project Relevant Architecture Construction Construction Division Development System Checking Management Division Management Management Division Division Division Division Division 2 Division 5 Risk Environment Computer Financial and Electrical and Construction Construction Management Division Operation Revenue Tax Mechanical Management Management and Internal and Network Division Engineering Division Division 3 Division 6 Control Division Division Budgeting Planning and Planning and Division Document Document Control Control Division 1 Division 2 Loan Division 20 21 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Audit Committee

Office of Office of Mass Audit Office Fare Media Business Transit Business Unit

Fare Revenue Fare Media Business General Audit Information Technology Account and Finance Management Division Division Division Audit Division Audit Division

Deputy Governor Deputy Governor (Operations) (Administration)

Assistant Governor Assistant Governor

M&E System Business Operations Security and Legal Affairs Land Procurement Human Department Development Department Rescue Department Acquisition and Service Resource Department Department Department Department Department M&E Project Business System Security Juristic Act Land Acquisition General Human Resource Supervisory Planning Operations Division 1 Division Planning Division Procurement Management Division Division Division Division Division M&E System Asset Maintenance Security Contract Land Acquisition Project Welfare Division Development Division Division 2 Division 1 Division 1 Procurement and Income Division Division Management Division Concession Infrastructure Rescue Contract Land Acquisition Office Building Human Management Maintenance Division 1 Division 2 Division 2 and Vehicles Resource and Division Division Division Work System Development Marketing and Rescue Litigation and Land Acquisition Division Customer Relationship Division 2 Disciplinary Division 3 Division Division Park and Ride Right of Way Surveying and Building Administration Maintenance Division Property Appraisal Division Division Security, Fire and Rescue Training Institute 22 23 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Structure of MRTA Board of Directors

Structure of MRTA Board of Directors Under Section 13 of the Mass Rapid Transit Authority of Thailand Act B.E. 2543, the structure of the MRTA Board of Directors should consist of the Chairman, government - appointed independent directors from the Office of the Permanent Secretary, the Ministry of Finance, the Ministry of Transport, the Bureau of the Budget, Office of the Commission for the Management of Land Traffic, Office of the National Economic and Social Development Board, Department of City Planning, Office of Environmental Policy and Planning, and the Bangkok Metropolitan Administration. No more than four other independent directors can be appointed, and one of the directors is to be chosen from a non - government office, specifically for the expert knowledge on consumer protection laws. The MRTA Governor shall be appointed as one of the MRTA Board of Directors and Ex Officio Secretary to the MRTA Board. In 2002, according to the Royal Decree on Transferring Administration and Duties of Government Services in accordance with the Reorganization of Ministry, Sub - Ministry and Department Act B.E. 2545, Section 31, amendments in the Mass Rapid Transit Authority of Thailand Act B.E. 2543 were made. The Decree ordered the amendment and transfer of authority from the “Prime Minister” to the “Minister of Transport”. A representative from the “Department of City Planning” was changed to the “Department of Public Works and Town & Country Planning”, a representative from the “Office of the Committee for the Management of Land Traffic” to the “Office of Transport and Traffic Policy and Planning” and a representative from the “Office of Environmental Policy and Planning” to the “Office of National Resources and Environmental Policy and Planning”. The Board of Directors appointed by the Cabinet has a 3 - year term of appointment. At the end of the first term, the Chairman and other Board of Directors can be re - appointed one more term but no more than two consecutive terms. (Where a representative resigns and/or the position becomes vacant, the new replacing representative will be appointed to take over the remaining period of previous representative’s term.) MRTA Board of Directors consists of 14 members (As of December 17, 2015): - Chairman and government-appointed independent directors, 5 persons - Representatives from the stipulated government agencies, 9 persons - Governor and ex officio Secretary to the Board of Directors, 1 person All members of the MRTA Board of Directors have in - depth knowledge and solid experience that are beneficial to MRTA and varied background and professions such as engineering, business management, political science and law, in line with the Mass Rapid Transit Authority of Thailand Act B.E. 2543 and good governance principles. 22 23 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Policy of MRTA Board of Directors The MRTA Board of Directors is responsible in setting the policy and supervision of MRTA’s operation. Therefore to ensure that MRTA’s operation is managed effectively and in accordance with the set objective per the government’s policy, the MRTA Board of Directors has set a policy to be used as a guideline for operation and supervision as follows: 1) To accelerate the project works of MRT lines as assigned so that they are completed and ready for services as planned. 2) To provide the MRT service with convenience, speed, safety and punctuality based on satisfaction of each user group. 3) Allow greater say from the public by using their comments to develop and enhance the organization’s operation. 4) To operate according to the good governance principles by showing corporate social responsibility and responsibility towards the environment as well as giving importance to prevent and reduce impacts that may occur from MRTA’s operation. 5) To manage its assets, carry out business operations with continuity and provide supplementary services, to increase its revenue and lower the government’s subsidy. 6) To manage its financial matter efficiently, i.e., cash management, liabilities management and risk management. 7) To proactively communicate in various forms so that the public acknowledges and understands the importance of MRT and MRTA’s operation and supports MRTA. 8) To develop MRTA human resources, internal management and information technology systems in order to increase the efficiency of MRTA’s operation, and to ensure that contractors and consultants actually disseminate their knowledge and technology. 9) To develop and improve MRTA’s incentives both monetary and non - monetary to create fairness and improve morale for staff members. 24 ANNUAL Report 2 0 1 6 Profile and Compensation MRTA Board of Directors

General Yodyuth Boonyatikarn (23 February 2016 - present)

Age 63 Date of Birth 7 March 1953 Director/Senior Executive in Other Organizations Terms in the Fiscal Year 2016 • 21 July 2014 – 17 December 2015 - • 18 December 2015 – 15 February 2016 (Acting Chairman) Work Experience • 23 February 2016 – present • Chairman of the Board of Directors, MRTA Education Background • Member of the National Legislative Assembly Doctor’s Degree • Committee to Armed Forces Academy Preparatory School • Doctor of Philosophy in Public Administration, Alumni Foundation Ramkhamhaeng University • Standing Committee on Agriculture and Co-operatives, Master’s Degree The National Legislative Assembly • Master of Arts (Military), Royal Thai Army’s Command • Honorable Advisor of the Committee on Transportation, and General Staff College The National Legislative Assembly Bachelor’s Degree • Advisor of the sub-committee on Land and Rail Transportation, • Bachelor of Science, Chulachomklao The National Legislative Assembly Royal Military Academy (CRMA 23) • Committee Member of the Ad Hoc Committee on Studying and Certificate Suggesting Guidelines for an Amendment of Consumer Protection, • National Defense College (Class of 2549 B.E.) The National Legislative Assembly • Army War College Course (Course 43) • Committee Member of the previous Constitution Drafting • Command and General Staff Officer Course (CGSC 64) Committee (2014 - 2015) • National Security Study, Executive Level (Course 1) • Standing Committee on Agriculture and Cooperatives, • RTA & CEO Relationship (Course 6) The National Legislative Assembly • High Level Study on National Security, • Advisor to Managing Board of Royal Thai Army Radio and National Defense College Television Channel 5 Present Position (As of 30 September 2016) • Director of the Royal Thai Army Sports Center • Chairman of the Board of Directors, MRTA • Chief of the Staffs to the Commander-in-Chief • Member of the National Legislative Assembly • President of the Lions Clubs 310C, Year 2011-2012 • Committee to Armed Forces Academy Preparatory School • Commander, Royal Thai Army Air Defense Command Alumni Foundation • Anti-Aircraft Artillery Division Commander • Standing Committee on Agriculture and Co-operatives, • 1st Anti-Aircraft Artillery Regiment Commander The National Legislative Assembly • Judge, Bangkok Military Court • Honorable Advisor of the Committee on Transportation, • 5th Anti-Aircraft Artillery Battalion Commander The National Legislative Assembly Shareholdings of more than 10% in State – Owned • Advisor of the sub-committee on Land and Rail Transportation, Enterprise/in Companies Related to MRTA during Fiscal The National Legislative Assembly Year 2016 • Committee Member of the Ad Hoc Committee on Studying • None and Suggesting Guidelines for an Amendment of Consumer Connected Transactions with State Enterprised Protection, The National Legislative Assembly • None 25 ANNUAL Report 2 0 1 6

Mr. Vinai Dumrongmongcolgul (9 January 2013 – 16 February 2016)

Age 64 Date of Birth 11 March 1952 Work Experience Terms • Office of the Attorney General • 9 January 2013 – 16 February 2016 – Inspector General Education Background – Director General of Department of Special Litigation Master’s Degree – Director General of Department of Intellectual Property • M.P.A. National Institute of Development Administration and International Trade Litigation Bachelor’s Degree – Director General of Department of Bankruptcy Litigation • LL.B. fromThammasat University – Executive Director of Department of Economic Diploma Crime Litigation • LL.M. (Honory Degree) from Ramkhamhaeng University – Nakornratchasima Provincial Chief Public Prosecutor Certificate – Assistant Public Prosecutor • Barrister-at-law from the Institute of Legal Education, • Bangkok Metropolitan Administration Thai Bar Association – Paralegal at Legal and Litigation Division • Political and Electoral Development Program for Top Shareholdings of more than 10% in State – Owned Executives Class of 2, Office of the Election Commission Enterprise/in Companies Related to MRTA during Fiscal of Thailand Year 2016 • Top Executive Program in Commerce and Trade Class of 3 • None (TEPCot 3), University of the Thai Chamber of Commerce Connected Transactions with State Enterprised • Top Executive Program Class of 8, Capital Market Academy • None • Advanced Certificate Course in Politics and Governance in Democratic Systems for Executives Class of 10, King Prajadhipok’s Institute • Justice Administration Program for Executives Class of 7 Present Position (As of 30 September 2016) • Deputy Attorney General Director/Senior Executive in Other Organizations in the Fiscal Year 2016 • Chairman of the Board Committees of KTB LAW Co., Ltd 26 ANNUAL Report 2 0 1 6

Mr. Krai Tungsanga (23 February 2016 - present)

Age 63 Date of Birth 28 October 1952 Work Experience Terms • President, KKT Engineering Co., Ltd. • 9 December 2014 – 17 December 2015 • Managing Director – Pyramid Development International • 18 December 2015 – 15 February 2016 (Acting Committee) Corp., Ltd, Bangkok Director – Project Evaluation Co., Ltd. • 23 February 2016 – present • Project Manager – Asian Engineering Consultant Education Background Corporation Limited, Bangkok Doctor’s Degree • Foundation Engineer – Bureau of Bridges and Structural • Ph.D. (Civil Engineer), Design, Ohio Department of Transportation, Columbus, Master’s Degree Ohio, U.S.A. • M.S., Civil Engineering, the Ohio State University, Columbus, • Structural Engineer – Asian Engineering Consultant Ohio, U.S.A. Corporation Limited, Bangkok Bachelor’s Degree • Project Engineer – Bureau of Bridges and Structural Design, • B. Eng., Civil Engineering, Kasetsart University, Bangkok Ohio Department of Transportation, Columbus, Ohio, Present Position (As of 30 September 2016) U.S.A. • Director, the Engineering Institute of Thailand • Civil Engineer – Columbus Wood Preserving Company, under H.M. the King ‘s Patromage Columbus, Ohio, U.S.A • Director, Council of Engineers (COE) • Civil Engineer – Royal Irrigation Department Director/Senior Executive in Other Organizations Shareholdings of more than 10% in State – Owned in the Fiscal Year 2016 Enterprise/in Companies Related to MRTA during • Director, the Engineering Institute of Thailand Fiscal Year 2016 under H.M. the King ‘s Patromage • None • Director, Council of Engineers (COE) Connected Transactions with State Enterprised • None 27 ANNUAL Report 2 0 1 6

Mr. Krai Tungsanga Mr. Chula Sukmanop (23 February 2016 - present) (23 February 2016 - present)

Age 51 Date of Birth 10 January 1965 Work Experience Terms • Director – General, Department of Airports (DOA) • 9 December 2014 – 17 December 2015 and Acting Director – General, The Civil Aviation Authority • 18 December 2015 – 15 February 2016 (Acting Committee) of Thailand (CAAT) • 23 February 2016 – present • Director – General, Marine Department (MD) Education Background • Director – General, Office of Transport and Traffic Policy Doctor’s Degree and Planning • Ph.D. (Maritime Law of Admiralty), University • Inspector – General, Ministry of Transport of Southampton, UK • Deputy Director – General, Office of Transport and Traffic Master’s Degree Policy and Planning • LL.M (Maritime Law), University of Southampton, UK • Senior Expert in Policy and Planning, Bachelor’s Degree Office of the Permanent Secretary, Ministry of Transport • Bachelor of Laws, University Shareholdings of more than 10% in State – Owned Present Position (As of 30 September 2016) Enterprise/in Companies Related to MRTA during • Director - General Department of Airports (DOA) Fiscal Year 2016 • Acting Director - General, The Civil Aviation Authority • None of Thailand (CAAT) Connected Transactions with State Enterprised Director/ Senior Executive in Other Organizations • None in the Fiscal Year 2016 • Board of Director, Port Authority of Thailand • Board of Director, Mass Rapid Transit Authority of Thailand 28 ANNUAL Report 2 0 1 6

Group Captain Assoc. Prof. Thanakorn Pheeraphan (21 July 2014 - present)

Age 46 Date of Birth 16 December 1969 Director/Senior Executive in Other Organizations Terms in the Fiscal Year 2016 • 21 July 2014 – present • Chairman of Technical Committee on Concrete, Materials, Education Background and Construction Division, Thailand Concrete Association Doctor’s Degree • Chairman of Academic Committee No.522, Thai Industrial • Doctor of Philosophy, Department of Civil and Environmental Standards Institute Engineering, Massachusetts Institute of Technology, Work Experience Cambridge, Massachusetts, 1993 – 1997. • Secretary General, Faculty Senate, Master’s Degree Navaminda Kasatriyadhiraj Royal Air Force Academy • Master of Science in Civil Engineering, Department of Civil and • Adjunct Faculty in the Structural Engineering Environmental Engineering, Massachusetts Institute Field of Study, School of Engineering and Technology, of Technology, Cambridge, Massachusetts 1991 – 1993. Asian Institute of Technology, Thailand Bachelor’s Degree • Adjunct Assistant Professor in the School of Building • Bachelor of Science (Distinguished), Department of Civil and Facilities & Civil Engineering, Sirindhorn International Environmental Engineering, Virginia Military Institute, Institute of Technology, Thailand Lexington, Virginia, 1987 – 1991 • Assistant Professor, Academic Faculty, Certificate Royal Thai Air Force Academy • Director Certification Program DCP 201/2015, Thai Institute • Lecturer, Academic Faculty, of Directors Association (IOD) Royal Thai Air Force Academy • Air War College Class 50 Shareholdings of more than 10% in State – Owned Present Position (As of 30 September 2016) Enterprise/in Companies Related to MRTA during • Associate Professor, Academic Faculty, Fiscal Year 2016 Navaminda Kasatriyadhiraj Royal Air Force Academy • None Connected Transactions with State Enterprised • None 29 ANNUAL Report 2 0 1 6

Group Captain Assoc. Prof. Mrs. Patcharaporn Intreyonk Thanakorn Pheeraphan (13 October 2014 - present) (21 July 2014 - present)

Age 57 Date of Birth 30 June 1959 Work Experience Terms • Deputy Secretary – General to the Prime Minister • 13 October 2014 – present for Administrative Affairs Education Background • Advisor to the Prime Minister on Foreign Affairs Master’s Degree Shareholdings of more than 10% in State – Owned • M.A. in International Relations, Schiller International Enterprise/in Companies Related to MRTA during University, London, UK Fiscal Year 2016 Present Position (As of 30 September 2016) • None • Deputy Permanent Secretary, Connected Transactions with State Enterprised The Prime Minister’s Office • None Director/Senior Executive in Other Organizations in the Fiscal Year 2016 - 30 ANNUAL Report 2 0 1 6

Mr. Amnuay Preemonwong (1 October 2015 - 17 November 2015)

Age 57 Date of Birth 24 November 1958 Work Experience Terms • Deputy Permanent Secretary, Ministry of Finance • 1 October 2015 – 17 November 2015 • Inspector General, Ministry of Finance Education Background • State Property Development Advisor, Treasury Department Master’s Degree • Deputy Director General, Treasury Department • M.P.A., National Institute of Development Administration • Director, Bureau of Bangkok State Property Management, Bachelor’s Degree Treasury Department • B.A. in Economics, Ramkhamhaeng University • Director, Bureau of State Property Development 1, • L.L.B., Sukhothai Thammathirat Open University Treasury Department Present Position (As of 30 September 2016) Shareholdings of more than 10% in State – Owned • Deputy Permanent Secretary, Ministry of Finance Enterprise/in Companies Related to MRTA during Director/Senior Executive in Other Organizations Fiscal Year 2016 in the Fiscal Year 2016 • None • Committee Chairman, PTT Global Chemical PCL Connected Transactions with State Enterprised • Committee, Tobacco Monopoly • None 31 ANNUAL Report 2 0 1 6

Mr. Yuttana Yimgarund (18 November 2015 - present)

Age 55 Date of Birth 7 May 1961 Work Experience Terms • Principal Advisor on Customs Control Development • 18 November 2015 – present • Deputy Director – General Education Background • Director of Lame Chabang Port Customs Bureau Master’s Degree • Direct of Regional Customs Bureau 1 • Master of Public Administration, National Institute • Director of Central Administration Bureau of Development Administration • Director of Land Investigation and Suppression Divisions Bachelor’s Degree Shareholdings of more than 10% in State – Owned • Bechelor of Laws, Ramkhamhaeng University Enterprise/in Companies Related to MRTA during Diploma Fiscal Year 2016 • Graduate Diploma in Public Law, Thammasat University • None Present Position (As of 30 September 2016) Connected Transactions with State Enterprised • Inspector General, Ministry of Finance • None Director/Senior Executive in Other Organizations in the Fiscal Year 2016 • Director, Thailand Tobacco Monopoly • Director, Erawan Hotel Public Company Limited 32 ANNUAL Report 2 0 1 6

Mr. Daroon Saengchai (21 October 2015 - present)

Age 58 Date of Birth 15 July 1958 Work Experience Terms • Deputy Permanent Secretary, Ministry of Transport • 21 October 2015 – present • Director General, Department of Rural Roads, Thailand Education Background • Deputy Director General, Department of Rural Roads, Master’s Degree Thailand • M.B.A., Burapa University, Thailand • Director, Bureau of Rural Roads 3 (Chonburi), • M.Sc. (Tropical Public Health Engineering), Department of Rural Roads Leeds University, England • Director, Chonburi Rural Road Office Bachelor’s Degree • Director, Chachoengsao Rural Road Office • B.Tech. (Construction Management), • Director, Chachoengsao Provincial Public Work Office Sukhothai Thammathirat Open University, Thailand • Director, Trat Provincial Public Work Office • B.Eng. (Civil Engineering), Prince of Songkla University, Shareholdings of more than 10% in State – Owned Thailand Enterprise/in Companies Related to MRTA during Present Position (As of 30 September 2016) Fiscal Year 2016 • Deputy Permanent Secretary, Ministry of Transport • None Director/Senior Executive in Other Organizations Connected Transactions with State Enterprised in the Fiscal Year 2016 • None • Member, Board of Tourism Authority of Thailand 33 ANNUAL Report 2 0 1 6

Mr.Tana Janusorn (9 October 2015 - present)

Age 60 Date of Birth 17 April 1956 Work Experience Terms • Senior Advisor Bureau of the Budget • 9 October 2015 – present • Director National Security Budget Preparation Office 2 Education Background Shareholdings of more than 10% in State – Owned Master’s Degree Enterprise/in Companies Related to MRTA during • Master of Public Administration National Institute Fiscal Year 2016 of Development Administration • None Bachelor’s Degree Connected Transactions with State Enterprised • Bachelor of Economics, Ramkhamhaeng University • None Present Position (As of 30 September 2016) • Senior Advisor Bureau of the Budget Director/ Senior Executive in Other Organizations in the Fiscal Year 2016 • Director of Bangkok Expressway and Public Company Limited 34 ANNUAL Report 2 0 1 6

Mr. Chaiwat Thongkamkoon (21 October 2015 - present)

Age 56 Date of Birth 30 November 1959 Work Experience Terms • Office of Transport and Traffic Policy and Planning • 21 October 2015 – present – Director – General Education Background – Deputy Director – General Master’s Degree • Department of Land Transport • Master of Science (Transport Planning and Engineering), – Director of Freight Transport Bureau The University of Leeds, England – Senior Expert in Freight Transport Level 9 Bachelor’s Degree – Senior Expert in Land Transport Planning Level 9 • Bachelor of Engineering (Civil Engineering) – Director of Technical and Planning Division Level 8 Faculty of Engineering, Kasetsart University – Chief of Freight Transport Level 7 • Bachelor of Law, Faculty of Law, Thammasat University – Chief of Design and Construction Control Level 7 Present Position (As of 30 September 2016) – Civil Engineer Level 3 - 7 • Director – General Office of Transport and Traffic Shareholdings of more than 10% in State – Owned Policy and Planning Enterprise/in Companies Related to MRTA during Director/Senior Executive in Other Organizations Fiscal Year 2016 in the Fiscal Year 2016 • None - Connected Transactions with State Enterprised • None 35 ANNUAL Report 2 0 1 6

Miss Ladawan Kumpa (11 September 2014 - present)

Age 59 Date of Birth 27 February 1957 Director/Senior Executive in Other Organizations Terms in the Fiscal Year 2016 • 11 September 2014 – present • Board of Director, The Rubber Authority of Thailand Education Background • Board of Director, Biodiversity – Based Economy Master’s Degree Development Office • M.A., Agricultural Development Economics, Work Experience Australian National University, Australia • Board of Director, The Rubber Authority of Thailand Bachelor’s Degree • Deputy Secretary General, NESDB • B.Sc., Agricultural Economics (Second Class Honor) • Board of Director, The Rubber Replanting Aid Fund Kasetsart University, Bangkok, Thailand • Board of Director, Biodiversity – Based Economy Diploma Development Office • National Defence College • Senior Advisor in Policy and Planning, NESDB • Advanced Certificate Course in Public Economics • Director, Agricultural, Natural Resource and Environment Management for Executives 6 King Prajadhipok’s Institute Science and Technology Division, NESDB • Thailand Institute of Director General Advanced • Senior Expert in Policy and Planning, NESDB Audit Committee Program (AACP) and Course Director • Assistant Director, Economic Project Division, NESDB Accreditation Program. Shareholdings of more than 10% in State – Owned Present Position (As of 30 September 2016) Enterprise/in Companies Related to MRTA during • Deputy Secretary General Office of the National Economic Fiscal Year 2016 and Social Development Board • None Connected Transactions with State Enterprised • None 36 ANNUAL Report 2 0 1 6

Mr. Monton Sudprasert (9 October 2012 - present)

Age 56 Date of Birth 11 July 1960 Work Experience Terms • Deputy Director of the Southern Border Provinces • 9 October 2012 – present Administrative Center Education Background • Department of Public Works and Town & Country Planning Master’s Degree – Deputy Director – General • M.Eng. (Sanitary Engineering), Chulalongkorn University – Director of Town & Country Development Bureau • M.P.A., Chulalongkorn University – Inspector Bachelor’s Degree – Secretary • B.Eng. (Civil Engineering), King Mongkut’s University Shareholdings of more than 10% in State – Owned of Technology Enterprise/in Companies Related to MRTA during Present Position (As of 30 September 2016) Fiscal Year 2016 • Director – General, Department of Public Works • None and Town & Country Planning Connected Transactions with State Enterprised Director/Senior Executive in Other Organizations • None in the Fiscal Year 2016 • Board Member, Provincial Waterworks Authority • Board Member, Industrial Estate Authority of Thailand 37 ANNUAL Report 2 0 1 6

Mrs. Raweewan Bhuridej (7 September 2015 - present)

Age 46 Date of Birth 28 January 1970 Work Experience Terms • Secretary – General of Office of Natural Resources • 7 September 2015 – present and Environmental Policy and Planning Education Background • Inspector General of Ministry of Natural Resources Doctor’s Degree and Environment • Ph.D.: Civil and Environmental Engineering, • Deputy Secretary – General of Office of Natural Resources University of Wisconsin - Madison, USA and Environmental Policy and Planning Master’s Degree • Director of Office of National Board Environment • M.Sc.: Water Resources Systems Engineering, Shareholdings of more than 10% in State – Owned University of Newcastle Upon Tyne, UK Enterprise/in Companies Related to MRTA during Bachelor’s Degree Fiscal Year 2016 • B.Eng. (With honors): Water Resources Engineering, • None Kasetsart University, Thailand Connected Transactions with State Enterprised Present Position (As of 30 September 2016) • None • Secretary – General of Office of Natural Resources and Environmental Policy and Planning Director/Senior Executive in Other Organizations in the Fiscal Year 2016 - 38 ANNUAL Report 2 0 1 6

Mr. Patarut Dardarananda (1 October 2014 - present)

Age 58 Date of Birth 7 May 1958 Work Experience Terms • Deputy Permanent Secretary for BMA • 1 October 2014 – present • Director General, Department of Public Works Education Background • Deputy Director General, Department of Public Works Doctor’s Degree • Deputy Inspector General, Office of the Permanent • Ph.D. Public Administration, Ramkhamhaeng University Secretary Master’s Degree • Director of Design Devision, Department of Public Works • M.S. in Engineering (Civil), Youngstown State University, Shareholdings of more than 10% in State – Owned U.S.A. Enterprise/in Companies Related to MRTA during Bachelor’s Degree Fiscal Year 2016 • B.Eng. Chulalongkorn University • None Present Position (As of 30 September 2016) Connected Transactions with State Enterprised • Deputy Permanent Secretary for BMA • None Director/Senior Executive in Other Organizations in the Fiscal Year 2016 - 39 ANNUAL Report 2 0 1 6

Mr. Peerayudh Singpatanakul (24 March 2015 - present)

Age 59 Date of Birth 10 April 1957 Work Experience Terms • Mass Rapid Transit Authority of Thailand (MRTA) • 24 March 2015 – present - Governor Education Background - Deputy Governor (Engineering and Construction) Master’s Degree - Deputy Governor (Strategy and Planning) • Master of Science (Transportation), - Assistant Governor Northeastern University, USA 1981 - Director of Construction Management Department Bachelor’s Degree - Director of Engineering Department • Bachelor of Engineering (Civil Engineering), - Director of Construction Department Chiang Mai University, 1978 - Director of Construction Management Division Present Position (As of 30 September 2016) - Project Engineer/Senior Engineer • Governor of Mass Rapid Transit Authority of Thailand Shareholdings of more than 10% in State – Owned Director/Senior Executive in Other Organizations Enterprise/in Companies Related to MRTA during in the Fiscal Year 2016 Fiscal Year 2016 - • None Connected Transactions with State Enterprised • None ANNUAL Report 2 016

Detail on meeting attendance of the Board of Directors and sub-committees 40 and their compensation

No. Board of Directors Position Number of meetings attended/Number of meetings held while being a member of the board/committee/sub-committee MRTA BoardofDirectors’MeetingAllowance Risk ManagementSub-Committee(0meeting) ea Afis n Rgltos u - Committee - Sub Regulations and Affairs Legal Sub -CommitteeonOrganizationandHuman Information TechnologyandCommunications of MRTAGovernorandChiefFinancialOfficer MRTA PerformanceAgreement(4meetings) Resources DevelopmentandPreparationof Sub -CommitteeonPerformanceAppraisal Development Sub-Committee(1meeting) Sub -CommitteeonPreparationofMRTA Risk ManagementandGoodGovernance Business DevelopmentSub-Committee MRTA BoardofDirectors(14meetings) Performance Agreement(0meeting) Good GovernanceSub-Committee Organization andHumanResources Finance, BudgetingandInvestment Board ofDirectorOpinionsReview Sub-Committee(12meetings) Sub-Committee(4meetings) Sub-Committee(2meetings) Audit Committee(5meetings) Sub -Committee(19meeting) Sub -Committee(4meetings) Monthly Remuneration Construction Management (CFO) (4meetings) (4 meetings) (8 meetings) (0meeting)

1 General Yodyuth Boonyatikarn Chairman 14/14 235,172.41 150,000 2 Mr. Vinai Dumrongmongcolgul Member 5/14 2/3 3/3 45,172.41 112,500 3 Gp.Capt. Assoc.Prof. Member 13/14 1/1 2/2 4/4 117,586.21 192,500 Thanakorn Pheeraphan 4 Mr. Chula Sukmanop Member 7/14 2/2 2/4 0/1 117,586.21 115,000 5 Mr. Krai Tangsanga Member 14/14 2/5 1/1 6/6 117,586.21 253,306 6 Ms. Patcharaporn Intreyonk Member 8/14 2/5 0/0 1/2 120,000.00 157,419 7 Mr. Amnuay Preemonwong Member 2/2 15,666.67 20,000 8 Mr. Yuttana Yimgarund Member 12/12 5/5 4/4 94,333.33 234,839 9 Mr. Daroon Saengchai Member 7/14 3/4 1/1 111,935.48 92,500 10 Mr. Tana Janusorn Member 14/14 3/5 4/4 117,419.35 244,274 11 Mr. Chaiwat Thongkamkoon Member 9/14 0/0 2/2 1/1 113,548.39 125,000 12 Miss Ladawan Kampa Member 10/14 3/5 0/0 4/4 0/0 3/3 120,000.00 244,919 13 Mr. Monton Sudprasert Member 9/14 12/12 120,000.00 240,000 14 Ms. Rawiwan Bhuridej Member 3/14 3/5 0/1 120,000.00 137,419 15 Mr. Patarut Dardarananda Member 8/14 7/12 5/5 120,000.00 212,500 16 Mr. Peerayudh Singpatanakul Member 14/14 120,000.00 120,000 Note 1. The rates of the meeting allowance as determined by the Cabinet on July 2, 2013 which approved the improvement of the meeting allowance proposed by the Ministry of Finance are: Chairman’s monthly renumeration of 20,000 baht, Board Members’ monthly renumeration of 10,000 baht, Chairman’s meeting allowance of 12,500 baht and committee members’ meeting allowance of 10,000 baht. Withholding tax is deducted at 10%. 2. Cabinet, in its meeting on July 2, 2013, had a resolution approving an improvement of renumeration and meeting allowance of state-owned enterprise committees as follows: Chairman of Sub - Committee: 12,500 baht (no more than 2 Sub - Committee meetings of attendance, no more than 1 time/month per sub-committee meeting of attendance = no more than 25,000 baht), Sub - Committee members (of MRTA): 10,000 baht (no more than 2 Sub - Committee meetings of attendance, no more than 1 time/month per sub-committee meeting of attendance = no more than 20,000 baht), and Sub - Committee members (external persons): 3,000 baht (The number of Sub - Committee meetings of attendance and number of meeting/month are not limited). Withholding tax is deducted at 10%, effective from August 2013. ANNUAL Report 2 016 41 40 41 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Committees and Sub-Committees of MRTA

Audit Committee Members 1. Mr. Krai Tangsanga Committee Chairman (In office as of 22 October 2015 - 15 February 2016) 2. Mr. Tana Janusorn Committee Chairman (In office as of 9 March 2016 - present) 3. Mrs. Raweewan Bhuridej Member (In office as of 9 September 2015 - 15 February 2016 and 9 March 2016 - present ) 4. Mr. Yuttana Yimgarund Member (In office as of 9 December 2015 - 15 February 2016 and 9 March 2016 - present) 5. Mrs. Patcharaporn Intreyonk Member (In office as of 9 March 2016 - present) 6. Miss Ladawan Kumpa Member (In office as of 9 March 2016 - present) 7. Director of Audit office of MRTA Secretary Authority and duties 1. Create a charter on internal audit of the Audit Committee to be in accordance with the scopes of MRTA’s operation. This must be approved by MRTA Board of Directors and the appropriateness of the charter must be verified at least once a year. 2. Verify the efficiency and effectiveness of internal control process, good governance process and risk management process. 3. Verify that MRTA has an accurate and reliable financial reports. 4. Verify that MRTA’s operation is in compliance with the laws, rules, operational regulations, the Cabinet’s resolutions, announcements and orders regarding MRTA’s operation. 5. Verify that MRTA has a good internal auditing system and investigate the independence of the Office of Internal Audit. 42 43 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 6. Investigate lists of items that may be interrelated or lists of items that may have conflicts of interest or may cause frauds that could affect MRTA’s operation. 7. Propose to MRTA Board of Directors in considering appointing, removing, propsing higher grades, promoting and evaluating the appraisals of the Director of the Audit Office. 8. Coordinate with the auditor on the results of investigations, making suggestions to verify or investigate lists of items seen as necessary, including proposing remuneration of the auditor to MRTA Board of Directors. 9. Report the operation results of the internal audit of the Audit Committee to MRTA Board of Directors at least once per quarter within 60 days from the end of the quarter, accept the operation results in the fourth quarter which must be reported in the form of the annual operation results report then submit them to the Ministry of Transport and Ministry of Finance to acknowledge these within 90 days from the end of audit year of MRTA. 10. Evaluate the operation results of MRTA’s internal audit conducted by MRTA Audit Committee at least once a year, and report the evaluation results, issues and obstacles including the improvement plan for the operation to MRTA Board of Directors. 11. Disclose the annual operation results report of the Audit Committee, and the remuneration of the auditor in MRTA annual report. 12. Perform other duties as required by the law or as assigned by MRTA Board of Directors. Legal Affairs and Regulations Sub - Committee Members 1. Mr. Vinai Dumrongmongcolgul Sub - Committee Chairman (Remained in office until 9 March 2016) 2. Mr. Chula Sukmanop Sub - Committee Chairman (In office as of 11 May 2016 - present) 3. Mr. Sunthorn Subtantikul Member (Remained in office until 9 March 2016) 4. Mr. Worakarn Yupapin Member (In office as of 19 August 2014 - 9 March 2016 and 11 May 2016 - present) 5. Major General Dr. Pichet Kongsri Member (In office as of 19 August 2014 - 9 March 2016 and 11 May 2016 - present) 6. Mr. Sorrawut Padmindra Member (In office as of 28 January 2015 - 9 March 2016 and 2 September 2016 - present) 7. Mr. Somsak Torugsa Member (Remained in office until 12 October 2015) 8. Mr. Theerapun Petchsuwan Member (In office as of 11 May 2016 - present) 42 43 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 9. Mr. Boonin Songsermsakul Member (In office as of 11 May 2016 - present) 10. Police Lieutenant General Somkid Boonthanom Member (In office as of 11 May 2016 - present) 11. Police Colonel Sukit Totap Member (In office as of 2 September 2016 - present) 12. Mr. Kittisak Chunsamruan Member (In office as of 2 September 2016 - present) 13. Mr. Prasarn Wangrattanapranee Member (In office as of 2 September 2016 - present) 14. MRTA Deputy Governor (Administration) Secretary (Remained in office until 9 March 2016 as Sub - Committee Member and in office as of 11 May 2016 - present as Secretary) 15. Director of Legal Affairs Department of MRTA Assistant Secretary (Remained in office until 9 March 2016 as Secretary and in office as of 11 May 2016 - present as Assistant Secretary) 16. Director of Juristic Act Division of MRTA Assistant Secretary (Remained in office until 9 March 2016) Authority and duties 1. Provide advice and suggestions and scrutinize draft legislations, regulations, draft rules and draft contracts, review and give judgment on legal and contractual issues deemed important to the MRTA Board of Directors. 2. Consider any other issues as assigned by the MRTA Board of Directors or as requested by MRTA Governor. Sub - Committee on Preparation of MRTA Performance Agreement Members 1. Miss Ladawan Kumpa Sub - Committee Chairman 2. Mr. Permsak Sachchavedha Member 3. Major General Pichet Kongsri Member 4. Mr. Rithika Suparat Member MRTA Assistant Governor 5. Director of Policy and Strategy Department of MRTA Secretary 6. Director of Strategy and Planning Division of MRTA Assistant Secretary Authority and duties 1. Prepare the MRTA Performance Agreement in accordance with the system evaluates the performance of enterprises. 2. The Chairman of the Sub-Committee or the members of the Sub - Committee assigned by the Chairman shall have the authority to negotiate the MRTA Performance Agreement with Committee on State Enterprises 44 45 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Evaluation to propose to the Chairman of the MRTA Board of Directors and the MRTA Governor for consideration and to sign it on behalf of MRTA, and the propose it to MRTA Board of Directors to acknowledge. 3. Consider any other issues as assigned by the MRTA Board of Directors or as requested by MRTA Governor. Note: The duties of the Sub - Committee on Preparation of MRTA Performance Agreement were terminated according to MRTA Order no. 123/2559 dated 23 March 2016 which revoked the order no. 486/2557 Concerning Committee and Sub - Committee Appointment. Organization and Human Resources Development Sub - Committee Members 1. Group Captain Associate Professor Thanakorn Pheeraphan Sub - Committee Chairman 2. Mr. Pongchai Kasemthavisak Member 3. Mr. Vichukorn Prapansiri Member 4. Lieutenant Colonel Suwatchai Bunsom Member 5. MRTA Governor Member 6. MRTA Deputy Governor (Administration) Member 7. Director of Human Resources Department of MRTA Secretary 8. Director of Human Resources Management Division of MRTA Secretary 9. Director of Human Resources and Work System Assistant Secretary Development Division of MRTA 10. Director of Welfare and Income Management Division of MRTA Assistant Secretary Authority and duties 1. Provide advice and suggestions on operations related to the administration, improvement and development of the organization and its resources. 2. Perform other duties as assigned by the MRTA Board of Directors or as requested by MRTA Governor. Note: The duties of Organization and Human Resources Development Sub - Committee were terminated according to MRTA Order no. 123/2559 dated 23 March 2016 which revoked the order no. 486/2557 Concerning Committee and Sub - Committee Appointment. Sub - Committee on Organization and Human Resources Development and Preparation of MRTA Performance Agreement Members 1. Miss Ladawan Kumpa Sub - Committee Chairman (In office as of 9 March 2016 - present) 2. Mr. Daroon Saengchai Member (In office as of 9 March 2016 - present) 3. Mr. Chula Sukmanop Member (In office as of 9 March 2016 - present) 4. Colonel Bancha Khao-ngam Member (In office as of 9 March 2016 - present) 44 45 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 5. Colonel Krisada Thammanart Member (In office as of 9 March 2016 - present) 6. Colonel Suwatchai Bunsom Member (In office as of 9 March 2016 - present) 7. MRTA Deputy Governor (Administration) Secretary (In office as of 9 March 2016 - present) 8. Director of Human Resources Department of MRTA Assistant Secretary (In office as of 9 March 2016 - present) 9. Director of Policy and Strategy Department of MRTA Assistant Secretary (In office as of 9 March 2016 - present) Authority and duties 1. Scrutinize any matters involving organization and human resources development and prepare the MRTA Performance Agreement. 2. Provide advice, suggestions and recommendations on measures or methods to resolve the problems pertaining to organization and human resources development and the MRTA Performance Agreement preparation. 3. Prepare the MRTA Performance Agreement in accordance with the system evaluates the performance of enterprises. 4. The Chairman of the Sub-Committee or the members of the Sub-Committee assigned by the Chairman shall have the authority to negotiate the MRTA Performance Agreement with Committee on State Enterprises Evaluation to propose to the Chairman of the MRTA Board of Directors and the MRTA Governor for consideration and to sign it on behalf of MRTA, and the propose it to MRTA Board of Directors to acknowledge. 5. Consider any other issues as assigned by the MRTA Board of Directors or as requested by MRTA Governor. Risk Management Sub - Committee Members 1. Mr. Chaiwat Thongkamkoon Sub - Committee Chairman 2. Miss Ladawan Kumpa Member 3. Mr. Anatchai Rattakul Member 4. Mr. Chanwut Nitikitpaiboon Member 5. Mr. Vichukorn Prapansiri Member 6. MRTA Chief Financial Officer (CFO) Member 7. Mr. Rithika Suparat Member MRTA Assistant Governor 8. Director of Policy and Strategy Department of MRTA Secretary 9. Director of Risk Management and Internal Control Division Assistant Secretary of MRTA Authority and duties 1. Scrutinize risk management matters as assigned by the MRTA Board of Directors or as request by MRTA. 2. Provide advice and suggestions and set measures or approaches to solve risk management problems 46 47 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 to ensure that the works are carried out in accordance with the policies of the MRTA Board of Directors and the Government. 3. Consider any other issues as assigned by the MRTA Board of Directors or as requested by the MRTA Governor. Note: The duties of Risk Management Sub - Committee were terminated according to MRTA Order no. 123/2559 dated 23 March 2016 which revoked the order no. 486/2557 concerning Committee and Sub - Committee Appointment. Good Governance Sub - Committee Members 1. Mr. Kasemsun Chinnavaso Sub - Committee Chairman 2. Mr. Peraphon Thawornsupacharoen Member 3. Mrs. Patcharaporn Intreyonk Member 4. Major General Pichet Kongsri Member 5. Colonel Prapat Lomsomboon Member 6. Lieutenant Colonel Torpong Suwanrak Member 7. MRTA Governor Member 8. Mr. Rithika Suparat Member MRTA Assistant Governor 9. Director of Policy and Strategy Department of MRTA Secretary 10. Director of Risk Management and Internal Control Division Assistant Secretary of MRTA Authority and duties 1. Set the policy and direction of operation on good corporate governance and corporate social responsibility. 2. Supervise the operation of the organization to be in compliance with the specified policy and direction. 3. Promote continuous compliance with the specified policy and direction. 4. Report to the MRTA Board of Directors the aspects of the operations on good corporate governance and corporate social responsibility from time to time as appropriate. 5. Appoint a working committee to support the work of Sub - Committee. 6. Consider any other issues as assigned by the MRTA Board of Directors or as requested by the MRTA Governor. Note: The duties of Good Governance Sub - Committee were terminated according to MRTA Order no. 123/2559 dated 23 March 2016 which revoked the order no. 486/2557 concerning Committee and Sub - Committee Appointment. Risk Management and Good Governance Sub - Committee Members 1. Mr. Chaiwat Thongkamkoon Sub - Committee Chairman (In office as of 9 March 2016 - present) 2. Mrs. Patcharaporn Intreyonk Member (In office as of 9 March 2016 - present) 46 47 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 3. Group Captain Associate Professor Thanakorn Pheeraphan Member (In office as of 9 March 2016 - present) 4. Dr. Anatchai Rattakul Member (In office as of 9 March 2016 - present) 5. Lieutenant Colonel Torpong Suwanrak Member (In office as of 9 March 2016 - present) 6. MRTA Governor Member (In office as of 9 March 2016 - present) 7. MRTA Deputy Governor (Strategy and Planning) Secretary (In office as of 9 March 2016 - present) 8. Director of Policy and Strategy Department of MRTA Assistant Secretary (In office as of 9 March 2016 - present) Authority and Duties 1. Scrutinize any matters involving internal control, risk management, good governance, corporate social responsibility, and the corporate operations of MRTA to ensure that the works are carried out in conformity with the policies of MRTA Board of Directors and the Government. 2. Provide advice, suggestions and recommendations on internal control, risk management, good governance and corporate social responsibility 3. Report to the MRTA Board of Directors the performance periodically as appropriate. 4. Appoint a working committee to support the work of Sub - Committee. 5. Consider any other issues as assigned by the MRTA Board of Directors or as requested by MRTA Governor. Construction Management Sub - Committee Members 1. Mr. Monton Sudprasert Sub - Committee Chairman 2. Mr. Patarut Dardarananda Member 3. Group Captain Associate Professor Chalermchai Chuchatpong Member 4. Mr. Rattapoohm Parichatpreecha Member 5. Group Captain Assistant Professor Pongrit Nitiwong Member 6. Mr. Teerapoj Warachij Member 7. Colonel Prapat Lomsomboon Member (In office as of 9 March 2016 - present) 8. Colonel Prawat Sahakij Member (In office as of 9 March 2016 - present) 9. Lieutenant Colonel Ampun Janpengpen Member (In office as of 9 March 2016 - present) 10. General Thawatchai Changsingha Member (In office as of 2 September 2016 - present) 11. MRTA Deputy Governor (Engineering and Construction) Secretary 48 49 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 12. Director of Construction Management Department 1 of MRTA Assistant Secretary 13. Director of Construction Management Department 2 of MRTA Assistant Secretary Authority and duties 1. Scrutinize, screen and management of construction project as assigned by the MRTA Board of Directors. 2. Provide advice, suggestions and recommendations on measures or methods to resolve problems arising from the construction project management to ensure that the works are carried out in compliance with the policies of the MRTA Board of Directors and the Government. 3. Perform other duties as assigned by the MRTA Board of Directors or as request by the MRTA Governor. Finance, Budgeting and Investment Sub - Committee Members 1. Mr. Yuttana Yimgarund Sub - Committee Chairman (In office as of 9 March 2016 - present) 2. Mr. Tana Janusorn Member (In office as of 9 March 2016 - present) 3. Mr. Chaiwat Thongkamkoon Member (In office as of 9 March 2016 - present) 4. Dr. Vichukorn Prapansiri Member (In office as of 9 March 2016 - present) 5. Mr. Pairat Jaturasangpairoj Member (In office as of 9 March 2016 - present) 6. Colonel Nopparat Saengnum Member (In office as of 9 March 2016 - present) 7. Mr. Sujja Suksong Member (In office as of 9 March 2016 - present) 8. Colonel Phumchay Nilgumhaeng Member (In office as of 2 September 2016 - present) 9. MRTA Deputy Governor (Finance) Secretary 10. Director of Accounting and Finance Department of MRTA Assistant Secretary Authority and Duties 1. Scrutinize financial, budgeting and investment matters. 2. Provide advice and suggestions, and determine measures or approaches to problem solving associated with finance, budgeting, investment and market risk including risk caused by changes in asset prices, exchange rate, interest rate, price of securities, liquidity risk, etc. in order to ensure that works are carried out in accordance with the policies of the MRTA Board of Directors and the Government. 3. Consider any other issues as assigned by the MRTA Board of Directors or as requested by the MRTA Governor. 48 49 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Information Technology and Communications Sub - Committee Members 1. Group Captain Associate Professor Thanakorn Pheeraphan Sub - Committee Chairman 2. Mr. Sorrawut Padmindra Member 3. Mr. Seksit Pucummee Member 4. Group Captain Surongkarn Tawsun Member 5. Colonel Kritsada Terdpong Member 6. Colonel Wiwat Khamhun Member 7 MRTA Deputy Governor (Strategy and Planning) Secretary 8. Director of Information Technology Department of MRTA Assistant Secretary Authority and Duties 1. Scrutinize MRTA’s information technology and communications matters. 2. Provide advice, suggestions and recommendations on measures or methods to resolve the problems arising from MRTA’s operations on information technology and communications. 3. Consider any other issues as assigned by the MRTA Board of Directors or as requested by the MRTA Governor. Performance Appraisal of MRTA Governor and Chief Financial Officer (CFO) Sub - Committee Members 1. Mr. Vinai Dumrongmongcolgul Sub - Committee Chairman (Remained in office until 8 March 2016) 2. Mr. Daroon Saengchai Sub - Committee Chairman (In office as of 9 March 2016 - present) 3. Major General Pichet Kongsri Member (Remained in office until 8 March 2016) 4. Mr. Sunthorn Subtuntikul Member 5. Mr. Chula Sukmanop Member (In office as of 9 March 2016 - present) 6. Mrs. Raweewan Bhuridej Member (In office as of 9 March 2016 - present) 7. Mr. Krai Tungsanga Member (In office as of 9 March 2016 - present) 8. Mr. Permsak Sachchavedha Member (In office as of 9 March 2016 - present) 9. MRTA Deputy Governor (Strategy and Planning) Member (In office as of 9 March 2016 - present) 10. Director of Policy and Strategy Department of MRTA Assistant Secretary (Remained in office until 8 March 2016 as Secretary and in office as of 9 March 2016 - present as Assistant Secretary) 50 51 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 11. Director of Strategy and Planning Division of MRTA Assistant Secretary (Remained in office until 8 March 2016) 12. Director of Evaluation Division of MRTA Assistant Secretary (Remained in office until 8 March 2016) Authority and Duties 1. Set the rules and procedures for performance appraisal of the MRTA Governor and MRTA CFO under the rules and conditions as specified in the employment contract. 2. Appraise the MRTA Governor’s and MRTA CFO’s performance under the rules and conditions as specified in paragraph 1. 3. Report the result of the performance appraisal of the MRTA Governor and MRTA CFO under the employment contract to the MRTA Board of Directors for consideration. 4. Consider any other issues as assigned by the MRTA Board of Directors. Business Development Sub - Committee Members 1. Miss Ladawan Kumpa Sub - Committee Chairman (Remained in office until 29 February 2016) 2. Mr. Patarut Dardarananda Sub - Committee Chairman (In office as of 9 March 2016 - present) 3. Mr. Anatchai Rattakul Member (Remained in office until 29 February 2016) 4. Mr. Sajja Suksong Member (Remained in office until 29 February 2016) 5. Mr. Pairat Jaturasangpairoj Member (In office as of 9 March 2016 - present) 6. Police Lieutenant General Boriharn Siang-arom Member (In office as of 9 March 2016 - present) 7. Police Lieutenant General Somkid Boontanom Member (In office as of 9 March 2016 - present) 8. Colonel Weerasak Tha-Ngam Member (In office as of 9 March 2016 - present) 9. Colonel Prapat Lomsomboon Member (In office as of 9 March 2016 - present) 10. Mr. Permsak Sachchavedha Member (In office as of 9 March 2016 - present) 11. Lieutenant Colonel Torpong Suwanrak Member (In office as of 9 March 2016 - present) 12. MRTA Deputy Governor (Operations) Secretary 13. Director of Business Development Department of MRTA Assistant Secretary 50 51 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Authority and Duties 1. Scrutinize the issues relating to business development, property development and business operation of MRTA 2. Provide advice, suggestions and recommendations on solution measures or approaches to business development, property development or business operation to ensure that the works are carried out in compliance with the policies of the MRTA Board of Directors and the Government. 3. Perform other duties as assigned by the MRTA Board of Directors or as requested by the MRTA Governor. Board of Director Opinions Review Sub - Committee Members 1. Mr. Krai Tungsanga Sub - Committee Chairman (In office as of 9 March 2016 - present) 2. Major General Pichet Kongsri Member (Remained in office until 8 March 2016 as Sub - Committee Chairman and in office as of 9 March 2016 - present as Sub - Committee Member) 3. Mr. Anatchai Rattakul Member 4. Mr. Worakarn Yupapin Member 5. Mr. Pairat Jaturasangpairoj Member (Remained in office until 8 March 2016) 6. Colonel Prapat Lomsomboon Member (Remained in office until 8 March 2016) 7. Colonel Prawat Sahakij Member 8. Mr. Sunthorn Subtuntikul Member (In office as of 9 March 2016 - present) 9. Mr. Teerapoj Warachij Member (In office as of 9 March 2016 - present) 10. Colonel Chuckkriss Srinon Member (Remained in office until 8 March 2016) 11. Mr. Terapun Petchsuwan Member 12. Mr. Boonin Songsermsakul Member 13. Mr. Sorrawut Padmindra Member 14. Mr. Somsak Torugsa Member (Remained in office until 12 October 2015) 15. Police Lieutenant General Boriharn Siangarom Member 16. Police Lieutenant General Somkid Boontanom Member (Remained in office until 8 March 2016) 17. Miss Sirithida Thammakul Secretary Director of Office of the Governor Authority and Duties Provide advice and/or suggestions to the MRTA Board of Directors in regard to management, applicable laws and regulations and perform other duties as assigned. 52 53 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 List of Executive Officers at Departmental Director Level (As of 30 September2016)

Mr. Peerayudh Singpatanakul Mr. Ronnachit Yaemsaard Governor Advisor

Mr. Sujjapong Snunsieng Mr. Theeraphan Tachasirinugune Deputy Governor Deputy Governor (Operations) (Strategy and Planning)

Mr. Rithika Suparat Mr. Pakapong Sirikantaramas Deputy Governor Deputy Governor (Administration) (Engineering and Construction) 52 53 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Mr. Suchin Sasiprapakul Pol.Lt.Col. Anusilp Mrs. Natamon Bunnak Assistant Governor and Sirivejchapan Assistant Governor and Acting Acting Director of Office Assistant Governor Deputy Governor (Finance) of Mass Transit Business Unit

Mr. Sarot T.Suwan Mr. Surachet Laophulsuk Mr. Vithaya Punmongkol Assistant Governor Assistant Governor and Acting Assistant Governor Director of Construction Management Department 2

Mr. Weerapong Puttanapun Miss Sirithida Thammakul Mrs. Pornthip Specialist Director of Office of the Governor Charoenrungrat Director of Audit Office 54 55 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Miss Budsakorn Yusook Mr. Gardphajon Mr. Somkid Leelittam Director of Policy and Strategy Udomdhammabhakdi Director of Information Department Director of MRT Project Technology Department Development Department

Miss Jiranan Vorachak Mr. Somprasong Mr. Tanom Rattanasate Director of Accounting Suttayamully Director of Land Development and Finance Department Director of Business and Management Department Development Department

Mr. Kittikorn Tanpao Mr. Pattanaphong Mr. Theeraphon Adisorn Director of Engineering Phongsupatsamit Director of M&E System Department and Architecture Department Director of Construction Management Department 1 54 55 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Mr. Jerasak Chinrungruang Mr. Pongsak Wadjasit Mr. Tanwa Artaramas Director of Operations Department Director of Security and Director of Legal Affairs Rescue Department Department

Mr. Adulvet Chitprasert Mr. Vijit Santipatanakij Mrs. Pouangyok Director of Land Acquisition Director of Procurement and Boonthanom Department Service Department Director of Human Resources Department

Mr. Thavit Pungton Director of Office of Fare Media Business 56 57 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Profile and Compensation of MRTA Executive Officers Mr. Peerayudh Singpatanakul Education Master’s Degree M.S. (Transportation), Northeastern University, USA, 1981 Bachelor’s Degree Bachelor of Engineering (Civil Engineering), Chiang Mai University, 1978 Current Position • Governor of Mass Rapid Transit Authority of Thailand Other Positions - Work Experience • Deputy Governor (Engineering and Construction), Mass Rapid Transit Authority of Thailand • Deputy Governor (Strategy and Planning), Mass Rapid Transit Authority of Thailand • Assistant Governor, Mass Rapid Transit Authority of Thailand • Director of Construction Management Department, Mass Rapid Transit Authority of Thailand • Director of Engineering Department, Mass Rapid Transit Authority of Thailand • Director of Construction Department, Mass Rapid Transit Authority of Thailand • Director of Construction Management Division, Mass Rapid Transit Authority of Thailand • Project Engineer/Senior Engineer, Mass Rapid Transit Authority of Thailand Mr. Sujjapong Snunsieng Education Master’s Degree Master of Business Administration, Kasetsart University Bachelor’s Degree Bachelor of Engineering (Civil Engineering), Chulalongkorn University Current Position • Deputy Governor (Operations), Mass Rapid Transit Authority of Thailand Other Positions - Work Experience • Assistant Governor, Mass Rapid Transit Authority of Thailand • Director of Construction Management Department, Mass Rapid Transit Authority of Thailand • Director of Civil Engineering and Architecture Division, Mass Rapid Transit Authority of Thailand • Director of Construction Management Division 1, Mass Rapid Transit Authority of Thailand • Senior Engineer, Level 11, Construction Management Division 1, Mass Rapid Transit Authority of Thailand • Senior Section Chief, Station Structure Engineering Section, Mass Rapid Transit Authority of Thailand • Section Chief, Station Structure Engineering Section, Mass Rapid Transit Authority of Thailand • Section Chief, Business Planning Section, Mass Rapid Transit Authority of Thailand • Engineer, Civil Engineering Division 1, Mass Rapid Transit Authority of Thailand • Section Chief of Structure and Foundation Design, Transmission System Operation Department, The Electricity Generating Authority of Thailand 56 57 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Mr. Theeraphan Tachasirinugune Education Master’s Degree Master of Engineering Science (Development Technologies), University of Melbourne, Australia Bachelor’s Degree Bachelor of Engineering, Kasetsart University Current Position • Deputy Governor (Strategy and Planning), Mass Rapid Transit Authority of Thailand Other Positions • Director of Bangkok Expressway and Metro Public Company Limited (BEM) Board of Directors Work Experience • Assistant Governor, Mass Rapid Transit Authority of Thailand • Director of Technical Department, Mass Rapid Transit Authority of Thailand • Director of Planning Division, Mass Rapid Transit Authority of Thailand • Director of Technical Division, Mass Rapid Transit Authority of Thailand • Engineer for Logistics Department, Bangchak Petroleum Co., Ltd. • Engineer for Expressway Maintenance Department, Expressway Authority of Thailand • Engineer for Traffic Engineering Office, Bureau of Planning, The Department of Highways Mr. Rithika Suparat Education Doctor’s Degree Doctor of Engineering (Transport Planning) Nagoya University, The Japanese Government (Monbukagakusho: MEXT) Scholarship Master’s Degree Master of Engineering (Traffic and Transportation Engineering), Chulalongkorn University Master of Engineering (Transport Planning) Nagoya University, The Japanese Government (Monbukagakusho: MEXT) Scholarship Bachelor’s Degree Bachelor of Engineering (Civil Engineering), Chulalongkorn University Certificate Advanced Certificate Course in Public Economics Management for Executives, Class 13, King Prajadhipok’s Institute Current Position • Deputy Governor (Administration), Mass Rapid Transit Authority of Thailand Other Positions - Work Experience • Assistant Governor, Mass Rapid Transit Authority of Thailand • Director of Strategy Department, Mass Rapid Transit Authority of Thailand • Director of Policy and Planning Division, Mass Rapid Transit Authority of Thailand • Director of Planning Division, Mass Rapid Transit Authority of Thailand • Chief of Planning Section, Mass Rapid Transit Authority of Thailand • Engineer for Planning and Development Division, Mass Rapid Transit Authority of Thailand • Engineer, Expressway Authority of Thailand 58 59 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Mr. Pakapong Sirikantaramas Education Master’s Degree Master of Engineering, Lamar University, U.S.A. Bachelor’s Degree Bachelor of Engineering, Chiang Mai University Current Position • Deputy Governor (Engineering and Construction), Mass Rapid Transit Authority of Thailand Other Positions - Work Experience • Deputy Governor (Engineering and Construction), Mass Rapid Transit Authority of Thailand • Assistant Governor, Mass Rapid Transit Authority of Thailand • Director of Construction Management Department 1, Mass Rapid Transit Authority of Thailand • Director of Construction Management Department, Mass Rapid Transit Authority of Thailand • Director of Construction Management Division 3, Mass Rapid Transit Authority of Thailand • Engineer, Mass Rapid Transit Authority of Thailand Mr. Ronnachit Yaemsaard Education Master’s Degree Master of Comparative Jurisprudence, Howard University, Washington D.C., USA. Mini MBA, Faculty of Commerce and Accountancy, Thammasat University Bachelor’s Degree Bachelor of Laws, Chulalongkorn University Current Position • Advisor, Mass Rapid Transit Authority of Thailand Other Positions - Work Experience • Deputy Governor (Administration), Mass Rapid Transit Authority of Thailand • Deputy Governor (Administration) and Acting Governor, Mass Rapid Transit Authority of Thailand • Deputy Governor (Operations), Mass Rapid Transit Authority of Thailand • Deputy Governor (Operations) and Acting Governor, Mass Rapid Transit Authority of Thailand • Deputy Governor (Operations), Mass Rapid Transit Authority of Thailand • Assistant Governor, Mass Rapid Transit Authority of Thailand • Director of Legal Office, Metropolitan Rapid Transit Authority • Director of Audit Office, Metropolitan Rapid Transit Authority • Chief of Contract Section, Expressway and Rapid Transit Authority of Thailand 58 59 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Compensation of MRTA Executive Officers

Compensation of MRTA Executive Officers in the fiscal year 2014 are as follows: Salary (6 persons) 14,799,752 Baht/Year Cost of living (4 persons) 194,480 Baht/Year Total 14,994,232 Baht/Year

Compensation of MRTA Executive Officers in the fiscal year 2015 are as follows: Salary (6 persons) 13,733,518 Baht/Year Total 13,733,518 Baht/Year Compensation of MRTA Executive Officers in the fiscal year 2016 are as follows: Salary (6 persons) 13,323,353 Baht/Year Total 13,323,353 Baht/Year Total Compensation for MRTA Executive Officers over 3 years (from 2014 - 2016) 42,051,103 Baht/Year

Note: 1. Executive Officer refers to the top high ranking officer and the officers in the next position, one level down. 2. Compensation in monetary terms and other benefits of Executive Officers over the previous 3 years can be reported per person and as a total overview. 60 61 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Summary of Manpower Information: MRTA Officers and Employees (As of 30 September 2016)

Unit: Persons

Executives under the Employment Contracts 1 Officers 983 Employees 0 Total 984

Executives under Gender Officers Employees the Employment Contracts Male 1 526 - Female - 457 - Total 1 983 0

Executives under Age Officers Employees the Employment Contracts < 25 - 36 - 25-34 - 470 - 35-44 - 324 - 45-54 - 122 - >54 1 31 - Total 1 983 0 60 61 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Executives under Education Officers Employees the Employment Contracts Below Bachelor’s Degree - 16 - Bachelor’s Degree - 729 - Master’s Degree 1 235 - Doctor’s Degree - 3 - Total 1 983 0

Executives under Position Officers Employees the Employment Contracts General Officers without - 16 - Bachelor’s Degree General Officers with Bachelor’s - 736 - Degree and higher Section Chief or Equivalent - 156 - Division Director or Equivalent - 45 - Department Director or Equivalent - 18 - Specialist - 1 Assistant Governor - 6 - Deputy Governor/Chief - 4 - Financial Officer Advisor - 1 - Governor 1 - - Total 1 983 0 Total Expenses for Officers and Employees Total Expenses for officers and employees such as salaries, wages, cost of living, social welfare over three years (from 2014 - 2016) Fiscal year 2014 amount 431,903,297.96 baht Fiscal year 2015 amount 502,772,881.15 baht Fiscal year 2016 amount 567,288,427.59 baht 62 63 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Capital Structure

Capital Structure Unit : Million Baht 30 September 2016 30 September 2015 30 September 2014 Initial Capital 945.96 945.96 945.96 Total 945.96 945.96 945.96 The major part of MRTA’s capital structure is the state’s subsidy through the Bureau of the Budget to allocate funds to MRTA annually for use as operating expenses and MRT project implementation costs.

Budget Allocation and Budget Disbursements for Fiscal Year 2016 The Expenditure Budget Personnel Expenses 383.55 for Fiscal Year 2016 383.5498 million baht was allocated and 383.5498 million baht was disbursed. 383.55 Disbursement 98.11% The MRT Purple Line Project : Bang Yai - Bang Sue Section 153.08 (system equipment costs and pertinent costs) 153.0838 million baht was allocated and 153.0838 million baht was disbursed. 153.08

The MRT Green Line Project : Mo Chit - Saphan Mai - Khu Khot Section 2,299.81 (Land acquisition cost) 2,299.81 2,299.8077 million baht was allocated and 2,299.8077 million baht was disbursed. 23.00 The MRT Pink Line Project : Khae Rai - Min Buri Section (Land acquisition cost) Remaining budget 23.0000 million baht was allocated 0.00 1.89% In fiscal year 2016, The MRT Yellow Line Project: Lat Phrao - Samrong Section (Land acquisition cost) 16.84 20,508.21 million baht was allocated 0.00 16.8435 million baht was allocated 20,121.24 million baht could be disbursed, The MRT Orange Line Project : Thailand Cultural Centre - Min Buri Section 260.49 or 98.11% of the budget allocation. (Land acquisition cost) 1.66 260.4905 million baht was allocated and 1.6560 million baht was reimbursed. Loan Repayment Project for the Construction of 3,376.23 the M.R.T. Chaloem Ratchamongkhon ,376.23 3,376.2327 million baht was allocated and 3,376.2327 million baht was disbursed. Loan Repayment Project for the Construction of the MRT Purple Line Project: 4,262.25 Bang Yai - Bang Sue Section 4,173.96 4,262.2525 million baht was allocated and 4,173.9612 million baht was disbursed. Loan Repayment Project for the Construction of the MRT Blue Line Project: 8,039.60 Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections 8,039.60 8,039.6041 million baht was allocated and 8,039.6039 million baht was disbursed. Loan Repayment Project for the Construction of the MRT Green Line Project: 1,693.35 Bearing - Samut Prakan Section 1,693.35 1,693.3484 million baht was allocated and 1,693.3482 million baht was disbursed. 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Disbursement plans The disbursement ANNUAL Report 2 016 62

Mass Rapid Transit Authority of Thailand Debt Information Mass Rapid Transit Authority of Thailand Debt Loan Balance Source of Funds/Contract Details Loan Remaining Average Rate Drawdown Interest Repayment Prepayment Interest Rate Maturity Maturity) from the First Million Million Date Repayment Date Date allowable (% p.a.) (Years) (Years) Drawdown Date Yen Baht 1. Domestic Loans 1. The M.R.T. Chaloem Ratchamongkhon Line Loans for design and construction costs and the project consultant fees MOF Loan Contract No. 1-Cho/2013 3 Apr. 13 Oct., Apr. 30 Apr. 22 1) Ave 3.12 9 5.66 6,200.00 (Prepayment Loan 21 and Loan 22 (Civil)) 2. The MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections Loans for construction (civil engineering) cost and the project consultant fees 1 Contract to continue borrowing no. 8-Kho/2014, 24 Oct. 14 17 Jun., 17 Dec. 17 Dec. 21 Fix 3.65 7.15 5.29 15,260.00 Amount: 15,260 million baht (BOT) 2 Contract to continue borrowing no. 8-Kho/2015, 29 Oct. 15 9 May, 9 Nov. 9 Nov. 17 ü 2) Ave 1.79 2 1.13 3,700.00 Amount: 3,700 million baht (GSB) 3 Contract to continue borrowing no. 9-Kho/2016, 8 Apr. 16 20 Apr., 20 Oct. 20 Apr. 18 ü 3) Ave 1.75 2 1.58 1,901.73 Amount: 4,100 million baht (GSB) 4 Contract to continue borrowing no. 16-Kho/2016, 15 Aug. 16 17 Jun., 17 Dec. 17 Dec. 26 FIX 2.125 10.35 10.36 6,041.70 Amount: 6,041.70 million baht (BOT) 26,903.43 3. The MRT Green Line Project : Bearing - Samut Prakan Section 1 Contract to continue borrowing no. 8-Kho/2014, 24 Oct. 14 17 Jun., 17 Dec. 17 Dec. 21 Fix 3.65 7.15 5.29 4,740.00 Amount: 4,740 million baht (BOT) 2 Contract to continue borrowing no. 9-Kho/2015, 29 Oct. 15 9 May, 9 Nov. 9 Nov. 17 ü 4) Ave 1.79 2 1.13 1,700.00 Amount: 1,700 million baht (GSB) 3 Contract to continue borrowing no. 10-Kho/2016, 8 Apr. 16 20 Apr., 20 Oct. 20 Apr. 18 ü 5) Ave 1.75 2 1.58 1,900.00 Amount:1,900 million baht (GSB) 4 Contract to continue borrowing no. 16-Kho/2016, 15 Aug. 16 17 Jun., 17 Dec. 17 Dec.26 FIX 2.125 10.35 10.36 3,652.20 Amount: 3,652.20 million baht (BOT) 5 Contract to continue borrowing no. 20-Kho/2016, 27 Sep. 16 29 Mar., 29 Sep. 29 Sep. 18 ü BIBOR+0.0240% 2 2.03 - Amount: 1,283 million baht (GSB) 11,992.20 4. The MRT Purple Line Project : Bang Yai - Bang Sue Section 1 Contract to continue borrowing no. 1-Kho/2015, 20 Jan. 15 20 Jan., 20 Jul. 20 Jan. 17 ü 6) Ave 2.54 2 0.31 1,433.82 Amount: 1,840 million baht (GSB) 2 Contract to continue borrowing no. 6-Kho/2015, 28 Sep. 15 28 Mar., 28 Sep. 28 Sep. 16 ü 7) Ave 1.81 1 0.00 - Amount: 982.09 million baht (GSB) 3 Contract to continue borrowing no. 1-Kho/2016, 15 Jan. 16 18 Jan.,18 Jul. 18 Jan. 18 ü 8) Ave 2.00 2 1.32 660.00 Amount: 660 million baht (KTB) 4 Contract to continue borrowing no. 12-Kho/2016, 1 Jun. 16 6 Jun., 6 Dec. 6 Jun. 18 ü 9) Ave 1.79 2 1.71 108.65 Amount: 200 million baht (GSB) 5 Contract to continue borrowing no. 16-Kho/2016, 15 Aug. 16 17 Jun., 17 Dec. 17 Dec. 26 FIX 2.125 10.35 10.36 5,306.10 Amount: 5,306.10 million baht (BOT) 6 Contract to continue borrowing no. 17-Kho/2016, 31 Aug. 16 1 Mar., 1 Sep. 1 Sep. 18 ü BIBOR+0.0263% 2 1.95 - Amount: 366 million baht (GSB) 7 Contract to continue borrowing no. 19-Kho/2016, 23 Sep. 16 28 Nov. 16 28 Nov. 16 ü FIX 1.50 2 Months 0.16 435.90

Amount: 435.90 million baht (BOT) ANNUAL Report 7,944.47 5. The MRT Green Line Project : Mo Chit - Saphan Mai - Khu Khot Section 2 016

1 Contract to continue borrowing no. 5-Kho/2015, 6 Jul. 15 6 Jan., 6 Jul. 6 Jul. 17 ü 10) Ave 2.13 2 0.78 3,200.00 63 Amount: 3,200 million baht (BBL) 2 Contract to continue borrowing no. 8-Kho/2016, 8 Apr. 59 20 Apr., 20 Oct. 20 Apr. 61 ü 11) Ave 1.75 2 1.58 950.32 Amount: 2,000 million baht (GSB) 4,150.32 Total Loan 1 - 57,190.42 Mass Rapid Transit Authority of Thailand Debt Information ANNUAL Report 2 016

Mass Rapid Transit Authority of Thailand Debt Loan Balance 64 Source of Funds/Contract Details Interest Loan Remaining Average Rate Drawdown Repayment Repayment Prepayment Interest Rate Maturity Maturity) from the First Million Million Date Date Date allowable (% p.a.) (Years) (Years) Drawdown Date Yen Baht 2. Foreign Currency Loans 1. The M.R.T. Chaloem Ratchamongkhon Line Loans for design and construction costs and the project consultant fees Baht/100 Yen Debt restructured through Cross Currency Swap (CCS) 1 Loan 23 (U) (entered into CCS at a FX rate of 0.3098, 31 Jul. 98 Jan., Jul. 20 Jul. 08 - 20 Jul. 38 0.75% 40 22.12 32.36 21,489.24 6,657.37 int rate 3.98%, Bangkok Bank) Amount: 24,419,600,000 yen, Bangkok Bank dated 13 August 2013) 2 Loan 23 (entered into CCS at a FX rate of 0.2908, 30 Sep. 98 Mar., Sep. 22 Sep. 08 - 2 Sep. 38 0.75% 40 22.30 34.34 16,837.57 4,896.37 int rate 3.75%, Siam Commercial Bank) Amount: 19,516,272,000 yen, Siam Commercial Bank dated 29 July 2013) 3 Loan 25 (entered into CCS at a FX rate of 0.3166, 22 Sep. 00 Oct., Apr. 20 Oct. 10 - 20 Apr. 41 0.75% 40 23.90 35.20 31,999.05 10,130.90 int rate 3.81%, Bangkok Bank) Amount: 35,332,291,000 yen, Bangkok Bank dated 10 April 2014) 4 Loan 24 (Commenced in March 2015) 29 Sep. 99 Mar., Sep. 20 Sep. 09 - 20 Sep. 39 0.75% 40 23.31 36.90 48,379.58 15,174.26 Contract 1(entered into CCS at a FX rate of 0.3177, int rate 3.87%, Siam Commercial Bank Amount: 26,293,250,000 yen, Siam Commercial Bank dated 21 August 2014 Contract 2(entered into CCS at a FX rate of 0.3096, int rate 3.88%, Siam Commercial Bank) Amount: 26,293,250,000 yen, Siam Commercial Bank dated 22 September 2014 118,705.44 36,858.89 Debt burden not entered into CCS yet Loan 22 (A) 30 Sep. 97 Mar., Sep. 20 Sep. 07 - 20 Sep. 37 0.75% 40 21.28 35.35 142.09 49.31 118,847.53 36,908.20 2. The MRT Purple Line Project : Bang Yai - Bang Sue Section Loans for construction (civil) cost and the project consultant fees 1 Loan 30 - 1 Amount: 62,442 million yen 31 Mar. 08 Jun., Dec. 20 Nov. 14 - 20 Nov. 32 0.01% - 1.4% 25 16.38 55,691.42 19,327.21 (Expiry date 24 June 2015) 1.4% (civil) 36.39 52,343.18 18,165.23 0.01% (consult) 30.40 3,348.24 1,161.98 2 Loan 32 - 3 Amount: 16,639 million yen 28 Sep. 10 Mar., Sep. 20 Aug. 17 - 20 Aug. 35 1.4% (civil) 25 19.16 34.31 16,639.00 5,774.42 (Amount calculated in Thai Baht as specified in the contract.) 72,330.42 25,101.62 Total Loan 2 191,177.95 62,009.82 Total Loan 1+2 191,177.95 119,200.24 Baht/Yen as of 30 Sep. 16 Note: 1) 1st Amount 6,300 million baht, reference interest rate plus 1.75% per annum (Installment payment made on 30 Oct 15, the interest rate was at 3.025%.) 2nd Amount 3,000 million baht, reference interest rate plus 1.25% per annum (Installment payment made on 30 Oct 15, the interest rate was at 2.545%.) 2) 6 months Bangkok Interbank Offered Rate (BIBOR) as announced by BOT, plus 0.0272% per annum 3) 6 months Bangkok Interbank Offered Rate (BIBOR) as announced by BOT, plus 0.0253 % per annum 4) 6 months Bangkok Interbank Offered Rate (BIBOR) as announced by BOT, plus 0.0272 % per annum 5) 6 months Bangkok Interbank Offered Rate (BIBOR) as announced by BOT, plus 0.0253 % per annum 6) 6 months Bangkok Interbank Offered Rate (BIBOR) as announced by BOT, plus 0.5% per annum 7) 6 months Bangkok Interbank Offered Rate (BIBOR) as announced by BOT, plus 0.045% per annum 8) 6 months Bangkok Interbank Offered Rate (BIBOR) as announced by BOT, plus 0.24% per annum 9) 6 months Bangkok Interbank Offered Rate (BIBOR) as announced by BOT, plus 0.0695% per annum 10) 6 months Bangkok Interbank Offered Rate (BIBOR) as announced by BOT, plus 0.34% per annum 11) 6 months Bangkok Interbank Offered Rate (BIBOR) as announced by BOT, plus 0.0253% per annum 12) The government assumes responsibility for repaying all loans which can be divided into loan not guaranteed by the government (Domestic loan) and loan guaranteed by the government (Foreign currency loan). ANNUAL Report 2 016 65 64 65 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Key Current and Future Investments

Key Current and Future Investments Plans and Projects: MRTA’s important investments in planned projects are the following 10 MRT projects. Project Value Source of Project (million baht) funds Progress 1. The MRT Purple Line Project : Investment The total project progress is at 97.14%, or Bang Yai - Bang Sue Section 63,733.93 Budget 1.55% ahead of plan, or 101.62% (Loans) achievement over plan. 2. The MRT Blue Line Extension Investment The total project progress is at 70.80%, Project : Hua Lamphong - Bang Budget 0.97% behind the original project plan, or Khae and Bang Sue - Tha Phra 82,592.27 (Loans) 98.65% complete. Sections 3. The MRT Green Line Project : Investment The total project progress is at 95.58%, or Bearing - Samut Prakan Section 27,835.56 Budget 0.99% ahead of plan, or 101.04% (Loans) achievement over plan. 4. The MRT Green Line Project : Investment The total project progress is at 40.97%, Mo Chit - Saphan Mai - Khu Khot 58,400.93 Budget 0.21% behind the original project plan, or Section (Loans) 99.50% complete. 5. The MRT Pink Line Project : Investment The total project progress is at 16.49%, Khae Rai - Min Buri Section 53,524.00 Budget 3.22% behind the original project plan, or (Loans) 83.67% complete. 6. The MRT Orange Line Project : Investment The total project progress is at 14.25%, Thailand Cultural Centre - 107,749.76 Budget 3.97% behind the original project plan, or Min Buri Section (Loans) 78.19% complete. 7. The MRT Orange Line Project : Investment The total project progress is at 11.75%, or Taling Chan - Thai-land Cultural 85,316.04 Budget 100% complete. Centre Section (Loans) 8. The MRT Purple Line Project : Investment The total project progress is at 14.00%, Tao Pun - Kanchanaphisek Outer 128,334.97 Budget 0.55% behind the original project plan, or Ring Road Section (Loans) 96.22% complete. (Data as of June 2016) 66 67 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Project Value Source of Project (million baht) funds Progress 9. The MRT Yellow Line Project : Investment The total project progress is at 16.49%, 3.22% Lat Phrao - Samrong Section 51,934.45 Budget behind the original project plan, or 83.67% (Loans) complete. 10. The MRT Blue Line Extension Investment The total project progress is at 13.38%, 0.16% Project: Bang Khae - 21,164.37 Budget behind the original project plan, or 98.80% Phutthamonthon Sai 4 Section (Loans) complete. (Data as of June 2016) Joint Participation with the Private Sector Mechanical and Operation and Project Civil Electrical Rolling Stock Maintenance Work (M&E) Systems (O&M) Service 1. The M.R.T. Chaloem Public Sector Concession type: Public - Private Partnership (PPP) Net Cost Ratchamongkhon Line Comparator Concession Contract was signed on 1 August 2000. (PSC) Concession period: 25 years Opened for service on 3 July 2004. 2. The MRT Purple Line Project: PSC Concession type: Public-Private Partnership (PPP) Gross Cost Bang Yai - Bang Sue Section Concession Contract was signed on 4 September 2013. Concession period: 30 years Opened for service on 6 August 2016. 3. The MRT Blue Line Extension PSC Concession type: Public-Private Partnership (PPP) Gross Cost Project: Bang Sue - Tha Phra Received the Cabinet Approval on December 28, 2010. and Hua Lamphong - Bang In process of selecting the private entity through a direct Khae Sections negotiation with the operator of the M.R.T. Chaloem Ratchamongkhon Line in accordance with the procedures under the Private Investments in State Undertakings Act B.E. 2556 (2013) 4. The MRT Green Line Project: Bearing - Samut Prakan Section In discussions on operational guidelines with Bangkok PSC Metropolitan Administration and Bangkok Mass Transit System 5. The MRT Green Line Project: (BTS Skytrain). Mo Chit - Saphan Mai - Khu Khot Section 6. The MRT Pink Line Project: Concession type: Public-Private Partnership (PPP) Net Cost Khae Rai - Min Buri Section Received the Cabinet Approval on March 29, 2016. The public sector will be responsible for land acquisition cost whereas the private sector will invest in civil works, M&E systems and consultant fees and manage O&M services of the project. 7. The MRT Yellow Line Project: Concession type: Public-Private Partnership (PPP) Net Cost Lat Phrao - Samrong Section Received the Cabinet Approval on March 29, 2016. The public sector will be responsible for land acquisition cost whereas the private sector will invest in civil works, M&E systems and consultant fees and manage O&M services of the project. 66 67 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Summary of MRTA Performance

Summary of MRTA Performance Summary of MRTA Performance for projects under its responsibility in fiscal year 2016 1. The M.R.T. Chaloem Ratchamongkhon Line Operation MRTA entered into a concession contract for investment of M&E systems and O&M services of the M.R.T. Chaloem Ratchamongkhon Line with Bangkok Metro Public Company Limited (BMCL) on 1 August 2000 for the operating period of 25 years starting from revenue service. Later, the establishment registration of Bangkok Expressway and Metro Public Company Limited (BEM) was complete on 30 December 2015, allowing all rights, duties, assets and liabilities of BMCL to be assigned to BEM. 1.1 Operation Service The number of train on weekday is at maximum of 19 train sets, and on weekend and public holidays at maximum of 14 train sets. 1.2 M&E System Availability and Punctuality The concession contract has determined the targets of Performance Obligation for operating the M.R.T. Chaloem Ratchamongkhon Line to be in accordance with standard procedures presented to the Ministry of Finance and the Ministry of Transport. These set targets of Performance Obligation have been used to oversee BEM performance. Average performance to target of BEM in fiscal year 2016 is as follows: Average Performance in % System Availability Target Performance in % (October 2015 - September 2016) M&E System 99.92 99.920 Ticket Vending Machines 99.73 99.920 Automatic Fare Collection Gates 99.97 99.920 Elevators 99.98 99.920 100.00 99.920 100.00 99.920 Signalling System 99.99 99.920 Power Supply System 100.00 99.920 In terms of punctuality, the set target of arrival time to station is no more than ±2 minutes faster or slower than time specified in the schedule, averaging of 99.56% from the 99.50% target (October 2015 - September 2016). 68 69 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 1.3 Ridership and Revenue from MRT Commuters 1.3.1 The Number of Passengers of the M.R.T. Chaloem Ratchamongkhon Line In fiscal year 2016, total number of passengers of the M.R.T. Chaloem Ratchamongkhon Line was 98.57 million people-trips or an average of 0.269 million people-trips per day.

Ridership of the M.R.T. Chaloem Ratchamongkhon Line Passenger-Trip/Month 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 Oct. Nov . Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Month 2015 2016 Year A.D.

Average Ridership of the M.R.T. Chaloem Ratchamongkhon Line per Day Passenger-Trip/Day 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Month 2015 2016 Year A.D.

1.3.2 Collected Fare Revenue from the M.R.T. Chaloem Ratchamongkhon Line In fiscal year 2016, fare revenue from the M.R.T. Chaloem Ratchamongkhon Line can be collected at 2,445.08 million baht, an average of 203.76 million baht per month or 6.70 million baht per day. MRTA revenue share of fare revenue under the concession contract equals 1,014.91 million baht (Excluding VAT) which comprises (1) fee in percentage (Revenue share from fare revenue) in the amount of 22.85 million baht and (2) annual fee from fare revenue in the amount of 992.06 million baht. 68 69 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Collected Fare Revenue from the M.R.T. Chaloem Ratchamongkhon Line Million baht/Month 250.0 200.0 150.0 100.0 50.0 0 Oct. Nov. Dec. Jan. Feb. Mar . Apr. May Jun. Jul. Aug. Sep. Month 2015 2016 Year A.D.

Collected Fare Revenue from the M.R.T. Chaloem Ratchamongkhon Line per Day Million baht/Day

8.00

6.00

4.00

2.00

0 Oct. Nov. Dec. Jan . Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Month 2015 2016 Year A.D.

MRTA Revenue Share of Fare Revenue from the M.R.T. Chaloem Ratchamongkhon Line (Excluding VAT) Million baht/Month 100.00 80.00 60.00 40.00 20.00 0 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Month 2015 2016 Year A.D. 70 71 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 2. The M.R.T. Chalong Ratchadham Line Operation MRTA entered into a concession contract for investment, supply of M&E systems and O&M services of the M.R.T. Chalong Ratchadham Line (Khlong Bang Phai Station - Tao Pun Station) with Bangkok Metro Public Company Limited (BMCL) on 4 September 2013 for the operating period of 30 years starting from the date of signing. Later, the establishment registration of Bangkok Expressway and Metro Public Company Limited (BEM) was complete on 30 December 2015, allowing all rights, duties, assets and liabilities of BMCL to be assigned to BEM. 2.1 Operation Service The number of trains on weekday is at maximum of 12 train sets, and on weekend and public holidays at maximum of 8 train sets. 2.2 Ridership and Fare Revenue from MRT Commuters 2.2.1. The Number of Passengers of the M.R.T. Chalong Ratchadham Line In fiscal year 2016, total number of passengers of the M.R.T. Chalong Ratchadham Line, opened for service on 6 August 2016, was 1.15 million people-trips or average of 0.21 million people-trips per day. Ridership of the M.R.T. Chalong Ratchadham Line Passenger-Trip/Month 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 Oct. Nov. Dec. Jan . Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Month 2015 2016 Year A.D. Average Ridership of the M.R.T. Chalong Ratchadham Line per Day Passenger-Trip/Day 25,000

20,000

15,000

10,000

5,000

0 Oct. Nov. Dec. Jan . Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Month 2015 2016 Year A.D. 70 71 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 2.2.2 Collected Fare Revenue from the M.R.T. Chalong Ratchadham Line In fiscal year 2016 (6 August - 30 September 2016), fare revenue from the M.R.T. Chalong Ratchadham Line which began operating on 6 August 2016 can be collected at 28.85 million baht, or an average of 0.52 million baht per day. Collected Fare Revenue from the M.R.T. Collected Fare Revenue from the M.R.T. Chalong Ratchadham Line per Month Chalong Ratchadham Line per Day Million baht/Month Million baht/Day 20.0 1.00 16.0 0.80 12.0 0.60 8.0 0.40 4.0 0.20 0 0 Aug. 2016 Sep. 2016 Aug. 2016 Sep. 2016 3. Commercial Development and Revenue from Commercial Development Under the MRTA concession contract for the M.R.T. Chaloem Ratchamongkhon Line between Bangkok Expressway and Metro Public Company Limited (BEM) and Mass Rapid Transit Authority of Thailand (MRTA), MRTA has granted BEM the rights to handle activities and to generate income from commercial development. BEM further gives the rights of commercial development to the companies proficient in business operation to proceed and share the revenue generated to BEM who then has divided the revenue share to MRTA. MRTA revenue share of commercial development in fiscal year 2016 consists of the following: 1) Commercial development in the form of coin public telephone service by True Public Communication Co., Ltd. (former name True Corporation PCL. (TRUE)), numbering 80 units in 18 MRT stations. 2) Commercial development in the form of automated teller machines (ATM) from 7 commercial banks, numbering 154 units in 18 MRT stations. 3) Commercial development in the form of True Kiosk payment terminals from True Money Co., Ltd., numbering 32 units in 18 MRT stations. 4) Commercial development in the form of Foreign Exchange Service from Siam Commercial Bank PCL., 1 unit at Phra Ram 9 Station. 5) Commercial development in the form of AIS Kiosk payment terminals from Advance Wireless Network Co., Ltd., numbering 19 units in 17 MRT stations. 6) Commercial development in the form of “Boonterm” payment terminals from Forth Smart Service Co., Ltd., numbering 30 units in 18 MRT stations. 7) Commercial development in the form of automated bank transaction service (K-Lobby), 1 unit at Huai Khwang Station. 8) Commercial development in the form of retail shop space from Bangkok Metro Networks Co., Ltd. (BMN) in 5 MRT stations, namely Sukhumvit Station, Phahon Yothin Station, Kamphaeng Phet Station, Station and Phra Ram 9 Station. 72 73 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 9) Commercial development in the form of advertising signs operated by Bangkok Metro Networks Co., Ltd. (BMN) in 18 MRT stations and inside the MRT trains. 10) Commercial development in the form of advertising signs on Handgrips inside 17 MRT train sets, operated by Ambient Media Co., Ltd. 11) Commercial development in the form of media broadcasting operated by Bangkok Metro Networks Co., Ltd. (BMN) in 18 MRT stations. 12) Commercial development in the form of Passenger Information Display (PID) operated by Bangkok Metro Networks Co., Ltd. (BMN) in 18 MRT stations. 13) Other commercial developments, such as commercial filming in the MRT stations and inside the MRT trains, print advertising on passenger ticket and other space rentals. MRTA revenue share of Commercial Development received from BEM in fiscal year 2016 amounts to 66,214,674.68 baht, comprising (1) Revenue share from Commercial Development of 19,485,702.72 baht and (2) Annual fee from Commercial Development of 46,728,971.96 baht. Summary of revenue from Commercial Development in fiscal year 2016 is illustrated and detailed below. Summary Table of MRTA Revenue from Commercial Development in Fiscal Year 2016 Unit : Baht MRTA Revenue sharing with BEM from Commercial Development (7%)

Annually Fee Public Automatic Retail Shop Advertising Advertising Telecom- Advertising Other Total from BEM Telephone Teller (BMN) (BMN) (Ambient) munications (PID) Commercial (TRUE) Machine (BMN) Develop- (ATM) ments 46,728,971.96 564.28 1,742,322.90 1,269,275.67 5,449,519.58 144,105.53 8,710,656.93 2,115,695.39 53,562.44 66,214,674.68 Note : Revenue from Commercial Development are exclusive of VAT.

MRTA Revenue from Commercial Development for Fiscal Year 2016 2,115,695.39 Annually Fee 8,710,656.93 53,562.44 Public Telephone (TRUE) Automatic Machine 144,105.53 Retail Shop (BMN) 5,449,519.58 Advertising (BMN) Advertising (AMBIENT) Telecommunications 1,269,275.67 Advertising (PID) 1,742,322.90 Other Commercial Developments 564.28

46,728,971.96 72 73 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

3.1 MRTA Monthly Revenue from Commercial Development (for the parts operated by MRTA on its own, not inclusive of revenue from concession contracts) The M.R.T. Chaloem Ratchamongkhon Line Unit : Million Baht Sources of Revenue Actual (VAT exclusive) Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul . Aug. Sep. Total 15 15 15 16 16 16 16 16 16 16 16 16 1. Parking Building 5.59 5.37 5.12 5.26 5.30 5.60 4.97 5.13 5.35 5.38 5.43 5.50 64.00 Parking Lot 2. Kiosk at Kamphaeng 1.54 1.57 1.58 1.58 1.63 1.57 1.60 1.55 1.57 1.57 1.55 1.56 18.87 Phet Station 3. Authorization of property 1.38 1.32 1.35 1.31 1.31 1.36 1.42 1.42 1.38 1.41 1.45 1.41 16.53 utilization (Building) 4. Authorization of area usage 2.94 2.87 2.80 3.04 3.06 11.22 2.97 2.85 2.93 3.11 2.57 9.47 49.84 (land, installation of advertising boards, connecting way, entrance-exit, landscape improvement of MRTA area, filming site) Monthly Revenue in 2016 (1-4) 11.46 11.13 10.84 11.18 11.30 19.75 10.97 11.00 11.28 11.50 11.04 10.70 149.23 Accumulated Revenue in 2016 11.46 22.58 33.42 44.61 55.90 75.65 86.62 97.62 108.90 120.40 131.44 142.14 The M.R.T. Chalong Ratchadham Line* Unit : Baht Sources of Revenue Forecast (VAT exclusive) Aug. 16 Sep. 16 Total Jul. 16 Apr. 16 Jan. 16 May 16 Oct. 15 Jun. 16 Feb. 16 Mar. 16 Dec. 15 Nov. 15 1.Parking Building/Parking Lot : ------Changeable 1) Carpark revenue ------349,257.04 266,422.53 615,679.57 2) Authorization of area usage (land, installation of advertising signs, 93,457.94 833,966.17 927,424.11 connecting way, ------entrance-exit, landscape improvem-ent of MRTA area) Total ------442,714.98 1,100,388.70 1,543,103.68 Total accumulated revenue of each ------442,714.98 1,543,103.68 month in 2016 *Note : The M.R.T. Chalong Ratchadham Line began its full service on 6 August 2016. 74 75 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 4. Security and Rescue Operation MRTA has set up a team of security, explosive ordnance disposal, dog handling, communication and rescue personnel to monitor and ensure safety, peace and order for the MRT system 24-hours a day in 3 shifts, i.e. day shift from 07:00 a.m. - 03:00 p.m., afternoon shift from 03:00 p.m. - 11:00 p.m. and night shift from 11:00 p.m. - 07.00 a.m. as described below: • Set up security guard team in charge of the M.R.T. Chaloem Ratchamongkhon Line for the following 5 main tasks: (1) Security team to guard, monitor, and ensure safety at the 18 stations and 2 Park & Ride buildings (2) Dog handler team (K-9) to inspect and search explosive suspicious objects within the area of MRT system (3) Explosive Ordnance Disposal (EOD) team to identify suspicious objects within the area of MRT system (4) Communication team at Phasutha Radio Center to coordinate and communicate security and rescue matters as well as emergency events happening in the MRT system area (5) Security team to monitor CCTV • Set up security guard team in charge of the M.R.T. Chalong Ratchadham Line for the following 5 main tasks: (1) Security team to guard, monitor, and ensure safety at the 16 stations and 4 Park & Ride buildings (2) Dog handler team (K-9) to inspect and search explosive suspicious objects within the area of MRT system (3) Explosive Ordnance Disposal (EOD) team to identify suspicious objects within the area of MRT system (4) Communication team at Phasutha Radio Center to coordinate and communicate security and rescue matters as well as emergency events happening in the MRT system area (5) Security team to monitor CCTV • Set up 4 emergency rescue teams responsible for the M.R.T. Chaloem Ratchamongkhon Line. During normal circumstances, the rescue team will support the security team in monitoring, inspecting and securing the area of MRT system. In an emergency case, the security team will support the rescue team to suppress the incident. • Set up 4 emergency rescue teams responsible for the M.R.T. Chalong Ratchadham Line. During normal circumstances, the rescue team will support the security team in monitoring, inspecting and securing the area of MRT system. In an emergency case, the security team will support the rescue team to suppress the incident. • Set up a right of way security team responsible for the M.R.T. Chaloem Ratchamongkhon Line and the M.R.T. Chalong Ratchadham Line to patrol the MRT system areas, prevent unauthorized access and examine permission granted for the construction in MRT protection zones. 74 75 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 • Training sessions both by scenario and on-site are conducted for security, explosive ordnance disposal, dog handling, communication, right of way security and rescue personnel according to the annual training plan. The 2016 annual training results are described below: (1) 4 in-house training courses (2) 14 public training courses Additionally, MRTA personnel also serve as a lecturer to provide security and rescue training to external agencies, Bangkok Expressway and Metro Public Company Limited (BEM), for instance. With respect to security and rescue operation, MRTA has analyzed the risk factor which may have impact on operation goals so that an appropriate internal controlling measure can be adopted for implementation. The security measure to be served as risk management will be evaluated from statistical data of crime occurrence in each quarter of year. In 2016, MRTA has analyzed the risks that occurred during operation time as follows: (1) 15 incidents against property which were offences under the Criminal Code. (2) 3 incidents of indecent acts. (3) 1 incident of disturbance from brawl (4) 1 incident of personal injury from intention (5) 1 incident of breaking and entering All incidents were recorded to be successfully concluded by MRTA security and station personnel. The security and rescue program for the M.R.T. Chaloem Ratchamongkhon Line could be carried out according to the work plan. Implementation of the M.R.T. Chalong Ratchadham Line Overall progress of the M.R.T. Chalong Ratchadham Line (Contract 1, 2, 3, 4 and 6) as of the end of September 2016 was 100% complete, compared with planned completion of 100%. Only contract 5 : Tao Pun Station -Bang Sue Station Section has remained. Contract 5 : Tao Pun Station - Bang Sue Station Section According to the cabinet resolution on 26 January 2016, the Committee for Public - Private Participation of the MRT Purple Line Project : Tao Pun-Bang Sue Section was called for engaging in negotiations on terminating the concession contract period in 2029 with Bangkok Expressway and Metro Public Company Limited again. On 8 and 11 February 2016, the Committee discussed with Bangkok Expressway and Metro Public Company Limited (BEM) and concluded that BEM was granted to provide the MRT operation service for 1 additional year, totaling 2 years. MRTA submitted a letter dated 17 February 2016 to the Ministry of Transport, requesting the Cabinet approval of the results of the said negotiations. According to the cabinet resolution on 19 April 2016, the Committee for Public - Private Participation of the MRT Purple Line Project : Tao Pun - Bang Sue Section was called for engaging in negotiations on terminating the concession contract period in 2029 again. 76 ANNUAL Report 2 0 1 6 MRTA proposed a resolution to cease the implementation of the MRT Purple Line Project : Tao Pun - Bang Sue Section (Contract 5) by having it integrated with the implementation of the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections (Contract 6). The concessionaire is required to expedite the service provision for Tao Pun - Bang Sue Section as the first priority, enabling linkage to the MRT Purple Line Project to facilitate the MRT commuters. On 2 May 2016, it was proposed to the MRTA Board of Directors for consideration and approval and further submitted to the Cabinet for approval accordingly. MRTA submitted a letter dated 2 May 2016 to the Ministry of Transport requesting the Cabinet approval of the resolution to cease the said implementation. The Cabinet, at the 3 May 2016 meeting, approved ceasing the implementation of selecting private enterprises for investments in M&E systems and O&M services of the MRT Purple Line Project : Tao Pun - Bang Sue Section under the Private Participation in State Undertaking Act B.E. 2535 (1992) as well as integrating the MRT operation for Tao Pun-Bang Sue Section with the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections. Implementation of the MRT Purple Line Project : Tao Pun - Rat Burana Section Review of Feasibility Study, Project Design Modification, Preparation of Tender Documents and Project Implementation under the Private Participation in State Undertaking Act B.E. 2535 (1992) MRTA signed a contract to employ consultant with Tesco Co., Ltd. for review of feasibility study, project design modification, preparation of tender documents and project implementation under the Private Participation in State Undertaking Act B.E. 2535 (1992) of the MRT Purple Line Project : Tao Pun - Rat Burana (Kanchanaphisek Road) Section on 27 September 2012 which was scheduled to commence on 15 October 2012. The performance for fiscal year 2016 could be summarized as follows: The Commission for the Management of Land Traffic convened on 15 March 2016 and approved to further extend the alignment of the MRT Purple Line Project for 5 kilometres, from originally terminating in Rat Burana area to Kanchanaphisek Road area and assigned MRTA to review the feasibility study on the construction of Park & Ride area and the depot of the MRT Purple Line Project to be in accordance with the government policy and instructions given by the Prime Minister. On 20 April 2016, the MRTA Board of Directors held a meeting to approve the cost of civil works of the MRT Purple Line Project : Tao Pun - Rat Burana (Kanchanaphisek Road) Section which was adjusted according to the Prime Minister’s instruction and the Commission for the Management of Land Traffic resolution given on 15 March 2016. Performing a review and modification of the list of expenses including adjustment of civil works cost to reflect the current price, reduction in the depot construction and decrease and modification of decorative materials has resulted in the reduction of the budget amount from 103,949 million baht to 101,112 million baht comprising the land acquisition related cost of 15,945 million baht, the civil works construction cost of 77,385 million baht, compensation for buildings of the agencies affected by the project construction in the amount of 1,335 million baht, project consultant fees for civil works in the amount of 2,865 million baht and the provisional sum of civil works in the amount of 3,582 million baht. MRTA had a memorandum dated 29 April 2016 proposingthe said issue to the Ministry of Transport. Currently, the request for the cabinet review and approval of the project implementation is underway and it is expected that the Cabinet will issue a resolution within December 2016. 77 ANNUAL Report 2 0 1 6 Implementation of the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections 1. Civil Works Construction Overall progress of the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections (contract 1-5) as of the end of September 2016 was 83.91% complete, compared with planned completion of 83.50%, ahead of plan by 0.41%. The performance of each contract could be summarized as follows:

Contract 1 Contract 2

Contract 1: Construction of Underground Structure: Hua Lamphong - Sanam Chai Section MRTA signed a contract with Italian-Thai Development PCL., the contractor for civil works under Contract 1 on 17 February 2011 with total cost of 11,441 million baht. Commencing date was on 4 April 2011 and progress of works as of the end of September 2016 was 90.12% complete, compared with planned completion of 90.85% or 0.73% behind the schedule. Main construction works include completion of drilling and segment installation in the east-west bound tunnels until Sanam Chai Station and concrete casting of above ground structure walls (Entrance A&B, Vent Building 3) for Wat Mangkon Station of which architectural and system works deal with flooring, walls, ceiling tiles, elevators-escalators and installation of conduits for electrical, mechanical, water supply, air-conditioning, and Intervention Shaft 1 (IVS 1). Concrete casting for the floors and the walls of level 2 are also in process of which architectural and system works consist of walls, ceiling tiles and installation of conduits for electrical, mechanical and water supply systems. Regarding Wang Burapha Station, works in progress include soil boring, concrete casting for Base Slab structure, concrete casting for upper & lower platforms, concrete walls, electrical, water supply, air - conditioning and Intervention Shaft 2 (IVS 2), concrete wall casting from B4 - B6 level and linking the IVS 2 to the mine adit. Contract 2: Construction of Underground Structure : Sanam Chai - Tha Phra Section MRTA signed a contract with CH. Karnchang PCL., the contractor for civil works under Contract 2 on 17 February 2011 with total cost of 10,688 million baht. Commencing date was on 4 April 2011 and progress of works as of the end of September 2016 was 99.66% complete as scheduled, compared with planned completion of 99.66%. Substantial completion of the works has been achieved. The end product inspection is in process whereas some works are awaiting system testing together with production and installation of M&E systems and trial run (Contract 6).

78 79 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Contract 3 Contract 4

Contract 3: Construction of Elevated Structure : Tao Pun - Tha Phra Section MRTA signed contract with SH-UN Joint Venture, the contractor for civil works under Contract 3 on 17 February 2011 with total cost of 11,285 million baht. Commencing date was on 4 April 2011 and progress of works as of the end of September 2016 was 63.47% complete, compared with planned completion of 63.44%, or 0.03% before the schedule. Main construction works include relocation of public utilities, construction of handholes and electrical conduits, installation of telephone cable conduits, plumbing relocation, construction of a railway bridge crossing the and installation of parapets. For Bang Phlat area, works include construction of elevated structure, construction of portal frames, installation of precast columns and installation of cross beams. For Fai Chai junction area, works deal with construction of Barrett piles for portal frame structure, construction of capping beams and construction of portal frames. For Bang Pho Station, works performed are station roofing work, construction of entrances to the station, installation of pipes, installation of escalators, wall coating on the concourse level, elevator installation, granite floor tiling, installation of ceiling tiles and pipes and wall decoration in the station. For Bang O Station, works comprise brick wall construction on the concourse level, bricklaying on the platform level, construction of entrances to the station, station roofing work and ceiling tile installation. For Bang Phlat Station, works consist of brick wall construction on the concourse level, construction of entrances to the station, stairway installation, installation of support columns for Condensing Unit (CDU), roof structure installation and construction of entrances to the station. For Sirindhorn Station, station support columns are constructed. For Station, works include installation of I-Girder, installation of precast concrete planks and cast-in-place concrete floor. For Bang Khun Non Station, installation of precast concrete planks and cast-in-place concrete floor and construction of entrances to the station are performed. For Charan 13 Station, works comprise brick wall construction on the concourse floor, station roofing work, construction of entrances to the station, installation of escalators and elevators, granite floor tiling, installation of ceiling tiles and system pipes and wall decoration in the station. Contract 4: Construction of Elevated Structure: Tha Phra - Section MRTA signed contract with Sino - Thai Engineering and Construction PCL., the contractor for civil works under Contract 4 on 17 February 2011 with total cost of 13,335 million baht (7% VAT included). Commencing date was on 4 April 2011 and progress of works as of the end of September 2016 was 85.64% complete, compared with planned completion of 84.44 % or 1.20% before the schedule. Main construction works include construction of elevated structure between Tha Phra Station and Lak Song Station, covering a length of 10.5 km approximately, 78 79 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 construction of support columns for rail line, installation of Precast Segmental Box Girder and installation of parapets and cable troughs. 7 stations under construction are Tha Phra Station, Bang Phai Station, , Phetkasem 48 Station, Phasi Charoen Station, Bang Khae Station and Lak Song Station of which main works include construction of station structure and entrances to the station, installation of metal roof structure, architectural works and installation of systems works. Building construction works at the depot consist of building structure works, architectural works and systems installation. Construction works of the Park & Ride Building 1 and the Park & Ride Building 2 comprise building structure works, metal structure and architectural works, installation of systems and link bridge structure. Construction works of transition structure from the tunnel underneath the Chao Phraya River to the elevated way prior to Tha Phra Station arrival include rail line structure, flood protection wall and steel roof structure. Contract 5: Trackwork MRTA signed a contract with CH. Karnchang PCL., contractor for civil works under Contract 5 on 17 February 2011 at total cost of 4,999 million baht (7% VAT included). Commencing date was on 4 April 2011 and progress of work as of the end of September 2016 was 78.09% complete, compared with planned completion of 75.45% or 2.64% before the schedule. Construction works in progress include installation of track rail inside the depot, installation of track rail system for the Main Line between Lak Song Station (BS20) and Phetkasem 48 Station (BS17). 2. Selection of Private Enterprise for Investments in M&E Systems and O&M Services Contract 6: Production and M&E Systems Installation and Trial Run In the meeting on 6 October 2015, the Cabinet passed a resolution to cease the implementation of selecting a private enterprise for investments in M&E systems and O&M services of the MRT Blue Line Extension Project: Hua Lamphong - Bang Khae and Bang Sue -Tha Phra Sections according to the Private Participation in State Undertaking Act B.E. 2535 (1992) as proposed by the Ministry of Transport. The cabinet resolved that the Ministry of Transport would implement the project following the procedures under the Private Investments in State Undertakings Act B.E. 2556 (2013) instead as per the comments received from Office of the Council of State, Commission Policy on Private Participation in State Affairs and Office of the National Economic and Social Development Board. MRTA issued a letter and submitted a project appraisal report, as approved by the Ministry of Transport, on the MRT Blue Line Extension Project: Hua Lamphong - Bang Khae and Bang Sue -Tha Phra Sections under the Private Investments in State Undertakings Act B.E. 2556 (2013) to the State Enterprise Policy Office for consideration and further proposing it to the Commission Policy on Private Participation in State Affairs following the procedures under the Private Investments in State Undertakings Act B.E. 2556 (2013). 80 81 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 The Commission Policy on Private Participation in State Affairs’s resolution concerning the MRT Blue Line Extension Project at the 11 May 2016 meeting gave approval in principle to private investments in the MRT Blue Line Extension Project as per MRTA’s proposal requiring Through Operation for the MRT Blue Line Extension Project under Section 27 of the Private Investments in State Undertakings Act B.E. 2556 (2013). The private enterprise would invest in M&E systems and O&M services of the project and complete the installation of the M&E systems for Tao Pun - Bang Sue Section so that the service operation can begin first. PPP Net Cost scheme is required for private investment which the private sector will take the benefits and risks from the fare of the O&M services of the project whereas the public sector will not be responsible for directly and indirectly supporting the financial burdens and investment of the private sector. The investment period of the private enterprises is valid for 33 years which can be divided into 3 years for design, supply and installation of M&E systems and rolling stock procurement and 30 years for operation and maintenance services. MRTA issued an order No.184/2559 dated 25 May 2016 appointing the Selection Committee under Section 35 of the Private Investments in State Undertakings Act B.E. 2556 (2013) for the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue -Tha Phra Sections. In the meeting held on 10 June 2016, the Selection Committee under Section 35 of the Private Investments in State Undertakings Act B.E. 2556 (2013) for the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue -Tha Phra Sections resolved that the selection of private enterprise for the MRT Blue Line Extension Project would not be processed by means of bidding but be processed by direct negotiations with the concessionaire of the M.R.T. Chaloem Ratchamongkhon Line. The Committee viewed that Through Operation approach would be beneficial for the passengers in terms of convenience as well as maximum safety for the management and operation service provision, enable the MRT service for Tao Pun – Bang Sue Section to be operated first and reduce the cost of project implementation. MRTA has a letter dated 16 June 2016 to the State Enterprise Policy Office requesting approval of the implementation on selection of private enterprise for investments in the MRT M&E systems and O&M services by direct negotiations with the operator of the M.R.T. Chaloem Ratchamongkhon Line following Section 38 of the Private Investments in State Undertakings Act B.E. 2556 (2013) for the MRT Blue Line Extension Project and proposal to the Commission Policy on Private Participation in State Affairs for further review and approval. On 17 July 2016, the Head of National Council for Peace and Order (NCPO) issued Order No.42/2559 (2016) concerning the implementation of the MRT Blue Line Extension Project, as published in the Government Gazette, Page 84, Vol. 133, Extra Part 160 Ngo, dated 21 July 2016 stating that the MRTA Board of Directors would determine the criteria on sharing the benefits arising from the fares and other criteria beneficial for linkage or joint operation of the MRT business under Section 48 of the Mass Rapid Transit Authority of Thailand Act B.E. 2543 (2000) to be used as the Board of Directors’ criteria for consideration of the M.R.T. Chaloem Ratchamongkhon Line and the line extension project operation. The general public’s convenience and safety must be taken into consideration for the established criteria which must allow the Ministry of Transport, the State Enterprise Policy Office, Office of the National Economic and Social Development Board, the Commission Policy on Private Participation in State Affairs and the Anti-Corruption Cooperation Committee a greater say. This process must be completed within thirty days of the effective date of this order. Then the established criteria along with the comments received from the said agencies would be submitted to the Transport Minister for the Minister’s review and approval which must be completed within fifteen days from the date of receipt of the criteria under paragraph 1. MRTA invited the Ministry of Transport, Office of the National Economic and Social Development Board, the State Enterprise Policy Office and the Anti-Corruption Cooperation Committee to attend a meeting held on 26 July 2016 to hear their opinions on sharing the benefits arising from the fare and other criteria beneficial for 80 81 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 linkage or joint operation of the MRT business under Section 48 of the Mass Rapid Transit Authority of Thailand Act B.E. 2543 (2000). The observers also monitored and participated in this meeting under the Integrity Pact. The MRTA Board of Directors convened on 2 August 2016 to review the draft criteria and comments received from the Ministry of Transport, Office of the National Economic and Social Development Board, the State Enterprise Policy Office and the Anti-Corruption Cooperation Committee, summarized the criteria for sharing the benefits arising from the fares and other criteria beneficial for linkage or joint operation of the MRT business under Section 48 of the Mass Rapid Transit Authority of Thailand Act B.E. 2543 (2000) for the MRT Blue Line Extension Project and passed the resolution to approve such criteria. By memorandum dated 4 August 2016, addressed to the Ministry of Transport, MRTA requested approval of criteria for sharing the benefits arising from the fares and other criteria beneficial for linkage or joint operation of the MRT business under Section 48 of the Mass Rapid Transit Authority of Thailand Act B.E. 2543 (2000). On 18 August 2016, the Transport Minister approved the said criteria and asked that the comments received from all agencies be used as criteria for further scrutiny. Between 26 August 2016 and 19 September 2016, the Committee on Supervision of the M.R.T. Chaloem Ratchamongkhon Line had the joint meetings with the Selection Committee on Private Entity for Investments in M&E Systems of the MRT Blue Line Extension Project and the observers also attended and monitored the meetings. The Committee resolution approved the implementation of the MRT Blue Line Extension Project in a form of integrated contacts and assigned the MRTA to invite Bangkok Expressway and Metro Public Company Limited to collect the instructional documents to be used for preparing a competitive proposal for providing the MRT operation & maintenance services and the project implementation (Technical proposal) as well as investment and return proposal (Financial and investment proposal). On 27 September 2016, Bangkok Expressway and Metro Public Company Limited submitted the competitive proposal for providing the MRT operation & maintenance services and the project implementation (Technical proposal) as well as the investment & return proposal (Financial and investment proposal) to MRTA. On 29 September 2016, the Committee on Supervision of the M.R.T. Chaloem Ratchamongkhon Line and the Selection Committee on Private Entity for Investment jointly convened and the observers also attended and monitored the meeting. The committees had a resolution for MRTA to examine the details of technical proposal as well as investment & return proposal and coordinated with Bangkok Expressway and Metro Public Company Limited to clarify those details prior to having further negotiation with Bangkok Expressway and Metro Public Company Limited.

Contract 5 : Tao Pun Station, interchange station connecting the M.R.T. Chaloem Ratchamongkhon Line to the M.R.T. Chalong Ratchadham Line 82 83 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Implementation of the MRT Blue Line Extension Project : Bang Khae - Phutthamonthon Sai 4 Section

Feasibility Study, Project Design Modification and Preparation of Tender Documents MRTA signed a contract to employ consultant with Index International Group Co., Ltd. for review of feasibility study, project design modification and preparation of tender documents of the MRT Blue Line Extension Project : Bang Khae - Phutthamonthon Sai 4 Section on 19 December 2014 with the contract period of 8 months. Later MRTA signed a letter, extending the task execution times under the consultant engagement contract of the MRT Blue Line Extension Project for 45 additional days of the completion date under the contract (from the original due date of 31 August 2015 to the new due date extended to 15 October 2015). The performances in fiscal year 2016 are described below: On 9 March 2016, the MRTA Board of Directors convened and had a resolution for MRTA to request approval of the project implementation on civil works, approval in principal to the draft Royal Decree on the land expropriation area and approval of funding sources of the project from loans and allocated budget. According to the project appraisal report under the Private Investments in State Undertakings Act B.E. 2556 (2013), the Board also agreed that PPP Net Cost is the appropriate scheme for the private entity to jointly invest in the project. The Board asked that MRTA propose it to the Ministry of Transport and the Cabinet for further review and approval of the project. MRTA already issued a memorandum and submitted it to the Ministry of Transport. At present, the Ministry of Transport is in process of gathering comments from related agencies in order to submit them to the Cabinet for further consideration and approval of the project implementation. It is expected that the Cabinet would pass a resolution to approve the implementation of the MRT Blue Line Extension Project : Bang Khae - Phutthamonthon Sai 4 Section by December 2016. Implementation of the MRT Green Line Project : Mo Chit - Saphan Mai - Khu Khot Section Civil Works Construction The progress of the MRT Green Line Project as of the end of September 2016 was 13.77% complete, from planned completion of 10.96%. Task progress of each construction contract could be summarized as follows: Contract 1: Construction of Elevated Structure (Mo Chit - Saphan Mai Section) MRTA signed contract for civil works contractor with Italian-Thai Development PCL., Contract 1, on 3 April 2015 with total cost of 15,269 million baht. Commencing date was on 1 June 2015 and progress of works as of the end of September 2016 was 15.45% completed, compared with planned completion of 12.06% or 3.39% ahead of schedule. Main construction works include Barette/bored pile works; construction of viaduct columns, MRT stations, underground structure and Generator & Pump room; casting of segmental viaducts and cross beams; 82 83 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Contract 1 Contract 2 initiating installation of the first segmental viaduct span; preparation to install launching truss girder at Krom Thahan Rap Thi 11 Station (N16); relocation of Constitutional Protection Monument; work coordination and demolition of public utility systems and buildings; widening roadway surfaces at Ratchayothin Junction; environmental and project safety monitoring and; preparation of traffic management plan for further proposal to the related agencies. Contract 2: Construction of Elevated Structure (Saphan Mai - Khu Khot Section) MRTA signed contract for civil works contractor with UN - SH - CH Joint Venture, Contract 2, on 3 April 2015 with total cost of 6,657 million baht. Commencing date was on 1 June 2015 and progress of works as of the end of September 2016 was 13.18% complete, compared with planned completion of 9.91% or 3.27% before the schedule. Main construction works include construction of bored piles, Barette piles, pile caps, viaduct columns, station structural columns, balance cantilever across Khlong Thanon and Khlong Song and relocation of public utilities in the area e.g., the Metropolitan Electricity Authority (MEA), TOT Public Company Limited (TOT) and CAT Telecom Public Company Limited (CAT). The progress of public utility relocation reached the 28.29% stage of completion overall, as well as that of environmental monitoring. Contract 3: Depot and Park & Ride Buildings MRTA signed Contract for civil works contractor with STEC - As -3 Joint Venture, Contract 3, on 3 April 2015 with total cost of 4,019 million baht. Commencing date was on 1 June 2015 and progress of works as of the end of September 2016 was 10.80% complete, compared with planned completion of 9.89% or 0.91% ahead of schedule. Main construction works include document preparations for submission to the consultant according to the contract, installation of precast concrete planks of stabling yard building and continuous production of precast concrete planks to be used for the adjacent areas, foundation piling in the vicinity of Administration and Operations Control Center (OCC) Building, interface between Contract 3 and Contract 5, public relations and community relations (PR/CR) of the site vicinity and commencement on land clearing for preparation of Park and Ride Building construction at KM25 Station (N23). Contract 4: Design and Construction of Trackwork MRTA signed contract with STEC - As - 4 Joint Venture, the contractor for civil works under Contract 4 on 3 April 2015 with total cost of 2,841 million baht. Commencing date was on 1 August 2015 and progress of works as of the end of September 2016 was 10.37% complete, compared with planned completion of 8.99% or 1.38% ahead of schedule. Main construction works include submission of documents under the conditions of the contract for proposal to the advisors; interface coordination with Contract 1, 2 and 3 in different issues to obtain input for design; submission of preliminary design (Definitive Design), detailed design, construction method statements and documents pertaining to suppliers and materials for advisor approval and; procurement of equipment to be in line with further installation plan. 84 85 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Implementation of the MRT Green Line Project : Bearing - Samut Prakan Section

Civil Works Construction The progress of the MRT Green Line Project as of the end of September 2016 was 97.79% complete, compared with planned completion of 96.46%. Task progress of each construction contract could be summarized as follows: Contract 1: Elevated Structure of Bearing - Samut Prakan Section MRTA signed contract with CH. Karnchang PCL., the contractor for civil works under Contract 1 on 23 December 2011 for total cost of 14,088.6 million baht. Commencing date was on 1 March 2012, and progress of work as of the end of September 2016 was 98.21% complete, compared with planned completion of 97.55% as planned or 0.66% ahead of schedule. Main construction works include MRT stations; installation of steel stairway structures, elevators and escalators; construction of entrances to the stations; drainage system; improvement of pavement surfaces, relocation of public utility systems involving electricity, water supply and communication; architectural and systems works; and environmental and project safety monitoring. Contract 2: Design and Construction of Trackwork MRTA signed contract with CH. Karnchang PCL., contractor for civil works under Contract 2 (Trackwork) on 11 April 2013 with total cost of 2,400 million baht. Commencing date was on 26 April 2013 and progress of work as of the end of September 2016 was 95.01% complete, compared with planned completion of 89.22% or 5.79% ahead of schedule. The following tasks were carried out as indicated below: Design: track design is in progress with respect to detailed design, manufacture and installation reference drawing (MIRD) and working drawing. Acquiring materials used in the project: production of spares, tools and test equipment were complete and delivery to stock yard has been underway. Track installation: installation of the track system at the mainline area between BTS connection point and Srinagarindra Station (E20) Third rail installation: Third rail installation between BTS connection point and Samrong Station (E15) as well as environmental monitoring. 84 85 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Implementation of the MRT Pink Line Project : Khae Rai - Min Buri Section

Selection of Private Entity for Investment in the Project under the Private Investments in State Undertak- ings Act B.E. 2556 (2013) At the 29 February 2016 meeting, the Commission Policy on Private Participation in State Affairs gave approval in principle to the project for the Cabinet submission for consideration and approval. The Committee assigned the Ministry of Transport (MOT) and MRTA to jointly review and finalize the issues on the MRT system, investment scheme and bidding competition for the selection of private entity, budget adjustment for the project investment to be most current and the subsidy types as additional information for further proposing to the Cabinet. On 29 March 2016, the Cabinet passed a resolution to approve the system for the MRT Pink Line Project with the PPP Net Cost scheme for private investment and to engage MRTA in further speeding up the project implementation in compliance with the Private Investments in State Undertakings Act B.E. 2556 (2013). MRTA issued an order dated 12 April 2016 appointing the Selection Committee under Section 35 of the Private Investments in State Undertakings Act B.E. 2556 (2013) for the MRT Pink Line Project : Khae Rai - Min Buri Section. In fiscal year 2016, the Committee convened 15 meetings. The Selection Committee under Section 35 of the Act agreed and approved the private selection plan and a public announcement to invite private enterprises to draft a joint venture contract as well as a Request for Proposal (RFP) for the MRT Pink Line Project. MRTA made a public announcement to invite the private enterprises to jointly invest in the MRT Pink Line Project from 29 June 2016 to 13 July 2016, sold the RFP document from 6 July - 5 August 2016 and required the private entities to submit their proposals on 7 November 2016.

Wat Phra Si Maha That Station, interchange station connecting the MRT Pink Line Project: Khae Rai - Min Buri Section to the MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section 86 87 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Implementation of the MRT Orange Line Project : Taling Chan - Min Buri Section

Review of Feasibility Study, Project Design Modification, Preparation of Tender Documents and Project Implementation under the Private Participation in State Undertaking Act B.E. 2535(1992) The MRTA Board of Directors meeting on 20 December 2011 passed its resolution to allow MRTA to engage a consulting group led by MAA Consultant Co., Ltd. (BMTO) in a review of feasibility study, project design modification, preparation of tender documents and project implementation under the Private Participation in State Undertaking Act B.E. 2535(1992) for the MRT Orange Line Project: Taling Chan - Min Buri Section. The performances in fiscal year 2016 are as follows: The Cabinet resolution on 8 December 2015, approved in principle to engage MRTA in executing the task for the MRT Orange Line Project: Thailand Cultural Centre - Min Buri (Suwinthawong) Section. Bureau of the Budget was engaged in allocating the budget for land survey and acquisition cost and the Ministry of Transport in revising the civil works cost to be most current and in line with the government policy which focuses on appropriately and reasonably investing, mainly using domestic products, promoting rail business and taking precautions to avoid overlap and duplication of the design consultants and construction companies. The cabinet convened on 19 April 2016 and passed a resolution for MRTA to implement the construction of the MRT Orange Line Project: Thailand Cultural Centre - Min Buri (Suwinthawong) Section. On 1 July 2016, MRTA made a public announcement to invite the interested parties to purchase bidding documents between 15 and 29 July 2016, requiring a submission of price proposal on 31 October 2016. A royal decree prescribing the area of land to be expropriated for the public transportation for the MRT Orange Line Project: Thailand Cultural Centre - Min Buri (Suwinthawong) Section was published in the Government Gazette on 11 March 2016 and came into effect on 12 March 2016 with a 4 - year period of validity. On 31 May 2016, MRTA signed a contract to employ a contractor to conduct a property survey along the alignment of the MRT Orange Line Project: Thailand Cultural Centre - Min Buri (Suwinthawong) Section for a period of 8 months and notified the contractor of the employment contract start date on 21 July 2016. Currently, the bidding process of the MRT Orange Line Project: Thailand Cultural Centre - Min Buri (Suwinthawong) Section is underway. As for the MRT Orange Line Project: Taling Chan - Thailand Cultural Centre, the review result is pending, awaiting the consideration result of Taling Chan - Siriraj Section which the route overlaps with the SRT Light of State Railway of Thailand, and the project appraisal report under the Private Investments in State Undertakings Act B.E. 2556 (2013). It is expected to be proposed to the MRTA Board of Directors at the end of 2016. 86 87 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Implementation of the MRT Yellow Line Project : Lat Phrao - Samrong Section

Selection of Private Entity for Investment in the Project under the Private Investments in State Undertakings Act B.E. 2556 (2013) At the 29 February 2016 meeting, the Commission Policy on Private Participation in State Affairs gave approval in principle to the project for the Cabinet submission for consideration and approval. The Committee assigned the Ministry of Transport (MOT) and MRTA to jointly review and finalize the issues on the MRT system, investment scheme, bidding competition for the selection of private entity, budget adjustment for the project investment to be most current and the subsidy types as additional information for further proposing to the Cabinet. On 29 March 2016, the cabinet passed a resolution to approve the monorail system for the MRT Yellow Line Project with the PPP Net Cost scheme for private investment and to engage MRTA in further speeding up the project implementation in compliance with the Private Investments in State Undertakings Act B.E. 2556 (2013). MRTA issued an order dated 12 April 2016 appointing the Selection Committee under Section 35 of the Private Investments in State Undertakings Act B.E. 2556 (2013) for the MRT Yellow Line Project : Lat Phrao - Samrong Section. In fiscal year 2016, the Committee convened 15 meetings. The Selection Committee under Section 35 of the Act agreed and approved the private selection plan and a public announcement to invite private enterprises to draft a joint venture contract as well as a Request for Proposal (RFP) for the MRT Yellow Line Project. MRTA made a public announcement to invite the private enterprises to jointly invest in the MRT Yellow Line Project from 29 June 2016 to 13 July 2016, sold the RFP document from 6 July - 5 August 2016 and required the private entities to submit their proposals on 7 November 2016.

88 89 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Summary of Organization Operations in Fiscal Year 2016 General Management 1. Human Resources Management As of 30 September 2016, MRTA has a total of 984 personnel.

Key Performance 1.1 MRTA Corporate Culture MRTA has organized activities to promote MRTA corporate culture by creating the atmosphere of the organizational culture for its staff members to recognize and encouraging them to embrace the following qualities of MRTA Corporate Culture: to possess high skills or become a master in their field of work (Mastery: M); to interact with others with respect (Respect: R); to be able to work as a team (Teamwork: T) and; to be accountable for their actions (Accountability). The announcements made through various internal media channels and events to publicize MRTA Corporate Culture are described below. 1) Broadcasting the theme song for MRTA Corporate Culture before every internal public announcements 2) Displaying posters detailing MRTA Corporate Culture for the staff members to recognize 3) Providing the MRTA Corporate Culture orientation to all new MRTA personnel 4) Organizing an activity booth to promote MRTA Corporate Culture on MRTA Good Corporate Governance (GCG) Day 5) “Strategy on Corporate Culture Creation” activity 6) “Harmonious Community” activity 7) “Happy Workplace” activity 8) Participation in Student Loan Fund (SLF) and Income Contingent Loan (ICL) for the Nation program Upon completion of the activities, a satisfaction survey was conducted among staff who took part in the activities and a survey form was used to assess the employees’ possession of the 4 qualities of MRTA Corporate Culture. The assessment result revealed that the employees possess the qualities reflecting MRTA Corporate Culture at a higher level than the determined target. 1.2. Activities for Staff Loyalty towards MRTA MRTA has launched activities to encourage staff loyalty towards MRTA consecutively through 88 89 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 an activity promoting the employees’ better physical and mental health, activity for the employees’ benefits, activity building up positive relationship between executives and employees and activity involving happy workplace promotion which covers 8 aspects namely Happy Body, Happy Relax, Happy Soul, Happy Family, Happy Money, Happy Heart, Happy Brain and Happy Society, for example, 1) Bye Bye Calories Season 2 activity 2) Yoga session for better health 3) Happy heart, successful tasks activity 4) Family Day event 5) Living good, debt free lives with happy savings activity 6) A piece of cake activity 7) A birthday card for employees activity 8) Healthy organization productivity with happy soul activity Upon completion of the activities, a survey was conducted among staff who took part in the activities to measure their level of satisfaction and royalty towards MRTA. The survey result showed that the level of staff royalty towards MRTA is higher than that of the previous year.

2. Human Resources Development 2.1 Human Resources Development Plan 2016 was established to serve as a guideline for improving personnel who play the key roles in driving MRTA missions to achieve the goals. The said plan was formulated in line with varied factors associated with MRTA human resources development so that the 2016 human resources development plan could be integrated with other related plans including Core Corporate Competency, Competency, human resources management and development strategic plan for fiscal years 2012-2016 as well as MRTA vision, missions and responsibilities. The established plan is also in accordance with the MRTA corporate plan for fiscal years 2012-2016 (Revision 2) under Strategy 4, Knowledge base development and evolving into a learning organization as well as high performance organization and with the top executive policy focusing on personnel development to be ready for a new business operation in the future. 11 development projects were carried out as follows: 1) Core Competency Project, 2) Professional Presentation Skills Project, 3) Managerial Competency Project, 4) Orientation Project, 5) Potential Development Project, 6) Corporate Core Competency Project, 7) Preparedness Project for the Operation of the MRT Purple Line Project, 8) Development of Job Skills Project, 9) Organization Development Project, 10) Improvement of Employees’ Quality of Life before 60 Years of Age Project and 11) Functional Competency/Technical Competency Project. MRTA goal of the human resources development according to the operational plan requires that 90% of all personnel receive training and development program according to the human resources development plan and that learning assessment results of the required courses be achieved at least 80%. In 2016, 98.13% of staff members received trainings and development program of the human resources development plan and obtained the average learning assessment results of 87.6%. 2.2 Individual Development Plan (IDP) is developed by the supervisor for staff under his/her supervision in the form of Non - Classroom Training namely 1) Self Learning, 2) On the Job Training, 3) Coaching, 4) Job Assignment, 5) Site Visit, 6) Project Assignment and 7) Job Shadowing. The MRTA corporate plan for fiscal years 2012 - 2016 key performance indicator for the personnel competency aligning with corporate standard should exceed 90%, by Core Competency analysis scale. In 2016, MRTA personnel scored 95.56 % to corporate standard which exceeded the target of the MRTA Corporate plan of 2016. 90 91 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 3. Development of Human Resources Work System 3.1 Project on Review/Revision of Functional and Technical Competency Lists MRTA, in collaboration with the experts from Thai Skill Plus Co., Ltd., provided training seminars and workshops to Section Chiefs and Division/Department Directors from 6 work units including Land Development and Management Department, M&E System Department, Information Technology Department, Office of Fare Media Business, Office of Mass Transit Business Unit and Business Development Department to review/revise the lists of Functional and Technical competencies to be more explicit and in conformity with the reorganization of the work breakdown structure from May to September 2016. 3.2 Integrated Knowledge Management Project to Evolve into a Learning Organization and High Performance Organization MRTA, in collaboration with the experts from National Institute of Development Administration (NIDA) Consulting Center, has implemented the integrated knowledge management project to evolve into a learning organization and high performance organization under the MRTA Knowledge Syncing Clock conceptual framework. A study analysis on approach to knowledge management system development and Strategic Knowledge required for the corporate goal achievement was performed to improve the knowledge management to be more systematic which allows the achievement of MRTA Knowledge Management Model (KM MRTA Model). Setting the learning exchange targets necessary and in line with Strategic Knowledge as well as performing the analysis on the knowledge required for attaining the corporate goals bring about 6 different kinds of core knowledge namely 1) MRT Project Management, 2) Construction and Operation, 3) MRT Services Provision, 4) Business Continuity Development 5) Relationship Management with Stakeholders and 6) Information and Document Management. In addition, MRTA’s activities to encourage the exchange of knowledge an experiences include employee training on knowledge management, updating MRTA Knowledge database, developing personal competency to meet corporate competency, knowledge collection from employee attendance of all public training sessions, dissemination of knowledge on MRTA core competency used for mass rapid transit project management, knowledge transfer from retiring staff through information technology system and dissemination of general knowledge useful for work operation via electronic mail. 4. Knowledge Management Knowledge Management in the organization consists of aggregating all knowledge within the organization, whether it be personal knowledge or recorded documents, into an easily accessible system. All personnel in the organization shall be able to access the knowledge database for self development and achieving higher level of professional competency. This continual personal development process drives the organization towards becoming a learning organization. In the fiscal year 2016, MRTA’s activities to encourage the exchange of knowledge and experiences include employee training on knowledge management, knowledge transfer from retiring staff through the MRTA Intranet system, dissemination of general knowledge useful for work operation via electronic mail, a contest on knowledge management strategy in MRTA, updating MRTA Knowledge database, developing personal competency to meet corporate competency and knowledge collection from employee attendance of all public training sessions. There was also training to propagate knowledge on MRTA core competency used for MRT project management through MRTA information technology system. 90 91 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 MRTA Policy, Strategy and Operational Plan 1. Risk Management Risk Management in fiscal year 2016 was carried out based on the objectives and goals set out in MRTA corporate plan 2012-2016 (Revision for Year 2016), MRTA Performance Agreement, and other additional goals as described by the opinions of Working Group on Risk Management and Risk Management and Good Governance Sub - Committee. In fiscal year 2016, risk assessment of MRTA revealed 30 targets, 89 perceived corporate risks. Such risks were classified into Risk Appetite and Risk Tolerance for both corporate goal and risk factors. MRTA developed a risk map which present the relations between risk factors, as well as risk profile, which indicates the level of risk in each particular period in order to accommodate integration of risk across the organization and help manage risks more effectively. By risk management, MRTA was able to achieve 27 out of 30 targets for fiscal year end 2016.

2. Quality Management System The Management System Certification Institute (MASCI) awarded the quality management system standard, ISO 9001:2000 to MRTA for its 4 functions including 1) security, 2) rescue works, 3) Park & Ride service and 4) supervision of the M.R.T. Chaloem Ratchamongkhon Line, for the first time on 27 January 2006. On 27 January 2015, MRTA was certified to the quality management system standard, ISO 9001:2008 again (Re-assessment) for the 4 functions as mentioned above and the certification of the quality management system has been expanded to include Land Acquisition function, effective until 26 January 2018. In fiscal year 2016, MRTA operation was carried out following a quality manual and quality procedure associated with the quality management system and its work procedures was continually reviewed according to ISO 9001:2008 requirements and recommendations from service users. According to MASCI’s most recent compliance audit, no significant deficiencies were found. Additionally, MRTA provided internal audit training under the quality management system requirements (Internal Auditor ISO 9001:2008) to MRTA internal auditors and staff members whose work functions have been awarded the quality management system standard ISO 9001:2008 from 5-7 September 2016. 92 93 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 3. Performance Evaluation MRTA has entered into the system evaluates the performance of enterprises since fiscal year 1997. In the performance evaluation of MRTA since fiscal year 2014, the State Enterprise Policy Office (SEPO) requires MRTA adopt the State Enterprise Performance Appraisal (SEPA) for implementation. In fiscal year 2016, the appraisal criteria for MRTA consisted of Process, account for 35% of the evaluation, the criteria 1-6 are: organization leadership; strategic planning; customers management and marketing; measurement, analysis and management of knowledge; human resources performance and operations, and Result, account for 65% of the evaluation, which covers 6 aspects including products and services, customer management, finance and marketing, human resources performance, effective operations and organization leadership. In fiscal year 2015, MRTA was assessed and had overall score of 4.5979 out of 5.0000 points, the highest rank among the 14 state enterprises classified in the BB group. In criteria 1-6, MRTA scored 4.1713 for Process and 4.8276 for Result. 4. Internal Control MRTA has recognized the importance of internal controls and has taken into account for Regulation of the State Audit Commission on Standard of Internal Control B.E. 2544 (2001). It has then formed Internal Control Committee to regulate, monitor and evaluate internal controls of the organization and the Risk Management and Good Governance Sub - Committee to scrutinize, give advice, suggestions and recommendations on internal control matters. In fiscal year 2016, MRTA continually evaluated the internal control system of the various departments, paying attention to the departments that are in the primary process of MRTA value chain associated with the M.R.T. Chalong Ratchadham Line. A meeting of all personnel involved in the internal control process in all departments was held to evaluate and review the suitability and adequacy of internal controls and present their monitoring to the Risk Management and Good Governance Sub - Committee, the Audit Committee and the MRTA Board of Directors on an ongoing basis. This is to ensure that MRTA internal control was sufficient, efficient and effective so that the operation met its objectives and goals and could limit damage or mistakes which may arise. 92 93 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Environmental Management 1. Analysis and Report of Environmental Impacts of MRT Projects under MRTA Assignment MRTA has a policy to monitor the performance of the concessionaire/contractors to ensure compliance with preventive measures to reduce the environmental impacts, as defined in the Environmental Impact Assessment (EIA) report. MRTA has appointed working groups and committees for the following: 1) Performance Report of the Working Group on Supervising the Implementation of Environmental Prevention and Mitigation Measures for the M.R.T. Chaloem Ratchamongkhon Line MRTA issued Order No. 377/2552 dated 8 December 2009 appointing the Working Group on Supervising the Implementation of Environmental Prevention and Mitigation Measures for the M.R.T. Chaloem Ratchamongkhon Line. In fiscal year 2016, the working group convened 1 meeting, Meeting No. 1/2559 on 14 March 2019. The working group acknowledged the complaint summary reports on the M.R.T. Chaloem Ratchamongkhon Line, reviewed the reports on measures and actions taken to prevent and mitigate the environmental impacts and made assignments for all involved to further execute the tasks according to decisions made by the working group. 2) Performance Report of the Working Group on Supervising the Implementation of Environmental Prevention and Mitigation Measures for the MRT Purple Line Project : Bang Yai - Bang Sue Section MRTA issued Order No. 402/2552 dated 21 December 2009 appointing the Working Group on Supervising the Implementation of Environmental Prevention and Mitigation Measures for the MRT Purple Line Project : Bang Yai - Bang Sue Section. In fiscal year 2016, the working group convened 2 meetings: Meeting No. 1/2559 on 17 March 2016 and Meeting No. 2/2559 on 29 July 2016. The working group acknowledged the complaint summary reports as well as the reports on environmental quality during the construction phase, reviewed the reports on oversight of contractor performance and made assignments for all involved to further execute the tasks according to decisions made by the working group. 3) Performance Report of the Committee on Supervising the Implementation of Environmental Prevention and Mitigation Measures for the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections MRTA issued Order No. 175/2554 dated 3 May 2011 appointing the Committee on Supervising the Implementation of Environmental Prevention and Mitigation Measures for the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections. In fiscal year 2016, the Committee convened 3 meetings: Meeting No. 2/2558 on 9 October 2015, Meeting No. 1/2559 on 17 February 2016 and Meeting No. 2/2559 on 31 August 2016. The Committee acknowledged the complaint summary reports as well as the reports on environmental quality during the construction phase, reviewed the reports on oversight of contractor performance and made assignments for all involved to further execute the tasks according to decisions made by the Committee. 94 95 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 4) Performance Report of the Committee on Monitoring the Implementation of Environmental Prevention and Mitigation Measures for the MRT Green Line Project : Bearing - Samut Prakan Section MRTA issued Order No. 168/2555 dated 20 March 2012 appointing the Committee on Monitoring the Implementation of Environmental Prevention and Mitigation Measures for the MRT Green Line Project : Bearing - Samut Prakan Section and Order No. 38/2557 on 28 January 2014 amending the committee component. In fiscal year 2016, the Committee convened 2 meetings: Meeting No. 1/2559 on 23 February 2016 and Meeting No. 2/2559 on 26 July 2016. The Committee acknowledged the complaint summary reports as well as the reports on environmental quality during the construction phase, reviewed the reports on oversight of contractor performance and made assignments for all involved to further execute the tasks according to decisions made by the Committee. 5) Performance Report of the Committee on Monitoring the Implementation of Environmental Prevention and Mitigation Measures for the MRT Green Line Project : Mo Chit - Saphan Mai - Lam Luk Ka Khlong 4 Section MRTA issued Order No. 209/2558 dated 14 July 2015 appointing the Committee on Monitoring the Implementation of Environmental Prevention and Mitigation Measures for the MRT Green Line Project : Mo Chit - Saphan Mai - Lam Luk Ka Khlong 4 Section. In fiscal year 2016, the Committee convened 3 meetings: Meeting No. 1/2558 on 13 October 2015, Meeting No. 1/2559 on 25 February 2016 and Meeting No. 2/2559 on 11 August 2016. The Committee acknowledged the complaint summary reports as well as the reports on environmental quality during the construction phase, reviewed the reports on oversight of contractor performance and made assignments for all involved to further execute the tasks according to decisions made by the Committee. Memorandum of Understanding (MOU) on Technical Cooperation MRTA has entered into Memorandum of Understanding (MOU) on technical cooperation with private/ public academic institutes, organizations involved in the operations of a Metro train system and other related bodies. In fiscal year 2016, one of such bodies MRTA had MOU on technical cooperation with was Chiang Mai University, in December 2015. Information Technology 1. Performances according to the MRTA Information and Communication Technology Master Plan for Fiscal Years 2012 - 2016 (Revision 2) could be summarized as follows: - 2 cancelled projects include developing an application that gives information on MRT services and improving a human resources management system. - 6 projects with successful implementations on schedule include developing websites for internal and external use, and single password for access; developing an organizational resources management system (fund and accounting management system; engaging a consultant in developing the MRTA information and communication technology master plan; developing a project management and update system; developing a project status monitoring system (construction management system); and developing the Geographic Information System (GIS). - 8 projects with implementation failure on schedule include developing a system for concession model and business development; developing the MRTA Department Operation Center (DOC) and Executive Information System (EIS); developing a linked information system network for contractor and executives (The MRT Purple Line Project : Bang Yai - Bang Sue Section); developing the MRT Monitoring and Management Center (MMC); and acquiring and maintenance of computers, networks and peripherals that promotes Society of Green IT. 94 95 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 - 5 completed projects include acquiring a video conference system; developing a linked information system network from main server to branch offices (fiscal year 2017); developing an IT security management system to ISO 27001; acquiring a Data Archiving management and Data Loss Prevention system; and developing a maintenance monitoring system. 2. MRTA contracted King Mongkut’s Institute of Technology Ladkrabang as a consultant for developing the MRTA digital action plan for fiscal years 2017-2021. Currently, end item inspection and preparation of the digital action plan for the MRTA Board of Directors consideration are underway. The plan will be used as a guideline for adopting digital technology to support and enhance the operational efficiency of MRTA’s missions during 2017-2021. 3. A review of the MRTA policy on information technology and security (Revision 5) was done and revisions were set to both policy and guideline for implementation. MRTA Governor approved the said revision and announced the policy on 17 August 2016. 4. System recovery trial was performed according to the Business Continuity Plan (BCP) on 31 March 2016 along with MRTA’s 2016 annual fire drill-evacuation and emergency training. The system recovery trial found that MRTA’s BCP is sound; operations will not be disrupted in case of emergency situation or impact the IT system. Appraisal report of system recovery trail was completed and submitted for the CIO and the MRTA Governor acknowledgement. 5. Revisions were made to MRTA website to be visually appealing, using state-of-the-art technology that supports multi platform use and data on the website is always up-to-date. MRTA multimedia and PR information about lane transition have been included to allow the general public to have more media channels for acquisition of MRTA information. 6. New computers and computer peripherals with energy-efficient design were installed for different work units. For fiscal years 2016 - 2018, computers and computer peripherals have been leased to replace the ones that have become unusable due to expiration of the leasing contract and to sufficiently serve business operation and the need of different work units in MRTA as per their request. 7. Network connectivity was carried out to enable all MRTA work units to efficiently use the developed information technology system in fiscal year 2016; MRTA contracted server service for data communication network with CAT Telecom Public Company Limited (Thailand) to serve as the main internet network for connectivity between branches, computer traffic data log system in accordance with the Computer Crime Act, Web Hosting and DR-Site services for MRTA. 8. In fiscal year 2016, MRTA contracted maintenance specialists for computer systems, data communication network system and MRTA Data Center with Metro Systems Corporation Public Company Limited to ensure the availability and efficiency of IT operation system. 96 97 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Management of Safety, Occupational Health and Work Environment

MRTA has systematically managed safety, occupational health and work environment in compliance with rules, regulations and international standards. MRTA has adopted TIS 18001 : 2542 Occupational Health and Safety Management System as its management model such as the policy announcement, determination of organization structure, preparation of occupational health and safety work plan, determination of roles and responsibilities of safety personnel and establishment of occupational health and safety standards and measures covering in every aspect of MRTA operations to reflect the intent of the administration in caring for the life and health of employees and stakeholders, and in accordance with the government policy to “promote safety and well being in the workplace” as well as the government’s Safety Thailand project. In fiscal year 2016, MRTA launched many activities on safety, occupational health and work environment e.g., monthly meeting to follow up the performance of Safety, Occupational Health and Work Environment Committee, fire drills and fire evacuations, basic fire fighting, work environment measurement and analysis, work-related occupational health and safety training, tetanus toxoids and diphtheria vaccination, office syndrome prevention, occupational health and safety seminars and field trips outside of workplace, dissemination of safety and hygiene knowledge, organizing Occupational Health and Safety Day as well as surveillance and preventing the spread of emerging infectious diseases etc. In addition, as MRTA has recognized the personnel’s well-being and safety, an occupational health nurse has been employed to provide MRTA personnel with primary medical care and health advice services, creating more confidence in receiving the service at the nursing room. The nursing room was modified so that the proportion of the room is appropriately arranged for service provision. More observation beds for the patients have been provided from 2 to 4 units to support the increasing personnel. A corner of the room has also been sectioned off for breastfeeding in a close and hygienic condition and automated external defibrillator (AED) has been purchased to be ready for providing medical treatment to a heart attack patient to increase the chances of survival. Regarding MRTA oversight of construction contractors of the mass rapid transit system projects under its authority, management of safety, occupational health and work environment has been performed to demonstrate MRTA’s commitment and accountability, to prevent accidents and incidents and to mitigate the impacts on personnel, general public and environment from the MRT project implementations as follows: 96 97 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 1. Determination of work-related safety measures and standards in compliance with applicable laws in the employment contracts 2. Contractor’s endorsement in MRTA Safety Declaration: Zero Fatal Accident agreements prior to project commencement 3. Monthly safety inspection at the project construction sites during daytime and nighttime to maintain the contractor’ work safety standards 4. Organization of safety seminars on MRT construction process to create work safety awareness for personnel and all concerned parties of the construction works. 5. Project construction site visits on an ongoing basis according to the safety committee’s work plan to hear the problems and obstacles associated with work safety matters. 6. Evaluation of safety management in construction process and the performance of the contractors’ safety officers on a regular basis according to planning cycle to systematically and continuously maintain the efficiency of work safety standards. The said activities conducted with commitment of MRTA executives, staff members, related agencies and Safety,Occupational Health and Work Environment Committee led to MRTA’s successful management of safety, occupational health and work environment in fiscal year 2016. MRTA has been recognized and awarded a certificate on excellent organization that supports the activities involving safety, occupational health and work environment from Department of Labour Protection and Welfare, Ministry of Labour. Security, Fire Extinguisher and Rescue Training

In charge of the following tasks: training and dissemination of knowledge and service skills on security, fire extinguishing, rescue and emergency management to MRTA staff and external agencies; disaster mitigation; development of knowledge about the responsible tasks; security and rescue services administration and other related works and; collaboration with other related bodies as assigned. 98 99 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Public Complaints

1. Summary of Fiscal Year 2016 (1 October 2015 – 30 September 2016) 1.1 MRTA had made replies to the public concerning mass rapid transit projects under MRTA responsibility, totalling 3,427 cases. 1.2 From the total number of complaints, 508 cases were related to the M.R.T. Chaloem Ratchamongkhon Line and the M.R.T. Chalong Ratchadham Line as well as the impacts arising from the design and construction of the MRT Purple Line Project : Bang Yai - Bang Sue and Bang Sue - Rat Burana Sections, the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections, the MRT Green Line Project : Bearing - Samut Prakan Section, the MRT Orange Line Project : Taling Chan - Min Buri Section and the MRT Yellow Line Project : Lat Phrao - Samrong Section. 2. MRTA has contracted National Institute of Development Administration to conduct a survey on public acceptance of MRTA and the satisfaction of passengers in the M.R.T. Chaloem Ratchamongkhon Line service. The result of survey for fiscal year 2016 revealed the following: 2.1 64.81% of passengers are very satisfied (with a score of 4-5) with the M.R.T. Chaloem Ratchamongkhon Line service. 2.2 73.06% of people have recognized and trusted in MRTA organization, at the somewhat agree level and above. 2.3 73.06% of people residing in the Bangkok Metropolitan Region have recognized and trusted in MRTA organization, at the somewhat agree level and above (with a score of 4-5). 2.4 Corporate image of MRTA that is most apparent includes Convenience and Speed, accounting for 33.29% of people surveyed, followed by Modern, accounting for 24.05% of people surveyed. 2.5 86.28% of people surveyed are satisfied with the measures taken to reduce environmental impacts caused by the MRT construction projects. 2.6 According to the quality of life survey conducted among MRT commuters and people living along the alignment of construction projects under MRTA responsibility, 93.30% of people surveyed found that MRT services allow them to have a better quality of life. 98 99 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Conflicts of Interest Prevention Policy

Conflicts of Interest Prevention Policy Guidelines for Reporting Conflicts of Interest As the Mass Rapid Transit Authority of Thailand (MRTA) fully realizes the need for good governance and has set forth the definitions and the list of items regarded as conflicts of interest so that the members of the management team and staff can avoid any acts which would be in conflict with MRTA’s interest. MRTA, therefore, has established the following guidelines for the members of the management team and staff to follow: Conflicts of Interest means: 1. A conflict of interest means the situation in which a person has a role, duty, and/or any other relationships with objectives or interest in conflict with his duty in the organization, resulting in the lack of freedom and neutrality in his work performance. The conflict may result from his personal interest that is not in conformity with the organization’s interest, putting him in a dilemma which may obstruct the organization’s maximum interest and may lead to corruption/fraud and malpractice. 2. A conflict of interest means any relationship which prevents the organization from achieving the maximum possible interest. The conflict of interest may cause a staff member to be in bias position and prevent him from performing his duty honestly. Examples of items regarded as conflicts of interest include: - Using MRTA’s classified information for personal interest or to deliberately cause a detriment to MRTA. - Holding a stake in a firm conducting business with MRTA or entering into a contract with MRTA. - Requesting or gaining personal benefits from contractors, entrepreneurs, suppliers, or service providers or any persons or organizations conducting business with MRTA. - Working for or being on a member board or committee of other competing organizations or organizations whose business activities contain interests conflicting with MRTA’s - Accepting or providing benefits that potentially lead to any actions conflicting with the interests of MRTA Reporting when a conflict of interest arises When a possible conflict of interest is found in any case, the party concerned must report promptly to the superior, giving the details concerning: 1. Relationship between persons or firms in related to MRTA 2. Pricing policy between those firms, to enable MRTA to consider whether the pricing between them is appropriate 100 101 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 3. Inspect the guarantees terms and conditions, to enable MRTA to consider whether a conflict of interest exists. 4. Value of all the transactions Whenever a conflict of interest is regarded to have the potential to develop, every staff member or employee shall immediately report to the superior and report to the management. Moreover, before the year end, every staff member shall certify the report of conflicts of interest. MRTA’s Management of Conflict of Interest In order to support good governance in MRTA’s internal control and audit systems as well as transparency in business operation, MRTA has established a mechanism for conflict of interest management as follows: 1. Education: Since MRTA has recognized the significance of conflict of interest problems in work operation, it has adopted the government policy to be a guideline for developing a work practice education handbook by publishing “Work Practice Education Handbook on Prevention of Conflicts of Interest” and having it publicized on the intranet. The handbook is available to download at under the Article Archive section of Human Resources and Work System Development Division, Human Resources Department (KM). 2. Preparation of employee’s conflict of interest disclosure report: MRTA has generated “MRTA employee’s conflict of interest disclosure report form for fiscal year 2016” and notified the staff members of disclosing conflicts of interest at the individual level on an annual basis. This process helps promote MRTA personnel to behave ethically which is in line with the National Anti-Corruption Strategy and serves as a part of strengthening a state enterprise appraisal process according to SEPA system. MRTA revised the form to increase efficiency of conflict of interest investigation. In fiscal year 2016, the following section was added to the form “self-certification or reporting conflicts of interest in the case where a person is assigned or appointed by the Governor to perform duties of a committee or working group member, as the case may be” so as to verify whether or not such person causes a conflict of interest to arise. If it does, what mechanism is implemented to resolve conflicts of interest in such case. According to the review of conflict of interest at the individual level, it was concluded that no significant conflicts of interest were discovered. 100 101 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Policy on Good Governance

Policy on Good Governance In order to develop a more efficient organization, with a management system that has credibility to the public and sustainable growth to MRTA, the MRTA Board of Directors has established the following policy for good governance. 1. To hold on to the crucial principles of good governance, i.e. Accountability, Responsibility, Equitable Treatment, Transparency, Value Creation, and Ethics. 2. To practice in accordance with the crucial principles of good governance relentlessly and continuously. 3. To support and enhance the practice on good governance in order to achieve continuous improvement. 4. To monitor and assess the outcome of enhancement and improvement of the operation in order to make the organization “a leading state enterprise of Thailand in the category of good governance.” MRTA has set the corporate vision of operations to be “a leading state enterprise of Thailand in the category of good governance.” In fiscal year 2016, MRTA carried out different types of activities to encourage greater corporate governance practices based on the GCG Road Map, a master plan for good governance fiscal year 2015 – 2021. For instance, Good Corporate Governance (GCG) Day was organized to promote knowledge as well as understanding and enthuse awareness of MRTA executives and staff members so that they absorb the importance of good governance and corruption prevention and suppression. In addition, awareness program was held to reinforce MRTA’s anti-corruption public sector network to play a role in dealing with MRTA’s prevention and suppression of corruption through internal activities in the organization and collaborative activities with other organizational entities, allowing a more efficient implementation of MRTA’s prevention and suppression of corruption strategies as well as public acceptance and trust in MRTA’s operations. 102 103 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

MRTA Corporate Social and Environmental Responsibility Policy

MRTA Corporate Social and Environmental Responsibility Policy MRTA’s main responsibility for the MRT project implementation to provide a complete network of rail transit systems, the fundamentals of mass transit system and a key mechanism for alleviating traffic congestion has been performed in synchrony with MRTA awareness of the improvement in people’s quality of life. As a result, MRTA has carried out the mass rapid transit system projects and conducted social development as well as environmental awareness activities simultaneously with recognition of its stakeholders, especially the communities along the alignment of the MRT projects under its authority. MRTA has brought them a better quality of life by facilitating their travel with a convenient, fast, safe and punctual MRT system. Thus, Corporate Social Responsibility (CSR) is the matter that MRTA has put significant emphasis on as it is the factor that drives MRTA to achieve its goals of eco-friendly construction, commitment to both internal and external corporate social and environmental responsibility as well as enrichment of organizational and project management for the best interests of society and environment. In addition to managing the organization under the good governance and the CSR guidelines, MRTA has also recognized the importance of improving the quality of life of staff members, the key driver for organization’s success and instilled the idea of CSR volunteering spirit into their minds. MRTA believes that the said guidelines are crucial for creating collaboration and developing society for the better, contributing to city life upgrading and sustainable improvement of the quality of life and environment. 102 103 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

CSR Activity

Relaxing massage activities

MRTA, in collaboration with Thailand Caulfield Foundation for the Blind under the Royal Patronage of Her Royal Highness Princess Maha Chakri Sirindhorn, held relaxing massage activities under Happy Workplace Project. The blind from the Foundation provided a massage for MRTA staff and employees every 2 months for 5 times in the fiscal year 2016. The activity aimed to relieve workplace stress for employees and to provide income support for the blind who participated in the activity. Blood donation activities

MRTA together with the National Blood Centre, Thai Red Cross Society organized blood donation activities for staff and employees of MRTA, contracted companies and staff of Bangkok Expressway and Metro Plc. to jointly participate in this great merit making activity to support a supply of blood for the nation’s blood banks. National Blood Centre provided a mobile blood donation vehicle for service every 3 months in front of MRTA Building 1 in the fiscal year 2016. 104 105 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Making merit on birthday activities

MRTA held birthday merit-making activities under Happy Workplace Project for staff and employees to make merit at the temples in the Bangkok Metropolitan Region and in provinces so as to bring themselves good fortune, to perform community service and to visit historical and religious attractions. Birthday activities were held every month in the fiscal year 2016.

MRTA Youth activity

Recognizing the importance of youths as the power to build the future, MRTA organized the youth activity on Children’s Day 2016 during 9 - 10 January 2016 at CentralPlaza WestGate, Nonthaburi Province. Activities included giving the public information about metro train projects and introducing future MRTA projects. There was also a stage performance by students from primary and secondary schools located along the MRT lines. 104 105 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Bright community along the line activities

On 12 March 2016 and 23 July 2016, MRTA held community service activities to foster good relations and build goodwill with communities living along the MRT lines at Sunthonsanthun Community and Bang Duan Subdistrict Administrative Office, . Activities included giving fitness equipment to the community, providing “Basic Fire Fighting, Basic CPR, and First Aid” training, offering electrical appliance repairing service with free of charge, offering basic health check-up with free of charge, and providing workshop on making bags from unused cloths. MRTA volunteering activity at Wannawit School

On 19 May 2016, MRTA organized a volunteering activity, taking 30 staff and employees of MRTA to perform volunteering service at Wannawit School, Bangkok. Activities included improving the garden landscape, refurbishing a library and multi-purpose sports stadium, and donating sport equipment, books, and occupational health equipment, worth of 191,928 baht. In addition, MRTA made a 15,000 baht contribution from the selling of MRTA 23rd anniversary shirts to support children’s school lunch. 106 107 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Creative Kid activities

On 17 June 2016 and 24 June 2016, MRTA held Creative Kid activities, taking students from schools and colleges along the MRT Green Line Project: Bearing-Samut Prakan Section to attend a lecture on MRTA’s projects. They also visited the construction site of the MRT Green Line Project at the depot and the constructionsite of the MRT Blue Line Extension Project: Hua Lamphong – Bang Khae and Bang Sue – Tha Phra Sections at the MRT tunnel of Hua Lamphong Station. MRTA volunteering activity at Ban Tha Yae School, Kanchanaburi Province

On 8 July 2016, MRTA organized a volunteering activity at Ban Tha Yae School, Kanchanaburi Province. Activities included construction of a school building for the computer lab, toilet renovation, library refurbishment and learning equipment donation, worth of 200,000 baht. In addition, MRTA presented sports shirts and shoes purchased with the money derived from the sale of MRTA 23rd anniversary shirts, worth of 35,700 baht to every student. These necessary educational resources were provided to support the rural youths in need. 106 107 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Buddhist Lent candle offering activity

On 14 July 2016, MRTA together with Riang School organized a Buddhist Lent candle procession 2016, taking a group of students to jointly learn about a Buddhist ritual and preserve Thai tradition at Wat Pho Riang, , Bangkok. This activity also helped strengthen the relationship between MRTA and temples and schools located along the MRT Blue Line Extension Project: Hua Lamphong – Bang Khae and Bang Sue – Tha Phra Sections

MRTA “Searching for Good Student” activity

On 19 August 2016, MRTA organized “Searching for Good Student” activity and awarded scholarships to youths who studied in schools located along the MRT lines and children of MRTA staff, aiming to create opportunities and stability in pursuing education of Thai youths and to celebrate the 24th Anniversary of MRTA’s Establishment event. 108 109 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 24th Anniversary of MRTA’s establishment

On 19 August 2016, MRTA celebrated its 24th Establishment Anniversary on 21 August of 2016. Activities included offering food to monks for good fortune and donating money in the amount of 885,400 baht on this occasion to Thailand Caulfield Foundation for the Blind under the Royal Patronage of Her Royal Highness Princess Maha Chakri Sirindhorn. Many representatives from public and private agencies came to express their congratulations on that day at MRTA Office. Learning activity on Philosophy of Sufficiency Economy at Ban Hom Chuen,

On 20 September 2016, MRTA organized a learning activity on Philosophy of Sufficiency Economy for 150 students from Wat Chatkaewchongkolnee School, Wat Ratchasit Tharam School, and Wat Tha Phra School which are located along MRT Blue Line Extension Project: Hua Lamphong – Bang Khae and Bang Sue – Tha Phra Sections. They were taken to study farmer’s way of life through learning activities including producing milled rice from paddy and making boiled coconut rice balls (Kha Nom Tom) as well as adventurous activities including egg collection and boat paddling at Ban Hom Chuen in Lat Lum Kaew, Pathum Thani Province. 108 109 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Important Activities

Annual Royal Kathin Robe Offering Ceremony at Wat Bang Phai, Nonthaburi Province

On 9 November 2015, Mr. Peerayudh Singpatanakul, MRTA Governor presided over the Annual Royal Kathin Robe Offering Ceremony 2015 together with General Yodyuth Boonyatikarn, Chairman of the MRTA Board of Directors, MRTA executives and staff, government officials and general public at Wat Bang Phai, Royal Monastery, Bang Rak Patthana Sub District, , Nonthaburi Province. On this occasion, MRTA made merit donation in the amount of 1,488,843 baht. 110 111 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 MRTA welcomes Deputy Prime Minister on the occasion of the meeting to follow up the acceleration of MRTA’s project implementation

On 2 December 2015, General Yodyuth Boonyatikarn, Chairman of the MRTA Board of Directors together with Mr. Peerayudh Singpatanakul, MRTA Governor and MRTA executives welcomed Mr. Somkid Jatusripitak, Deputy Prime Minister and Mr. Arkhom Termpittayapaisith, Minister of Transport in the meeting to follow up the acceleration of MRTA’s project implementation at Meeting Room 1, 9th Floor, MRTA Office. The Deputy Prime Minister provided guidelines for expediting the implementation of the MRT projects falling under MRTA’s responsibility, a total of 6 lines, 13 projects. This was to generate investment fund to be circulated in the economic system in 2016. He also emphasized on the collaboration among the related agencies. MRTA opening ceremony of trial run of the MRT Purple Line Project : Bang Yai - Tao Pun Section

On 14 December 2015, Prime Minister Gen Prayut Chan-o-cha presided over the opening ceremony of the trial run for the MRT Purple Line Project : Bang Yai - Tao Pun Section at Khlong Bang Phai Depot, Nonthaburi Province. Air Chief Marshal Prajin Jantong, Deputy Prime Minister, Mr. Ormsin Chivapruck, Deputy Minister of Transport, General Yodyuth Boonyatikarn, Chairman of the MRTA Board of Directors, Mr. Peerayudh Singpatanakul, MRTA Governor and executives and staff were also in attendance. On this occasion, the Prime Minister was given the trial run of the service from Khlong Bang Phai Station to Talad Bang Yai Station. This was a test service prior to the official operation service of the MRT Purple Line Project. 110 111 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Integrity Pact signing ceremony

On 27 January 2016, MRTA organized Integrity Pact signing ceremony between MRTA and observers of the MRT Blue Line Extension Project : Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections for transparency and fairness. Miss Chunhachit Sungmai, the Second Vice Chair of Integrity Pact Cooperation Sub - committee (Advisor of Fiscal and Financial System Development) presided over the ceremony. Ms. Panchit Chindakul, Assistant to Permanent Secretary of Ministry of Transport, Dr. Mana Nimitmongkol, Secretary-General, Anti-Corruption Organization of Thailand, Mr. Rithika Suparat, MRTA Deputy Governor (Administration) and observers were also in attendance to witness the ceremony at Meeting Room 2, 9th Floor, MRTA Office. This was the first project with Integrity Pact for the selection of private enterprises to invest in M & E systems and O&M services under the Private Investments in State Undertakings Act B.E. 2556 (2013). MRTA participation in the 2nd Thai Rail Industry Symposium and Exhibition

On 16 March 2016, Prime Minister Gen Prayut Chan-o-cha presided over the opening ceremony of the 2nd Thai Rail Industry Symposium and Exhibition “Railway Standard and Thai Railway Parts Manufacturing”. Mr. Pichet Durongkaveroj, Minister of Science and Technology, Mr. Arkhom Termpittayapaisith, Minister of Transport, Mr. Theeraphan Tachasirinugune, MRTA Deputy Governor (Strategy and Planning) and related high level government officials were also in attendance. On this occasion, MRTA jointly hosted an exhibition on the 2nd floor of Airport Rail Link 112 113 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Ministry of Transport, MRTA and Bangkok Metropolitan Administration MOU signing on the operation guidelines under the resolution of the Commission for the Management of Land Traffic

On 28 March 2016, Minister of Transport Mr. Arkhom Termpittayapaisith presided over the signing ceremony of the MOU between Ministry of Transport, MRTA and Bangkok Metropolitan Administration on the operation guidelines under the Resolution of the Commission for the Management of Land Traffic: the assignment for Bangkok Metropolitan Administration to manage the MRT Green Line Project : Mo Chit - Saphan Mai - Khun Khot and Bearing - Samut Prakan Sections. The MOU was signed by Mr. Chartchai Tipsunave, Permanent Secretary of Ministryof Transport, Mr. Peerayudh Singpatanakul, MRTA Governor, and Mr. Peerapong Saichua, Permanent Secretary of Bangkok Metropolitan Administration. General Yodyuth Boonyatikarn, Chairman of the MRTA Board of Directors and M.R. Sukhumbhand Paribatra, Governor of Bangkok were also in attendance to witness the ceremony at the Meeting Room of the Ministry of Transport. MRTA and Bangkok Expressway and Metro Public Company Limited (BEM) welcome the Committee on Transportation of the National Legislative Assembly on the occasion of visiting and experiencing the trial run of the MRT Purple Line Project: Bang Yai - Bang Sue Section

On 10 May 2016, MRTA and Bangkok Expressway and Metro Public Company Limited (BEM) welcomed Mr. Surachai Liengboonlertchai, Vice President of the National Legislative Assembly (NLA), Members of the Committee on Transportation of NLA and Board Members of Expressway Authority of Thailand (EXAT) on the occasion of visiting and experiencing the test ride of the MRT Purple Line : Bang Yai - Tao Pun Section. General Yodyuth Boonyatikarn, Chairman of the MRTA Board of Directors, Mr. Peerayudh Singpatanakul, MRTA Governor, and Mr. Plew Trivisvavet, BEM Chairman of the Executive Board accompanied the group to experience the test ride and visit the Operation Control Office at Khlong Bang Phai Depot, Nonthaburi Province. The group also visited the connection site between the MRT Purple Line Project and the M.R.T. Chaloem Ratchamongkhon Line at Tao Pun Station. 112 113 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 MRTA joins contract signing ceremony to purchase 46 trains (184 cars)

On 23 May 2016, Mr. Somkid Jatusripitak, Deputy Prime Minister, M.R. Sukhumbhand Paribatra, Governor of Bangkok, and General Yodyuth Boonyatikarn, Chairman of the MRTA Board of Directors witnessed the contract signing ceremony to purchase 46 trains (184 cars) between Bangkok Mass Transit System Public Company Limited (BTSC), Siemens Company Limited and CRRC ChangChun Railway Vehicles Company Limited at Siam Kempinski Hotel Bangkok. The new trains will be run on the MRT Green Line Project : Mo Chit - Saphan Mai - Khu Khot and Bearing - Samut Prakan Sections which is currently under construction by MRTA.

MRTA launches public trial of the MRT Purple Line Project : Bang Yai - Tao Pun Section

On 13 June 2016, General Yodyuth Boonyatikarn, Chairman of the MRTA Board of Directors, Mr. Peerayudh Singpatanakul, MRTA Governor, and executives of Bangkok Expressway and Metro Public Company Limited (BEM) experienced the trial run of the MRT Purple Line project: Bang Yai - Tao Pun Section together with thousands of people interested in the trial run before its official service commencement on 6 August 2016. 114 115 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Thankful MRT Purple Line

On 20 June 2016, Mr. Peerayudh Singpatanakul, MRTA Governor presided over the opening ceremony of Thankful MRT Purple Line event held to express MRTA’s sincere appreciation to people residing along the MRT Purple Line Project : Bang Yai - Bang Sue Section for their good cooperation and comprehension with the project construction until it was completed. The event was held at the Promotion Hall, 1st Floor, Central Plaza WestGate during 20 - 26 June 2016. MRTA MOU signing on cooperation in Risk Management Plan and Incident Action Plan of the public rail transit system in Bangkok Metropolitan Area

On 29 June 2016, Mr. Arkhom Termpittayapaisith, Minister of Transport presided over the MOU signing ceremony on cooperation in Risk Management Plan and Incident Action Plan of Mass Rapid Transit System in Bangkok and Vicinities between Ministry of Transport, Bangkok Metropolitan Administration, Royal Thai Police, Office of the National Broadcasting and Telecommunications Commission, Public Relations Department, Department of Land Transport, Office of Transport and Traffic Policy and Planning, State Railway of Thailand, and Bangkok Mass Transit Authority. Mr. Peerayudh Singpatanakul, MRTA Governor was the representative of MRTA to sign the MOU at the Meeting Hall, Ministry of Transport. The MOU aims to establish collaboration for efficient solution in case of technical failure on the public rail transit system in the Bangkok Metropolitan Area, enabling the mass rapid transit operators to respond and mitigate problems and carry on their service for people rapidly and effectively. 114 115 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 The M.R.T. Chalong Ratchadham Line opens officially

On 6 August 2016, Her Royal Highness Princess Maha Chakri Sirindhorn graciously presided over the ceremony to mark the official opening of the M.R.T. Chalong Ratchadham Line at Tao Pun Station, in Bangkok and the Operation Control Center, Bang Bua Thong District in Nonthaburi. Her Royal Highness graciously pushed the computer system button to officially commence the MRT operation in the Operation Control Office and returned. Fare revenue from the first day of service, without cost deductions, will be presented to HRH Princess Maha Chakri Sirindhorn to assist with her charitable works

MRTA celebrates HM the Queen’s 84th birthday anniversary 12 August 2016

On 22 July 2016, General Yodyuth Boonyatikarn, Chairman of the MRTA Board of Directors, Mr. Peerayudh Singpatanakul, MRTA Governor and MRTA executives, recorded a special documentary to celebrate HM Queen ’s 84th birthday anniversary 12 August 2016, at TV Channel 5 Station. The documentary saluted HM Queen Sirikit for her efforts to improve the lives of millions of Thai citizens. 116 117 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Report of MRTA Board of Directors’ Responsibility to the Financial Report Report of MRTA Board of Directors’ Responsibility to the Financial Report MRTA Board of Directors is aware of the Board’s responsibility to ensure that the financial report is prepared in compliance with the generally accepted accounting principles. The Board considered the appropriate accounting policies to be regularly implemented, reasonable, and prudent in the preparation of the financial statements. Essential information was sufficiently and transparently disclosed in the notes to the financial statements for the fiscal year 2016, which the auditor (Office of the Auditor General of Thailand) has reviewed and provided opinion on in the auditor’s report. MRTA Board of Directors values and has implemented good governance, and maintained risk management and internal control systems to ensure accuracy, completeness, and adequacy of financial information in order to maintain assets and prevent fraud or significant irregularities. MRTA Board of Director has appointed the Audit Committee, consisting of independent members, to oversee the quality of financial statements and the performance of internal control system and internal audit function. The Committee’s comments have already been shown in the Report of the Audit committee in this annual report. MRTA Board of Directors concludes that MRTA financial statements for the year ended 30 September 2016, jointly reviewed by executives and auditors, represent the accurate, credible and reasonable financial position, performance and cash flows in accordance with the generally accepted accounting principles, reflecting MRTA’s transparent and adequate disclosure of information and compliance with applicable laws and regulations.

General (Yodyuth Boonyatikarn) (Mr. Peerayudh Singpatanakul) Chairman of the MRTA Board of Directors Governor of Mass Rapid Transit Authority of Thailand 116 117 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6

Report of the Audit Committee for the Fiscal Year 2016

Report of the Audit Committee for the Fiscal Year 2016

The Audit Committee consists of 6 members of the MRTA Board of Directors who have in-depth knowledge and solid experience to assist the MRTA Board of Directors to oversee risk management, internal control systems, financial report and compliance with regulations and policies involving MRTA’s operations. The Audit Committee has authority as appointed by the MRTA Board of Directors and acts in accordance with the Ministry of Finance’s Regulations on Audit Committees and Internal Audit units of State Enterprises B.E. 2555 (2012) and the handbook of the Audit Committees of State Enterprises and the Charter of Audit Committee. In fiscal year 2016, the MRTA Board of Directors had resolution to appoint the Audit Committee as follows. 1) MRTA Order No. 411/2558 regarding the appointment of Audit Committee, given on 28 August 2015 and MRTA Order No. 345/2558 regarding the appointment of members of Audit Committee, given on 9 September 2015. Members include: Mr. Krai Tungsanga Audit Committee Chairman Mr. Yuttana Yimgarund Audit Committee Member Mrs. Raweewan Bhuridej Audit Committee Member Mrs. Raweewan Bhuridej was in position from 9 August 2015 to 15 February 2016. Mr. Krai Tungsanga was in position from 22 October 2015 to 15 February 2016. Mr. Yuttana Yimgarund was in position from 9 December 2015 to 15 February 2016. 2) MRTA Order No. 124/2559 regarding the appointment of Audit Committee, given on 23 March 2016. Members include: Mr. Tana Janusorn Audit Committee Chairman Mr. Yuttana Yimgarund Audit Committee Member Mrs. Raweewan Bhuridej Audit Committee Member Mrs. Patcharaporn Intreyonk Audit Committee Member Miss Ladawan Kumpa Audit Committee Member Effective as of 9 March 2016 until present. The Director of the Office of Audit acts as a secretary of the Audit Committee. 118 119 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 In fiscal year 2016, the Audit Committee held 5 meetings with MRTA executives, internal audit officers, and audit officers from the Auditor-General Office. The meeting aimed to create good corporate governance. Operating results are as follows: Review of financial reports The Audit Committee reviewed quarterly and annual financial reports with the Office of Audit, audit officers, and executives. The Committee also reviewed MRTA performance and financial status on significant matters and provided productive suggestions in order to ensure that financial statement process and disclosure of essential information was sufficient, accurate, reliable, and in compliance with the generally accepted accounting principles. Review of the efficiency and effectiveness of internal controls, process of good governance, and process of risk management The Audit Committee reviewed the operation of internal controls, organizational risk management, and good governance to reduce and control the risks to be at acceptable, appropriate and efficient level and not to affect MRTA. The Committee gave advice to improve the system to be circumspect in order to prevent possible risks, damages, and corruptions. The Committee also stressed on the importance of ethics within the organization which needed to be published in writing and communicate the importance of ethics and morality to MRTA executives and staff. Review of compliance with applicable laws, regulations, rules, operating procedures, cabinet resolutions, announcements and orders The Audit Committee monitored the progress as per the suggestions of the internal audit officers and the Audit Committee. Also, the Committee reviewed and monitored compliance with the laws for MRTA court cases related to land acquisition and others. Oversight of the internal audit system The Audit Committee reviewed and approved the Charter of the Office of Audit of 2016. The Committee supported MRTA to have an effective internal audit system, including adequacy of human resources and budgets, the appropriateness of the structure of the Office of Audit, and the independence of the Office of Audit. Continuous employee skills and knowledge development according to development plans, recruiting, personnel rotation, personnel training was conducted. The adequacy and appropriateness of resources were assessed. KPI was set to evaluate the merits of the Director of Audit. The Audit Committee reflected that MRTA had an effective internal audit system as well as an improvement in audit quality, in terms of personnel and the operation in compliance with international standards under the approved budget. 118 119 ANNUAL Report ANNUAL Report 2 0 1 6 2 0 1 6 Joint discussion with the audit officers The Audit Committee jointly discussed with the audit officers from Office of the Auditor General regarding the scope and direction of the financial statement audit as well as findings and suggestions in order to create good cooperation and prevent duplicated operation. The Committee also monitored the performance improvement as suggested by the audit officers. Discussion with MRTA Governor and high level executives The Audit Committee discussed with MRTA Governor and high level executives and received policies and directions regarding internal controls and risk management of MRTA to find out preventive measures and solutions that do not affect MRTA. Maintenance of the Audit Committee’s quality The Audit Committee reviewed the Charter of the Audit Committee and presented it to the MRTA Board of Directors for approval. The Committee also conducted self-assessment in accordance with best practice of the State Enterprise Policy Office and participated in training courses organized by MRTA to ensure that the Committee’s performance was effective and achieved the objectives as stated in the Charter of the Audit Committee. Remuneration of the auditor MRTA is a state enterprise which has the Office of the Auditor General of Thailand as an auditor. Remuneration of the auditor was 1,800,000 baht. Conclusion All auditing results of the Office of Audit were presented at the meeting of the Audit Committee and were presented to the MRTA Board of Directors for acknowledgement. The results were also submitted to MRTA Governor to improve the management. The Audit Committee monitored MRTA in implementing the suggested improvements and found that MRTA has followed the suggestions, enabling MRTA to gain benefits and improve the operations so as to achieve its expected objectives and goals.

(Mr. Tana Janusorn) Audit Committee Chairman September 2016 120 PB Annual Report Annual Report 2 0 1 6 2 0 1 6

Auditor’s Report Proposing to the Mass Rapid Transit Authority of Thailand’s Board of Directors The Office of the Auditor General of Thailand (OAG) has audited the Mass Rapid Transit Authority of Thailand’s (MRTA) financial statements which consist of Balance Sheet Presenting Investments under Equity Method and Separate Balance Sheet Presenting Investments under Cost Method as at 30 September 2016. Moreover, the Comprehensive Income Statement Presenting Investments under Equity Method, Comprehensive Income Statement Presenting Investments under Cost Method, Separate Statement of Changes in Equity Presenting Investments under Equity Method, Separate Statement of Changes in Equity Presenting Investments under Cost Method, Separate Statement of Cash Flows Presenting Investments under Equity Method, Separate Statement of Cash Flows Presenting Investments under Cost Method, from the same mentioned date. In addition to the above statements, our Audit Report includes Notes to Accounts, summary of important accounting policies and other notes. The Management’s Responsibility for the Financial Statements MRTA is responsible for the preparation and presentation of these financial statements in accordance with the international financial reporting standards, responsible for internal control and management necessary to enable the preparation of financial statements without information that is contrary to material facts, whether due to fraud or error. The Auditor’s Responsibility for the Financial Statements Office of the Auditor General of Thailand is responsible for expressing an opinion on these financial statements, therefore the Office of the Auditor General is to conduct an audit of the financial statements in accordance with ethical requirements, to plan and perform the audit to obtain reasonable assurance that the financial statements are free of information that is contrary to material facts or substantial error. The audit involves performing audit procedures to obtain evidence substantiating the financial statement and the disclosures of the financial statements. The method used is at the discretion of the auditor, this includes risk assessment of disclosure of data contrary to the material facts of the financial statements, whether due to fraud or error. In assessing such risks, the auditor considers internal control relevant to the preparation and presentation of financial statements of the organization. The audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of management accounting estimates made by management as well as evaluating the presentation of the financial statements. The audit evidence that the Office of the Auditor General shall have obtained is sufficient and appropriate to provide a basis for the opinion of the Office of the Auditor General of Thailand. The Opinion of the Office of the Auditor General of Thailand It is the opinion of the Office of the Auditor General of Thailand that the above financial statements present the financial position of the Mass Rapid Transit Authority of Thailand as of September 30, 2016, and results of operations, cash flow for the same year ended, is in accordance with generally accepted accounting principles and in accordance with international financial reporting standards.

(Mrs. Klednatee Manosanti) Director of Financial Audit Office No. 5

(Mrs. Krittiyaporn Petchuay) Group Director The Office of the Auditor General of Thailand Date 20 June 2017 121 Annual Report 2 0 1 6 Balance Sheet Mass Rapid Transit Authority of Thailand As at September 30, 2016

Unit : Baht Financial Statement Separate Financial Statement Presenting Investment Presenting Investment under Equity Method under Cost Method Notes 2016 2015 2016 2015 Assets Current Assets Cash and cash equivalents 7.1 2,991,971,304.44 2,396,424,848.13 2,991,971,304.44 2,396,424,848.13 Trade and other receivables 7.2 221,217,855.32 110,929,149.32 221,217,855.32 110,929,149.32 Accrued government grants to be received in one year 7.6 8,187,682,815.93 2,576,388,776.66 8,187,682,815.93 2,576,388,776.66 Land acquisition cost in process 7.3 132,707,982.56 175,732,161.11 132,707,982.56 175,732,161.11 Account deposit - land acquisition cost 7.4 1,053,546,401.68 1,089,461,109.32 1,053,546,401.68 1,089,461,109.32 Other current assets 7.5 347,555,416.91 275,991,502.72 347,555,416.91 275,991,502.72 Total Current Assets 12,934,681,776.84 6,624,927,547.26 12,934,681,776.84 6,624,927,547.26 Non-Current Assets Government grants in process 7.6 84,991,360,659.44 43,102,436,434.55 84,991,360,659.44 43,102,436,434.55 Advance payments 7.7 3,380,878,929.72 5,126,379,275.42 3,380,878,929.72 5,126,379,275.42 Investment in associated undertakings 7.8 870,764,262.88 675,740,287.46 1,256,259,584.00 1,105,375,000.00 Property, plant and equipment 7.9 278,649,454.05 272,041,102.06 278,649,454.05 272,041,102.06 MRT project assets 7.10 217,515,062,488.06 183,128,414,301.25 217,515,062,488.06 183,128,414,301.25 Intangible assets 7.11 2,406,386.64 6,759,305.61 2,406,386.64 6,759,305.61 Right to use project construction space 7.12 1,856,083,206.10 1,845,940,046.78 1,856,083,206.10 1,845,940,046.78 Deferred long-term leasehold 7.13 29,957,622.18 32,489,252.34 29,957,622.18 32,489,252.34 Financial asset 7.14 4,336,768,566.10 275,978,454.38 4,336,768,566.10 275,978,454.38 Total Non-Current Assets 313,261,931,575.17 234,466,178,459.85 313,647,426,896.29 234,895,813,172.39 Total Assets 326,196,613,352.01 241,091,106,007.11 326,582,108,673.13 241,520,740,719.65

The accompanying notes are an integral part of these financial statements. 122 Annual Report 2 0 1 6 Balance Sheet Mass Rapid Transit Authority of Thailand As at September 30, 2016 Unit : Baht Financial Statement Separate Financial Statement Presenting Investment Presenting Investment under Equity Method under Cost Method Notes 2016 2015 2016 2015 Liabilities and Equity Current Liabilities Account payables during construction work 7.15 1,945,089,019.66 1,723,289,627.88 1,945,089,019.66 1,723,289,627.88 Other account payables 7.16 516,946,969.69 108,588,874.23 516,946,969.69 108,588,874.23 Long-term liabilities due in one year 10,872,285,044.43 24,664,945,005.27 10,872,285,044.43 24,664,945,005.27 Accured financial costs 7.17 871,620,985.89 1,133,721,072.51 871,620,985.89 1,133,721,072.51 Unearned rental right revenue 7.18 1,935,264.25 2,087,013.00 1,935,264.25 2,087,013.00 Accrued land acquisition expenses 7.3 132,707,982.56 175,732,161.11 132,707,982.56 175,732,161.11 Deposit land acquisition in process 7.4 1,053,546,401.68 1,089,461,109.32 1,053,546,401.68 1,089,461,109.32 Contract insurance and retention money 366,674,409.64 395,985,699.03 366,674,409.64 395,985,699.03 Other current liabilities 16,535,867.68 20,629,427.02 16,535,867.68 20,629,427.02 Total Current Liabilities 15,777,341,945.48 29,314,439,989.37 15,777,341,945.48 29,314,439,989.37 Non-Current Liabilities Deferred income 7.19 167,539,532,866.05 102,077,905,004.11 167,539,532,866.05 102,077,905,004.11 Account payables in M&E systems equipment 7.20 14,575,952,255.21 - 14,575,952,255.21 - Long-term loans 7.21 114,306,913,385.21 93,357,758,793.26 114,306,913,385.21 93,357,758,793.26 Employee benefit obligations 7.22 217,906,052.43 173,542,598.57 217,906,052.43 173,542,598.57 Financial liabilities - 774,086,567.90 - 774,086,567.90 Total Non - Current Liabilities 296,640,304,558.90 196,383,292,963.84 296,640,304,558.90 196,383,292,963.84 Total Liabilities 312,417,646,504.38 225,697,732,953.21 312,417,646,504.38 225,697,732,953.21 Equity Capital 945,955,000.00 945,955,000.00 945,955,000.00 945,955,000.00 Retained earnings 12,833,011,847.63 14,447,418,053.90 13,218,507,168.75 14,877,052,766.44 Total Equity 13,778,966,847.63 15,393,373,053.90 14,164,462,168.75 15,823,007,766.44 Total Liabilities and Equity 326,196,613,352.01 241,091,106,007.11 326,582,108,673.13 241,520,740,719.65 The accompanying notes are an integral part of these financial statements

(Mr.Theeraphan Tachasirinugune) (Mrs. Natamon Bunnak) Deputy Governor of Mass Rapid Transit Authority of Thailand Assistant Governor of Mass Rapid Transit Authority of Thailand (Strategy and Planning) Acting Deputy Governor of Mass Rapid Transit Authority of Thailand Acting Governor of Mass Rapid Transit Authority of Thailand (Finance) 123 Annual Report 2 0 1 6 Statement of Comprehensive Income Mass Rapid Transit Authority of Thailand For the Year Ended September 30, 2016 Unit : Baht Financial Statement Separate Financial Statement Presenting Investment Presenting Investment under Equity Method under Cost Method Notes 2016 2015 2016 2015

Revenue Revenue from subsidies 7.23 4,983,940,543.80 4,532,146,986.88 4,983,940,543.80 4,532,146,986.88 Revenue from concession 7.24 1,110,066,391.84 1,017,594,378.83 1,110,066,391.84 1,017,594,378.83 Revenue from commercial development 7.25 203,537,866.02 154,943,606.46 203,537,866.02 154,943,606.46 Profit from investments - - 150,884,584.00 - Share of profit from investment under equity method 345,775,125.50 - - - Other revenues 7.26 87,420,011.44 50,861,840.42 238,171,161.52 50,861,840.42 Total Revenue 6,730,739,938.60 5,755,546,812.59 6,686,600,547.18 5,755,546,812.59 Expenses Expenses related to personnel 625,708,581.40 539,172,949.83 625,708,581.40 539,172,949.83 Depreciation and amortization 2,227,324,405.86 1,915,819,039.73 2,227,324,405.86 1,915,819,039.73 Other expenses 7.27 732,350,414.53 329,735,311.74 732,350,414.53 329,735,311.74 Loss on investments - - - 1,882,125,000.00 Loss on foreign exchange rates 7.28 2,952,239,936.05 518,072,188.52 2,952,239,936.05 518,072,188.52 Financial costs 7.29 1,808,058,623.91 1,741,370,352.80 1,808,058,623.91 1,741,370,352.80 Share of loss from investment under equity method - 83,293,001.02 - - Total Expense 8,345,681,961.75 5,127,462,843.64 8,345,681,961.75 6,926,294,842.62 Profit (Loss) for the Year (1,614,942,023.15) 628,083,968.95 (1,659,081,414.57) (1,170,748,030.03) Other Comprehensive Profit (Loss) Actuarial gains (losses) 535,816.88 (52,864.19) 535,816.88 (52,864.19) Total Comprehensive Profit (Loss) for the Year (1,614,406,206.27) 628,031,104.76 (1,658,545,597.69) (1,170,800,894.22) The accompanying notes are an integral part of these financial statements.

(Mr.Theeraphan Tachasirinugune) (Mrs. Natamon Bunnak) Deputy Governor of Mass Rapid Transit Authority of Thailand Assistant Governor of Mass Rapid Transit Authority of Thailand (Strategy and Planning) Acting Deputy Governor of Mass Rapid Transit Authority of Thailand Acting Governor of Mass Rapid Transit Authority of Thailand (Finance) 124 Annual Report 2 0 1 6 Statement of Changes in Equity Mass Rapid Transit Authority of Thailand For the Year Ended September 30, 2016 Unit : Baht Financial Statement Presenting Investment under Equity Method Capital Retained Profit (Loss) Total

Balance as of October 1, 2014 945,955,000.00 13,782,269,579.43 14,728,224,579.43 Accrued adjustment to accounting error - Adjusted estimates of annual housing and land tax The M.R.T. Chaloem Ratchamongkhon Line year 2005 - 2014 - 37,117,369.71 37,117,369.71 Balance after adjustments on October 1, 2014 945,955,000.00 13,819,386,949.14 14,765,341,949.14 Comprehensive profit for the year - 628,031,104.76 628,031,104.76 Balance as of September 30, 2015 945,955,000.00 14,447,418,053.90 15,393,373,053.90 Balance as of October 1, 2015 945,955,000.00 14,447,418,053.90 15,393,373,053.90 Comprehensive loss for the year - (1,614,406,206.27) (1,614,406,206.27) Balance as of September 30, 2016 945,955,000.00 12,833,011,847.63 13,778,966,847.63 The accompanying notes are an integral part of these financial statements.

(Mr.Theeraphan Tachasirinugune) (Mrs. Natamon Bunnak) Deputy Governor of Mass Rapid Transit Authority of Thailand Assistant Governor of Mass Rapid Transit Authority of Thailand (Strategy and Planning) Acting Deputy Governor of Mass Rapid Transit Authority of Thailand Acting Governor of Mass Rapid Transit Authority of Thailand (Finance) 125 Annual Report 2 0 1 6 Statement of Changes in Equity Mass Rapid Transit Authority of Thailand For the Year Ended September 30, 2016 Unit : Baht Financial Statement Presenting Investment under Cost Method Capital Retained Profit (Loss) Total

Balance as of October 1, 2014 945,955,000.00 16,010,736,290.95 16,956,691,290.95 Accrued adjustment to accounting error - Adjusted estimates of annual housing and land tax The M.R.T. Chaloem Ratchamongkhon Line year 2005 - 2014 - 37,117,369.71 37,117,369.71 Balance after adjustments on October 1, 2014 945,955,000.00 16,047,853,660.66 16,993,808,660.66 Comprehensive profit for the year - (1,170,800,894.22) (1,170,800,894.22) Balance as of September 30, 2015 945,955,000.00 14,877,052,766.44 15,823,007,766.44 Balance as of October 1, 2015 945,955,000.00 14,877,052,766.44 15,823,007,766.44 Comprehensive loss for the year - (1,658,545,597.69) (1,658,545,597.69) Balance as of September 30, 2016 945,955,000.00 13,218,507,168.75 14,164,462,168.75 The accompanying notes are an integral part of these financial statements.

(Mr.Theeraphan Tachasirinugune) (Mrs. Natamon Bunnak) Deputy Governor of Mass Rapid Transit Authority of Thailand Assistant Governor of Mass Rapid Transit Authority of Thailand (Strategy and Planning) Acting Deputy Governor of Mass Rapid Transit Authority of Thailand Acting Governor of Mass Rapid Transit Authority of Thailand (Finance) 126 Annual Report 2 0 1 6 Statement of Cash Flows Mass Rapid Transit Authority of Thailand For the Year Ended September 30, 2016

Unit : Baht Financial Statement Separate Financial Statement Presenting Investment Presenting Investment under Equity Method under Cost Method Notes 2016 2015 2016 2015 Cash Flows from Operating Activities Total comprehensive profit (loss) for the year (1,614,406,206.27) 628,031,104.76 (1,658,545,597.69) (1,170,800,894.22) Adjustments to reconcile comprehensive profit (loss) for the year into received (paid) cash from operating activities Depreciation and amortization 2,227,324,405.86 1,915,819,039.73 2,227,324,405.86 1,915,819,039.73 (Profit) Loss from actual exchange rate 29,558,673.50 (16,361,372.61) 29,558,673.50 (16,361,372.61) Unrealized loss from exchange rate 2,922,681,262.55 534,433,561.13 2,922,681,262.55 534,433,561.13 Loss from sale of properties - 22,404.27 - 22,404.27 (Profit) Loss from revaluation of investment - - (150,884,584.00) 1,882,125,000.00 Share of (profit) loss from investment under equity method (345,775,125.50) 83,293,001.02 - - Dividend income (150,751,150.08) - Receivable interest (35,680,333.72) (36,993,117.87) (35,680,333.72) (36,993,117.87) Employee benefits expense 52,333,423.39 28,137,673.65 52,333,423.39 28,137,673.65 Actuarial (gains) losses (535,816.88) 52,864.19 (535,816.88) 52,864.19 Financial costs 1,808,058,623.91 1,741,366,452.80 1,808,058,623.91 1,741,366,452.80 Profit from operation prior to changes in operating assets and liabilities 5,043,558,906.84 4,877,801,611.07 5,043,558,906.84 4,877,801,611.07 (Increase) Decrease in operating assets Account receivable and other receivables (108,150,544.21) 23,457,416.58 (108,150,544.21) 23,457,416.58 Accrued government grants (46,986,386,464.86) 3,083,359,536.20 (46,986,386,464.86) 3,083,359,536.20 Other current assets 33,151,641.33 262,654,548.67 33,151,641.33 262,654,548.67 (Increase) Decrease in operating assets Other account payables 405,853,981.80 16,647,105.67 405,853,981.80 16,647,105.67 Unearned rental right revenue (151,748.75) (151,748.75) (151,748.75) (151,748.75) Contract insurance and retention money (29,311,289.39) (275,611,052.70) (29,311,289.39) (275,611,052.70) Other current liabilities (4,093,559.34) (9,885,480.53) (4,093,559.34) (9,885,480.53) Deferred income 64,947,796,062.64 1,800,490,694.66 64,947,796,062.64 1,800,490,694.66 Cash for employee benefit obligation (7,434,152.65) (6,038,791.81) (7,434,152.65) (6,038,791.81) Receivable cash from operation Cash from interest 34,497,736.93 36,114,906.66 34,497,736.93 36,114,906.66 Net Cash from Operating Activities 23,329,330,570.34 9,808,838,745.72 23,329,330,570.34 9,808,838,745.72

The accompanying notes are an integral part of these financial statements. 127 Annual Report 2 0 1 6 Statement of Cash Flows Mass Rapid Transit Authority of Thailand For the Year Ended September 30, 2016 Unit : Baht Financial Statement Separate Financial Statement Presenting Investment Presenting Investment under Equity Method under Cost Method Notes 2016 2015 2016 2015 Cash Flows from Investing Activities Cash from sales of assets - 39,590.48 - 39,590.48 Dividends from investment 150,751,150.08 - 150,751,150.08 - Advance payment (3,474,112.15) (2,555,286,073.56) (3,474,112.15) (2,555,286,073.56) Payment for land expropriation (2,355,762,716.31) (1,520,832,199.37) (2,355,762,716.31) (1,520,832,199.37) Payment for construction of MRT projects (14,365,526,330.44) (12,808,363,496.01) (14,365,526,330.44) (12,808,363,496.01) Payment for purchase of equipment (35,688,423.78) (17,818,814.78) (35,688,423.78) (17,818,814.78) Payment for right to use space for construction of projects (10,143,159.32) (66,088,580.03) (10,143,159.32) (66,088,580.03) Payment for land acquisition (12,629,345.79) (3,410,654.21) (12,629,345.79) (3,410,654.21) Net Cash Used in Investing Activities (16,632,472,937.71) (16,971,760,227.48) (16,632,472,937.71) (16,971,760,227.48) Cash Flows from Financing Activities Receipt of long-term loan 37,698,592,085.10 35,264,733,621.87 37,698,592,085.10 35,264,733,621.87 Payment of loan (39,964,916,876.25) (24,060,847,457.18) (39,964,916,876.25) (24,060,847,457.18) Payment of interest (3,834,986,385.17) (3,170,287,007.37) (3,834,986,385.17) (3,170,287,007.37) Net Cash Provided by (Used in) Financing Activities (6,101,311,176.32) 8,033,599,157.32 (6,101,311,176.32) 8,033,599,157.32 Increase in Net Cash and Cash Equivalent 595,546,456.31 870,677,675.56 595,546,456.31 870,677,675.56 Cash and Cash Equivalents at the Beginning 2,396,424,848.13 1,525,747,172.57 2,396,424,848.13 1,525,747,172.57 of the Year Cash and Cash Equivalents at the End 7.1 2,991,971,304.44 2,396,424,848.13 2,991,971,304.44 2,396,424,848.13 of the Year Accompanying notes to statement of cash flows Investment in construction projects from the advance payment 1,748,974,457.85 1,994,206,898.04 1,748,974,457.85 1,994,206,898.04 Investment in construction projects that have not yet paid 16,270,033,349.95 1,318,840,081.98 16,270,033,349.95 1,318,840,081.98 The accompanying notes are an integral part of these financial statements.

(Mr.Theeraphan Tachasirinugune) (Mrs. Natamon Bunnak) Deputy Governor of Mass Rapid Transit Authority of Thailand Assistant Governor of Mass Rapid Transit Authority of Thailand (Strategy and Planning) Acting Deputy Governor of Mass Rapid Transit Authority of Thailand Acting Governor of Mass Rapid Transit Authority of Thailand (Finance) 128 Annual Report 2 0 1 6 Notes to Financial Statements Mass Rapid Transit Authority of Thailand For the Year Ended 30 September 2016 Notes Table of Contents Notes Table of Contents 1 General Information 7.12 Right to Use Space for Project Construction 2 Basis for Preparation and Presentation of Financial 7.13 Right to Deferred Long-Term Lease Contract Statements 7.14 Assets/Liabilities 3 Compliance with New or Amended Financial Reporting 7.15 Account Payables during Construction Works Standards 7.16 Other Account Payables 4 Reclassifications 7.17 Accrued Financial Costs 5 Summary of Significant Accounting Policies 7.18 Unearned Rental Right Revenue 6 Related Party Transactions 7.19 Deferred Income 7 Additional Information 7.20 Account Payables for M&E Systems Equipment 7.1 Cash and Cash Equivalent Items 7.21 Long-Term Loan 7.2 Account Receivables and Other Receivables 7.22 Employee Benefits Obligation 7.3 Disbursements of Compensation for Land Acquisition/ 7.23 Income from Subsidies Accrued Land Acquisition Expense 7.24 Income from Concession Provision 7.4 Bank Deposits - Land Acquisition Expense/Deposits - 7.25 Income from Commercial Development Due for Payments for Land Acquisition 7.26 Other Income 7.5 Other Current Assets 7.27 Other Expenses 7.6 Accrued Government Grants 7.28 Loss on Foreign Exchange 7.7 Advance Payments 7.29 Financial Costs 7.8 Investments in Associates 7.30 Contingent Liabilities 7.9 Property, Plant and Equipment 7.31 Operating Results of MRT Projects 7.10 MRT Project Assets 7.32 Date of Authorization of Financial Statements for Issue 7.11 Intangible Assets 1. General Information The Mass Rapid Transit Authority of Thailand (MRTA) was established on 2 December 2000, according to the Mass Rapid Transit Authority of Thailand Act B.E. 2543 (2000). MRTA was transferred business, property, rights, liabilities, and responsibilities, as well as the budget, from the Metropolitan Rapid Transit Authority under the Royal Decree Establishing the Metropolitan Rapid Transit Authority B.E. 2535 (1992) existed on the effective date of the Act. The objectives of MRTA are as follows: 1. Operate the mass rapid transit in Bangkok and its vicinities including in other provinces in accordance with the Royal Decree. 2. Study, analyse and formulate projects and plans concerning the mass rapid transit to improve and modernize the mass transit system. 3. Perform business involving mass rapid transit and other businesses for the benefits of MRTA and the people using the MRT service. The business address is at number 175 Rama IX Road, Huai Khwang, Huai Khwang, Bangkok 10320. On 1 August 2000, MRTA granted the concession contract to Bangkok Metro Public Company Limited (BMCL). Under the concession contract, BMCL is to be the investor and service provider of the M.R.T. Chaloem Ratchamongkhon Line (Hua Lamphong - Queen Sirikit Convention Centre - Bang Sue). The 25-year concession started on 2 July 2004, the date on which MRTA issued a Notice of No Objection to Commencement of Commercial Service, with consent from the Cabinet on 2 March 2000. The MRT opened the service on 3 July 2004. Under the concession contract, BMCL was required to pay remuneration to MRTA in accordance with the rate stipulated in the agreement, consisting of revenue from fares, revenue from commercial development, remuneration from the profits exceeding the specified rate and share of benefits in case of BMCL borrow money at interest rates lower than specified in the contract. On 8 December 2015, the cabinet passed a resolution to amalgamate Bangkok Metro Public Company Limited (BMCL) with Bangkok Expressway Public Company Limited (BECL) under a new company named Bangkok Expressway and Metro Public Company Limited (BEM) on 30 December 2015. The amalgamation led the concession contract to be the right of BEM under the amendment contracts (1) the contract for the M.R.T. Chaloem Ratchamongkhon Line dated 30 December 2015 and (2) Contract 4: Concession for investment, supply of M&E systems and O&M services (Khlong Bang Phai Station - Tao Pun Station) dated 30 December 2012 of the MRT Purple Line Project Bang Yai - Rat Burana, Bang Yai - Bang Sue Section; and concession for investment, supply of M&E systems and O&M services (Khlong Bang Phai Station - Tao Pun Station) dated 4 September 2013 (concession contract for investment). The concession contract for investment of the M.R.T. Chalong Ratchadham Line with the operating period of 30 years started from the date of signing and the operation service began on 6 August 2016. 129 Annual Report 2 0 1 6 2. Basis for Preparation and Presentation of Financial Statements The financial statements were prepared in accordance with generally-accepted accounting principles under the Accounting Act B.E. 2543 (2000) which refer to accounting standards issued under the Accounting Professions Acts B.E. 2547 (2004) and interpretation as well as accounting practices announced by Federation of Accounting Professions. Presentation of particulars in the financial statements is in accordance with the Thai Accounting Standard 1 (amended in 2014) re: Presentation of Financial Statements and Notification of the Department of Business Development, re: Specification of Particulars to be Included in the Financial Statements B.E. 2554 (2011), dated 28 September 2011. The financial statements are presented in Thai Baht and have been rounded to the nearest Million Baht in the notes to the financial statements. 3. Compliance with New or Amended Financial Reporting Standards Thai Accounting Standards (TAS), Thai Financial Reporting Standards (TFRS), Thai Standing Interpretation Committee (TSIC), Thai Financial Reporting Interpretation Committee (TFRIC) and accounting practices as issued by Federation of Accounting Professions, under the Royal Patronage of His Majesty the King Became effective for the accounting period beginning within or after 1 January 2015 - The Conceptual Framework for Financial Reporting (revised 2014) Thai Accounting Standard (TAS): - TAS 1 (revised 2014) Presentation of Financial Statements - TAS 2 (revised 2014) Inventories - TAS 7 (revised 2014) Statement of Cash Flows - TAS 8 (revised 2014) Accounting Policies, Changes in Accounting Estimates and Errors - TAS 10 (revised 2014) Events after the Reporting Period - TAS 11 (revised 2014) Construction Contracts - TAS 12 (revised 2014) Income Taxes - TAS 16 (revised 2014) Property, Plant and Equipment - TAS 17 (revised 2014) Leases - TAS 18 (revised 2014) Revenue - TAS 19 (revised 2014) Employee Benefits - TAS 20 (revised 2014) Accounting for Government Grants and Disclosure of Government Assistance - TAS 21 (revised 2014) The Effects of Changes in Foreign Exchange Rates - TAS 23 (revised 2014) Borrowing Costs - TAS 24 (revised 2014) Related Party Disclosures - TAS 26(revised 2014) Accounting and Reporting by Retirement Benefit Plans - TAS 27 (revised 2014) Separate Financial Statements - TAS 28 (revised 2014) Investment in Associates and Joint Ventures - TAS 29 (revised 2014) Financial Reporting in Hyperinflationary Economies - TAS 33 (revised 2014) Earnings per Share - TAS 34 (revised 2014) Interim Financial Reporting - TAS 36 (revised 2014) Impairment of Assets - TAS 37 (revised 2014) Provisions, Contingent Liabilities and Contingent Assets - TAS 38 (revised 2014) Intangible Assets - TAS 40 (revised 2014) Investment Property Thai Financial Reporting Standards (TFRS): - TFRS 2 (revised 2014) Share - Based Payment - TFRS 3 (revised 2014) Business Combinations - TFRS 4 (revised 2014) Insurance Contracts - TFRS 5 (revised 2014) Non - current Assets Held for Sale and Discontinued Operations - TFRS 6 (revised 2014) Exploration for and Evaluation of Mineral Resources - TFRS 8 (revised 2014) Operating Segments - TFRS 10 Consolidated Financial Statements - TFRS 11 Joint Arrangements - TFRS 12 Disclosure of Interests in Other Entities - TFRS 13 Fair Value Measurement 130 Annual Report 2 0 1 6 Thai Standing Interpretation Committee (TSIC): - TSIC Interpretation 10 (revised 2014) Government Assistance - No Specific Relation to Operating Activities - TSIC Interpretation 15 (revised 2014) Operating Leases - Incentives - TSIC Interpretation 25 (revised 2014) Income Taxes - Changes in the Tax Status of an Entity or its Shareholders - TSIC Interpretation 27 (revised 2014) Evaluating the Substance of Transactions Involving the Legal Form of a Lease - TSIC Interpretation 29 (revised 2014) Service Concession Arrangements: Disclosures - TSIC Interpretation 31 (revised 2014) Revenue-Barter Transactions Involving Advertising Services - TSIC Interpretation 32 (revised 2014) Intangible Assets - Web Site Costs Thai Financial Reporting Interpretation Committee (TFRIC): - TFRIC Interpretation 1 (revised 2014) Changes in Existing Decommissioning, Restoration and Similar Liabilities - TFRIC Interpretation 4 (revised 2014) Determining whether an Arrangement contains a Lease - TFRIC Interpretation 5 (revised 2014) Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds - TFRIC Interpretation 7 (revised 2014) Applying the Restatement Approach under TAS 29 Financial Reporting in Hyperinflationary Economies - TFRIC Interpretation 10 (revised 2014) Interim Financial Reporting and Impairment - TFRIC Interpretation 12 (revised 2014) Service Concession Arrangements - TFRIC Interpretation 13 (revised 2014) Customer Loyalty Programmes - TFRIC Interpretation 14 (revised 2014) TAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction - TFRIC Interpretation 15 (revised 2014) Agreements for the Construction of Real Estate - TFRIC Interpretation 17 (revised 2014) Distributions of Non - cash Assets to Owners - TFRIC Interpretation 18 (revised 2014) Transfers of Assets from Customers - TFRIC Interpretation 20 (revised 2014) Stripping Costs in the Production Phase of a Surface Mine MRTA Management has adopted the new or amended Thai Accounting Standards and Thai Financial Reporting Standards, the interpretation of the relevant accounting standards and practices from 1 October 2015, without a material effect on the financial statements for the start of implementation of the standards. Became effective for the accounting period beginning within or after 1 January 2016 - The Conceptual Framework for Financial Reporting (revised 2015) Thai Accounting Standard (TAS): - TAS 1 (revised 2015) Presentation of Financial Statements - TAS 2 (revised 2015) Inventories - TAS 7 (revised 2015) Statement of Cash Flows - TAS 8 (revised 2015) Accounting Policies, Changes in Accounting Estimates and Errors - TAS 10 (revised 2015) Events after the Reporting Period - TAS 11 (revised 2015) Construction Contracts - TAS 12 (revised 2015) Income Taxes - TAS 16 (revised 2015) Property, Plant and Equipment - TAS 17 (revised 2015) Leases - TAS 18 (revised 2015) Revenue - TAS 19 (revised 2015) Employee Benefits - TAS 20 (revised 2015) Accounting for Government Grants and Disclosure of Government Assistance - TAS 21 (revised 2015) The Effects of Changes in Foreign Exchange Rates - TAS 23 (revised 2015) Borrowing Costs - TAS 24 (revised 2015) Related Party Disclosures - TAS 26 (revised 2015) Accounting and Reporting by Retirement Benefit Plans - TAS 27 (revised 2015) Separate Financial Statements - TAS 28 (revised 2015) Investment in Associates and Joint Ventures - TAS 29 (revised 2015) Financial Reporting in Hyperinflationary Economies - TAS 33 (revised 2015) Earnings per Share - TAS 34 (revised 2015) Interim Financial Reporting 131 Annual Report 2 0 1 6 - TAS 36 (revised 2015) Impairment of Assets - TAS 37 (revised 2015) Provisions, Contingent Liabilities and Contingent Assets - TAS 38 (revised 2015) Intangible Assets - TAS 40 (revised 2015) Investment Property - TAS 41 (revised 2015) Agriculture Thai Financial Reporting Standards (TFRS): - TFRS 2 (revised 2015) Share - Based Payment - TFRS 3 (revised 2015) Business Combinations - TFRS 4 (revised 2015) Insurance Contracts - TFRS 5 (revised 2015) Non - current Assets Held for Sale and Discontinued Operations - TFRS 6 (revised 2015) Exploration for and Evaluation of Mineral Resources - TFRS 8 (revised 2015) Operating Segments - TFRS 10 (revised 2015) Consolidated Financial Statements - TFRS 11 (revised 2015) Joint Arrangements - TFRS 12 (revised 2015) Disclosure of Interests in Other Entities - TFRS 13 (revised 2015) Fair Value Measurement Thai Standing Interpretation Committee (TSIC): - TSIC Interpretation 10 (revised 2015) Government Assistance - No Specific Relation to Operating Activities - TSIC Interpretation 15 (revised 2015) Operating Leases - Incentives - TSIC Interpretation 25 (revised 2015) Income Taxes - Changes in the Tax Status of an Entity or its Shareholders - TSIC Interpretation 27 (revised 2015) Evaluating the Substance of Transactions Involving the Legal Form of a Lease - TSIC Interpretation 29 (revised 2015) Service Concession Arrangements: Disclosures - TSIC Interpretation 31 (revised 2015) Revenue - Barter Transactions Involving Advertising Services - TSIC Interpretation 32 (revised 2015) Intangible Assets - Web Site Costs Thai Financial Reporting Interpretation Committee (TFRIC): - TFRIC Interpretation 1 (revised 2015) Changes in Existing Decommissioning, Restoration and Similar Liabilities - TFRIC Interpretation 4 (revised 2015) Determining whether an Arrangement contains a Lease - TFRIC Interpretation 5 (revised 2015) Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds - TFRIC Interpretation 7 (revised 2015) Applying the Restatement Approach under TAS 29 Financial Reporting in Hyperinflationary Economies - TFRIC Interpretation 10 (revised 2015) Interim Financial Reporting and Impairment - TFRIC Interpretation 12 (revised 2015) Service Concession Arrangements - TFRIC Interpretation 13 (revised 2015) Customer Loyalty Programmes - TFRIC Interpretation 14 (revised 2015) TAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction - TFRIC Interpretation 15 (revised 2015) Agreements for the Construction of Real Estate - TFRIC Interpretation 17 (revised 2015) Distributions of Non - cash Assets to Owners - TFRIC Interpretation 18 (revised 2015) Transfers of Assets from Customers - TFRIC Interpretation 20 (revised 2015) Stripping Costs in the Production Phase of a Surface Mine - TFRIC Interpretation 21 (revised 2015) Levies Became effective for the accounting period beginning within or after 1 January 2017 Thai Accounting Standards (TAS): - TAS 1 (revised 2016) Presentation of Financial Statements - TAS 2 (revised 2016) Inventories - TAS 7 (revised 2016) Statement of Cash Flows - TAS 8 (revised 2016) Accounting Policies, Changes in Accounting Estimates and Errors - TAS 10 (revised 2016) Events after the Reporting Period - TAS 11 (revised 2016) Construction Contracts - TAS 12 (revised 2016) Income Taxes 132 Annual Report 2 0 1 6 - TAS 16 (revised 2016) Property, Plant and Equipment - TAS 17 (revised 2016) Leases - TAS 18 (revised 2016) Revenue - TAS 19 (revised 2016) Employee Benefits - TAS 20 (revised 2016) Accounting for Government Grants and Disclosure of Government Assistance - TAS 21 (revised 2016) The Effects of Changes in Foreign Exchange Rates - TAS 23 (revised 2016) Borrowing Costs - TAS 24 (revised 2016) Related Party Disclosures - TAS 26 (revised 2016) Accounting and Reporting by Retirement Benefit Plans - TAS 27 (revised 2016) Separate Financial Statements - TAS 28 (revised 2016) Investments in Associates and Joint Ventures - TAS 29 (revised 2016) Financial Reporting in Hyperinflationary Economies - TAS 33 (revised 2016) Earnings per Share - TAS 34 (revised 2016) Interim Financial Reporting - TAS 36 (revised 2016) Impairment of Assets - TAS 37 (revised 2016) Provisions, Contingent Liabilities and Contingent Assets - TAS 38 (revised 2016) Intangible Assets - TAS 40 (revised 2016) Investment Property - TAS 41 (revised 2016) Agriculture - TAS 104 (revised 2016) Accounting for Troubled Debt Restructuring - TAS 105 (revised 2016) Accounting for Investments in Debt and Equity Securities - TAS 107 (revised 2016) Financial Instruments Disclosure and Presentation Thai Financial Reporting Standards (TFRS): - TFRS 2 (revised 2016) Share - Based Payment - TFRS 3 (revised 2016) Business Combinations - TFRS 4 (revised 2016) Insurance Contracts - TFRS 5 (revised 2016) Non - current Assets Held for Sale and Discontinued Operations - TFRS 6 (revised 2016) Exploration for and Evaluation of Mineral Resources - TFRS 8 (revised 2016) Operating Segments - TFRS 10 (revised 2016) Consolidated Financial Statements - TFRS 11 (revised 2016) Joint Arrangements - TFRS 12 (revised 2016) Disclosure of Interests in Other Entities - TFRS 13 (revised 2016) Fair Value Measurement Thai Standing Interpretation Committee (TSIC): - TSIC Interpretation 10 (revised 2016) Government Assistance-No specific Relation to Operating Activities - TSIC Interpretation 15 (revised 2016) Operating Leases - Incentives - TSIC Interpretation 25 (revised 2016) Income Taxes - Changes in the Tax Status of an Entity or its Shareholders - TSIC Interpretation 27 (revised 2016) Evaluating the Substance of Transactions Involving the Legal Form of a Lease - TSIC Interpretation 29 (revised 2016) Service Concession Arrangements: Disclosures - TSIC Interpretation 31 (revised 2016) Revenue - Barter Transactions Involving Advertising Services - TSIC Interpretation 32 (revised 2016) Intangible Assets - Web Site Costs Thai Financial Reporting Interpretation Committee (TFRIC): - TFRIC Interpretation 1 (revised 2016) Changes in Existing Decommissioning, Restoration and Similar Liabilities - TFRIC Interpretation 4 (revised 2016) Determining whether an Arrangement contains a Lease - TFRIC Interpretation 5 (revised 2016) Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds - TFRIC Interpretation 7 (revised 2016) Applying the Restatement Approach under TAS 29 Financial Reporting in Hyperinflationary Economies - TFRIC Interpretation 10 (revised 2016) Interim Financial Reporting and Impairment - TFRIC Interpretation 12 (revised 2016) Service Concession Arrangements - TFRIC Interpretation 13 (revised 2016) Customer Loyalty Programmes 133 Annual Report 2 0 1 6 - TFRIC Interpretation 14 (revised 2016) TAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction - TFRIC Interpretation 15 (revised 2016) Agreements for the Construction of Real Estate - TFRIC Interpretation 17 (revised 2016) Distributions of Non - cash Assets to Owners - TFRIC Interpretation 18 (revised 2016) Transfers of Assets from Customers - TFRIC Interpretation 20 (revised 2016) Stripping Costs in the Production Phase of a Surface Mine - TFRIC Interpretation 21 (revised 2016) Levies The Management has evaluated and found that Accounting Standards, Financial Reporting Standards, Standing Interpretation Committee and Financial Reporting Interpretation Committee which will be in force for financial statements whose accounting periods begins on or after 1 January 2017 will have no material effect to MRTA’s financial statements. 4. Reclassifications Financial statements for the year ended 30 September 2015 have been reclassified to conform to the presentation in the financial statements for the year ended 30 September 2016 as follows:

Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method Before Reclassification After Reclassification Financial Statements Other account payables 349.62 108.59 Accrued interest 892.69 1,133.72 Statement of Comprehensive Income Other expenses 329.74 329.73 Financial costs 1,741.36 1,741.37 5. Summary of Significant Accounting Policies 5.1 Cash and Cash Equivalent Items Consist of cash and bank deposits with maturity periods not exceeding three months and without obligation. 5.2 Account Receivables Account receivables are recognized initially by the value that is expected to be received. The subsequent value is measured by the remaining balance less allowance for doubtful debts which are then estimated by reviewing the balance at the end of the accounting period. Allowance for doubtful debts means the difference between the value of account receivables as recorded in the accounts compared to the value expected to receive from the debtors, based on past collection experience and current financial status of each outstanding debtor. Bad debts that occurred are recognized in the Income Statement and are part of the operating expenses. 5.3 Accrued Government Grants Government grants comprise 5.3.1 Government grants for projects related to assets which MRTA has reasonable assurance that MRTA will comply with the terms of the subsidies and will receive it, are recognized as deferred income in conjunction with accrued government grants and recognized in systematic installments as income from government grants in process as follows: (1) Government grants as expenses for land acquisition are recognized as income over the expected useful lives on land that was proprietary, complying with the terms of the subsidies and subsidies for the said land acquisition. Land which has not been utilized will not be recognized as income. (2) Government grants as expenses for construction of MRT projects are recognized as income over the expected useful life of the asset upon project completion and operations as expected. Where the useful life of each asset is unequal, income distribution will deferred to each asset type in proportion to the cost of each asset. 5.3.2. Government grants as operating expenses which are recognized as income in the total amount received include: (1) Government grants as administrative expenses (2) Government grants for loan interest and fee payments and as interest expenses for account payables for the completed MRT construction projects (3) Project consultant fee after the provision of MRT operation service begins 134 Annual Report 2 0 1 6 5.4 Investments in Associates Show the value of the investment using the Equity Method taking into account the investment proportion in the associates. Separate Financial Statements present investment by cost method less allowance for impairment due to a decrease in investment value. 5.5 Property, Plant and Equipment Property is stated at cost on the acquired or purchase date including various expenses related to land expropriation. Plant and equipment are stated at cost less any subsequent accumulated depreciation and allowance for impairment of assets. Cost price also includes the cost related to asset purchase or acquisition so that such assets are available for use as expected. Equipment of which the value is no more than 30,000 baht each is fully recognized and controlled via a register. MRT project assets are stated at value of the cost acquired or upon completion of the construction less any subsequent accumulated depreciation, the cost acquired or upon completion of the construction, borrowing costs and other expenses that occur during the asset construction or on the date the asset construction is completed and available for use. During construction works are the item used for accumulating the cost of fixed assets under construction including expenses and borrowing costs during construction period. They are recognized on the date that the projects are examined by the project inspection committee or according to the costs arising from construction works or the delivery conditions Acquisition assets by donation which were used are recognized as deferred income, as limited - life asset. MRT project assets are stated at value by the cost acquired or upon completion of the project construction, less any subsequent accumulated depreciation, the cost acquired or upon completion of the construction, borrowing costs and other expenses during the asset construction or on the date the asset construction is completed and available for use. Works under construction are the item set up for accumulating the cost of fixed assets during construction, expenses and borrowing costs during the project construction period. They are recognized on the date that the projects are examined by the project inspection committee under the contract or recognized according to the cost arising from construction works or the conditions of delivery which will be recorded at cost. Acquisition assets by donation which were used are recognized as deferred income, as limited - life asset. 5.6 Depreciation Depreciation is calculated by the straight-line method according to the estimated useful life of each asset type with no scrap value as follows: Asset Type Lifetime (Year) Plant and Equipment Building and improvement 20 Electrical and communication system 20 Sanitary and fire extinguisher system 20 Ventilation and air conditioning system 10 Elevator 10 Audiovisual system 10 Equipment system 10 Vehicle 5 Office equipment 5 Computer equipment 5 MRT project assets Civil works and architectural works Railway tunnel 100 Station structure and entrance - exit of station and depot structure 100 Elevated concrete platform, canal, bridge and dam 80 - 100 Architecture of entrance - exit and landscape, decoration, pedestrian fence, Guardhouse and gate of station, depot and Park & Ride Building 20 MRT system Rolling stock 30 Signalling system 30 Power supply system 15 MRT maintenance equipment and platform screen door system 30 135 Annual Report 2 0 1 6 Asset Type Lifetime (Year) Railway system Rail in the tunnel, line and depot 25 - 40 Electrical rail (third rail) in the tunnel, line and depot 20 - 30 Hold-down device system in the line and depot 10 Concrete sleeper and road 20 - 75 Mechanical and electrical system of station, depot and Park & Ride Building Elevator and 20 Ventilation and air conditioning systems 20 Fire prevention, power system and fire alarm systems 20 Lightning protection and smoke control systems 20 Utility, drainage and sanitation systems 20 Lighting and communication systems 15 - 20

5.7 Intangible Assets Intangible assets are the rights to use computer software licenses and costs that are directly associated with licenses which can be definitely described as having been bought independently from the computer hardware. They are stated at cost less accumulated amortization and allowance for impairment of assets. Amortization is calculated by the straight-line method with a 5-year period of useful life. The expenses incurred from the development and maintenance of the computer programs are recognized as expenses in the Comprehensive Profit and Loss Statement. 5.8 Right to Use Space for Projects Construction This is stated at cost. Right to use space both on ground and underground has no terms and conditions regarding usage period and therefore no amortization of expenses. 5.9 Right to Deferred Long - Term Lease Contract This is stated at cost less accumulated amortization and allowance for impairment of assets. The amortization is recorded as an expense calculated by using the straight-line method according to the lease contract period. 5.10 List of Items as Foreign Currencies The Bank of Thailand’s average foreign exchange (FX) rate was used to convert the list of foreign currencies items on the date of each item as they occur between accounting periods except FX rates for foreign currency loans that are covered by the FX Forward Contracts with Krung Thai Bank Pcl. The Bank provided the average FX rate that MRTA used on loan drawdown date. Assets and liabilities in foreign currencies at the end of the accounting periods are converted into Thai Baht with one rate. It is the Bank of Thailand’s average FX buying and average FX selling rate on that day. Any profit or loss incurred from the conversion is recognized as income or expensed in the Comprehensive Profit and Loss Statement. 5.11 Financial Tools MRTA has applied financial tools to reduce exchange rate risks which affected liabilities. The major tool is the FX Agreement for currency exchange from Japanese Yen to Thai Baht. 5.12 Benefits of Employees Post employment benefits of MRTA employees consist of defined contribution plan and benefit plan. Defined Contribution Plan A provident fund for MRTA employees has been established and registered, and has paid contribution to a separate entity. MRTA has no legal obligation or implied obligation to pay additional contribution in the event that the fund does not have sufficient assets to settle the obligation arising from provision of service by staff, both in the current period or previous period. Benefit Plan Benefit plan is not a contribution plan. Generally, the benefit plan specifies the amount of benefit an employee is entitled to upon retirement. Such amount depends on one or more factors such as age, year of service, remuneration, etc. MRTA has set up Post-Employment Benefit Plan for those employees who have reached 60 years of age. The benefits include remuneration accordance with the relevant laws per the Notification of the State Enterprise Labour Relations Committee and Thai Labour laws, whose amount is determined by each employee’s salary base, years of service with MRTA until the last day of employment. Where the years of service is between 5 but no more than 15 years, the entitlement is equal to 180 days of the last salary, while those whose service years exceed 15 years, the entitlement is equal to 300 days of the last salary. 136 Annual Report 2 0 1 6 Liabilities arising from the terms resulting from post-employment benefits are calculated by the actuarist using the Projected Unit Credit Method. The current value of the obligation from such benefit plan is specified by discounting the cash flow to be paid in the future using the interest rate of government bond in the same currency as the currency paid for the benefits to be paid to the employees. Such shall also have similar conditions and maturity date similar to the conditions of the obligation of the post-employment benefits. Actuarial gains and losses of the benefit plan are recognized as comprehensive profit or loss in the period in which such transaction occurs. 5.13 Recognition of Revenues Government grants Government grants for MRT construction projects which MRTA has reasonable assurance that MRTA will comply with the terms of the subsidies and will receive it, will be recognized as deferred income in conjunction with receivable government grants and periodically recognized in systematic installments as income from government grants in process. Government grants for administrative expenses are recognized as income upon receiving the withdraw request permission from the Comptroller General’s Department. Revenue from concession Revenue under concession contracts including revenue share of fare revenue and revenue share of commercial development, is recognized as income as specified in the contract. Revenue under concession contracts for investment including fare revenue and fees from MRT ticket and token selling, is recognized after the provision of services to passengers. Revenue from stored value card selling not being recognized as income yet will be recorded as advance receivable fare revenue which is stated as current liabilities in the balance sheet. Revenue from commercial development Revenue from shop rental and revenue from granting rights to use MRTA’s assets are recognized as income over the contract period. Income from Park & Ride service is recognized as income when the service is provided. Other income Interest received is recognized on a time proportion basis. Dividend is recognized when the right to receive payment is established. Other incomes are recognized on the accrual basis. 5.14 Recognition of Expenses Expenses are recognized on the accrual basis. 5.15 Borrowing Costs Borrowing costs include interest, loan fee and other costs arising from borrowing. Borrowing costs from the acquisition, construction and production of assets that meet the criteria will be included as part of the asset costs until most of the preparation, construction or production of such assets are completed, ready to be used as intended. The capitalization rate that is used to calculate the cost of borrowing (which is included in asset costs) is the average interest rate of all outstanding loans during the year. The borrowing costs that are included in the asset costs are the borrowing costs actually incurred during the year less the income actually generated from periodic investments of such loans. Other borrowing costs are regarded as an expense in the period in which the transaction occurs. 5.16 Provident Fund Provident Fund for the MRTA Staff Members was established under the Provident Fund Act B.E. 2530 (1987) on 23 August 1995. Members are required to pay the savings into the Fund through MRTA’s deduction from the salaries at the rate of 3% to 11% while MRTA shall pay contribution to the Fund at the rate of 9% to 11% of its members’ salaries. Such contribution is recognized as expense in the period in which such transaction occurs. This fund is separate from MRTA and is managed by a provident fund manager under the supervision of the Provident Fund Committee. Since October 2012 MRTA adjusted to pay contribution to the Provident Fund for the MRTA Staff Members as shown below. Work tenure Percentage of Salary Less than 10 years 9 Over 10 years 10 Over 20 years 11 137 Annual Report 2 0 1 6 5.17 Impairment of Assets Impairment of assets is revised when there is an event or situation which indicates that the book value may be higher than the value expected to be retrieved. Loss entries from impairment will be recognized when book value of an asset is higher than the expected value to be retrieved. This means the fair value less the selling cost is higher comparing to the value from asset utilization. Assets will be classified into the smallest group as possible so that it can be separated for the purpose of assessing impairment of assets. The assets which have been recognized with loss from impairment of assets will be evaluated to determine the possibility of reversing the entries at the date of the financial statement. 5.18 Related Party MRTA related party means a person or business that has the authority to control MRTA or which is controlled by MRTA, whether directly or indirectly, or is under the same controlling authority as MRTA. This includes subsidiary companies and businesses which are subsidiary companies under the same umbrella, and which are stakeholders in MRTA that have substantial influence or have joint controlling authority. Moreover, a related party also means associates, joint venture participated by MRTA, including a business which important executives or committee members of MRTA have controlling power or joint controlling power, or a substantial influence in, whether directly or indirectly. In considering the relationship between a related party and MRTA for each transaction, the substance of the relationship rather than the legal form is to be taken in account. 6. Related Party Transactions MRTA and associates have significant transactions with related parties. The said transactions which have been concluded on commercial terms and criteria agreed upon in the ordinary course of business between MRTA, the associates and related parties. Nature of relationship between MRTA and related parties with transactions during the period can be summarized as follows: Name of Related Party Relationship with Company Bangkok Expressway and Metro Public Company Limited Associate Thailand Tobacco Monopoly Related party with joint director Erawan Public Company Limited Related party with joint director Rubber Authority of Thailand Related party with joint director Biodiversity-Based Economy Development Office Related party with joint director Provincial Waterworks Authority Related party with joint director Industrial Estate Authority of Thailand Related party with joint director Tourism Authority of Thailand Related party with joint director S.R.T. Electrified Train Company Limited Related party with joint director Significant business transactions can be summarized as follows: Unit : Million Baht Financial Statement Separate Financial Statement Presenting Investment Presenting Investment Price Policy under Equity Method under Cost Method 2016 2015 2016 2015 Business transactions with associate for dividend income - - 150.75 - As announced Business transactions with related companies Revenue from concession of the M.R.T. Chaloem Ratchamongkhon ,081.58 1,017.59 1,081.58 1,017.59 As in the concession

Revenue from providing operation service of the M.R.T. Chalong Ratchadham Line 28.49 - 28.49 - As in the concession agreement for investment Chartered service for O&M of the M.R.T. Chalong Ratchadham Line 281.32 - 281.32 - As in the concession agreement for investment Interest expense for M&E system equipment of the M.R.T. Chalong Ratchadham Line 82.34 - 82.34 - 12 M FDR + 2.5% per annum 138 Annual Report 2 0 1 6 Outstanding balance between MRTA and related parties is described below.

Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Bangkok Expressway and Metro Public Company Limited Trade Receivable (Note 7.2) 114.64 103.52 Other account payables (Note 7.16) 301.01 - Account payable for M&E system equipment (Note 7.20) 16,218.13 - 7. Additional information 7.1 Cash and Cash Equivalent Items

Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Cash 0.14 0.18 Cash in bank Saving account 576.10 955.55 3 - month fixed account 2,415.73 1,440.69 Total 2,991.97 2,396.42

7.2 Trade and Other Receivables

Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Trade receivable 115.96 104.33 Other receivables 98.80 2.11 Receivable income 4.62 3.44 Other advances 1.84 1.05 Total 221.22 110.93

7.3 Disbursements of Compensation for Land Acquisition/Accrued Land Acquisition Expense Disbursements of compensation for land acquisition include compensation for land, buildings, crops and immovable assets for various MRT projects in the process of being disbursed to those whose property have been expropriated. These are recorded in pair with the accrued land acquisition expense account. Details are described below. Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 MRT projects The M.R.T. Chalong Ratchadham Line (Purple Line) 0.20 6.97 The MRT Blue Line Project: Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections 2.06 23.38 The MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section 130.45 145.38 Total 132.71 175.73 139 Annual Report 2 0 1 6 7.4 Bank Deposits - Land Acquisition Expense/Deposits - Due for Payments for Land Acquisition Bank deposits - land acquisition expense represent the compensation money for land, buildings, crops and payment to property owners who did not agree to sign the contract to sell their land to MRTA within the legally specified period, MRTA is obliged to deposit such compensation monies with the Government Savings Bank to comply with the Expropriation Act B.E. 2530 (1987) and the Procurement of Real Estate for Mass Transit Business Act B.E. 2540 (1997) to be paid to these property owners at an agreed late date. The bank deposits (for land acquisition expense) are accounted for in pair with Deposits - Due for Payments for Land Acquisition as detailed below. Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Land acquisition cost The M.R.T. Chaloem Ratchamongkhon Line 304.17 324.27 The M.R.T. Chalong Ratchadham Line (Purple Line) 249.63 259.51 The MRT Blue Line Project: Hua Lamphong - Bang Khae Section 363.77 362.28 The MRT Blue Line Project: Bang Sue - Tha Phra Section 84.48 99.27 The MRT Green Line Project: Bearing – Samut Prakan Section 24.38 24.29 The MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section 8.89 - 1,035.32 1,069.62 Right to use project construction space The MRT Blue Line Project: Hua Lamphong - Bang Khae Section 18.23 19.84 1,053.55 1,089.46

7.5 Other Current Assets Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Office supplies 0.66 0.58 Passenger tickets 52.47 0.60 Suspense input tax 293.68 274.12 Living assets 0.59 0.69 Others 0.16 - Total 347.56 275.99

7.6 Accrued Government Grants These government grants are used for projects associated with the MRT project assets so as to repay the principal, interest and loan fees of the MRT construction projects and to pay off the M&E system equipment cost owned to the account payables under the concession contract for investment as detailed below. Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Accrued government grants For loan repayment on MRT construction projects 76,154.29 45,533.83 For payment on interest expenses and loan fees of MRT construction projects 480.09 145.00 For payment on the cost of MRT M&E systems equipment (Purple Line) 16,544.66 - Total 93,179.04 45,678.83 Deduct The amount to be received within one year The M.R.T. Chaloem Ratchamongkhon Line 2,962.76 2,576.39 The M.R.T. Chalong Ratchadham Line (Purple Line) 5,224.92 - Total 8,187.68 2,576.39 Balance 84,991.36 43,102.44 140 Annual Report 2 0 1 6 7.7 Advance Payments Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 The M.R.T. Chalong Ratchadham Line (Purple Line) Consultant contract 0.64 0.64 Total 0.64 0.64 The MRT Blue Line Project: Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections Consultant contract 3.51 4.28 Construction contract 825.16 1,989.13 Total 828.67 1,993.41 The MRT Blue Line Project: Bang Khae - Phutthamonthon Sai 4 Section Consultant contract 1.17 1.56 Total 1.17 1.56 The MRT Green Line Project: Bearing – Samut Prakan Section Construction contract 15.65 576.82 Total 15.65 576.82 The MRT Yellow Line Project: Lat Phrao - Samrong Section Consultant contract 1.63 1.63 Total 1.63 1.63 The MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section Consultant contract 65.79 84.99 Construction contract 2,467.33 2,467.33 Total 2,533.12 2,552.32 Grand Total 3,380.88 5,126.38

7.8 Investments in Associates Unit : Million Baht Financial Statement Presenting Investment under Equity Method 2016 2015 Investments 675.74 759.03 Add (Deduct) Share of profit (loss) from investments by Equity Method 345.77 (83.29) Dividend income (150.75) - Balance 870.76 675.74

Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Investments 2,987.50 2,987.50 Deduct Allowance for impairment arising from a decrease in investment value (1,731.24) (1,882.12) Balance 1,256.26 1,105.38

1,256.26 million shares, par value per share is 1.00 Baht 2,987.50 million shares, par value per share is 0.37 Baht

7.8.1 General information of Investments in Associates MRTA invests in common stocks of Bangkok Expressway and Metro Public Company Limited (BEM), a company formed by the amalgamation of Bangkok Metro Public Company Limited (BMCL) and Bangkok Expressway Public Company Limited (BECL) on 30 December 2015. It has registered capital of 15,285.00 million common stocks at the par value of 1 baht per share, amounting to 15,285.00 million baht. MRTA’s contributed and fully paid-up share capital was approved by the Cabinet on 8 December 2015. 141 Annual Report 2 0 1 6 As a result of the company merger, BEM allocated the shares for BMCL by converting the rate of BMCL’s 1 existing share into BEM’s share of 0.42050530. Therefore, MRTA, as BMCL shareholder of 2,987.50 million shares, has become BEM shareholders of 1,256.26 million shares at the par value of 1 baht per share, amounting to 1,256.26 million baht and resulting in a decrease of MRTA’s investment proportion of the issued and paid-up shares from 14.57% to 8.22%. BEM’s businesses deal with expressway construction and management, MRT system project management and commercial development involving expressway and MRT systems. The company is located in Thailand. The percentage of shareholdings in 2016 is 8.22% (14.57% in 2015). 7.8.2 Fair Value of Investments in Associates BEM is a registered company listed on the Stock Exchange of Thailand with the first trade date on 5 January 2016. As of 30 September 2016, the par value of shares is 6.90 baht per share (1,256.26 million common stocks), amounting to 8,668.19 million baht.

7.8.3 Financial Summary of Bangkok Expressway and Metro Public Company Limited (BEM) Balance Sheet Unit : Million Baht Consolidated Financial Statement Separate Financial Statement 30 Sept. 2016 31 Dec. 2015 30 Sept. 2016 31 Dec. 2015 Assets 80,682.71 78,094.60 77,984.85 75,246.51 Liabilities 51,430.42 48,964.57 51,280.34 48,733.05 Shareholders’ equity 29,252.29 29,130.03 26,709.51 26,513.46

Comprehensive profit and loss statement for the 9-month period ended on 30 September 2016.

Unit : Million Baht Consolidated Financial Statement Separate Financial Statement 30 Sept. 2016 30 Sept. 2015 30 Sept. 2016 30 Sept. 2015 Total revenue 9,467.71 10,072.64 9,065.08 - Profit of the period 2,019.77 2,637.18 2,093.69 - Comprehensive income of the period 1,956.46 2,574.28 2,030.25 -

7.9 Property, Plant and Equipment Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method

Cost Accumulated Depreciation Book Value 1 Oct. Buying/ Selling and 30 Sept. 1 Oct. Accumlated Selling and 30 Sept. 30 Sept. 30 Sept. 2015 Accepted Distributing/ 2016 2015 Depreciation Distributing 2016 2016 2015 as Transferring Donation of assets Building and renovated areas 281.38 7.64 (1.48) 287.54 (100.68) (14.17) 0.35 (114.50) 173.04 180.70 Power, water supply and communications systems 84.43 1.17 - 85.60 (25.82) (5.97) - (31.79) 53.81 58.61 Vehicle 10.23 - - 10.23 (10.22) - - (10.22) 0.01 0.01 Office supplies and equipment 77.03 14.49 - 91.52 (52.87) (6.20) - (59.07) 32.45 24.16 Computer equipment 37.60 - - 37.60 (33.11) (3.09) - (36.20) 1.40 4.49 Works under construction 4.07 20.99 (7.12) 17.94 - - - - 17.94 4.07 Total 494.74 44.29 (8.60) 530.43 (222.70) (29.43) 0.35 (251.78) 278.65 272.04 142 Annual Report 2 0 1 6 7.10 Assets of MRT Projects Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method Cost Accumulated Depreciation Book Value Increase 30 Sept. 1 Oct. 30 Sept. 30 Sept. 30 Sept. 1 Oct. 2015 (Decrease) 2016 2015 Increase 2016 2016 2015 Land 39,487.02 2,355.76 41,842.78 - - - 41,842.78 39,487.02 Land acquisition cost 45.98 12.63 58.61 - - - 58.61 45.98 Civil works and architectural works 56,206.14 30,462.43 86,668.57 (9,370.28) (931.36) (10,301.64) 76,366.93 46,835.86 Trackwork 4,893.62 3,736.33 8,629.95 (2,233.26) (226.73) (2,459.99) 6,169.96 2,660.36 Operation system - 16,609.64 16,609.64 - (131.56) (131.56) 16,478.08 - Mechanical and electrical system of station, depot and Park & Ride Building 16,940.09 6,564.36 23,504.45 (9,522.86) (901.70) (10,424.56) 13,079.89 7,417.23 Works under construction 86,681.96 (23,163.15) 63,518.81 - - - 63,518.81 86,681.96 Total 204,254.81 36,578.00 240,832.81 (21,126.40) (2,191.35) (23,317.75) 217,515.06 183,128.41 Land cost in the amount of 41,842.78 million baht is subsidized by the government under the Expropriation Act B.E. 2530 (1987) and the Act on Expropriation of Real Estate for the Construction of the M.R.T. Chaloem Ratchamongkhon Line Project in Bang Sue, Chatuchak, Huai Khwang, Din Daeng, Ratchathewi, Vadhana, Khlong Toei, Pathum Wan, and Sathon in Bangkok B.E. 2552 (2009) as detailed below. Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Land expropriation by Expressway Authority of Thailand (EXAT) and MRTA The M.R.T. Chaloem Ratchamongkhon Line Land acquisition operated by EXAT 17,469.02 17,469.02 Land acquisition operated by MRTA 6,676.35 6,675.22 Total 24,145.37 24,144.24 Land expropriation by MRTA MRT projects The M.R.T. Chalong Ratchadham Line (Purple Line) 8,280.29 8,283.99 The MRT Green Line Project: Bearing – Samut Prakan Section 1,030.31 1,033.92 The MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section 3,644.33 1,310.96 The MRT Blue Line Project: Hua Lamphong - Bang Khae Section 3,954.09 3,948.89 The MRT Blue Line Project: Bang Sue - Tha Phra Section 788.39 765.02 Total 17,697.41 15,342.78 Grand total 41,842.78 39,487.02

As of 30 September 2016, out of the land expropriation for the M.R.T. Chaloem Ratchamongkhon Line carried out by EXAT under the cabinet resolution dated 11 March 1992 and 28 July 1995 in the amount of 17,469.02 million baht, EXAT has not yet transferred the land titles to MRTA in the amount of 304.80 million baht. Some land owners who were expropriated are still not satisfied with the compensation and therefore filed complaints to the court and the legal proceedings are being carried out. The court may order MRTA to increase the compensation to be paid to the land owners as described in Note 7.30 to the financial statement. Land for the M.R.T. Chaloem Ratchamongkhon Line has been utilized for MRTA location and office with the area of 243 Rai, 3 Ngan and 77.9 Square Wah. MRTA has assigned the right to use the MRTA assets to BEM, a concessionaire of the M.R.T. Chaloem Ratchamongkhon Line under the concession contract, for a period of 25 years since 3 July 2004 and of the M.R.T. Chalong Ratchadham Line under the concession contract for 30 - year investment since 6 August 2016. 143 Annual Report 2 0 1 6 Details of works under construction Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 1 Oct. 2015 Increase (Decrease)/ 30 Sept. 2016 Adjustments Construction of the MRT Purple Line Project Bang Yai - Rat Burana: Bang Yai - Bang Sue Section (The M.R.T. Chalong Ratchadham Line) Consultant fee 1,752.21 (1,722.33) 29.88 Construction fee 36,138.89 (35,401.40) 737.49 Interest for loan payment 1,449.32 (1,415.12) 34.20 Loan fee 108.33 (106.12) 2.21 Loan guarantee 29.24 (28.47) 0.77 Total 39,477.99 (38,673.44) 804.55 Construction of the MRT Purple Line Project: Bang Yai - Rat Burana Consultant fee 273.26 3.05 276.31 Total 273.26 3.05 276.31 Construction of the MRT Blue Line Project: Hua Lamphong - Bang Khae Section Consultant fee 1,146.48 73.46 1,219.94 Construction fee 24,543.07 6,459.69 31,002.76 Interest for loan payment 1,274.68 406.65 1,681.33 Loan fee 88.62 31.93 120.55 Total 27,052.85 6,971.73 34,024.58 Construction of the MRT Blue Line Project: Bang Sue - Tha Phra Section Consultant fee 1,064.59 68.21 1,132.80 Construction fee 7,032.62 870.21 7,902.83 Interest for loan payment 1,183.63 377.61 1,561.24 Loan fee 82.29 29.65 111.94 Total 9,363.13 1,345.68 10,708.81 Construction of the MRT Blue Line Project: Bang Khae - Phutthamonthon Sai 4 Section Consultant fee 21.67 15.25 36.92 Total 21.67 15.25 36.92 Construction of the MRT Orange Line Project: Taling Chan - Thailand Cultural Centre and Thailand Cultural Centre - Min Buri Sections Consultant fee 361.69 30.47 392.16 Total 361.69 30.47 392.16 Construction of the MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section Consultant fee 28.59 272.09 300.68 Interest for loan payment 9.67 66.45 76.12 Loan fee 0.84 7.54 8.38 Construction fee - 1,646.74 1,646.74 Total 39.10 1,992.82 2,031.92 Construction of the MRT Green Line Project: Bearing – Samut Prakan Section Consultant fee 541.96 60.79 602.75 Construction fee 8,939.75 4,752.25 13,692.00 Interest for loan payment 457.54 314.84 772.38 Loan fee 31.21 23.41 54.62 Total 9,970.46 5,151.29 15,121.75 Construction of the MRT Pink Line Project: Khae Rai - Min Buri Section Construction fee 25.33 - 25.33 Total 25.33 - 25.33 Construction of the Yellow Line Project: Lad Phrao - Samrong Section Construction fee 96.48 - 96.48 Total 96.48 - 96.48 Grand Total 86,681.96 (23,163.15) 63,518.81 144 Annual Report 2 0 1 6 In the period 2016, the construction of the MRT Purple Line Project Bang Yai - Rat Burana: Bang Yai - Bang Sue Section (The M.R.T. Chalong Ratchadham Line) was complete and its accumulated cost of assets was recorded in the work under construction account of the said MRT project. As of 1 October 2015, the balance brought forward was 39,477.99 million baht. During 2016, the cost increased by 2,374.35 million Baht and total cost of assets amounted to 41,852.34 million baht which was assigned to be the assets of the M.R.T. Chalong Ratchadham Line in the amount of 41,047.79 million baht on 6 August 2016. The cost of works under construction of other MRT projects increased by 15,510.29 million baht. 7.11 Intangible Assets Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Cost price 51.46 51.46 Deduct Accumulated amortization 49.05 44.70 Book value 2.41 6.76 7.12 Right to Use Areas for Projects Construction The right to use areas for constructing the projects in the amount of 1,856.08 million baht is comprised of the compensation pay for use of ground and underground spaces to construct MRT projects. The land titles are not transferred. The projects are as follows. Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 The M.R.T. Chaloem Ratchamongkhon Line 1,235.80 1,235.80 The MRT Blue Line Project: Hua Lamphong - Bang Khae Section 465.89 457.73 The MRT Blue Line Project: Bang Sue - Tha Phra Section 75.45 73.46 The MRT Green Line Project: Bearing - Samut Prakan Section 78.94 78.95 Total 1,856.08 1,845.94 7.13 Deferred Long - term Leasehold In the amount of 29.96 million baht is the rental fee of land lease from Chulalongkorn University for a 30-year term, commencing on 1 August 1998 and terminating on 30 July 2028, for the construction of entrance of Sam Yan Station and ventilation shaft. This amount also covers compensation for buildings, demolition, transportation, business revenue loss and other expenses, totaling 75.95 million baht. The amortization is 2.53 million baht per annum. Those expenses have accumulated amortization amounting to 45.99 million baht. 7.14 Assets/Liabilities MRTA has recognized the financial assets arising from Cross Currency Swap (CCS) on 30 September 2016 which the exchange rate is equivalent to 0.347041 as detailed below. Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method Contractual Principal Balance 30 Sept. 2016 30 Sept. 2015 according to CCS Million Yen Exchange Rate Million Million Baht Financial Assets Financial Assets according to CCS Baht (Liabilities) Million Baht Million Baht (1) (2) (3)=(1)*(2) (4) (5)=(4)-(3) Cross Currency Swap (CCS) - Dated 29 Jul. 2013 16,837.57 0.2908 4,896.36 5,843.33 946.97 275.98 - Dated 13 Aug. 2013 21,489.25 0.3098 6,657.37 7,457.65 800.28 (74.64) - Dated 10 Apr. 2014 31,999.06 0.3166 10,130.90 11,104.98 974.08 (337.39) - Dated 21 Aug. 2014 24,189.79 0.3177 7,685.10 8,394.85 709.75 (283.26) - Dated 22 Sept. 2014 24,189.79 0.3096 7,489.16 8,394.85 905.69 (78.80) 118,705.46 36,858.89 41,195.66 4,336.77 (498.11) 145 Annual Report 2 0 1 6 Cross Currency Swap (CCS) dated 29 July 2013 is the cross currency swap contract of Japanese Yen against the Thai Baht of the loan agreement between MRTA and Japan International Cooperation Agency (JICA). For JICA loan number TXXIII-6, dated 30 September 1998, contractual principal balance according to CCS is fixed at 19,516.27 million yen to 5,675.33 million baht. Cross Currency Swap (CCS) dated 13 August 2013 is the cross currency swap contract of Japanese Yen against the Thai Baht of the loan agreement between MRTA and Japan International Cooperation Agency (JICA). For JICA loan number TXXIII-3, dated 31 July 1998, contractual principal balance according to CCS is fixed at 24,419.60 million yen to 7,565.19 million baht. Cross Currency Swap (CCS) dated 10 April 2014 is the cross currency swap contract of Japanese Yen against the Thai Baht of the loan agreement between MRTA and Japan International Cooperation Agency (JICA). For JICA loan number TXXV-3, dated 22 September 2000, contractual principal balance according to CCS is fixed at 35,332.29 million yen to 11,186.20 million baht. Cross Currency Swap (CCS) dated 21 August 2014 is the cross currency swap contract of Japanese Yen against the Thai Baht of the loan agreement between MRTA and Japan International Cooperation Agency (JICA). For JICA loan number TXXIV-1, dated 29 September 1999, contractual principal balance according to CCS is fixed at 26,293.25 million yen to 8,353.37 million baht. Cross Currency Swap (CCS) dated 22 September 2014 is the cross currency swap contract of Japanese Yen against the Thai Baht of the loan agreement between MRTA and Japan International Cooperation Agency (JICA). For JICA loan number TXXIV-1, dated 29 September 1999, contractual principal balance according to CCS is fixed at 26,293.25 million yen to 8,140.39 million baht 7.15 Account Payables during Construction Works Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Account payables for consultant fee 55.81 117.82 Account payables for construction fee 1,889.28 1,605.47 Total 1,945.09 1,723.29 7.16 Other Account Payables Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Other account payables 382.83 37.72 Payable to revenue department 6.00 5.59 Advance fare revenue 5.71 - Deposits and other advances 52.39 27.39 Other accrued expenses 52.38 21.92 Special compensation (bonus) payable 17.64 15.96 Total 516.95 108.58 7.17 Accrued Financial Costs Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Loan interest 503.76 632.35 Interest expense under Cross Currency Swap (CCS) contract 249.68 260.34 Accrued expense for loan acquisition 118.18 241.03 Total 871.62 1,133.72

7.18 Unearned Rental Right Revenue of 1.94 million baht represents a royalty fee to build a connecting pathway between the Interchange building and Sukhumvit Station in the amount of 3 million baht, out of which 1.06 million baht has been transferred and recognized as accumulated income. 146 Annual Report 2 0 1 6 7.19 Deferred Income Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 1 Oct. 2015 Increase Realized Income/ 30 Sept. Adjusted 2016 Government grants 102,051.48 68,116.98 (2,693.60) 167,474.86 Donation from EPPO (Energy Policy and Planning Office) 11.46 - (0.88) 10.58 Donated assets 14.97 97.79 (58.67) 54.09 Total 102,077.91 68,214.77 (2,753.15) 167,539.53 7.19.1 Government grants represent a subsidy for projects related to assets which are recognized as deferred income and recognized in systematic installments as income from government grant in process as detailed below. 7.19 Deferred Income (Continued) Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 1 Oct. 2015 Increase Realized Income/ 30 Sept. Adjusted 2016

Subsidy for the MRT Projects: The M.R.T. Chaloem Ratchamongkhon Line 73,185.27 *5.89 (2,315.44) 70,876.78 **1.06 The M.R.T. Chalong Ratchadham Line (Purple Line) 11,356.07 53,793.56 (356.59) 65,299.35 *507.94 **(1.63) Subsidy for construction of new office buildings 206.01 - (13.15) 192.86 Subsidy for IT system 14.71 - (6.79) 7.92 Subsidy for construction of the MRT projects: The MRT Blue Line Project: Hua Lamphong - Bang Khae and Bang Sue –Tha Phra Sections 14,192.77 9,023.09 - 23,215.86 The MRT Green Line Project: Bearing - Samut Prakan Section 1,657.37 1,921.52 - 3,578.89 The MRT Orange Line Project: Taling Chan - Thailand Cultural Centre and Thailand Cultural Centre - Min Buri Sections 341.15 22.70 - 363.85 The MRT Pink Line Project: Khae Rai - Min Buri Section 7.95 - - 7.95 The MRT Yellow Line Project: Lat Phrao - Samrong Section 90.04 - - 90.04 The MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section 1,000.14 2,841.22 - 3,841.36 Total 102,051.48 68,116.98 (2,693.60) 167,474.86 Notes: * adjusted to exchange rate difference ** adjusted to land acquisition cost Government grants for the M.R.T. Chaloem Ratchamongkhon Line and the M.R.T. Chalong Ratchadham Line of MRTA, where it has reasonable assurance that MRTA will comply with the terms of the subsidies and the subsidies that are given, are recognized as deferred income along with as subsidies receivable from the government. The subsidies are used to repay the principal and interest over the life of the loan agreement on the design, the construction and the project consultant. It is also utilized to pay off the cost for M&E system equipment together with the interest. On 6 July 2010, the government agreed to the extension for repayment of principal and interest on the loan for the design, the construction and the project consultant of the M.R.T. Chaloem Ratchamongkhon Line for MRTA for additional five years (fiscal year 2012 - 2016). On 19 January 2016, another extension of time to repay the loan for the design, the construction and the project consultant of the M.R.T. Chaloem Ratchamongkhon Line for further seven years (fiscal year 2017 - 2023) was approved, according to the cabinet resolution on 6 July 2010. 147 Annual Report 2 0 1 6 7.19.2 Donation from the Energy Policy and Planning Office (EPPO), Ministry of Energy for construction of Park & Ride at Queen Sirikit Convention Centre Station and Ratchadapisek Station is gradually recognized as other income according to depreciation of asset. 7.19.3 Donated assets are assets that MRTA receives from various organizations, for example, building structures, office supplies, vehicles, computers, etc. The assets are gradually recognized as other income according to depreciation of asset. In period 2016, MRTA recognized compensation for the authorization of land usage at the parking lot of Sukhumvit Station, the M.R.T. Chaloem Ratchamongkhon Line for 42 months (from September 2014 onwards). MRTA will receive a park building with usable area worth 97.67 million baht. The compensation is gradually recognized as revenue from commercial development in the amount of 58.14 million baht according to the time period of land utilization and as other income according to the useful life of donated assets in the amount of 0.53 million baht.

7.20 Account Payable for M&E System Equipment Unit : Million Baht Cost of M&E system equipment as at 30 September 2016 16,218.13 Deduct Amount payable within one year 1,642.18 Balance 14,575.95 Account payable for M&E systems equipment represents the equipment cost under the concession contract for investment phase 1: M&E systems design and construction of the MRT Purple Line Project Bang Yai - Rat Burana: Bang Yai - Bang Sue Section, from Bang Phai Station – Tao Pun Station, with the value of 16,491.83 million baht under the contract (VAT included) by the concessionaire. MRTA is required to repay the same amount of money on a monthly basis for 120 months, after initiating the provision of the MRT operation service in conjunction with the interest expense as detailed below. (1) Repayment of M&E systems equipment From August 2016 to April 2017, 136.85 million baht each month (VAT included) From May 2017 to July 2026, 137.47 million baht each month (VAT included) (2) Interest expense during the repayment period is paid according to the interest rate of 12-month time deposit as announced by the bank granting the loan to BEM on the first date of the month, plus 2.5% per annum. 7.21 Long - term Loan Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 International Loan Domestic Loan Total Million Yen Million Baht Million Baht Million Baht Loan 191,177.97 66,346.59 57,190.42 123,537.01 Deduct Amount payable within one year 9,010.62 3,127.05 6,103.05 9,230.10 Remaining long-term loan 182,167.35 63,219.54 51,087.37 114,306.91

2015 International Loan Domestic Loan Total Million Yen Million Baht Million Baht Million Baht Loan 199,738.89 61,215.57 56,807.13 118,022.70 Deduct Amount payable within one year 8,560.92 2,623.73 22,041.21 24,664.94 Remaining long-term loan 191,177.97 58,591.84 34,765.92 93,357.76 148 Annual Report 2 0 1 6 Activities of the MRT projects in this period are described as follows: Unit : Million Baht International Loan Domestic Loan Total Million Yen Million Baht Million Baht Million Baht Additional loan of the MRT projects: The M.R.T. Chalong Ratchadham Line (Purple Line) - - 12,094.68 12,094.68 The MRT Blue Line Project: Hua Lamphong - Bang Khae - - 16,191.27 16,191.27 and Bang Sue - Tha Phra Sections The MRT Green Line Project: Bearing - Samut Prakan Section - - 7,709.20 7,709.20 The MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section - - 1,703.44 1,703.44 - - 37,698.59 37,698.59 Paid loan of the MRT projects: The M.R.T. Chaloem Ratchamongkhon Line 5,185.65 1,589.29 1,033.33 2,622.62 The M.R.T. Chalong Ratchadham Line (Purple Line) 3,375.27 1,034.44 13,502.09 14,536.54 The MRT Blue Line Project: Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections - - 17,545.93 17,545.93 The MRT Green Line Project: Bearing - Samut Prakan Section - - 5,233.95 5,233.95 8,560.92 2,623.73 37,315.30 39,939.03 Details of long - term loan International Loan for Construction of the M.R.T. Chaloem Ratchamongkhon Line Loan Lender Million Yen Interest Rate Loan Payment Maturity Agreement (%) Period Date for Date No. (Date) Credit Balance Additional Paid Balance Per Annum (Grace Principal Limit 1 Oct. Loan 30 Sept. Period) and 2015 2016 Interest TXXII - 3(A) JICA 241.00 148.85 - 6.76 142.09 0.75 40 (10) 20 Mar. and 20 Sept. 2037 (30 Sept. 1997) 20 Sept. TXXIII - 3 JICA 29,792.00 22,466.04 - 976.79 21,489.25 0.75 40 (10) 20 Jan. and 20 Jul. 2038 (31 Jul. 1998) 20 Jul. TXXIII - 6 JICA 23,343.00 17,602.91 - 765.34 16,837.57 0.75 40 (10) 20 Mar. and 20 Sept. 2038 (30 Sept. 1998) 20 Sept. TXXIV - 1 JICA 64,228.00 50,483.04 - 2,103.46 48,379.58 0.75 40 (10) 20 Mar. and 20 Sept. 2039 (29 Sept. 1999) 20 Sept. TXXV – 3 JICA 45,818.00 33,332.35 - 1,333.30 31,999.05 0.75 40 (10) 20 Apr. and 20 Apr. 2040 (23 Sept. 2000) 20 Oct. Total 163,422.00 124,033.19 - 5,185.65 118,847.54 International Loan for Construction of the M.R.T. Chalong Ratchadham Line

Million Yen Interest Payment Loan Commitment Loan Rate (%) Date for Agreement Lender Credit Balance Addi- Paid Balance Period Principal Maturity Limit 1 Oct. tional 30 Sept. Per Charge (%) (Grace Date No. (Date) per Annum and 2015 Loan 2016 Annum Period) Interest TXXX - 1 JICA 58,647.17 55,515.51 - 3,172.33 52,343.18 1.40 0.10 25 (7) 20 May. and 20 Nov. 2032 (31 Mar. 2008) 20 Nov. TXXX - 1(A) JICA 3,794.83 3,551.19 - 202.94 3,348.25 0.01 0.10 25 (7) 20 May. and 20 Nov. 2032 (31 Mar. 2008) 20 Nov. TXXXII - 3 JICA 16,639.00 16,639.00 - - 16,639.00 1.40 0.10 25 (7) 20 Feb. and 20 Aug. 2035 (28 Sept. 2010) 20 Aug. Total 79,081.00 75,705.70 - 3,375.27 72,330.43 Total International Loan 242,503.00 199,738.89 - 8,560.92 191,177.97 149 Annual Report 2 0 1 6 Domestic Loan for Construction of the MRT Blue Line Project: Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections

Million Baht Interest Payment Loan Commitment Rate (%) Loan Date for Agreement Lender Credit Balance Addi- Paid Balance Period Principal Maturity Limit 1 Oct. tional 30 Sept. Per Charge (%) Date No. (Date) per Annum and 2015 Loan 2016 Annum Interest 1-Kho/2012 Ministry of 3,000.00 3,000.00 - 3,000.00 - 2.505 0.15 4 28 Apr. and 28 Oct. 2015 (16 Feb. 2012) Finance 3,000.00 3,000.00 - 3,000.00 - 2.505 4 28 Oct. 28 Oct. 2015 3,000.00 1,304.79 - 1,304.79 - 2.545 4 28 Oct. 2015 3,303.06 - - - - 2.565 4 28 Oct. 2015 5-Kho/2014 Ministry of 3,560.00 3,560.00 - 3,560.00 - 2.79 0.15 2 27 Jun. and 27 Jun. 2016 (17 Jun. 2014) Finance 27 Dec. 8-Kho/2014 Ministry of 15,260.00 15,260.00 - - 15,260.00 3.65 0.25 7.15 17 Jun. and 17 Dec. 2021 (24 Oct. 2014) Finance 17 Dec. 9-Kho/2014 Ministry of 14,590.00 2,133.30 987.84 3,121.14 - 2.95 0.20 2 14 May. and 14 Nov. 2016 (14 Nov. 2014) Finance 14 Nov. 8-Kho/2015 Ministry of 3,700.00 - 3,700.00 - 3,700.00 1.74793 0.20 2 9 May. and 9 Nov. 2017 (29 Oct. 2015) Finance 9 Nov. 9-Kho/2016 Ministry of 4,100.00 - 1,901.73 - 1,901.73 1.74835 0.20 2 20 Apr. and 20 Apr. 2018 (8 Apr. 2016) Finance 20 Oct. 13-Kho/2016 Ministry of 3,560.00 - 3,560.00 3,560.00 - 1.49 0.15 3 27 Sept. 2016 27 Sept. 2016 (21 Jun. 2016) Finance (months) 16-Kho/2016 Ministry of 6,041.70 - 6,041.70 - 6,041.70 2.125 0.30 10.35 17 Dec. and 17 Dec. 2026 (15 Aug. 2016) Finance 17 Jun. Total 63,114.76 28,258.09 16,191.27 17,545.93 26,903.43

Domestic Loan for Construction of the MRT Green Line Project: Bearing - Samut Prakan Section

Million Baht Interest Payment Loan Commitment Loan Rate (%) Date for Maturity Agreement Lender Credit Balance Addi- Paid Balance Period Principal Limit 1 Oct. tional 30 Sept. Per Charge (%) Date No. (Date) per Annum year and 2015 Loan 2016 Annum Interest

2-Kho/2012 Ministry of 2,000.00 1,383.09 - 1,383.09 - 2.0125 0.15 4 3 Feb. and 3 Feb. 2016 (3 Apr. 2012) Finance 3 Aug. 6-Kho/2014 Ministry of 1,000.00 1,000.00 - 1,000.00 - 2.80 0.15 2 15 Mar. and 15 Sept. 2016 (15 Sept. 2014) Finance 15 Sept. 8-Kho/2014 Ministry of 4,740.00 4,740.00 - - 4,740.00 3.65 0.25 7.15 17 Jun. and 17 Dec. 2021 (24 Oct. 2014) Finance 17 Dec. 10-Kho/2014 Ministry of 3,840.00 2,393.86 457.00 2,850.86 - 2.90 0.20 2 14 Mar. and 14 Nov. 2016 (14 Nov. 2014) Finance 14 Nov. 9-Kho/2015 Ministry of 1,700.00 - 1,700.00 - 1,700.00 1.74793 0.20 2 9 May. and 9 Nov. 2017 (29 Oct. 2015) Finance 9 Nov. 10-Kho/2016 Ministry of 1,900.00 - 1,900.00 - 1,900.00 1.74835 0.20 2 20 Apr. and 20 Apr. 2018 (8 Apr. 2016) Finance 20 Oct. 16-Kho/2016 Ministry of 3,652.20 - 3,652.20 - 3,652.20 2.125 0.30 10.35 17 Jun. and 17 Dec. 2026 (15 Aug. 2016) Finance 17 Dec. Total 18,832.20 9,516.95 7,709.20 5,233.95 11,992.20 150 Annual Report 2 0 1 6 Domestic Loan for Construction of the MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section

Million Baht Interest Payment Loan Commitment Loan Rate (%) Date for Maturity Agreement Lender Credit Balance Addi- Paid Balance Period Principal Limit 1 Oct. tional 30 Sept. Per Charge (%) Date No. (Date) per Annum year and 2015 Loan 2016 Annum Interest 5-Kho/2015 Ministry of 3,200.00 2,446.88 753.12 - 3,200.00 2.06459 0.20 2 6 Jan. and 6 Jul. 2017 (6 Jul. 2015) Finance 6 Jul. 8-Kho/2016 Ministry of 2,000.00 - 950.32 - 950.32 1.74835 0.20 2 20 Apr. and 20 Apr. 2018 (8 Apr. 2016) Finance 20 Oct. Total 5,200.00 2,446.88 1,703.44 - 4,150.32

Domestic Loan to Liquidate the International Loan for Construction of the M.R.T. Chaloem Ratchamongkhon Line

Million Baht Interest Payment Loan Commitment Rate (%) Loan Date for Agreement Lender Credit Balance Addi- Paid Balance Period Principal Maturity Limit 1 Oct. tional 30 Sept. Per Charge (%) Date No. (Date) per Annum year and 2015 Loan 2016 Annum Interest 5-Cho/2013 Ministry of 3,000.00 3,000.00 - - 3,000.00 2.495 - 9 30 Apr. and 30 Apr. 2022 (3 Apr. 2013) Finance 6,300.00 4,233.33 - 1,033.33 3,200.00 2.975 - 9 30 Oct. Total 9,300.00 7,233.33 - 1,033.33 6,200.00

Domestic Loan for Construction of the M.R.T. Chalong Ratchadham Line (Purple Line)

Million Baht Interest Payment Loan Commitment Rate (%) Loan Date for Agreement Lender Credit Balance Addi- Paid Balance Period Principal Maturity Limit 1 Oct. tional 30 Sept. Per Charge (%) Date No. (Date) per Annum year and 2015 Loan 2016 Annum Interest 4-Kho/2014 Ministry of 1,500.00 1,500.00 - 1,500.00 - 3.25 0.15 2 3 Apr. and 3 Apr. 2016 (4 Apr. 2014) Finance 3 Oct. 4-Kho/2014 Ministry of 500.00 500.00 - 500.00 - 2.90 0.15 2 3 Apr. and 3 Apr. 2016 (4 Apr. 2014) Finance 3 Oct. 5-Kho/2014 Ministry of 4,760.00 4,760.00 - 4,760.00 - 2.79 0.15 2 27 Jun. and 27 Jun. 2016 (17 Jun. 2014) Finance 27 Dec. 1-Kho/2015 Ministry of 1,840.00 609.79 824.03 - 1,433.82 2.22197 0.20 2 20 Jan. and 20 Jan. 2017 (20 Jan. 2015) Finance 20 Jul. 6-Kho/2015 Ministry of 982.09 982.09 - 982.09 - 1.77153 0.15 1 28 Mar. and 28 Sept. 2016 (28 Sept. 2015) Finance 28 Sept. 1-Kho/2016 Ministry of 660.00 - 660.00 - 660.00 1.96197 0.20 2 18 Jan. and 18 Jan. 2018 (15 Jan. 2016) Finance 18 Jul. 12-Kho/2016 Ministry of 200.00 - 108.65 - 108.65 1.78822 0.20 2 6 Jun. and 6 Jun. 2018 (1 Jun. 2016) Finance 6 Dec. 13-Kho/2016 Ministry of 4,760.00 - 4,760.00 4,760.00 - 1.49 0.15 3 27 Sept. 2016 27 Sept. 2016 (21 Jun. 2016) Finance (Months) 16-Kho/2016 Ministry of 5,306.10 - 5,306.10 - 5,306.10 2.125 0.30 10.35 17 Jun. and 17 Dec. 2026 (15 Aug. 2016) Finance 17 Dec. 19-Kho/2016 Ministry of 435.90 - 435.90 - 435.90 1.5 0.15 2 28 Nov. 2016 28 Nov. 2016 (23 Sept. 2016) Finance (Months) Total 21,944.09 9,351.88 12,094.68 13,502.09 7,944.47 Total Domestic Loan 118,391.05 56,807.13 37,698.59 37,315.30 57,190.42 151 Annual Report 2 0 1 6 Risk Management of International Loan The cabinet meeting on 7 May 2013 issued a resolution to allow the Ministry of Finance to revise the debt structure of MRTA by entering into agreements, i.e. the Cross Currency Swap of JICA loan, loan agreement no. TXXIII-6 dated 30 September 1998, loan agreement no. TXXIII-3 dated 31 July 1998, loan agreement no. TXXV-3 dated 22 September 2000, loan agreement no. TXXTV-1 dated 29 September 1999, and loan agreement no. TXXIV-1 dated 29 September 1999 on 22 May 2013, 10 July 2013, 20 March 2014, 17 July 2014 and 21 August 2014 respectively. The Cross Currency Swap contract changes from Japanese Yen loan to Thai Baht loan with fixed interest rate. MRTA is responsible for this Ministry of Finance’s commitment by signing the State Enterprise contracts dated 29 July 2013, 13 August 2013, 10 April 2014, 21 August 2014 and 21 September 2014 respectively to process the Cross Currency Swap for foreign loan. Details are shown in notes to Financial Statements no. 7.14.

7.22 Employee Benefits Obligation Change in the current value of the employee benefits obligation Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Employee benefits obligation at the beginning of the period 173.54 151.39 Employee benefits obligation for current period 52.33 28.14 Benefits paid during the period (7.43) (6.04) Actuarial losses (0.53) 0.05 Employee benefits obligation at the end of the period 217.91 173.54 Employee benefits obligation for current period 2016 2015 Cost of Service 44.64 19.45 Interest cost 7.69 8.69 Total 52.33 28.14 Actuarial assumptions: Discount rate Vary from 1.50% - 3.12% according to the age of the staff Salary increase rate 6.00% per annum Mortality rate According to the Thai Mortality Table 2008, average for male and female at 5.72% per year Price of ornamental gold 96.5% 22,300.00 baht per 15.3 g. (1 baht - weight)

7.23 Income from Subsidies Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Government grants for projects involving assets The M.R.T. Chaloem Ratchamongkhon Line 2,315.44 2,315.37 The M.R.T. Chalong Ratchadham Line 356.59 - Office building 13.15 13.15 IT system 6.79 6.78 Total 2,691.97 2,335.30 Government grants for operations Administrative expenses 393.36 455.48 Interest payment for the MRT Chaloem Ratchamongkhon Line 1,643.86 1,741.37 Interest payment for the MRT Chalong Ratchadham Line 254.75 - Total 2,291.97 2,196.85 Grand Total 4,983.94 4,532.15 152 Annual Report 2 0 1 6 7.24 Income from Concession Provision Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 The M.R.T. Chaloem Ratchamongkhon Line Remuneration from fare Annual remuneration 992.05 930.37 1% of income 22.81 21.89 Remuneration from commercial development Annual remuneration 46.73 46.73 7% of income 19.73 18.34 Other remuneration 0.26 0.26 Total 1,081.58 1,017.59 The M.R.T. Chalong Ratchadham Line Fare 28.15 - Card issuing fee 0.34 - Total 28.49 - Grand Total 1,110.07 1,017.5 Remuneration from commercial development BEM commercial development 1.94 2.05 Affiliated company of BEM commercial development (1) Income from advertising 5.50 5.15 (2) Income from shop rent 1.29 1.03 (3) Income from communications system service 8.71 7.16 (4) Income from advertising via Passenger Information Display (PID) 2.29 2.95 Total 19.73 18.34 7.24.1 Income from concession under the contract of the M.R.T. Chaloem Ratchamongkhon Line dated 1 August 1999 and its amendment dated 30 December 2015 is detailed below. Remuneration from fare Annual remuneration Bangkok Expressway and Metro Public Company Limited (BEM) agrees to share the income from fares annually with MRTA from the 11th year of service, counting from the first year of the service which originated the income until the end of the term under the contract. The total income share is 43,567 million baht (including VAT). Each year, the share will be provided in a lump sum amount as specified in the contract. Remuneration in percentage BEM agrees to share the income with MRTA in percentage of the income from fares (including VAT) starting from the first year of the service which originated the income, that is year 1 to 14 at the rate of 1%, year 15 at the rate of 2%, year 16 to 18 at the rate of 5% and year 19 to 25, at the rate of 15%. The remuneration is paid on a monthly basis. Remuneration from commercial development Annual remuneration BEM agrees to share the income from the commercial development with MRTA annually throughout the term of the contract in the amount of 930 million baht (including VAT) from the first year of the service which originated the income, that is 10 million baht per year for year 1 to 8 and 50 million baht per year for year 9 to 25. Remuneration in percentage BEM agrees to share the income from the commercial development with MRTA at the rate of 7% per annum (including VAT) of the revenue received from its business partners, starting from the first year of the service which originated the income until the end of the term under the contract. The remuneration is paid on a monthly basis. 153 Annual Report 2 0 1 6 Other remuneration Remuneration as compensation for dividend Resolution of the MRTA Board of Directors Meeting No. 6/2552 on 22 July 2009 approved, in principle, the restructuring of management in commercial development by merging Triads Network Co., Ltd., BMCL Network Co., Ltd., and Metro Mall Development as Bangkok Metro Networks Co., Ltd., with the conditions that no matter how much the operating result of Bangkok Metro Networks Co., Ltd. is, BMCL shall pay remuneration as compensation for dividend to MRTA from 2009 annually, not less than 274,400 baht per year within April of the following year, every year. In any year, if the advertising and public relations business and/or retail business show have better operating results, MRTA will negotiate with BMCL to request additional remuneration as compensation for the increased dividend annually. Resolution of the MRTA Board of Directors Meeting No. 9/2554 on 25 August 2011 approved MRTA to adjust the resolution of the MRTA Board Meeting No. 6/2552 on 22 July 2009, to specify that BMCL must pay remuneration as compensation for dividend to MRTA annually, starting from 22 July 2009 at the rate of 7% of the remuneration for the dividend, but which shall not be lower than 274,400 baht per year. Resolution of the MRTA Board of Directors Meeting No. 13/2555 on 19 July 2012 approved MRTA to accept remuneration conditions as compensation for dividend in the form of MRT tickets, amounting to 274,400 baht per year, starting from 2009 to 9 March 2015 from BMCL. Such tickets must not specify any conditions such as expiration date, prohibition of sale, etc. The remuneration conditions in the form of tickets are to be only for the remuneration as compensation for dividend. This is because such tickets are considered to be an asset paid in place of remuneration as compensation for dividend to MRTA. Therefore, it is requested that the remuneration be recorded. However, from 2012 until 9 March 2015, Bangkok Metro Networks Co., Ltd. was able to pay remuneration to BMCL and BMCL delivered the share of income at the rate of 7% of the dividend received to MRTA in cash. Resolution of the MRTA Board of Directors Meeting No. 7/2557 on 17 July 2012 approved an extended period of granting the right for commercial development to BMN from 10-year term under the original contract, commencing on 11 March 2005 and terminating on 10 March 2015, to terminate on 2 July 2029. There were no changes made to the agreement; BMCL shall share remuneration from BMN’s commercial development with MRTA at the rate of 7% of the income BMCL receives from BMN and common tickets will be applied from 2015. In addition, remuneration from commercial development arising from BMCL’s joint investment in BMN, namely dividend and profit from selling BMN’s shares which BMCL holds, shall be recorded as remuneration from commercial development and such remuneration shall be provided to MRTA at the rate of 7% of the income BMCL receives. As BMCL was amalgamated with BECL under the name BEM, the conditions of remuneration payment as compensation for dividend are still applicable for BEM to follow. 7.24.2 Income from concession of the M.R.T. Chalong Ratchadham Line under the concession contract for investment and supply of M&E systems and O&M services (Khlong Bang Phai Station – Tao Pun Station) as specified in item 3.2 (Cho), revenue collection is detailed below. (Cho) Revenue collection Fare revenue The concessionaire shall have the duty to collect the fares in MRTA stations on behalf of MRTA in compliance with MRTA’s audit rules and regulations and immediately deliver the entire fare revenue to MRTA. The contract party shall jointly determine the clear procedures and turnaround time for the delivery of fare revenue further. MRTA has generated the handbook on the audit of revenue and remuneration from fare and the handbook on clearing house (CH) action plan. BEM submitted the documents pertaining to procedures and approach for revenue submission according to the letter BEM/M/PPL/3675/59 dated 21 July 2016 as guidelines for both parties to follow in a correct manner. If the government establishes the policy on fare collection for common ticketing system and common fares later, MRTA is able to modify the scopes of fare collection in the station by issuing a change order.

Commercial Development According to the concession contract for investment, MRTA has the exclusive right to carry out commercial development in the area of the MRT system and the right to entirely benefit and collect revenue from commercial development. MRTA may grant the rights to the authorized third party to act on behalf of it and the concessionaire shall not impede or perform any act that may obstruct the contract’s implementation. 154 Annual Report 2 0 1 6 7.25 Income from Commercial Development Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Revenue from approval to use real estates 122.02 75.70 Revenue from shop rental 17.45 17.22 Revenue from Park & Ride service fees 64.07 62.02 Total 203.54 154.94

7.26 Other Income Unit : Million Baht Financial Statement Presenting Separate Financial Statement Presenting Investment under Equity Method Investment under Cost Method 2016 2015 2016 2015 Receivable interest 35.68 36.99 35.68 36.99 Dividend income - - 150.75 - Other revenue 51.74 13.87 51.74 13.87 Total 87.42 50.86 238.17 50.86

7.27 Other Expenses Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Expenses for the operation the M.R.T. Chalong Ratchadham Line (Purple Line) 334.43 0.59 Bank fees 0.16 0.16 Insurance premiums 1.78 1.53 Chartered service expenses 245.30 203.40 Rental 17.66 18.40 Repairs and maintenance expenses 22.46 19.01 Public relations expenses 16.89 18.82 Travel expenses 1.53 0.83 Audit fees 1.80 1.80 Public utility expenses 31.83 27.43 Taxes 3 9.82 18.73 Other expenses 18.69 19.03 Total 732.35 329.73

7.28 Loss on Foreign Exchange Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Realized gain (loss) on exchange rate (29.56) 16.36 Unrealized loss on exchange rate (2,922.68) (534.43) Total (2,952.24) (518.07) 155 Annual Report 2 0 1 6 7.29 Financial Costs Unit : Million Baht Financial Statement Presenting Investment under Equity Method/ Separate Financial Statement Presenting Investment under Cost Method 2016 2015 Financial Institution loan Interest expenses - International loans for MRT project construction 1,793.92 1,812.53 - Domestic loans for MRT project construction 1,557.07 1,539.63 Interest expenses for M&E system equipment 82.34 - Total 3,433.33 3,352.16 International front end fee - 0.04 Loan renewal fee 111.53 82.72 Loan guarantee fee 16.10 29.2 Total 127.63 112.00 Financial costs 3,560.96 3,464.16 Deduct Recognized capitalization of projects under construction - Interest expenses 1,631.28 1,610.79 - International front end fee - 0.04 - Loan renewal fee 108.6 82.72 - Loan guarantee fee 13.46 29.24 Total 1,752.90 1,722.79 Balance 1,808.06 1,741.37 7.30 Contingent Liabilities 7.30.1 Legal action has been taken against MRTA in 144 cases demanding additional land compensation, as of 30 September 2016 and 97 cases are at the Central Administrative Court. The court has ruled in 47 cases with 1 case at the Appeal Court and 46 cases at the Supreme Court. Contingent liabilities for the 39 cases will have damages equivalent to 85.45 million baht as detailed below. Case being filed Case pending Cases that have reached verdict of court against court review Cases under Appeal Contingent Liabilities Capital Central Number (Million Administrative Supreme Supreme Number Amount (Cases) Baht) Court (Cases) Court Administrative (Cases) (Million Baht) (Cases) Court (Cases) The M.R.T. Chaloem Ratchamongkhon Line 1 21.84 - 1 - - - The M.R.T. Chalong Ratchadham Line 36 2,512.97 3 - 33 27 69.33 The MRT Blue Line Project: 38 261.56 30 - 8 8 5.79 Bang Sue - Tha Phra Section The MRT Blue Line Project: 62 2,433.69 58 - 4 3 2.90 Hua Lamphong - Bang Khae Section The MRT Green Line Project: 6 165.40 5 - 1 1 7.43 Bearing - Samut Prakan Section The MRT Green Line Project:1 3.92 1 - - - - - Mo Chit - Saphan Mai - Khu Khot 144 5,399.38 97 1 46 39 85.45 7.30.2 Other lawsuits MRTA has been filed against are as follows: (1) MRTA faced an employee lawsuit at the Central Labor Court, calling for MRTA to follow the employment contract by absorbing holiday pay. The case is pending the Central Labor Court review as detailed below. Capital (Million Baht) Black Case No. 2708/2558 0.21 Black Case No. 2709/2558 0.14 Black Case No. 3019/2558 0.10 0.45 156 Annual Report 2 0 1 6 (2) Mrs. Ruchirek Sangchitpan filed a lawsuit against MRTA as Defendant 2 to Central Administrative Court according to Black Case No. 1505/2557 with the capital of 0.54 million baht, calling for MRTA to modify the automatic fare collection gates to facilitate the passengers, especially the elderly and pay compensation. The case is pending the Central Administrative Court review.

7.31 Operation Results of MRTA Projects On 7 November 2006, the Cabinet passed a resolution to approve in principle the development of Mass Rapid Transit system in Bangkok in accordance with priority. MRTA has been assigned to operate the following new lines and extensions: 7.31.1 MRTA projects under construction 7.31.1(1) The MRT Blue Line Project: Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections Project period: November 2006 - April 2019 The Cabinet approved an investment credit limit of 81,268 million baht for land acquisition and civil works construction. The cabinet had a resolution acknowledging the result of tender for civil works on 28 September 2010. As for M&E system and rolling stock works, the cabinet passed a resolution on 6 October 2015 to implement the project in accordance with the Private Investments in State Undertakings Act B.E. 2556 (2013) and Public Private Partnerships (PPS) Policy Committee. Later, the Head of National Council for Peace and Order (NCPO)’s Order No.42/2559 given on 17 July 2016 and published in the Government Gazette on 21 July 2016 stated that MRTA implemented the project following the procedures under the Private Investments in State Undertakings Act B.E. 2556 (2013). The Cabinet passed a resolution to approve the selection result on 28 March 2017. Then, MRTA entered into a concession contract for the MRT Blue Line Project with Bangkok Expressway and Metro Public Company Limited (BEM) on 31 March 2017 with the concession period of 33 years. Investment credit limits include: Investment Credit Limit Cabinet Resolution Date (Million Baht) Land acquisition cost 5,900.00 27 May 2008 Civil works construction cost 52,460.00 27 May 2008 24 November 2009 Consultant fee 2,622.00 27 May 2008 28 December 2010 M&E system and rolling stock cost 20,286.00 28 March 2017 Total 81,268.00 Details of the operation results of the construction of the above projects are shown in Table 1. Table 1: MRTA Projects under Construction Entry Contract Price (Million Baht) Disbursement (Million Baht) * * Land Con- Consul- Total Consultant Land Con- Consul- Total Consultant Acquisition struction tant Fee Acquisition struction tant Fee Cost Cost Fee Cost Cost Fee Construction of the MRT Blue Line Project: Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections 5,900 5,900 5,382.17 5,382.17 Consultant fee for feasibility study, *588.07 project design and preparation of tender documents for extension and new line projects (BMTD) - Hua Lamphong - Bang Khae Section *115.10 - Bang Sue - Tha Phra Section *106.89 Consultant fee for operation under the Private Participation in State Undertaking Act B.E. 2535 (1992) – Extensions (BMTC) 223.10 223.10 222.23 222.23 Consultant fee for project management (civil works) - PMC Index Group 726.13 726.13 611.71 611.71 Consultant fee for construction supervision: the MRT Blue Line Project: Hua Lamphong - Bang Khae and Bang Sue - Tha Phra Sections (additional agreement) - PMC Index Group 244.38 244.38 132.08 132.08 Consultant fee for construction supervision CSCBL Consortium 1,210.00 1,210.00 1,162.32 1,162.32 157 Annual Report 2 0 1 6 Table 1: MRTA Projects under Construction (Continued) Entry Contract Price (Million Baht) Disbursement (Million Baht) * * Land Con- Consul- Total Consultant Land Con- Consul- Total Consultant Acquisition struction tant Fee Acquisition struction tant Fee Cost Cost Fee Cost Cost Fee Contract 1 - Construction of underground structure : Hua Lamphong - Sanam Chai Section (Italian - Thai) 11,441.08 11,441.08 9,244.63 9,244.63 Contract 2 - Construction of underground structure : Sanam Chai – Tha Phra Section (CH. Karnchang) 10,687.64 10,687.64 9,389.26 9,389.26 Contract 3 - Construction of elevated structure : Tao Pun - Tha Phra Section (SH-UN Joint Venture) 11,284.78 11,284.78 6,665.28 6,665.28 Contract 4 - Construction of elevated structure: Tha Phra - Lak Song Section (Sino-Thai) 13,334.99 13,334.99 9,881.63 9,881.63 Contract 5 - Trackwork (CH. Karnchang) 4,999.13 4,999.13 3,796.70 3,796.70 Total 5,900.00 51,747.62 2,403.61 60,051.23 5,382.17 38,977.50 2,128.34 46,488.01

Engagement of consultants in accordance with the Cabinet resolution beyond the investment credit limit *Consultant fee under the cabinet resolution on 15 August 2006 with credit limit of 588.07 million baht 7.31.1(2) The MRT Green Line Project: Bearing - Samut Prakan Section Project period: June 2008 - February 2020 The cabinet resolution on 27 November 2008 approved an investment credit limit for the MRT Green Line Project: Bearing - Samut Prakan Section in the amount of 19,163 million baht. Investment credit limits include: Investment Credit Limit (Million Baht) Land acquisition cost (including survey cost) 1,311.00 Civil works construction cost 17,233.00 Consultant fee 619.00 Total 19,163.00 Details of the operation results of the construction of the MRT Green Line Project: Bearing - Samut Prakan Section are shown in Table 2. Table 2: MRTA Projects under Construction Entry Contract Price (Million Baht) Disbursement (Million Baht) * * Land Con- Consul- Total Consultant Land Con- Consul- Total Consultant Acquisition struction tant Fee Acquisition struction tant Fee Cost Cost Fee Cost Cost Fee Construction of the MRT Green Line Project: Bearing - Samut Prakan Section Consultant fee for preparation of report on analysis study for projects under the Private Participation in State Undertaking Act B.E. 2535 (1992) – TESCO MAA Consortium 1,311.00 1,311.00 **2.49 1,123.21 1,123.21 **2.07 Project consultant fee GBSC 603.61 603.61 586.03 586.03 Consultant fee for selection of civil works contractor, investor in M&E systems and service provider of train operation **13.98 **5.86 Contract 1 - Construction of elevated structure (CH. Karnchang) 14,088.60 14,088.60 11,361.34 11,361.34 Contract 2 - Trackwork (CH. Karnchang) 2,400.00 2,400.00 1,790.70 1,790.70 Total 1,311.00 16,488.60 603.61 18,403.21 1,123.21 13,152.70 586.03 14,861.28 Engagement of consultants in accordance with the cabinet resolution beyond the investment credit limit **Consultant fee beyond the investment credit limit (Used for payment from MRTA’s income) 158 Annual Report 2 0 1 6 7.31.1(3) The MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section Project period : June 2008 - February 2020 The Cabinet resolution on 27 November 2008 approved an investment credit limit for the MRT Green Line Project: Mo Chit - Saphan Mai Section in the amount of 21,789 million baht. On 9 March 2010, MRTA acknowledged the result of the Office of Transport and Traffic Policy and Planning (OTP) Committee Meeting held on 8 February 2010 regarding their approval in principle for the route extension of the MRT Green Line Project from Mo Chit - Saphan Mai Section to be Mo Chit - Saphan Mai - Khu Khot Section and for relocation of the depot located in the south of Don Mueang Airport to Khu Khot Sub-District. MRTA was assigned to be responsible for the project implementation accordingly. The cabinet resolution on 15 October 2013 approved additional investment credit limit for the MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section in the amount of 38,165 million baht. Investment credit limits include: Investment Credit Limit (Million Baht) Land acquisition cost (including survey cost) 7,878.00 Civil works construction cost 29,225.00 Consultant fee 1,062.00 Total 38,165.00 Details of the operation results of the MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section are shown in Table 3. Table 3: MRTA Projects under Construction Entry Contract Price (Million Baht) Disbursement (Million Baht) * * Land Con- Consul- Total Consultant Land Con- Consul- Total Consultant Acquisition struction tant Fee Acquisition struction tant Fee Cost Cost Fee Cost Cost Fee Construction of the MRT Green Line Project: Mo Chit - Saphan Mai - Khu Khot Section Consultant fee for preparation of report on analysis study for projects under the Private Participation in State Undertaking Act B.E. 2535 (1992) - TESCO MAA Consortium 7,878.00 7,878.00 **2.49 3,785.12 3,785.12 **2.07 Consultant fee for selection of civil works contractor, investor in M&E systems and service provider of train operation **13.98 **1.66 Consultant fee for project and construction supervision PMCSC 1,310.74 1,310.74 322.32 322.32 Contract 1 - Construction of elevated structure (ITD) 15,269.00 15,269.00 2,028.90 2,028.90 Contract 2 - Construction of elevated structure (UN-SH-CH) 6,657.00 6,657.00 851.32 851.32 Contract 3 - Construction of depot and Park & Ride Buildings (STEC-AS-3) 4,019.00 4,019.00 507.08 507.08 Contract 4 - Trackwork STEC-AS-4 2,841.00 2,841.00 441.27 441.27 Total 7,878.00 28,786.00 1,310.74 37,974.74 3,785.12 3,828.57 322.32 7,936.01

Engagement of consultants in accordance with the Cabinet resolution beyond the investment credit limit **Consultant fee beyond the investment credit limit (Used for payment from MRTA’s income) 7.31.1(4) The MRT Orange Line Project: Thailand Cultural Centre - Min Buri (Suwinthawong) Section Project period: July 2010 - June 2022 The cabinet resolution on 8 December 2015 approved MRTA to carry out the MRT Orange Line Project: Thailand Cultural Centre - Min Buri (Suwinthawong) Section and an investment credit limit for land acquisition as well as land survey. The implementation of civil works construction was approved following the cabinet resolution on 19 April 2016. Investment credit limits include: 159 Annual Report 2 0 1 6 Investment Credit Limit Cabinet Resolution Date (Million Baht) Land acquisition cost (including survey cost) 9,625.00 8 December 2015 Civil works construction cost 80,118.00 19 April 2016 Consultant fee for project management and civil works supervision 2,789.00 19 April 2016 Total 92,532.00 Details of the operation results of the project construction are shown in Table 4. Table 4: MRTA Projects under Construction Entry Contract Price (Million Baht) Disbursement (Million Baht) Land Construction Consultant Total Land Construction Consultant Total Acquisition Cost Fee Acquisition Cost Fee Cost Cost Construction of the MRT Orange Line Project: Thailand Cultural Centre - Min Buri (Suwinthawong) Section 9,625.00 9,625.00 1.66 1.66 Consultant fee for feasibility study, project design and preparation of tender documents 208.90 208.90 175.05 175.05 Total 9,625.00 208.90 9,833.90 1.66 175.05 176.71

7.31.1(5) The MRT Pink Line Project: Khae Rai - Min Buri Section Project period: July 2010 - August 2020 On 9 March 2010, the Cabinet passed a resolution to acknowledge the result of the Office of Transport and Traffic Policy and Planning (OTP) Committee Meeting No. 1/2553 held on 8 February 2010, calling for MRTA to transfer and change the 2009 fiscal year budget of the study and design project on MRT system network along Ratchadaphisek Road in the amount of 400.00 million baht to be used for feasibility study, project design, preparation of tender documents and report on analysis study for projects in compliance with the Private Participation in State Undertaking Act B.E. 2535 (1992) of the MRT Pink Line Project: Khae Rai - Min Buri Section for the project preparedness prior to carrying out the procedures under pertinent laws. The cabinet resolution on 29 March 2016 approved the implementation of the monorail system for the MRT Pink Line Project with the PPP Net Cost scheme for private investment. The public sector will invest in land acquisition while the private sector will invest in civil works, M&E systems, rolling stock as well as consultation fee and manage O&M services of the project. Investment credit limits include:

Investment Credit Limit Cabinet Resolution Date (Million Baht) Land acquisition cost 6,847.00 29 March 2016 Civil works construction cost 20,135.00 29 March 2016 Consultant fee for feasibility study, project design and preparation of tender documents of the MRT Pink Line Project: Khae Rai - Min Buri Section 35.00 Total 27,017.00 Details of the operation results of the project construction are shown in Table 5. Table 5: MRTA Projects under Construction Entry Contract Price (Million Baht) Disbursement (Million Baht) Land Construction Consultant Total Land Construction Consultant Total Acquisition Cost Fee Acquisition Cost Fee Cost Cost Construction of the MRT Pink Line Project : Khae Rai - Min Buri Section 6,847.00 6,847.00 Consultant fee for study, revision and preparation of tender documents 34.00 34.00 22.79 22.79 Total 6,847.00 34.00 6,881.00 22.79 22.79 160 Annual Report 2 0 1 6 7.31.1(6) The MRT Yellow Line Project: Lat Phrao - Samrong Section Project period : October 2011 - August 2020 Bureau of the Budget (BOB) issued a letter marked Most Urgent No. NoRo 0711/2539 dated 3 December 2012 to approve the appropriateness of the consultant fee of The MRT Yellow Line Project: Lat Phrao - Samrong Section with the budget of 162,208,780 million baht by disbursing the money from the expenditure budget for fiscal year 2012. The cabinet resolution on 29 March 2016 approved the implementation of the monorail system for the MRT Yellow Line Project with the PPP Net Cost scheme for private investment. The public sector will invest in land acquisition while the private sector will invest in civil works, M&E systems and rolling stock as well as consultation fee and manage O&M services of the project. Investment credit limits include: Investment Credit Limit Cabinet Resolution Date (Million Baht) Land acquisition cost 6,013.00 29 March 2016 Civil works construction cost 22,354.00 29 March 2016 Consultant fee for feasibility study, project design, and preparation of tender documents of the MRT Yellow Line Project: Lat Phrao - Samrong Section 162.21 Total 28,529.21 Details of the operation results of the project construction are shown in Table 6. Table 6: MRTA Projects under Construction Entry Contract Price (Million Baht) Disbursement (Million Baht) Land Construction Consultant Total Land Construction Consultant Total Acquisition Cost Fee Acquisition Cost Fee Cost Cost Construction of the MRT Yellow Line Project: Lat Phrao - Samrong Section 6,013.00 6,013.00 Consultant fee for study, revision and preparation of tender documents (BMYT) 124.45 124.45 90.04 90.04 Total 6,013.00 124.45 6,137.45 90.04 90.04

7.31.2 MRTA projects under analysis study, with expenses relating to consultant fee are detailed as follows: Entr Contract Price Disbursement (Million Baht) (Million Baht) 1. Construction of the MRT Purple Line Project Bang Yai - Rat Burana : Tao Pun - Rat Burana Section Consultant fee for feasibility study, project design and preparation of tender documents for extension and new line projects (BMTD) *588.07 *164.43 Consultant fee for feasibility study, project design and preparation of tender documents for extension and new line projects (BMTP) 137.61 90.23 Consultant fee for feasibility study, project design and preparation of tender documents for extension and new line projects, additional agreement no. 2 (BMTP) 30.00 12.13 2. Construction of the MRT Orange Line Project : Bang Kapi - Section Consultant fee for feasibility study, project design and preparation of tender documents for extension and new line projects (BMTD) *588.07 *197.32 3. Construction of the MRT Blue Line Project : Bang Khae - Phutthamonthon Sai 4 Section Consultant fee for feasibility study, project design and preparation of tender documents for extension and new line projects 44.31 33.86 Engagement of consultant beyond the investment credit limit *Consultant fee under the cabinet resolution on 15 August 2006 No.1 and 2 projects share the same contract

7.32 Date of Authorization of Financial Statements for Issue The Governor of Mass Rapid Transit Authority of Thailand authorized for publishing MRTA Financial Statements on 20 June 2017. ANNUAL REPORT 2016 Mass Rapid Transit Authority of Thailand

Annual Report 2016 Mass Rapid Transit Authority of Thailand

METRO LIFE WE ELEVATE WE ELEVATE MRTA : MRTA Facebook Fanpage : การรถไฟฟ้าขนส่งมวลชนแห่งประทศไทย www.mrta.co.th 175 Rama IX Road, Huai Khwang, Bangkok 10320 โทรศัพท์ 0 2716 4000 โทรสาร 0 2716 4019 175 ถนนพระราม 9 เขตห้วยขวาง กรุงเทพมหานคร 10320 Mass Rapid Transit Authority of Thailand การรถไฟฟ้าขนส่งมวลชนแห่งประเทศไทย