Thailand Railway Industry Overview and Opportunities

Thailands Railway Industry
Overview and Opportunities for

Foreign Businesses
February 2014
CONFIDENTIAL AND PROPRIETARY

Any use of this material without specific permission of UMI Asia (Thailand) Ltd. is strictly prohibited
OVERVIEW DOC ID
Executive Summary Current Railway Sector: Thailand (1/2)

UMI ASIA Ltd. has conducted this research study for Swiss Rail to examine the railway industry in Thailand, as part of a series of
studies on the railway market in Southeast Asia. This project is aimed at providing insight into the opportunities and challenges
prevalent in the Thai railway sector. For this, thorough desk research has been conducted to examine the current railway industry
and future expansion plans.
We begin our research by examining the business climate in Thailand, including a brief overview of the economic prospects,
political developments and relevant infrastructure quality of the country.
Thailand has enjoyed a strong economic growth of 7.6% from 2008 to 2012. Despite the current political climate, this strong
Working Draft - Last Modified 7/29/2011 8:36:50 PM

positive trend is expected to continue, with forecasted GDP growth of 4% - 5% in 2014.
Thailand has undergone multiple political reforms in the past decade, with the current political tension continuing beyond the
February 2014 election. The uncertain political climate has put on hold several government projects, posing a risk for
investment.
The overall quality of infrastructure in Thailand is one of the most developed in the region, with the exception of railways.
The government plans to invest heavily in the improvement of the current underdeveloped rail infrastructure, providing a
major opportunity for investment.
Next, we examine the current railway industry, including existing operators, track infrastructure and rolling stock.
! The national rail network expands through major provinces in Thailand with capital city, Bangkok, the only province with urban
mass transit train systems
Printed
! There are 4 rail operators in Thailand, 3 of which operate the Bangkok mass transit system
State Railway of Thailand (SRT) is state-owned and the national rail operator in Thailand
Total track length of 4,035 km, running on 1,000 mm track gauge (meter gauge)
Active rolling stock include 253 locomotives, 1,244 passenger coaches, 5,041 freight wagons
SRT Electrified Train (SRTET) is a subsidiary of SRT, operating the Airport Rail Link in Bangkok
Total track length of 28.6 km, running on 1,435 mm track gauge (standard gauge)
Uses electric trains from Siemens, operating a total of 9 trains
Bangkok Mass Transit System Company Limited (BTSC) operates the BTS Skytrain in Bangkok
Total track length of 36.75 km, running on 1,435 mm track gauge (standard gauge)
Uses electric trains from Siemens (35 units) and CNR (12 units)
Bangkok Metro Public Company Limited (BMCL) operates the MRT subway trains in Bangkok
Total track length of 20 km, running on 1,435 mm track gauge (standard gauge)
Rolling stock compose of 19 trains from Siemens
UMI Asia (Thailand) Ltd. | 1

OVERVIEW DOC ID
Executive Summary Challenges and Future Prospect: Thailand (2/2)
Several challenges have also been revealed in our study of the railway industry.
SRTs fleet is ageing with more than 60% of locomotives at least 30 years old. The ageing fleet and
track infrastructure has contributed to frequent accidents and train derailments in Thailand.
State-enterprises such as SRT and SRTET are struggling with financial losses and speculation of
corruption that have increased public scrutiny over government mega-projects
Mass rapid transit system in Bangkok struggle to meet demands as the MRT and BTS do not reach

outer Bangkok. Technical problems are also common.
Expansion plans within Bangkok requiring the expropriation of land have also faced local resistance
The success of the much needed improvement and expansion of rail networks in Thailand will depend
on the parliaments approval of the governments THB 2.0 trillion Infrastructure Investment
Program. The future of railways in Thailand is composed of high speed rail networks and double-
track rails to increase efficiency of freight and passenger traffic. Bangkok will also see an effective
mass transit train system that will connect the entire Bangkok Metropolitan Region.
Four high speed rail routes are planned throughout the country: (1) Bangkok Chiang Mai; (2)
Printed
Bangkok Rayong; (3) Bangkok Nong Kai; (4) Bangkok Padang Besar
Six double-track rail network projects are planned to increase the speed of freight and passenger
transport
In Bangkok, ten mass rapid transit rail lines are planned to connect outer Bangkok to the city center,
including the extension of two existing MRT and BTS lines
Train operators also plan to increase their rolling stock to boost capacity

DOC ID
Contents

Thailand Country overview and economic
outlook
Overview of the Thai railway sector
Printed
National Railway
Urban Transport

COUNTRY OVERVIEW DOC ID
Thailand is the 2nd largest economy in ASEAN after Indonesia
Country Key Facts
! Total Area: 513,120 sq km

! Administrative divisions: 77 provinces
! Capital City: Bangkok

! Shares border with: Myanmar, Laos,
Cambodia, Malaysia
Population: 67,448,120 (July 2013 est.)

Population growth rate: 0.52% (2013 est.)
! Ethnic groups: Thai 75%, Chinese 14%,
Others 11%
! Languages: Thai, English (secondary
Printed
language, business language), ethnic and
regional dialects
Unemployment rate: 0.7% (2012 est.)

Inflation rate: 3% (2012 est.)
Total GDP: USD 366,076.10 million (2012
est.)
GDP growth: 7.64 % CAGR (2008-2012)
Corporate Income Tax: 10-23%
Source: Central Intelligence Agency UMI Asia (Thailand) Ltd. | 4

Despite political unrest in 2010 and a major flood in 2011, Thailand had an
average annual GDP growth rate of 7.6% from 2008 to 2012
GDP Thailand 2008 2012

(USD Billion)
! GDP in 2012 was

400

391-395 worth USD 365.6 billion
390
! Average growth rate
380 377
throughout the past 5
370 366 +4.0-5.0% years was 7.6%
360 3.0% ! This growth was
350 346 despite major setbacks
340 +7.6% of political unrests in
2010, as well as a
330
319 major flood catastrophe
320 in 2011 which affected
Printed
310 major parts of the
300 country, especially
290 industrial areas
280 273 ! Expected growth in
270 266 2014 is 4.0-5.0%
260
10
0
2008 2009 2010 2011 2012 2013E 2014E
Source: World Bank UMI Asia (Thailand) Ltd. | 5

In addition to strong economic growth, Thailand is also an attractive

investment location in Asia with a very business-friendly environment
World Bank ease of doing business 2013 AT Kearny Global Services Location Index 20111
(Source: World Bank) (Source: AT Kearny)
Country 2013 Ranking Country 2011 Ranking

Singapore 1 Malaysia 3

Malaysia 12 Indonesia 5
Thailand 18 Thailand 7
Brunei 79 Vietnam 8
China 91 Philippines 9
Vietnam 99 Singapore 32
Indonesia 128
Printed
Cambodia 133
Philippines 138
Laos 163
Thailand ranked globally among the top Thailand is among the top countries in the
10% of countries in terms of ease of world in terms of services, with a strong and
doing business continuously improving IT infrastructure
1 Study analyzes and ranks the top 50 countries worldwide as the best destinations for providing outsourcing activities, including IT services and
support, contact centers and back-office support
Source: World Bank, AT Kearny UMI Asia (Thailand) Ltd. | 6

The overall infrastructure of Thailand is among the highest ranked in

Southeast Asia, with only rail infrastructure still lagging behind
Quality of Infrastructure
(Ranking out of 148 countries)
Region Country Overall Rail Roads Port Air Currently, the quality of

roads and air transport in
Thailand 61 72 42 56 34 Thailand are among the
highest ranked in Asia
Indonesia 82 44 78 89 68 Pacific
Southeast
Asia Vietnam 110 58 102 98 92 Thailand is, however,
behind in its railway
Myanmar 146 104 138 136 146 development compared to
other selected Southeast
China 74 20 54 59 65
Printed
Asia Asian countries
Pacific India 85 19 84 70 61 The government is
dedicating approximately
Switzerland 1 2 8 40 7 80% of their THB 2.0 trillion
Europe infrastructure development
Germany 10 7 11 9 8
plans to railway expansion
North United States 19 17 18 16 18 projects, to be completed
America in 2020
Source: World Economic Forum: Global Competitiveness Report 2013 UMI Asia (Thailand) Ltd. | 7
Thailands political system is a constitutional monarchy

Political System in Thailand Current Political Situations
! Government type: Constitutional ! Demonstrators in Bangkok seeking to oust Prime

Monarchy Minister Yingluck Shinawatra sparked the most violent
Executive branch: anti-government clashes in more than three years
- Chief of State: King Bhumibhol ! Thai Prime Minister Yingluck Shinawatra has dissolved

Adulyadej (since 9 June 1946) parliament in December 2013
- Head of Government: Prime ! Thai government proposed new election in February
Minister Yingluck Shinawatra 2014 with opposition from the anti-government
- Cabinet: Council of Ministers protestors
Legislative branch:
- Bi-cameral National Assembly or
Political Effects to Thai Economy
Rathasapha consisting of the
House of Representatives and Despite facing a number of political challenges,
Printed
the Senate Thailand has made great progress in social and
Judicial branch: economic issues
- Independent of the executive Economic growth forecast for 2014 is approximately
and the legislative branches 4.8% (Bank of Thailand)
- Constitutional Court plays a
major role in protecting the Potential impact on the schedule of government
constitution mega-projects and foreign investments
However, any government can be expected to
proceed with infrastructure expansion projects
Source: Central Intelligence Agency, Bangkok Post Dec 2013 UMI Asia (Thailand) Ltd. | 8
Opportunities With strong FDI policies in place, Thailand holds many

opportunities for future foreign investments
Description
As the 2nd biggest economies in the ASEAN region, Thailand is a good

Realization of the gateway to the rest of the region
ASEAN Economic One of the key priorities in the actualization of AEC is ASEAN connectivity.
Community in 2015 Future rail networks will connect the entire region with linkages to special

economic zones and ports
Under the government infrastructure investment program of THB 2.0 trillion,

Thailands modal shift more than 80% is allocated to railways
from road to rail The key focus of this program is to cause a modal shift from road to rail
transport transport in order to increase the efficiency of freight transport and to decrease
overall logistics cost in the country
Strong upward trend in passenger ridership for mass transit trains in Bangkok
Printed
Despite strong rankings in quality of roads and air transport, Thailand is behind
Currently in railway developments
underdeveloped rail This offers many opportunities for railway solution providers to offer their
infrastructure products, not just for new infrastructure development, but also for upgrades
of existing tracks and rolling stock
According to a survey for the ease of doing business (2013) conducted by

High rankings for World Bank, Thailand ranked 18th globally and 3rd in ASEAN
ease of doing Availability of highly skilled labor
business Thailand is well located to facilitate cargo transportation as it has access to
multiple sea ports. Future improvements of railway to enhance logistics will
further push Thailand to be the logistics hub of ASEAN
Source: Team analysis UMI Asia (Thailand) Ltd. | 9

Risks Despite various opportunities in Thailand, the country also faces

some challenges
Description
Several political unrests have erupted in Thailand in the past decade,

causing some delays in government mega projects
Political uncertainty Decrease in GDP growth forecast from 5% to 4.8% due to decrease in

exports following political unrest
According to the Corruption Perceptions Index 2013, Thailand ranked

102 out of 177 countries. In ASEAN, Thailand ranks below Brunei,
Corruption Singapore, Malaysia and the Philippines in corruption level
Local networks are fundamentally important to conducting business in
Thailand
Printed
DOC ID
Contents

Thailand Country overview and economic outlook
Printed
National Railway
Urban Transport

OVERVIEW OF THE THAI RAILWAY SECTOR DOC ID
The history of railway in Thailand goes back 123 years

Year Event
1891 Royal Proclamation for to the construction on the first state railway line in Siam from
Bangkok to Nakhon Ratchasima in the Northeast
Foundation Laying ceremony, presided over by H.M. King Chulalongkorn (Rama V)
on March 9, 1891
Construction undertaken by British engineers under G.M. Campbell
1894 First rail service between Bangkok and Ayutthaya on March 26, 1894

Bangkok Tram service installed in late 1890s and continuously expanded
1917 Two parallel systems of 1000 mm gauge (Southern Railway Department) and 1435
mm gauge (Northern Railway Department) co-exist
On June 5, 1917, Northern and Southern Railway Departments were merged to form
the Royal State Railway of Siam (RSR)
1920 Royal Decision to standardize the track gauge to be 1000 mm, with conversion to be
completed within 10 years
1945 Most of Thailands railway infrastructure is destroyed through air-raids during World
War II
Printed
1951 Royal State Railway of Siam becomes a state enterprise and is renamed to State
Railway of Thailand (SRT)
1968 Bangkoks Tram service is cancelled due to low passenger traffic
1999 Bangkok Mass Transit System (BTS; also called Skytrain), mainly built to alleviate
heavy traffic in the city, starts operation on December 5, 1999; the service is operated
by Bangkok Mass Transit System Public Co. Ltd. (BTSC)
2004 Bangkoks underground train, Metropolitan Rapid Transit (MRT) starts operation on
July 3, 2004; the service is operated by privately-owned Bangkok Metro Company
Ltd. (BMCL)
2010 Bangkoks Airport Rail Link, operated by SRT, starts services between the city
center and Suvarnabhumi International Airport
Source: State Railway of Thailand; Web research UMI Asia (Thailand) Ltd. | 12
Thailands rail system has continuously grown over time, and is about to
face another major expansion
Future outlook
Development of track km over time
(kilometer of tracks in Thailand) Significant expansion of railway
tracks by 67% compared to current
network

Government plans to build high-
speed railway connections to
major cities within Thailand:
+67% Phase 1: Bangkok Nakhon
Rachasima (260km)
Phase 2: Bangkok
Chiangmai (700km)
Printed
Phase 3: Bangkok Hua Hin
(200km)
Future plans for further expansion
to connect neighbouring countries:
Bangkok Vientiane / Laos
(615km)
Bangkok Padang Basar /
1868 1910 1924 1946 2013 2017e 2020e Malaysia (980km)
Source: State Railway of Thailand, Reuters UMI Asia (Thailand) Ltd. | 13

There are 4 railway operators in Thailand (1/2)

State Railway of Thailand Electrified Train
State Railway of Thailand (SRT)
(SRTET)
Brief description Brief description
State-owned rail operator with nation-wide Subsidiary of the state-owned rail operator SRT
connections to major cities in Thailand operating only in Bangkok
Operating train services since 1890 Operates the Airport Rail Link train system

The SRT operates all of Thailand's national rail which connects Suvarnabhumi Airport to central
lines, with Hua Lamphong (or Krungthep Bangkok since 2010
Station) being the main passenger terminal for
all routes
Operations Operations
Currently, total track length of 4,035 km, Currently, total track length of 28.6 km
connecting the North, Northeast, East, and connecting only Suvarnabhumi Airport to central
South of Thailand Bangkok
Printed
Extension of 1,160 km planned and additional Plans to extend the Airport Rail Link to Don
1,595 km under discussion Mueng Airport
Active fleet of 483 tractive stock: Train fleet consists of the Siemens Desiro class
222 Diesel Electric Locomotives 360/2
31 Diesel Hydraulic Locomotives Total of 9 trains in operation
230 Diesel Multiple Units
Source: State Railway of Thailand; BTS; MRTA; Web research UMI Asia (Thailand) Ltd. | 14
There are 4 railway operators in Thailand (2/2)

Bangkok Mass Transit System Company Bangkok Metro Public Company Limited
Limited (BTSC) (BMCL)
Brief description Brief description
Subsidiary of BTS Group Holdings under a Under a concession granted by the Mass Rapid
concession granted by the Bangkok Transit Authority of Thailand (MRTA)
Metropolitan Administration (BMA) Operates the MRT underground rapid transit

Operates the BTS elevated rapid transit system system serving the Bangkok Metropolitan
serving the Bangkok Metropolitan Region Region
In operation since 1999 In operation since 2004
Operations Operations
Total track length 36.75 km with 2 lines Total track length 20 km with currently only one
between Central Business District and line, connecting Hua Lamphong central train
surrounding areas in 4 directions (N, W, E, S) station with the Central Business District and
Printed
Rolling stock from Siemens (35 trains, since northern suburbs
1999) and China Northern Railway Rolling stock from Siemens (19 trains, since
Bombardier Joint Venture (12 trains, since 2004)
2010)
Source: State Railway of Thailand; BTS; MRTA; Web research UMI Asia (Thailand) Ltd. | 15
OVERVIEW OF THE THAI RAILWAY SECTOR Government Bodies
DOC ID
Three governing bodies oversee Thailands railway systems State Enterprises

Private Companies
National Bangkok
Subsidiary
MOT
Future
Ministry of Transport
Governing Bodies
BMA
Bangkok Metropolitan

Administration
MRTA
Mass Rapid Transit
Authority
Operators
Printed
SRT SRTET BMCL BTSC
State Railway of SRT Electrified Train Bangkok Metro Public Bangkok Mass Transit
Thailand Company Limited System Company
Limited
Train systems
National Rail High Speed Train Airport Rail Link MRT BTS
(Underground Train) (Skytrain)

Relevant entities in Thailands railway system have clearly defined roles

Entity Roles / Responsibilities Relevance
Ministry of Transport (MOT) ! Policy maker for transportation-related business, traffic ! Oversees all
planning, transport infrastructure transport activities
! Propose transport projects to parliament and related
agencies
Governing Bodies
Mass Rapid Transit Authority (MRTA) ! Study, analyze, and formulate projects concerning mass ! Provides

rapid transit in Bangkok and its vicinity (as well as other concession to
appointed provinces) BMCL (25%
! Project owner of most Bangkok mass transit lines owner)
Bangkok Metropolitan Administration ! Formulate and implement policies regarding the ! Provide
(BMA) management of Bangkok: transport services, urban concession to
planning, waste management, housing, roads and BTSC
highways, security services and the environment.
! Project owner of several Bangkok mass transit lines
Regulators
Office of Transport and Traffic Policy ! Planning of policies, safety, unity of national transport ! Regulators
and Planning (OTP) ! In accordance to the policies of Ministry of Transport
Printed
Department of Land and Transport ! Systemize, regulate land transport, implement plans ! Regulators
(DLT)
State Railway of Thailand (SRT) ! Operator of national railways and future high speed trains ! National railway
operator
SRT Electric Train (SRTET) ! Operator of the Airport Rail Link that connects central ! Subsidiary of SRT
Operators
Bangkok to Suvarnabhumi Airport

Bangkok Metro Public Company ! Operator of the MRT (underground train) in Bangkok ! MRT operator
Limited (BMCL) ! Other business segments: commercial development
Bangkok Mass Transit System ! Operator of the BTS (skytrain) in Bangkok ! BTS operator
Company Limited (BTSC) ! Other business segments: property, media, services
Source: Ministry of Transport; Web research UMI Asia (Thailand) Ltd. | 17

The Thai railway sector faces several challenges, which is reflected in the
low international ranking of rail infrastructure quality
Quality of Infrastructure
(Ranking out of 148 countries)
Country Rail Road Port Air Overall

! The SRTs trains are very old and run mostly
Japan 1 12 30 37 14
on single-track rails; average train speeds
are only 39 km/hour for freight and 60 km/ Switzerland 2 8 40 7 1
hour for passenger trains Hong Kong 3 5 3 2 2
! Train delays are common due to under- Singapore 10 7 2 1 5

maintained tracks Malaysia 18 23 24 20 25
! The Bangkok mass rapid transit system are
Printed
Indonesia 44 78 89 68 82
only concentrated in the CBD, with a reach
Vietnam 58 102 98 92 110
of only 7.6 km per million people
Thailand 72 42 56 34 61
! Safety is a major concern, with several train
Philippines 89 87 116 113 98
derailments each year
Myanmar 104 138 136 146 146
Source: Global Competitiveness Report (WEF); Office of Transport and Traffic Policy and Planning (OTP) UMI Asia (Thailand) Ltd. | 18
Within the Governments THB 2.0 trillion Infrastructure Investment

Program, a major portion will go to railway projects
Out of the Governments THB 2.0 trillion
infrastructure program 83% are allocated to railway projects
Key Points: 100% = THB 2.0 trillion (USD 66.7 bn)

Plan to secure 2.0 trillion baht by year 2020

for transportation infrastructure development Water Others
Key focus is to cause a modal shift from Road 1%
road to rail transport 2%
Key Objectives:
Cut logistics cost from 15.2% to 13.2% of
GDP
Create 1.6mn jobs
Annual GDP growth of 1%
Printed
Details:
Rail expansion is split into 3 types of
projects (High Speed Rail, Double Tracks, 83%
and Urban Transport) Rail
Road projects include the construction of
highways, bridges, and railway crossings
THB 1.66 trillion (USD 55.3 billion) to be
Status: Awaiting approval of bill by Parliament used for rail network
Source: Ministry of Transport; Web Research, Phatra Securities UMI Asia (Thailand) Ltd. | 19
Railway expansion projects can be broken down into 3 groups of projects

Breakdown of rail budget allocation1 Major expansion projects (2013-2020)
High Speed Trains
100% = THB 1.66 trillion (USD 55.3 bn) Project owner: SRT (initially, then spun off as separate)2
Track length: 1,447 km
Connectivity: (1) BKK-Chiang Mai, (2) BKK-Nong Kai, (3)
BKK-Rayong, (4) BKK-Padang Besar

Planned spent for expansion: approximately THB 780
BKK Mass billion (USD 26 billion)
Transit systems Project Timeline: 2013-2018
High Speed
Trains Double-Track Rail Improvements
28% Project owner: SRT
Track length: 2,857 km by year 2020
47% Connectivity: 43 provinces
Printed
billion (USD 13 billion)
24% Project Timeline: 2013-2020
Double-
Track rail Bangkok Mass Transit Systems
Project owner: SRT, SRTET, MRTA, BMA
Possible operators: SRT, SRTET, BMCL, BTSC
Track length: 421.55 km
Connectivity: 10 lines
billion (USD 16 billion)
Project Timeline: 2013-2020
Source: 1Bangkok Post, 26 July 2013; Web research, 2Phatra Securities, Ministry of Transport UMI Asia (Thailand) Ltd. | 20
Railway expansion will commence promptly after the approval of the

Infrastructure Investment Program by parliament
Activity 2013 2014 2015 2016 2017
! Bidding process for the construction of 3 high-speed rail lines
(BKK-Chiangmai, BKK-Pitsanulok, BKK-Padang Besar)
! Bidding process for 5 double-rail tracks

! Bidding process for new SRT line (Den Chai Chiang Rai Chiang Kong)
! Bidding process for high-speed rail lines to connect Suvanarnabhumi Airport
(via Airport Rail Link) Chonburi Pattaya Rayong
! Bidding process for new SRT line (Baan Pa Chi Nakorn Luang)
! Bidding process for the construction of 6 double-rail tracks
! Bidding process for new SRT line (Baan Pai Nakorn Panom)
! Maintenance and repair of tracks, sleepers, bridges and fences
Bangkok Mass Transit
! Construction of ongoing projects
Printed
Purple line (Bangyai-Bangsue)
Blue line (Hua lamphong-Bangkae and Bangsue-Tha Pra)
Green line (Bearing-samutprakan)
! Bidding process for mass rapid transit lines
(1) Light red line
(2) Dark red line
(3) Green line (Mochit Kukot)
(4) Pink line
(5) Orange line
(6) Yellow line
! Bidding process for mass rapid transit line:
(1) Green line (Samut Prakarn Bang Pu)
(2) Connection of Suvarnabhumi Airport to Don Muang Airport (Bang Sue / Phayathai)
Source: Ministry of Transport; as of 30 July 2013 UMI Asia (Thailand) Ltd. | 21

The majority of spending will happen during 2016-2018

Cumulative spend
Planned investment for transportation infrastructure (2013-2020)
Planned Investment
(THB Billion; Cumulative spend in Percent)
500 100%

471
450 426 90%
400 372 80%
350 70%
300 293 60%
250 50%
Printed
200 172 40%
150
150 30%
95
100 20%
50 10%
0
0 0
2013 2014 2015 2016 2017 2018 2019 2020
Source: Ministry of Transport; as of 30 July 2013 UMI Asia (Thailand) Ltd. | 22

DOC ID
Contents

National Railway
Printed
Urban Transport

STATE RAILWAY OF THAILAND (SRT) DOC ID
Table of Contents

1. General overview
2. Track infrastructure
3. Rolling stock
4. Key statistics and additional information
Printed
5. Current challenges
6. Expansion plans

Company Profile: State Railway of Thailand (SRT)

Company Description
SRT is a state-owned enterprise; in operation since 1890
SRT operates the nation-wide rail network and also owns the SRTET, a subsidiary that Logo
operates the Airport Rail Link in Bangkok
Track data Rolling stock

Track length: 4,035 km Total of 253 locomotives in use, including Diesel
Track gauge: 1,000 mm Electric Locomotives and Diesel Hydraulic
Northern Line, Northeastern Line, Eastern Line, Locomotives
South Line, Mae Klong Total of 1244 passenger coaches in use
Mostly single-track rails Total of 5041 freight wagons in use
Current Budget (THB million)1 Ownership structure (Percent)
Printed
100% = 18,061.27
Remaining budget
State-owned
5%
Liability 16%
100%
Used
79%
1 As of 30 Jun 2013
Source: State Railway of Thailand; Web research, Ministry of Transport: Budget 2556 Presentation UMI Asia (Thailand) Ltd. | 25
Organization Chart of SRT Board of Commissioners

[Ms. Soithip Traisuth]
Governor
[Mr. Prapas Jongsa-nguan]
Governor Bureau
Internal Audit Department [Mr. Surat Dabmai]
[Mr. Kriangkrai Nuchlamyong]
Policy, Planning, Service, Research and

Legal Bureau
Development Bureau
[Mr. Vitoon Sansoen]
[Mr. Aek Sithiwaekin]

Public Relation and Tourism Services
Property Management Bureau
Center
[Ms. Moleemas Chatrakom]
[Ms. Montakarn Sriwilas]
Board of Commissioners, Coordination

Chief Operation
and Secretarial Center
[Mr. Sipith Thetha]
[Mr. Vichai Kasisopa]
Verify Control and Evaluation Division

[Mr. Podchana Vipatawat]
Business Unit Business Unit Business Unit

Deputy Governor Infrastructure 1 Deputy Governor Infrastructure 2 Deputy Governor Administration
Traffic Management Property Management Maintenance
[Mr. Pakorn Tangjaedsakao] [Mr. Kamol Tangkijcharoenchai] [Mr. Viroj Triampongpat]
[Mr. Prachak Manotham] [Mr. Prasert Atthanan] [Mr. Sitthipong Promla]
Civil Engineering Department Signalling and Telecommunications Property Management and Mechanical Engineering
Personnel Department Traffic Department
[Mr. Suprapas Saeneewong Na Department Development Department Department
[Mr. Peerapat Pantrakarn] [Mr. Charaspan Racharothai]
Ayuthaya] [Mr. Soonthorn Balyor] [Mr. Paisarn Subrungroj] [Mr. Narongrit Siwasaroj]
Printed
Special Project and Construction Electrified Rail Management Finance and Accounting
Marketing Department
Department Bureau Department
[Mr. Worawuth Mala]
[Mr. Charae Rungthanee] [Mr. Sitthichai Boonsermsuk] [Mr. Peeradej Nukwan]
Information System Department Container Transport Bureau

[Mr. Awirut Thongnet] [Mr. Kanuan Kamnak]
Stores Department
[Mr. Thaweesak Sutthiserm ]
Medical Bureau
[Dr. Laksamee Riankittiwat]
SRTET Co., Ltd.
Airport Rail Link
Risk Management Center

[Ms. Suwan Kliangpraneet]
Railway Police Division

[Pol.Maj.Gen. Surapong
Siripakdee]
Table of Contents

1. General overview
3. Rolling stock
Printed
6. Expansion plans

SRTs total rail network covers 4,035 km of track

Current route network
Northern Route
Track length: 781 km
Key Cities: Ayutthaya, Lopburi, Pitsanulok, Chiangmai
Connection frequency: 23 times per day
Travel duration: ~12 hours (BKK-Chiangmai)

Northeastern Route
Key Cities: Saraburi, Nakhon Ratchasima, Ubon Ratchathani, Konkaen, Udon
Thani, Nongkhai
Travel duration: ~13 hours (BKK-Nong Khai)
Eastern Route
Track length: 527 km
Key Cities: Chachoengsao, Chonburi, Pattaya, Sattahip
Printed
Travel duration: ~4 hours (BKK-Pattaya)
Southern Route
Key Cities: Chumphol, Surat Thani, Hat Yai (on to Singapore)
Travel duration: ~22 hours (BKK-Sungai Kolok)
Mae Klong Route
Track length: 65 km
Key Cities: Samut SongKhram
Travel duration: ~1 hour (Ban Leam-Mae Klong)
Out of SRTs 4,035 km of track, 93% are currently single track

Thailands track infrastructure by type1
(Track km)
107
173

Printed
Single Track Double Track Triple Track Total
93% 4% 3% 100%
1 Numbers as of 2009; excludes commercial tracks / separate track systems
Most sleepers are mono concrete block type sleepers

Breakdown of sleepers by type1 Sleeper count
(Track km) (Number)
Wooden
1,539 2,565,002

block
Mono
concrete 2,637 4,794,889
block
Printed
Two
concrete 253 459,304
block
Total 4,429 7,819,195
In main routes, most of the old rails are 70 pound-type, while new rails are
100 pound-type
Breakdown of rails by type1 Age
(Track km) (Years)
Main Routes
50 Pound >47

60 Pound 335 >44
70-75 Pound 1,738 45
Printed
80-85 Pound 811 34
100 Pound 1,423 4-10
Total 4,364
More than half of the rails in Mahachai Mae Klong Route are 50-60 pound-
type, all of which are over 40 years old
Breakdown of rails by type1 Age

(Track km) (Years)

Mahachai Mae Klong Route
50-60 Pound >40
Printed
70 Pound 41
Total
Table of Contents

1. General overview
3. Rolling stock
Printed
6. Expansion plans

For tractive stock, SRT has a total of 253 locomotives in use
Tractive Stock
Diesel Electric Locomotive Total In Use Age (Years)

! GEA 38 36 16
! HID 22 21 19

! ADD 20 19 27
! ALD 8 8 29
! AHK 30 29 31-32
! ALS 46 46 37-38
! GE 46 46 45-48
! DA.500 14 14 57-60
! DA.1000 3 3 56-57
Total 227 222
Printed
Diesel Hydraulic Locomotive Total In Use Age (Years)
! KP 14 14 43
! HE 6 6 48
! HU 1 1 47
! HAS 10 10 26-27
Total 31 31
Source: State Railway of Thailand; fiscal year 2012 UMI Asia (Thailand) Ltd. | 34
For tractive stock, SRT has a total of 230 Diesel Multiple Units in use
Tractive Stock
Diesel Multiple Units Total In Use Age (Years)

! HI-Renovate 63 63 41-45
! THN 40 38 29

! NKF 62 62 27
! ATR 11 11 27
! ASR 20 17 21
! APD.20 12 12 16
! APD.60 20 19 16
! APN.20 8 8 16
Total 236 230
Printed
Fleet age is a major challenge for SRT, with most of its tractive stock
between 26-30 years old
Age profile of SRTs tractive stock
(Number of locomotives and DMUs per age group)

Printed
15 years 16-20 21-25 26-30 31-35 36-40 41-45 46-50 >50 years
or less years years years years years years years
Details on SRTs Locomotive fleet (1/5)

CM22-7i (GEA) 4523-4560 8FA-36C (HID) 4501-4522
Technical Details Technical Details

Manufacturer: General Electric Manufacturer: Hitachi
Numbers: 4523 4560 Numbers: 4501 4522

Year(s) built: 1995-1996 Year(s) built: 1993
Quantity: 38 Quantity: 22
Horsepower: 2,860 (2 x 1,430) Horsepower: 2,860 (2 x 1,430)
Max Speed: 100 km/h Max Speed: 100 km/h
Note: Second batch of Main Line Note: First batch of Main Line
Locomotive Programme, use Locomotive Programme, used
Cummins KTA-50L engine MAN B&W Diesel engine in
Printed
short term, then replaced by
Cummins KTTA-50L engine,
later modified to KTA-50L

AD24C (ADD) 4401-4420 AD24C (ALD) 4301-4309

Manufacturer: Alsthom Manufacturer: Alsthom
Numbers: 4401 4420 Numbers: 4301 4309

Year(s) built: 1985 Year(s) built: 1983
Horsepower: 2,400 Horsepower: 2,400
Note: Fourth and last batch of AD24C Note: Third batch of AD24C
Printed

AD24C (AHK) 4201-4230 AD24C (ALS) 4101-4154

Manufacturer: Alsthom, Henschel, and Krupp Manufacturer: Alsthom
Numbers: 4201 4230 Numbers: 4101 4154

Year(s) built: 1980 Year(s) built: 1974-75
Horsepower: 2,400 Horsepower: 2,400
Note: Second batch of AD24C, built Note: First batch of AD24
under license by Henschel and locomotives
Krupp
Printed

M1500BB (KP) 3101-3130 UM12C (GE) 4001-4050

Manufacturer: Krupp and Krauss-Maffei Manufacturer: General Electric
Numbers: 3101 3130 Numbers: 4001 4050

Year(s) built: 1969 Year(s) built: 1964 and 1966
Horsepower: 1,500 Horsepower: 1,320 (2 x 660)
Note: Diesel Hydraulic Locomotive Note: Plans for refurbishment after
2010
Printed

DH1200BB (HE) 3001-3027
Technical Details
Manufacturer: Henschel
Numbers: 3001 3027

Year(s) built: 1964
Quantity: 27
Horsepower: 1,200
Max Speed: 90 km/h
Note: All locomotives except #3015
are withdrawn; #3026
preserved; Some of them were
Printed
sold to Italian-Thai construction
and rebuilt by Vossloh, rest
were scrapped
Details on SRTs Diesel Multiple Units (1/4)

RTS RHN

Manufacturer: Tokyu Manufacturer: Hitachi
Numbers: D9-D16 (power cars) Numbers: 1011-1028 (power cars)

TS4-TS7 (central/trailer cars) 11-48 (trailer cars)
Horsepower: 220 Horsepower: 220
Note: Ex-Mahachai railways, to be Note: Now used as a Northeastern
refurbished. Similar bodyshell of line commuter train.
THN and NKF but with different
Printed
formation (power car-2 trailer
cars).

THN NKF

Manufacturer: Tokyu, Hitachi, Nippon Sharyo Manufacturer: Nippon Sharyo, Hitachi, Fuji
Numbers: 1101-1140 Heavy Industries, Kawasaki
Heavy Industries, Niigata

Year(s) built: 1983 Takkousho, Kinki Sharyo
Horsepower: 235 Numbers: 1201-1264 (center), 2101-2112
Max Speed: 105 km/h Year(s) built: 1985
Note: Similar to NKF Horsepower: 235
Max Speed: 105 km/h
Note: Similar to THN, but with plastic
chairs
Printed

ASR (Class 158 Express Sprinter) APD.20

Manufacturer: BREL, Derby Works Manufacturer: Daewoo Heavy Industries
Numbers: 2501-2512 (center), 2113-2120 Numbers: 2513-2524 (center), 2121-2128

Horsepower: 285 Horsepower: 298
Note: Metre gauge version of British Note: First batch, narrow body.
Rail Class 158, with different
gangways and couplers. 3-car
set. Some of them have been
refurbished with new seats,
Printed
vinyl floor and new livery

APD.60
Technical Details
Manufacturer: Daewoo Heavy Industries
Numbers: 2525-2544

Year(s) built: 1996
Horsepower: 298
Max Speed: 120 km/h
Note: Second batch, wide body.
Printed
In terms of trailing stock, SRT 6,329 units are in use
Trailing Stock
Freight Wagons Total In Use Age (Years)

! 4-wheels 2322 1919 25-110
! 8-wheels 3310 3117 2-86

! 12-wheels 5 5 20
Total 5637 5041
Passenger Cars Total In Use Age (Years)

! Air conditioned 292 285 15-53
! Non air conditioned 770 766 29-88
! Food selling 60 59 38-83
! Baggage 79 75 31-97
Printed
! Others (non-commercial) 15 15 45-99
Total 1260 1244
Service Cars Total In Use Age (Years)

! Emergency bogie 27 27 59-92
! Track maintenance bogie 17 17 36-97
Total 44 44
Freight wagons are classified into 3 types
Type 1: Covered Goods Wagon

! For goods that may be damaged from exposure to sunlight, wind and
rain or goods that are flammable or dangerous

! 4-wheel cars: for cargo with weight limit of 13,500-15,000 kilograms
! 8-wheel cars: for cargo with weight limit of 25,000-36,000 kilograms
Type 2: Uncovered Goods Wagon

! 4 wheels: for cargo with weight limit of 13,500-15,000 kilograms
Printed
! 8 wheels: for cargo with weight limit of 23,000-28,000 kilograms
Type 3: Specific Job

Details on SRTs Type 1 Freight Wagons (1/2)

Covered Goods Wagon (CG) Bogic Covered Goods Wagon (BCG)

Manufacturer: Fuji Japan Manufacturer: Korea
Model: 150401-151240 Models: 25001-25158

Dimensions: 2300 x 6900 x 3310 mm Dimensions: 2400 x 13200 x 3380 mm
(WxLxH) (WxLxH)
Wheels: 4 Wheels: 8
Weight: 8.90 tons (empty), 23.9 tons Weight: 16.15 tons (empty), 42.85 tons
(full) (full)
Goods weight: Max 13,500-15,000 kg Goods weight: Max 25,000-36,000 kg
Used since: 1965 Used since: 1983
Printed

Salt Wagon (SW) Salt Wagon (SW)

Manufacturer: Yosoki Japan Manufacturer: Belgium
Model: 61-130 Models: 15001-15100

(WxLxH) (WxLxH)
Wheels: 4 Wheels: 4
(full) (full)
Goods weight: Max 13,500-15,000 kg Goods weight: Max 13,500-15,000 kg
Printed

Low Sided Wagon (LS) Low Sided Wagon (LS)

Manufacturer: Japan Manufacturer: Marcor USA
Model: 1177-1381 Models: 1382-1431

(WxLxH) (WxLxH)
Wheels: 4 Wheels: 4
(full) (full)
Goods weight: Max 13,500 kg Goods weight: Max 13,500 kg
Printed

Bogic Low Sided Wagon (BLS) High Sided Wagon (HS)

Manufacturer: N/A Manufacturer: Nippon Shapyo Japan
Model: N/A Models: 15001-15050

(WxLxH) (WxLxH)
Wheels: 8 Wheels: 4
(full) (full)
Goods weight: Max 28,000 kg Goods weight: Max 15,000kg
Used since: 1968-1969 Used since: 1967
Printed

Bogie High Sided Wagon (BHS) Hopper Wagon (HW)

Manufacturer: Australia Manufacturer: N/A
Model: 161-260 Model: N/A

(WxLxH) (WxLxH)
Wheels: 8 Wheels: 4
(full) (full)
Goods weight: Max 26,000-28,000 kg Used since: 1939
Used since: 1962
Printed

Bogie Hopper Wagon (BHW) Bogie Hopper Wagon (BHW)

Manufacturer: Germany Manufacturer: Japan
Model: 27-56 Model: 42101-42120

(WxLxH) (WxLxH)
Wheels: 8 Wheels: 8
(full) (full)
Printed

Low-Sided Tipping Wagon (LT) Bogie Flat Wagon (BFW)

Manufacturer: Taiwan Manufacturer: USA
Model: 15051-15100 Model: 71-255

(WxLxH) (WxLxH)
Wheels: 4 Wheels: 4
(full) (full)
Used since: 1969 Used since: 1947-1951
Printed

Oil-Tank Wagon (OT) Bogie Oil-Tank Wagon (BOT)

Manufacturer: Belgium Manufacturer: N/A
Model: 515001-515010 Model: N/A

Dimensions: 6550 x 3115 mm (LxH) Dimensions: 2425 x 9400 x 1518 mm
Weight: 9.50 tons (empty), 21.00 tons (WxLxH)
(full) Weight: 14.66 tons (empty), 25.00 tons
Used since: 1962-1970 (full)
Goods weight: Max 25,000 kg
Used since: 1953
Printed

Container Flat Wagon (CF) Bogie Container Flat Wagon (BCF)

Manufacturer: N/A Manufacturer: N/A
Model: N/A Model: N/A

Dimensions: 2300 x 6900 mm (LxH) Dimensions: 2400 x 14000 x 3918 mm
Wheels: 4 (WxLxH)
(full) (full)
Used since: 1986 Goods weight: 24,000-38,000 kg

Used since: 1989
Printed

Bogie Cement Hopper Wagon (Pressure Bogie Cement Hopper Wagon (BCS)
Discharge) (BCP)
Manufacturer: China Manufacturer: N/A
Model: 444141-444249 Model: N/A

(WxLxH) (WxLxH)
(full) (full)
Printed

Bogie Heavy Flat Wagon (BFH) Brake Van (BV)

Manufacturer: Belgium Manufacturer: Taipei, Taiwan
Model: 45-110 Model: 15001-15100

(WxLxH) (WxLxH)
(full) (full)
Printed
Table of Contents

1. General overview
3. Rolling stock
Printed
6. Expansion plans

SRT has 8 different train services for passenger transport

Train Types Description
! Type 1: Special Express ! For long distance routes with few stops in key cities
! Currently 10 trains operating this service
! Type 2: Express ! Similar to Special Express service with more freight bogies

! Type 3: Rapid ! For long distance routes with more stops than Express service
! Type 4: Ordinary ! Train service for every national routes, stopping at all stations
! Type 5: Bangkok ! Train service for Bangkok metropolitan area (within 150 km of
Commuter Bangkok city)
! Services begin in Bangkok and end at Lop Buri (133 km), Kaeng Koi
(125 km), Prachin Buri (122 km), Ratchaburi (117 km) and Suphan
Printed
Buri (158 km)
! Type 6: Rural Commuter ! Train service to commute between provinces, stopping at all stations
! Total of 24 trains operating this service from every line
! Type 7: Mixed ! Similar to Rural Commuter service but also includes freight transport
! Currently 8 trains operating this service per day
! Type 8: Excursion ! Train service operating only on the weekends and public holidays,
stopping only at stations with tourist attractions
! Total 3 trains operating this service
Passenger numbers are gradually decreasing over the past two decades,
with an average annual rate of decline of 3.3%
SRT Ridership
(Million passengers per year)
! Ridership has an
annual average
+0.6% decline rate of 3.3%

over the last two
decades
87 88 88 87 -3.3% ! After initial slow
85
-8.8% increase during the
early 1990s, passenger
numbers rapidly
72 decreased throughout
68 the period of the Asian
65 Economic Crisis
61 61 -2.2% towards the end of the
Printed
56 56 1990s
55 54
51 50 ! The steady decline of
49 ridership during the last
47 47
45 45 46 decade (on average
41 2.2% p.a.) may be
attributed to increasing
substitute modes of
transportation such as
1990 91 92 93 94 95 96 97 98 99 2000 01 02 03 04 05 06 07 08 09 10 11 2012 private bus services
with more expansive
Gradual increase Rapid decline Slow and steady decline networks and faster
travel time
Source: Ministry of Transport; 30 July 2013 UMI Asia (Thailand) Ltd. | 61

Only 2% of Thailands freight transport is via rail

Logistics breakdown: domestic freight
transportation (2012) Rail transport by commodity type (2011)
(Percent) (Percent)
Others Cement
1%
10%

Road
24% Fuel
2% Rail
9%
Waterways
Printed
7%
Seaport
Miscellaneous
Goods
In 2012, 11.85 million tons of goods were In 2011, most of commodities transported by rail
transported by rail, a mere 2% out of the total were fuel and cement (24% and 10%
domestic freight transportation of 520.17 million respectively); the majority of transport was for
tons of goods miscellaneous goods and others (66%)
Source: Ministry of Transport UMI Asia (Thailand) Ltd. | 62

Freight transport via rail shows a positive long-term trend, but a negative
trend in recent years
SRT Freight transport volumes
(Million ton)
! Long-term positive
trend of annual 1.5%
+1.5% growth in freight

-2.8% transport via rail
+4.9%
! However, recent
decline in freight
activity during the
+3.2% past 8 years
! Poor track and an
ageing train fleet
make freight transport
by rail unreliable in the
last decade,
Printed
contributing to the
average annual decline
rate of 2.8% from 2004
to 2012
! Freight transport by rail
is expected to increase
in the future due to
rising oil prices and
1990 91 92 93 94 95 96 97 98 99 2000 01 02 03 04 05 06 07 08 09 10 11 2012 government policies to
shift logistics from road
Gradual increase More rapid increase Decline in activity
to rail
Source: Ministry of Transport; 30 July 2013 UMI Asia (Thailand) Ltd. | 63

Major commodities transported by rail include cement, fuel, crude oil and
LPG
Rail transport by major commodities
Cement Fuel Crude Oil LPG

Cargo 1.9 million tons/year 1.4 million kiloliters/ 1.3 million kiloliters/ 550,000 kiloliters/year
quantity per year year
year

Revenue THB 246 million/year THB 471 million/year THB 340 million/year THB 140 million/year
Cargo per 700 tons per train, 9 800 kiloliters (684 tons) 1,204 kiloliters (840 864 kiloliters (459 tons)
train trains per day per train,10 trains per tons) per train, 4 trains per train,1-2 trains per
day per day day
Companies ! SCG Logistics ! Shell Thailand ! Thai Shell Company ! PTT Public Company
Management Co., Ltd. Company Ltd. ! Exploration and Limited
! Siam City Cement ! Esso( Thailand) Public Production Ltd.
Printed
Public Company Ltd. Company Ltd.
! TPI Polene Public ! Caltex (Thailand)
Company Ltd. Company Ltd.
! Jalaprathan Cement ! PTT Public Company
Public Company Ltd. Ltd.
Routes ! Baan Moh -- Bang ! Mae Nam station , ! Mae Nam station , ! North route: Bang
Sue, Pon Thong, Baan Mabtapud -- Nakhon Mabtapud -- Beung lamoong -- Nakhon
Chong Tai and Sawan, Beung Phra Phra to Mae Nam and Sawan, Lumpang
warehouse of Pissanulok, Denchai, Leam Chabang station
companies in every Lumpang, Chiengmai, ! North-East route:
regions. U-bol rajathani, Banglamoong
Khonkan, U-donthani Sumran (Khonkaen)
Table of Contents

1. General overview
3. Rolling stock
Printed
6. Expansion plans

There are mainly 3 challenges for the SRT
SRTs ageing fleet and poor track maintenance has given

rise to recent safety concerns and decreased reliability of Picture

rail transport
Management issues such as internal conflicts between

senior managers and bureaucratic red tape prevalent within Picture
state enterprises have delayed development
SRT has struggled with financial losses for decades,
Printed
restricting its development and causing concern for Picture
expansion projects in terms of funding

1 SRTs fleet is increasingly ageing with more than 60% of tractive stock
over 30 years old
Age profile of SRTs tractive stock
(Number of locomotives and DMUs per age group)

Printed
15 years 16-20 21-25 26-30 31-35 36-40 41-45 46-50 >50 years
or less years years years years years years years
! No new procurement of locomotives in the last decade

! More than 60% of locomotives are over 30 years old
1 Trailing stock ageing 110 years old are still active
Age range by type of trailing stock (in years)
Service cars Age Range: 36-97 years

(Total 44 cars)
Freight cars Age Range: 2-110 years

(Total 5,637 cars)
Passenger cars Age Range: 15-99 years
Printed
(Total 1,216 cars)
0 10 20 30 40 50 60 70 80 90 100 110 120
! Very large age range for all trailing stock types

! No new procurement of service cars for at least 30 years
! No new procurement of passenger cars in the last decade
1 In addition to SRTs ageing fleet, poor track maintenance is cited as

another major causes of various recent rail accidents
Train derailment along the Northern line

State railway struggles to stay on track injures 20 people

Between the start of the year and Sept 13, 114 Seven out of ten train coaches derailedat
trains have derailed, or 11 every month on least 30 passengers were injured, one of them
average, compared with 89 derailments in the seriously
whole of 2012.
second derailment on the same route in a
the frequency of trains jumping tracks has monthdue to the deteriorated condition of a
risen sharply in recent months bend in the tracks
The problem has been attributed to ageing --Bangkok Post , 17 July 2013
Printed
tracks and sleepers. Some 64% of the SRT's
4,043km of tracks are at least 38 years old,
and 31% of the sleepers are wooden
--Bangkok Post, 16 September 2013
Source: Bangkok Post UMI Asia (Thailand) Ltd. | 69

1 With increased work on track repairs in recent years, rail accident rates
has dropped substantially, but casualty numbers remain high
Reported incidents by rail
Number of reported incidents by rail

have dropped more than 50%

-50%
since year 2008
**This figure includes accidents by

collision of trains, derailment,
collision at crossing and others
2007 2008 2009 2010 2011 2012
Number of injuries and casualties
Printed
Injuries
Casualties
Consequently to the decrease in
reported incidents, the number of
injuries and casualties have
decreased by more than 34% and
41% respectively since 2008, but
are still on an unacceptably high
level
2007 2008 2009 2010 2011 2012
Source: Ministry of Transport; Statistics UMI Asia (Thailand) Ltd. | 70

2 Management issues have stunted the development of SRT

conflicts among senior management have persisted for a long time and are compounding the
state railway's administrative woes
Deputies were not cooperating with the governor, which led to certain key projects being stalled.
Some senior executives thought if they were productive, the governor would take the credit for their
achievements
[SRT governor Prapas Chongsanguan] admitted many tracks and trains were in bad shape and it
would cost about 70 billion baht to bring the tracks alone up to standard.
Printed
There is a limited budget to repair and maintain tracks, [Prapas] said, and bureaucratic red tape
was also holding back the execution of policies.
--Bangkok Post, 16 September 2013

3 SRT has been struggling with financial losses since 1987, generating
concern over its ability to manage future expansion projects
Impact on future expansion projects
its accumulated loss until the second Of the THB 2.0 trillion Infrastructure Investment
quarter of this year amounted to over 75 billion program, SRT will be responsible for handling

baht now. investment in the rail system of up to 71%
Only in the second quarter of this year, the The National Institute of Development
SRT suffered 1.55 billion baht operation loss, Administration (NIDA) has questioned the
while expenditures exceeding revenues of capability of SRT to implement mega high-
over 3.68 billion baht in the second quarter this speed train project due to large financial losses
year. for the past decade
Meanwhile its total debt also increases
Printed
gradually and by the second quarter of this
year, the total debt reaches 101 billion baht,
compared to 102.9 billion baht end of last
year.
--Thai PBS, 22 November 2013
Source: Thai PBS UMI Asia (Thailand) Ltd. | 72

Table of Contents

1. General overview
3. Rolling stock
Printed
6. Expansion plans

Expansion Plans Overview

Infrastructure Expansion
Printed
Rolling Stock Expansion

As part of the THB 2.0 trillion Infrastructure Investment Program, two

major developments have been planned for Thailands national railway
Description Purpose
Currently only 7% of total Double-track railways can

Double-Track Rail track length is composed increase the speed of
Improvements of double-track railways trains to 100-120 km per

By 2020, the proportion of hour, thereby increasing
double-track railways is frequency and reliability for
expected to increase to freight transportation
63%, across 3,215 km of
track
Four high speed railway Significantly reduce travel
Printed
High Speed routes have been planned time by rail
Railway projects in Thailand Project to encourage a
The high speed rail modal shift from road to rail
networks will also connect transport for both
with neighboring countries passenger and freight
as part of the Trans-Asian traffic
Railway Promote ASEAN
connectivity


Description Purpose


track
Printed
connectivity

Six projects have been planned for Double-Track Rail improvements
Key Objectives
! Double-track rails will increase the speed of

trains to 100-120 km/hour
! Increased speed allows for greater

frequency of trains, thereby increasing
passenger trips and cargo transport
Project Overview1
6 projects spanning 873 km

1.Chacheongsao Klong 19 Kaeng koi:
106 km
Printed
2.Lopburi Paknampo: 118 km
3.Mapkabow Jira Road: 132 km
4.Nakhon Pathom Nong Pla Dook Hua
Hin: 165 km
5.Jira Road Khon Khaen: 185 km
6.Prajuabkirikhan Chumporn: 167 km
Current Status: began since 2010, due to

finish in 2015
Source: Prachachat Newspaper
Source: 1Thairath Newspaper, 2Ministry of Transportation UMI Asia (Thailand) Ltd. | 77

Double-Track Rail improvement projects will increase the proportion of

double / triple track from 7% to 63% by 2020
Future outlook on rail infrastructure
(Track km) Details on double-track rail improvement project2
Single Track Present By 2020

Double / Triple Track
Single Track 3,755 km 1,882 km

Double/Triple 280 km 3,215 km
track
1,882 37% Network 47 provinces 53 provinces
Trip 200 trips/day >800 trips/day
Freight 11 million >50 million tons/year
tons/year
Printed
93% Passenger 45 million >75 million
3,755
passengers- passengers-trips/
3,215 63% trips/year year
Freight speed 39 km/hour 100-120 km/hour
Passenger 60 km/hour 100-120 km/hour
7% train speed
280
Present By 2020
Source: 1Thairath Newspaper, 2Ministry of Transportation UMI Asia (Thailand) Ltd. | 78


Description Purpose


track
Printed
connectivity

Four routes have been planned for the domestic high speed rail network
Overview
Four routes with Bangkok as the main terminal:
1. BangkokPitsanulokChiangmai (745 km, THB 388
bn)

2. BangkokPattayaRayong (221 km, THB 101 bn)
3. BangkokKoratNong Kai (615 km, THB 170 bn)
4. BangkokHua HinPadang Besar (982 km, THB 124
bn)
Current status: Conducting feasibility study on routes,

environmental and health impact assessment
In year 2017, estimate of 153,000 rides per day
Total planned spend: THB 783 billion
Printed
Future outlook: To connect ASEAN with China
Technical Aspect:
Train speed of approximately 250 km/hour
Track-work: UIC60 Standard Gauge (1,435 mm)
Power supply: 25kV 50/60 Hz Overhead Catenary
System (OCS)
Source: SEPO Presentation: High Speed Rail System in Thailand, Thairath Newspaper UMI Asia (Thailand) Ltd. | 80
Route 1 of the High Speed Rail network will connect Bangkok to

Chiangmai
Expansion Route 1: Bangkok Chiangmai

Length: 754 km

Route: 11 provinces
Travel Time: 3.5 hours
Fare: 1,200 THB
Phase 1: Bangkok Pitsanulok
Length: 382 km
Investment: THB 111.6 billion
Current status: Begin construction in 2013
Expected completion: 2019
Printed
Phase 2: Pitsanulok Chiangmai
Length: 363 km
Current Status: Begin Construction in 2021
Source: SEPO Presentation: High Speed Rail System in Thailand UMI Asia (Thailand) Ltd. | 81
Route 2 of the High Speed Rail network will connect Bangkok to Rayong
Expansion Route 2: Bangkok Rayong

Length: 221 km

Route: 4 provinces, 5 stations
Travel Time: 1.25 hour
Fare: 350 THB
Phase 1: BangkokRayong
Length: 382 km
Current Status: Hired consulting firm to
conduct feasibility study
Printed
Source: SEPO Presentation: High Speed Rail System in Thailand UMI Asia (Thailand) Ltd. | 82
Route 3 of the High Speed Rail network will connect Bangkok to Nongkai
Expansion Route 3: Bangkok Nongkai

Length: 615 km
Route: 10 stations

Phase 1: Bangkok--Ayuthaya
Length: 84 km
Same route as the beginning of the Bangkok
Chiangmai route
Phase 2: AyuthayaNakorn Ratchasima (Korat)

Length: 168 km
Phase 3: SaraburiNakorn Ratchasima
Printed
Length: 100 km
Phase 4: Nakorn RatchasimaNongkai
Length: 356 km
Current status: OTP conducting feasibility study for
phase 1, 2,3 (30 November 201229 January 2014)
with expected completion in 2019
Source: Thai High Speed Train Website, OTP, SRT; Web research UMI Asia (Thailand) Ltd. | 83
Route 4 of the High Speed Rail network will connect Bangkok to Padang
Besar (1/2)
Expansion Route 4: Bangkok Padang

Besar

Length: 982 km
Phase 1: BangkokHua Hin
Length: 225 km
Expected cost: THB 82 billion
Phase 2: Hua HinPadang Besar
Length: 800 km
Printed
Current status: OTP conducting study of the
most appropriate routes for phase 1 (30
November 201229 January 2014), with
expected completion: 2019
Route 4 of the High Speed Rail network will connect Bangkok to Padang
Besar (2/2)
Current Status:
OTP is currently conducting study for the most

appropriate route for the BangkokHua Hin
phase
Latest Development:
From BangkokRatchaburi, alternative 1
have been chosen as the best route
Use the Southern Line through Nakhon
Pathom (225 km)
For the route passing Petchburi, alternative 5
Printed
has been chosen as the best route:
Passing Petchkasem Road for 4.5 km
Thailand will be the first ASEAN country to have high speed trains
The [2.0 trillion baht] investmentwould help reduce logistics costs by up to 13.2%, [Mr. Chadchat]
said. Currently, logistics costs make up about 15.2% of gross domestic product, compared to 8.3%
in the United States.
(Bangkok Post, 23 Jan 2013)

Mr Chadchat insisted the high-speed train project could yield high returns, despite some academics'
claims it would be uneconomic. The construction of high-speed rail routes stretching 1,400km would
cost 780 billion baht, compared with the cost of building just 200km of electric train routes in Bangkok
which would come to 400 billion baht.
(Bangkok Post, 30 Jul 2013)
In 2020, Thailand would be the first country in ASEAN to have high-speed trains, he said, which should
remind the general public of the pride a century ago when Thailands train service was the most
advanced in Asia.
Printed
(The Nation, 8 Aug 2013)
The government's own consultants did a study that bravely showed the line would earn a rate of return
of 10.7 per cent, significantly below the ministry's 12-per-cent minimum. Former Bank of Thailand
governor MR Pridyathorn Devakula quoted a study showing that fares on some routes would have to
exceed plane fares to be financially feasible.
(The Nation, 4 Sept 2013)
Source: Bangkok Post, The Nation UMI Asia (Thailand) Ltd. | 86

Thailand is one of the participating nations of the Trans-Asian Railway

Trans-Asian Railway Network (TARN)
! A project of the United Nations Economic and Social
Commission for Asia and the Pacific (UNESCAP)
initiated in 1960s
! To provide a continuous 14,000-km rail link between
Singapore and Istanbul (Turkey), with possible

onward connections to Europe and Africa.
! Four major components which were studied
separately; namely a northern corridor, a southern
corridor, a sub regional network covering the ASEAN
and Indo-China sub regions, and a North-South
corridor
Thailand & Southern Corridor
Printed
! A southern corridor connecting Thailand and the
southern Chinese province of Yunnan (Kunming) with
Turkey through Myanmar, Bangladesh, India,
Pakistan and the Islamic Republic of Iran with Sri
Lanka also part of the corridor. The corridor ends in
Kapikule in Bulgaria.
! The length of the route between Bangkok and
Kapikule is 11,460 km
! Nongkai-Bangkok railway project is part of the
Trans-Asia Railway.
Source: 2013 UNESCAP UMI Asia (Thailand) Ltd. | 87

Singapore Kunming Rail Link (SKRL) is a High Speed Railway that will
become a part of the Trans-Asian Railway
Technical Details
! West Line: Kunming to Yangon
! Mid-East Line: Nanning to Vientiane
! Mid Line: Dali to Bangkok

! East Line: Kunming to Singapore
! Terminal stations on eastern, middle and western
lines are international ports (Ho Chi Minh and
Singapore on the eastern line, Bangkok on the
middle line, and Yangon on the western line)
! Thailand has initiated plans to build a high-speed rail
project between Bangkok and the southern border in
Printed
Songkhla Province to connect to the Singapore-
Malaysia high-speed rail project.
SKRL Routes
! Track Length: 3,900 km
! Track Gauge: 1,435 mm standard gauge
! Electrification: Overhead catenary
Source: Singapore-Thai Chamber of Commerce UMI Asia (Thailand) Ltd. | 88

Expansion Plans Overview

Infrastructure Expansion
Printed
Rolling Stock Expansion

SRT is currently expanding its rolling stock, with significant investments

still in the pipeline
Current Fleet
Type Number of cars Manufacturer
Locomotives 258
GEA, HID, ADD, ALD, AHK, ALS, GE, KP, HE, HU, HAS

Trailing Stock 7,133
On Order fleet
Type Number of cars Scheduled arrival Supplier Cost
Locomotives: Freight 20 Aug 2014 CSR Qishuyan Co., Ltd USD 61.3 million
Feb 2015 (China)
Printed
Future expansion
Type Number of cars Status Budget
Locomotives: Passengers 50 Open for bids (until September 2013) THB 6.6 billion
(USD 219 million)
Locomotives: Passengers 7 Preparing to propose to MOT
Freight carriage 308 Investigation in bidding process: suspect 2 out

of 12 companies colluding
Source: Matichon Newspaper, 3 July 2013 UMI Asia (Thailand) Ltd. | 90

DOC ID
Contents

National Railway
Printed
Urban Transport
Bangkok Mass Transit System Company Limited

(BTSC)
Bangkok Metro Public Company Ltd (BMCL)

SRT Electrified Train (SRTET)
Urban Transport Expansion Plan
URBAN TRANSPORT BANGKOK DOC ID
Bangkok is Thailands capital city with over 10 million habitants
Key Facts
Population (2012): 5,673,560 (10.5 million for
entire Bangkok metropolitan)
Density : 3,616 people per square km
Area : 1,569 square km

Administration: Bangkok Metropolitan
Administration
GDP (2011): THB 3,331,225 million
% GDP to total: Approximately 30%
Financial center of Thailand with approximate one
third of Thailands banks
Transportation Overview
Printed
Highly dominated road transportation, with average road
speed of 16.3 km/hour during morning rush hour
Private cars account for approximately 57% in Bangkok
metropolitan area in 2011
Busses remain the most popular form of public transport
with 88% of total passenger volume in 2011
Other means of public transport in Bangkok and vicinities
include electric trains (BTS and MRT), boats and vans
Plans to expand urban rail systems to reach the
greater Bangkok metropolitan area
Source: National Statistical Office, Ministry of Transport UMI Asia (Thailand) Ltd. | 92
Bangkoks demand for rail transit is driven by the congestion of roads
Bangkok Total Registered Cars and Private Registered

Map of average road speed in Bangkok1 Cars in Bangkok (2007-2012 ) 2
(In million cars)
Non-Private Registered Cars
Private Registered Cars

+6% 7.54
6.85
6.44
5.91 6.10 +32%
5.72
+37%
Printed
2007 2008 2009 2010 2011 2012
! Road-based transit dominates transportation in Bangkok, ! The governments scheme to waive the 17% tax (for
leading to mass traffic congestions with the average road first-time car buyers from 1 Oct 2011 to 31 Dec 2013,
speed of only 16.3 km/hour during morning rush hour, and for domestically assembled cars smaller then 1,500 cc
23.5km/hour during evening rush hour in inner Bangkok. led to a significant increase in number of cars
! Bangkok has been suffering from some of the most severe registered in Bangkok.
road-based traffic congestion in the world. ! Despite traffic congestion, new vehicle registration
continues to increase suggesting a heavy dependency
on personal cars.
Source:1Ministry of Transport, 2Office of Transport and Traffic Policy and Planning Statistic 2012 UMI Asia (Thailand) Ltd. | 93
Mass transit rail market share is forecasted to grow, taking over the market
share of bus transit as rail demand rises
Bangkoks Mass Transit Market Share (forecast 2017 - 2037)
! Mass transit rail

system in Bangkok is
still immature.
! Since the inception of

BTS Skytrain (the first
mass transit rail system
in Bangkok in December
1999, mass transit rail
usage in Bangkok has
seen a gradual rise in
2011, accounting for
5.8% of total mass
transit usage in
Bangkok.
Printed
42.4% 43.3% +732.7% ! The OTP forecasts that
31.4% 34.8% mass transit rail market
19.2% share will progressively
take the market share of
5.2% 5.5% 5.8% bus transit as the
2009 2010 2011 2017E 2022E 2027E 2032E 2037E demand for mass transit
rails in Bangkok
Others Bus market share increases in the next
Ferry market share Mass transit rail market share few years.
Source: Transport data and model integrated with multimodel transport and logistics
(TDMLII) of Office of Transport and Traffic Policy and Planning (OTP)
Source: BTS Annual Report 2012/13, OTP UMI Asia (Thailand) Ltd. | 94
Three railway operators are participating in Bangkoks urban transport

system
Bangkok Mass Transit System Co. Ltd (BTSC)
(BTS Skytrain System)
Number of lines: 2
Track length: 36.75km
Routes:
Sukhumvit Line (connecting Mo Chit in the North

with Bearing in the East of Bangkok)
Silom Line (connecting National Stadium in the
Center with Bang Wa in the South-West of
Bangkok
Bangkok Metro Public Co. Ltd (BMCL)
(MRT Underground Train System)
Number of lines: 1
Track length: 20km
Routes:
Printed
Blue Line (connecting Hua Lampong Main Railway
Station in the Center with Bang Sue Railway
station in the North of Bangkok)
SRT Electrified Trains (SRTET)

(Suvarnabhumi Airport Rail Link)
Number of lines: 1 (with 3 different services)
Track length: 28.6km
Routes:
Airport Rail Link (connecting Phayathai BTS station
in the Center with Suvarnabhumi Airport in the East
of Bangkok)
Source: Ministry of Transport UMI Asia (Thailand) Ltd. | 95

DOC ID
Contents

National Railway
Printed
Urban Transport
Bangkok Mass Transit System Company

Limited (BTSC)

BANGKOK MASS TRANSIT SYSTEM COMPANY LIMITED (BTSC) DOC ID
Table of Contents

(BTSC)

1. General overview
3. Rolling stock
Printed

Company Profile: Bangkok Mass Transit System Company Limited (BTSC)

Company Description
Privately owned company with Mr. Keeree Kanjanapas as main investor
Company is linked to Thanayong PCL (listed on the Thai Stock Exchange), a major pro- Logo
perty developer and hospitality operator in Thailand (Chairman: Mr. Keeree Kanjanapas)

Track length: 36.75 km Operating trains from 2 suppliers:
Track gauge: 1,435 mm Siemens: 35 units, 3-car trains
Two routes: CNR: 12 units, 4-car trains
(1) Sukhumvit Line (North-bound / East-bound) Maintenance depot located at Mo Chit Station
(2) Silom Line (West-bound / South-bound) (former Northern Bus Terminal)
Mass Transit Revenues (in THB million) Ownership structure (Percent)
Printed
6,016 Mr. Keeree
+13%
5,032 Kanjanapas
Others 47% 42% Group
3,680 3,681
3,321 3,288
3%
2% 6% Bangkok
Thai NVDR Bank PCL
2008 2009 2010 2011 2012 2013* Co., Ltd. Goldman
* BTSC financial year (FY 2013) ended in March 2013 Sachs & Co.
Source: BTS Annual Report 2012/13 UMI Asia (Thailand) Ltd. | 98

Organization Chart of BTS Group
Board of directors
Nomination and Remuneration

Committee
Corporate Governance

Company Secretary Office
Committee
Audit Committee
Internal Audit Office Executive Committee
Executive Chairman
Mr. Keeree Kanjanapas
Printed
Executive Director Executive Director
Executive Director Executive Director Executive Director
(Property) (Business
(Mass Transit) (Media) (Services)
Development)
Chief Financial Officer Chief Operating Officer

Mr. Surayut Thavikulwat Mr. Rangsin Kritalug
Accounting Legal Human

Finance Investor Corporate Communications Information
Mrs. Duangkamol Ms.Chayada Resources and
Mr. Daniel Ross Relations Mrs. Patchaneeya Pootme Technology
Chaichanakajorn Yodyingtammakul Administration
CSR

Table of Contents

(BTSC)

1. General overview
3. Rolling stock
Printed

BTSs total rail network covers 36.75 km of track

Sukhumvit Line (Light Green Line)
From Mo Chit (Northern Bus Terminal) to Bearing
(Bang Na District)
Total of 22 stations

Operating from 06:00 00:00 daily (18 hours)
Connection frequency: Every 3-5 minutes on
weekdays
Travel duration: ~ 40 minutes
Silom Line (Dark Green Line)
From National Stadium to Bang Wa (Thonburi
Printed
Side)
Total of 13 stations
Operating from 06:00 00:00 daily (18 hours)
Connection frequency: Every 3-5 minutes on
weekdays
Travel duration: ~ 23 minutes
Both lines connect at Siam Station
Connection to MRT at Sala Daeng and Asoke
stations
Source: BTS Group Website UMI Asia (Thailand) Ltd. | 101

Table of Contents

(BTSC)

1. General overview
3. Rolling stock
Printed

BTS currently operates trains from 2 different suppliers

Bombardier Movia: CNR Model (Changchun
Siemens Modular Metro Railway Vehicles Co. Ltd)
Technical Details (Total 35 trains) Technical Details (Total 12 trains)
Train configuration A-C-A Train configuration Tc+M+(M+M)
Carbody material Stainless steel +Tc
Power supply 750 Vdc/Third Carbody material Stainless steel +

Rail aluminum
Length x Width 65.30 x 3.20 m Power supply 750 Vdc/Third
Passenger doors 12 (1.4 m) rail
Train capacity 8 pers./m^2 1,106 Length x Width 87.25 x 3.12 m
Per car capacity 368 Passenger doors 32 (1.40 m)
Number of seats per car 42 Train capacity 8 pers./m^2 1,1490
Number of seats per train 126 Tc-car capacity 361
Track gauge 1,435 mm M-car capacity 384
Number of seats per car 42
Printed
Number of seats per train 168
Number of air conditioning 8
Track gauge 1,435 mm
Other Dynamic route
map
Source: BTS Group website UMI Asia (Thailand) Ltd. | 103

BTSC plans to double current fleet capacity by 2032
No. of Trains Total Carriages Capacity Increase

(cumulative)
x35 105
x12 48

x47 153
35 +22.9%
x5 20 +35.9%
x52 208
Printed
x7 28 +54.3%
70 +100%
x61 306
Source: BTS Group General Presentation, March 2013 UMI Asia (Thailand) Ltd. | 104
Table of Contents

(BTSC)

1. General overview
3. Rolling stock
Printed

Average ridership grew by 17% annually from 2010-2012

Total ridership per year
(In million passengers)
! An increase in ridership
was largely due to
service lines
extensions: Silom line
197.2 extension from May

2009 (Saphan Taksin-
+17% Wongwian Yai, 2.2 km),
and Sukhumvit line
extension from August
176.0
2011 (On Nut- Bearing,
5.3km)
+48% ! Five new stations on the

Sukhumvit line has led
+3% to an increase in the
Printed
number of passengers
144.5 145.2 by about 40,000-50,000
people from the
135.9 previous total of 600,000
132.9 daily passengers.
! Ridership growth are
resilient against external
conditions such as the
political unrest in 2010
2007 2008 2009 2010 2011 2012 and flooding in 2011
! Expects 7-10% growth
Gradual increase Rapid increase in 2013
Source: BTS Group Website UMI Asia (Thailand) Ltd. | 106

Bangkok Mass Transit System Company Limited (BTSC) DOC ID
Table of Contents

(BTSC)

1. General overview
3. Rolling stock
Printed

BTSC faces several challenges relating to 4 key risks
Description
! Earning performance depends on domestic demand and the Thai

economy. Historical performance of the mass transit business shows
Strategic Risk evidence of recession resilience with revenue increasing every year.
Mass transit business growth significantly relies on the governments ability

to execute its mass transit rail expansion plan as well as the development
of other alternative mass transit systems.
! BTSC is exposed to the increase of operating costs such as a changes in

the price of raw materials, increase in salary costs, rising energy / electricity
Operational Risk price and cost of spare parts, all of which may impact operating profit margin.
! BTSC has made insurance against business interruption risks which may be
the result of political turmoil, acts of terrorism, or natural disasters.
Printed
The management team closely monitors liquidity risk, credit risk, interest rate
risk, and foreign exchange rate risk.
Financial Risk As of 31 March 2013, BTS Groups interest coverage ratio and net debt to
equity ratio were 4.23 times and 0.17 times respectively, illustrating the
Groups strength in meeting its debt obligations.
! The mass transit revenues rely mainly on the concession agreement and the
30-year operating and maintenance (O&M) agreement. The extension of the
Compliance Risk concession agreement, which expires in December 2029, is subject to the
consent of BMA. Any termination of the concession agreement or 30-year
O&M agreement or failure to extend the concession agreement may have a
material impact to future cash flows.
The number of passengers outweighs BTS capacity during rush hours
Its really crowded in the morning. I have to wait for

at least two trains before I can get on. The first one is
really full, then some dont even stop at my station.
They just pass us to pick up people at On Nut station

directly. That means I have to wait 20 minutes! Ive
also had to wait at the turnstiles sometimes, because
the BTS officer tells me that the platform is too
crowded , Ubonwan Kerdtongtawee, 22, student
Surapong Laoha-Unya, Chief Operating Officer of

the Bangkok Mass Transit System, answers
The solution:
Printed
! Change from 3 to 4-carriages trains to all 35
Sukhumvit-line trains.
! Increase time efficiency for each trains
! Increase the number of officers on hand to maintain
order during rush hours
! Keep 2 spare trains for each line incase one breaks
down or the line is too crowned
--Asia City Online, October 2011
Source: Asia City Online UMI Asia (Thailand) Ltd. | 109

BTS service disrupted by technical error
A control system problem temporarily knocked

Bangkok's crowded BTS system out of operation, but
as of 11:00am it has reopened operations, shut again,
and resumed again

The testing of a new platform screen door caused
an eight-hour failure of the BTS skytrain system
that caused commuter chaos in Bangkok on Tuesday
morning.
The test triggered a malfunction of the signals

communication system, which controls the trains,
leading to a total shutdown
Printed
The problem caused the cancellation of all services
from 6am, when trains normally begin running.
Bombardier Transportation Singals (Thailand) Co,

which handles the service, was called into the fix the
problem and full services resumed five hours late at
11am
--Bangkok Post, December 2013

DOC ID
Contents

National Railway
Printed
Urban Transport

(BTSC)

BANGKOK METRO PUBLIC COMPANY LTD (BMCL) DOC ID
Table of Contents

1. General overview
3. Rolling stock
Printed

Company Profile: Bangkok Metro Public Company Ltd.

Description
Operator of the MRT, Bangkoks first underground rail system since July 3, 2004
BMCL is currently under a concession agreement with MRTA and currently operates one Logo
line from Hua Lamphong main railway station to the North of Bangkok

Track length: 20 km Siemens Modular Metro, 750V DC
Track gauge: 1,435 mm, with bottom pick-up third 19 units in service, each consisting of 3 cars
rail Maintenance Depot with total of 395 acres (118
One route from Hua Lamphong Railway station acres used, the rest reserved for future expan-
to Bang Sue Station sion), located near Thailand Cultural Center
Total Revenues1 (in THB million) Ownership structure (Percent)
Printed
2,281 MRTA
+9.5% Others
1,903 25.0%
30.9%
1,687 1,750
1,579
1,446 Hicrete CH.
Products & 8.1% 24.6% Karnchang
Technology 11.4% PCL
Co. Ltd.
2007 2008 2009 2010 2011 2012 Bangkok Expressway PCL
1 Total Revenue includes Farebox, Commercial Development and Other Income from Subsidiary
Source: BMCL Website UMI Asia (Thailand) Ltd. | 113

BMCLs revenue is fueled by the collection of fares on its MRT system
Fare Box and Commercial Development1 Revenue Contribution

(In THB million)
Commercial Development
! Most of BMCL
Fare Box Revenue
revenue comes from

CAGR the collection of
MRT fares, while
2,270
some comes from
+13.7% commercial
+9.8% development
1,900 ! Commercial
development
1,715 revenues have had
1,668 strong growth in
Printed
1,575
recent years of
1,423 1,979 +9.3% 13.72% from 2007
! Fare box revenues
1,646
1,375 1,477 1,525 also continues to
1,270 grow at an average
annual growth rate
of 9.28% since 2007
2007 2008 2009 2010 2011 2012
1 Commercial Development revenues consist of: (1) Company directly executed agreements with other companies by granting following rights: ATM
service, public telephone, True Kiosk, advertising banners on hand grip media; and (2) Company granted following rights to Subsidiary: platform
billboard, PIDs, retail space
Source: BMCL Annual Reports UMI Asia (Thailand) Ltd. | 114

Organization Chart of BMCL
Board of directors
Nomination and
Remuneration
Committee

Risk Management
Executive Committee Audit Committee
Committee
Safety and Quality

President Internal Audit Office
Department
Printed
Operations Group Finance Group Marketing Group Management Group
Marketing and
Administration and
Train Operations Accounting and Services
Information Technology
Division Finance Division Development
Division
Division
Engineering and Public Relations and

Business
Maintenance Corporate Affairs Office of the President
Development Division
Division Division
Project
Office of the Human
Management
Resources
Division
Source: BMCL Annual Report 2012 UMI Asia (Thailand) Ltd. | 115
Table of Contents

1. General overview
3. Rolling stock
Printed

MRTs total rail network covers 20 km of track on one single line

Track length: 20 km, one single line (Blue Line), 18 stations
Connecting Hua Lamphong Main Railway Station with Bang Sue (Northern Bangkok) Railway Station,
passing through the Central Business District: Rama IV Rd., Ratchadaphisek Rd., Lad Phrao Rd.
Connection frequency: Approximately every 5 minutes
Travel duration: Approximately 40 minutes to complete

Printed
Table of Contents

1. General overview
3. Rolling stock
Printed

MRT currently operates 19 units of Siemens Modular Metro rolling stock

Siemens Modular Metro
Technical Details
Train configuration MC+T+MC
Wheel arrangement Bo'Bo'+2'2'+Bo'Bo'
Car body material Stainless steel
Track gauge 1,435 mm

Length over couplers 65,100 mm
Width of car 3,120 mm
Floor height above top of rail 1,160 mm
Wheel diameter new / worn 850 / 775 mm
Tare weight / total weight (8 p/m2) 107 t / 175 t
Max. axle load 15.4 t
Number of seats 126
Train capacity 8 pers./m2 1,139
Passenger doors per car 2x4
Printed
Min. curve radius, service line 190 m
Max. gradient 5%
Max. speed (operational) 80 km/h
Max. starting acceleration 1.3 m/s2
Mean deceleration service brake 0.9 m/s2
Power supply 750 V DC / Third rail

Table of Contents

1. General overview
3. Rolling stock
Printed

MRT ridership grew significantly between year 2011-2012

! Passenger ridership
has been increasing
steadily at an average
80.6 annual growth rate of

6.1% from 2007 12
! Over 2011-12, ridership
+6.1% +16.6% rose rapidly by 16.6%.
! Significant increase in
69.1 ridership from year
2011 to 2012 may be
64.9 due to growing real
63.7
estate development
Printed
62.2
60.0 along the route as well
as increase in oil price
! Ridership growth is
resilient against
external conditions
such as the political
unrest in 2010 and the
2007 2008 2009 2010 2011 2012 major Bangkok flooding
in 2011
Gradual increase Rapid increase
Table of Contents

1. General overview
3. Rolling stock
Printed

BMCL faces several challenges relating to 3 key risks
Description
! Company operates its businesses in accordance with the Concession
Agreement under the supervision of the MRTA, differences in the
Strategic Risk contractual parties interpretations on terms and conditions of the
Concession Agreement may arise

! BMCLs network expansion plans dependent on government policies,
which may change or be delayed under the current political climate
! Fare revenue is the highest contribution to BMCLs total revenue (87%).

Growth in passenger volumes is dependent on external factors such as
Operational Risk substitutes, oil prices, and real estate development along the routes.
! Increase in fare rates to boost operational revenues must comply with the
Concession Agreement, which can only be made every two years
Printed
! BMCL has made insurance against terrorism
! BMCL also has strong safety and security measures in place to protect
against emergencies and natural disasters such as flooding
As of 31 December 2012, BMCL had long term loans totaling THB

13,602.50 million. The company is therefore facing interest rate risks.
Financial Risk BMCL also incurred expenses in foreign currencies for the maintenance
cost of the M&E Equipment, in an average amount of approximately EUR
2.5 million per year.
Source: BMCL Annual Report 2012; Web research UMI Asia (Thailand) Ltd. | 123
A key challenge for the extension of MRT lines is the local resistance
against the expropriation of land, delaying construction progress
Upping the Offer Call for conservation of Chinatown
For the new Purple Line subway, for According to the plans for the extension of
example, The Mass Rapid Transit Authority the MRT's blue line, more shophouses will

of Thailand (MRTA) still needs secure be torn down soon to pave the way for a
another 1,052 pieces of land and 640 property development scheme.
households even though the project is
already 18 percent complete. With the distinctive architecture, unique
businesses and traditions as well as the
The problem is that many business area's ethnic diversity, residents argue that
operators along the route, running from the community is part of the cultural
Bang Yai to Bang Sue, are refusing to fabric of the city
Printed
make way.
With support from academics and other
MRTA deputy governor Ronnarit Yaemsa- conservation groups, the group submitted a
ard, in his capacity as acting MRTA petition to the BMA to designate the area a
governor, said the agency had paid out 8.1 conservation zoneBMA responded
billion baht in land expropriation costs, out negatively to the request
of a total put aside of 9.2 billion baht.
--Bangkok Post, 7 February 2011 --Bangkok Post, 16 December 2012

Rail line expansions needed for BMCL to profit
Operating Performance1
BMCL has been in operation for 8
For the year ended 31 December
(In THB million) years, but continues to incur net loss
Total Revenue BMCL management team explained that the
Total Expense governments delay in rail construction has led

Net Profit(Loss) to unmet ridership targets. The operation of a
new purple line (Bang Yai-Bang Sue) will
help the business to finally make profits.
Following the opening of the MRT purple line,

by 2016, total passengers from 2 MRT lines
will increase to 400,000 passengers/day,
prompting BMCL to breakeven.
Printed
Within 6 years, it is expected that BMCL
would be able to recover all accumulated
loss of THB 11,619.69 million.
--Manager Online, 29 November 2012

(Translated from Thai)
2010 2011 2012
Source: 1BMCL Annual Report 2012, Manager Online UMI Asia (Thailand) Ltd. | 125
DOC ID
Contents

National Railway
Printed
Urban Transport

(BTSC)

SRT ELECTRIFIED TRAIN (SRTET) DOC ID
Table of Contents

1. General overview
3. Rolling stock
Printed

Company Profile: State Railway of Thailand Electrified Train (SRTET)

Company Description
SRTET is a subsidiary of SRT and operates the Airport Rail Link (ARL)
Operating since 23 August 2010, ARL connects Suvarnabhumi Airport to central Bangkok Logo
(Phayathai, Makkasan), and has plans to extend to Don Mueng airport

Track length: 28.6 km Siemens Desiro class 360/2
Track gauge: 1,435 mm City line: 5 three-car trains
3 lines: (1) City line, (2) Makkasan Express line Express lines: 4 four-car trains
and (3) Phayathai Express line Total: 9 trains
Elevated train system
Revenues Ownership structure (Percent)
Printed
SRT
n o t
a t i o n
o r m e
Inf a i la b l 100%
a v
Source: SRTET Website UMI Asia (Thailand) Ltd. | 128

Table of Contents

1. General overview
3. Rolling stock
Printed

With a track length of 28.6 km, the ARL runs on 3 lines, connecting the city
center to Suvarnabhumi Airport
Began full commercial operations on

August 23, 2010


Track length: 28.6 km, 3 lines
City Line
8 stations
Duration: 30 minutes
Frequency: Every 15-20 minutes
Makkasan Express Line

Non-stop from Makkasan Station
Printed
Frequency: Every 40 minutes
Phayathai Express Line

Non-stop from Phayathai Station
Frequency: Every 30 minutes

Table of Contents

1. General overview
3. Rolling stock
Printed

SRTET operates a total of 9 trains for the ARL
Siemens: Desiro Class 360/2

Technical Details (Total 9 trains)
Train configuration (City Service) : 5 three-car trains
Train configuration (Express) : 4 four-car trains (1 for baggage)
Power supply : 25 kv AC

Length x Width : 20 m x 2.8 m
Train capacity per car (City Service) : 745 passengers
Train capacity per car (Express) : 170 seats
Track gauge : 1,435 mm (standard gauge)
Printed
SRTET plans to expand its fleet to increase ridership capacity

Current Fleet
Type Number of trains Manufacturer
9 trains
Electric train ! 5 three-car trains Siemens

! 4 four-car trains
Future expansion
Type Number of trains Status Budget
Bidding to procure cars used

Electric train 7 four-car trains in City Line is expected to THB 4.8 billion
begin in January 2014
Printed
! Currently, there are 5 three-car trains running on the City Line.
! Additional 7 four-car trains will be added to the fleet to service the City Line.
! Additional plans for rolling stock expansion:
Change from three-car trains to four-car trains to increase ridership capacity from 700-800
to 1,000 passengers per trip
New trains are required to have greater width than old model by 5 centimeters, and the
depth of train walls will be lessened to increase interior space.
The passenger door system will be changed to electric system to reduce noises.
Source: Breaking News, Dec 2013 UMI Asia (Thailand) Ltd. | 133
Table of Contents

1. General overview
3. Rolling stock
Printed

ARL ridership is expected to increase in the future, mainly from rising

popularity of the City Line
! Passenger ridership
increased by 20.2% over
2011-12. The trend is

+20.2%
expected to continue in the
future.
! In 2012, the trains carry
50,000 passengers a day,
most of them on the City
Line (48,000 passengers a
day for City line, and 2,000
passengers a day for
Printed
Express lines)
! The number of passengers
on the City Line is expected
to increase, and SRTET
plans to acquire 7 more
trains to respond to rising
demand.
2010* 2011 2012 2013** ! However, Express lines
*Begin operations on 23 August 2010 ridership is still lower than
target because it was
**Data up to June 2013, extrapolated to full year
inconvenient to use.
Source: OTP Statistics UMI Asia (Thailand) Ltd. | 135

Table of Contents

1. General overview
3. Rolling stock
Printed

There are 4 main challenges for the SRTET
Technical problems halting train services has deteriorated

Picture
ARL reputation

ARL is slow to breakeven despite efforts to increase
Picture
ridership, discouraging further investment
Corruption fears on top of the current unprofitable

operations also deter investment and increase public Picture
Printed
scrutiny of high-investment mega-projects
ARL has faced numerous complaints over its low service

quality, which may have contributed to the below-target Picture
passenger numbers and unprofitable operations

1 Technical problems caused Airport Rail Link service to halt
Track problem halts Airport Link
The Airport Rail Link city-inbound service

was halted for about an hour during

Monday mornings rush hours due to an
unspecified technical problem with the
track, making many commuters late for
work.
SRT Electrified Train Co. operator of the

Airport Rail Link, said a problem occurred
Printed
at Hua Mark station around 8.30am, and
the service was suspend to ensure the
safety of passengers.
--Bangkok Post, 6 January 2014

2 Airport Rail Link operation is slow to break even
Airport Link revenue breaks even for the first time
According to the Transport Ministry, the Airport Rail Link operator broke even
for the first time during the last quarter after suffering revenue losses since the

start of the train operation
SRT Electrified Train Co Ltd (SRTET) has reportedly hit the 500-million-baht annual
revenue mark, recording 50,000 passengers per day, or 115 percent of total
passenger capacity. The operator expects the rail service to reap profits during
the next 4-5 years.
SRTET earlier stated that despite the implementation of the 20-baht flat fare
Printed
promotion in 2012, their revenue continued to drop and had previously
sustained a monthly loss of 1.8 million baht.
The ministry made known that the SRTET is also set to borrow 420 million baht to
boost the agencys liquidity. The State Railway of Thailand will work on the master
plan to oversee methods to pay back the loans
--National News Bureau of Thailand, 19 April 2013
Source: National News Bureau of Thailand UMI Asia (Thailand) Ltd. | 139
3 Allegations of corruption have increased public scrutiny for costly

mega-projects

Rail link sparks corruption fears
Concerns are growing that the company to be set up by the State Railway of
Thailand to operate the Airport Rail Link system could become a new cash
cow for politicians, a Transport Ministry source said
"The golden goose is not the rail link operation but the Makkasan main
passenger terminal, as the subsidiary will have to manage the commercial
Printed
space there for leasing and advertising," the source said
--The Nation, 7 May 2009
Source: The Nation UMI Asia (Thailand) Ltd. | 140

4 There are many criticisms over Airport Rail Links service quality
Officials have been bombarded with many complaints.
! The terminals at the stations are badly signposted

! There are neither escalators nor trolleys for passengers with heavy bags to use.

! The lack of a car park and facilities linking the stations to public transport.
! The rail link project between central Bangkok and Suvarnabhumi Airport is overpriced, with
passengers paying up to 150 baht (currently, the price is reduced to 90 baht)
! A lack of spare parts has been a recurring problem, worsened by unusual wear to some key
components. Carbon brushes, for example an essential component in the brakes of the
electric-powered train were supposed to last six months, but failed after only three days of
use.
The 28-kilometre Airport Rail Link between central Bangkok and Suvarnabhumi Airport has
Printed
been plagued with these problems after less than one year of trials and service
the rail link service has not been popular with passengers. There are only about 700 rail
link passengers a day, well below the target of 2,200, although the City Line for commuters still
can attract between 36,000 to 40,000 a day.
the service is losing about 42 million baht a month
--Bangkok Post, 18 April 2011

4 SRTET needs to improve its services to attract more passengers
When the Airport Rail Link was launched, the The Association of Thai Travel Agents (ATTA)
SRT expected it to be a main feeder for travelers claimed that SRT had totally failed in its handling
to the airport, like the express train service from of this operation as it was attracting only a few
the Malaysian capital to Kuala Lumpur passengers.

International Airport.
the big problem with the Airport Rail Link was
However, the Bangkok trains carry only that it was inconvenient to use. There is no
50,000 passengers a day, most of them on the direct connection with the MRT subway or BTS
City Line, compared with about 150,000 Skytrain and there are no lifts for those with large
travelers going through the airport every pieces of luggage.
day.
ATTA members continue to recommend to
The operator has tried in vain to get more their customers that they take public taxis to
Printed
passengers on the trains including fare Suvarnabhumi Airport, as they offer more
promotions such as a discounted flat-rate for its convenience at similar cost. Thais also prefer to
City Line last year take cabs or personal vehicles directly to the
airport.
--Bangkok Post, 1 June 2013 --The Nation, 8 August 2011
Source: Bangkok Post, The Nation UMI Asia (Thailand) Ltd. | 142
DOC ID
Contents

National Railway
Printed
Urban Transport

(BTSC)

URBAN TRANSPORT EXPANSION DOC ID
Over the next 7 years, Bangkoks urban transport rail network will be
expanded significantly
Future Mass Transit Network Rail Length
(Track Length in km)

236.0 +583.2%
87.0
Printed
2010 2011 2013 2016E 2020E
! OTPs mass transit rail master plan for Bangkok Metropolitan and surrounding areas shows dramatic increase in total
track length over 2010-2020.
! By 2020, Bangkoks urban rail network will be expanded to 506.9 km.
Source: OTP Statistics, Ministry of Transportation, BTS Annual Report 2012/13 UMI Asia (Thailand) Ltd. | 144
By 2020, Bangkok Mass Transit will have 10 new lines, with a total length
of 506.9 km
Planned track distance expansion by responsible parties Description Present By 2020
(Track length in km)
Number of lines 4 lines 10 lines
214 507
Future expansion Total track length (BTS, 85 km 506.9 km
MRT, SRT, and Airport Rail

Under construction
Link)
In operation
Passenger trips/day 0.9 million 5.36
million
Pervasion (rail mass transit 7.6 km >40 km

length per million
263
population)
! With 28% of the anticipated budget for railway
Printed
improvements (approximately THB 465 bn),
Bangkok hopes to see 10 new rail lines over the
next 7 years
! This plan includes both underground, elevated and

some monorail services
30 ! Expansion of some lines has already started and

16 progress is visible throughout Bangkok
15
! All 3 railway operators participating in the
BMA MRTA SRT/SRTET Total
expansion: BTS, MRT, and SRT (through SRTET)
Source: Ministry of Transport, BTS Annual Report 2012/12, BMCL Annual Report 2012 UMI Asia (Thailand) Ltd. | 145
After expansion, there will be 10 mass transit lines operating in Bangkok,

connecting the city center with the Bangkok Metropolitan Region
1. Red Line (80.8 km) 5. Green Line (66.5 km)

6. Purple Line (42.8 km)
8. Pink Line (36 km)
2. Light Red Line (54 km)
9. Yellow Line (30.4 km)
7. Orange Line (32.5 km)
Printed
4. Blue Line (55 km)
10. Dark Green Line (30 km)

3. Airport Rail Link (78.9km)
Source: MRTA; Web Research UMI Asia (Thailand) Ltd. | 146

Expansion will add 421.55 km of track to the existing network

Planned Line Expansion By Responsible Entities
Expansion Total
Entities Projects Route Distance Distance
(km) (km)
Thammasat University Rangsit
1. Red Line (New) 80.8 80.8
Mahachai

SRT
2. Light Red Line (New) Salaya Hua Mak 54.0 54.0
3. Airport Rail Link Don Mueng Airport Suvarnabhumi
SRTET 50.3 78.9
(Extension) Airport
Bang Sue Hua Lamphong Tha
4. Blue Line (Extension) 35.0 55.0
Phra Putthamonthon
5. Light Green Line
Lam Luk Ka Bang Pu 44.25 66.5
(Extension)
Printed
MRTA 6. Purple Line (New) Bang Yai Rat Burana 42.8 42.8
7. Orange Line (New) Charan Sanit Wong Min Buri 32.5 32.5
8. Pink Line (New) Kae Rai Min Buri 36.0 36.0
9. Yellow Line (New) Lat Phrao Sam Rong 30.4 30.4
10. Dark Green Line
BMA Yotse Taling Chan 15.5 30.0
(Extension)
Total Expansion 421.55 506.9
Source: BMCL Annual Report 2012 UMI Asia (Thailand) Ltd. | 147
The expansion of the Bangkok Mass Transit System is under the

responsibility of four entities
Overview Current Status
Aside from the improvements of the Dark Red Line currently

SRT to national railway network, SRT will also preparing for construction
construct 2 expand its route networks in Bangkok Bang Sue Taling Chan


BKK lines Two lines planned to connect outer section of Light Red Line
Bangkok (Red and Light Red Lines) completed
SRTET will Airport Rail Link will extend and connect Planning stage
extend the Don Mueng Airport to Suvarnabhumi Airport
Airport Rail SRTET also plans to expand its rolling
LInk stock
Six BKK mass transit lines will be under the The Purple (new), Blue
Printed
MRTA to responsibility of the MRTA (extension) and Green
oversee 6 Line will extend to outer Bangkok (extension) lines are currently
projects Some lines will be operated by BMPCL under construction
(MRT) and some by BTSC (BTS)
BMA to BMA will oversee the extension of the BTS Planning stage
oversee the Silom Line (operated by BTSC)
extension of Line will be extended to Bang Wa
BTS line


responsibility of four bodies



LInk stock
Printed
BTS line

RAILWAY EXPANSION PLAN DOC ID
SRT plans to extend 2 commuter lines in outer Bangkok
Dark Red Line

1 (Thammasat Rangsit Mahachai)
Total length: 80.8km

Extension 1 (Thammasat Rangsit Bang Sue)
36.3 km long
Contractor: Italian-Thai Development
Current status (3 June 13): Preparing for
construction
Expected completion time: 2017
Extension 2 (Bang Sue Hua Lamphong)
16.5 km long
Printed
Current status: Bidding process soon
Extension 3 (Hua Lamphong Bang Bon)
18 km long Technical Details
Current status: Planning stage Total distance : 80.8 km
Track gauge : 1,000 mm x 4
Extension 4 (Bang Bon Mahachai) Power supply : Overhead
20 km long Train speed : 160 km/hour
Current status: Expected to begin in 2019
Source: Thairath Newspaper; 3 June 2013 UMI Asia (Thailand) Ltd. | 150
SRT plans to extend 2 commuter lines in outer Bangkok
2 Light Red Line (Salaya Huamak)
Total length: 54 km
Extension 1 (Bangsue Talingchan) Technical Details
15 km long Total distance : 54 km
Current status (3 June 13): Completed, waiting for procurement of trains Track gauge : 1,000 mm x 2

Extension 2 Power supply : Overhead
Bang Sue-Ratchavitee-Phayathai-Makkasan: 9 km lines
Makkasan-Ramkamhaeng-Huamak: 10 km Train speed : 160 km/hour
Taling Chan-Taling Chan floating market-Chansanidwong-Siriraj: 6 km
Taling Chan-Baanchimplee-Kanchanapisek-Salaya: 14 km
Current status: Bidding process soon
Printed




LInk stock
Printed
BTS line

SRTET plans to extend the Airport Rail Link to Don Mueng Airport to boost
convenience
3 Airport Rail Link
Don Mueng Airport
Total length: 78.9 km
Current airport link: 28.6 km long

Extension 1: (Phayathai-Makkasan-
Suvarnabhumi Airport)
28.5 km long
Current status (3 June 13): Completed
since 2008
Extension 2: (Phayathai-Bang Sue-Don
Mueng Airport)
21.8 km long
Printed
Current status (June 2013): Design for
Bang Sue-Phayathai completed
Technical Details (Extension)

Total distance 50.3 km
Track gauge Standard
Power supply Overhead lines
Train speed 90-120 km/hr Suvarnabhumi
(City), 130-160 Airport
km/hr (Express)




LInk stock
Printed
BTS line

MRTA will oversee the expansion of 6 Bangkok Mass Transit Lines
5. Green Line (Extension): Lam Luk Ka Bang Pu

(44.25 km)
6. Purple Line (New): Bang Yai
Rat Burana (42.8km)

8. Pink Line (New):
Khae Rai Minburi
(36km)
7. Orange Line (New):

4. Blue Line (Extension): Bang Taling Chain Min
Sue Putthamonthon
Printed
Buri (32.5km)
(35km)
9. Yellow Line (New):

Lad Prao Somrong
(30.4km)
Source: MRTA, Ministry of Transport UMI Asia (Thailand) Ltd. | 155

MRTs blue line will be extended by 35 km; the construction is in progress
4 Blue Line (MRT line)

Total Length: 55 km
Current Blue line

! 20 km long

All underground
Extension 1 (Bang Sue Tha Phra)
13 km long, 10 stations
All elevated
Current status: 39.71% complete
Expected Completion: 2017
Extension 2 (Hua Lamphong Bang Kae)
Printed
Underground: Hua Lamphong Tha
Pra: 5 km, 4 stations
Elevated: Tha Pra Bang Kae: 9
km, 7 stations
Current status: Construction
Extension 3 (Bang Kae Putthamonthon 4)
8 km long
Current status: To start in 2019
Source: Ministry of Transport, Blue Line Project Report UMI Asia (Thailand) Ltd. | 156
BTSs Light Green Line will be extended for both sides, with total
extension of 44.25 km
5 Light Green Line (BTS Sukhumvit Line)
Total length: 66.5km

Current green line Extension 1
! 22.25 km long

Extension 1 (Mochit Saphan Mai Kukod)
All elevated: 6.8 km, 5 stations
Current status: Bidding process to start in
2013
Extension 2 (Bearing Samut Prakan)
13 km, 9 stations
Current status: 12.09% complete Extension 2,3 157
Printed
Extension 3 ( Samut Prakan Bang Pu)
! 7 km , 4 stations
! Current status: Bidding process to start in
2013
Extension 4 ( Kukod Lam Luk Ka)
! 5.25 km, 4 stations Extension 4
! Current status: feasibility study
Source: Ministry of Transport, Green Line Project Report, Thairat June 2013, Thai Contractors Website UMI Asia (Thailand) Ltd. | 157
First phase of the Purple Line construction is expected to be completed in

2016 and will be operated by BMCL
6 Purple Line (Bang Yai Rat Burana)
Total Length: 42.8 km
Extension 1 (Bang Yai Bang Sue)

All elevated
Current status: 72.16% complete
Extension 2 (Tao Poon Rat Burana)
19.8 km long, 16 stations
Underground: 13.2 km, 11 stations
Printed
Elevated: 6.8 km, 5 stations
Current status: Bidding process begins 2014
MRTA has granted BMCL a Concession
Agreement for Supply of M&E Systems
and O&M Services of the MRT Purple Line
Extension 1 Extension 2
Source: MRTA; Web Research; Thairat June 2013 UMI Asia (Thailand) Ltd. | 158
Orange Line with a total length of 32.5 km is in the planning stage
7 Orange Line (Charan Sanit Wong Min Buri)
Total Length: 32.5
Extension 1 (Charan Sanit Extension 2 (Thailand Extension 3 (Bangkapi Min

Wong Thailand Cultural Cultural Center Bangkapi) Buri)
Center) 9 km 11 km
12.5 km long Current status: Feasibility study Current status: Feasibility study
Current status: Bidding process
begins 2014
Orange Line Total

Extension: 32.5 km
Printed
Pink Line with a total length of 36km is in the planning stage
8 Pink Line (Kae Rai Min Buri)
Total Length: 36 km
Extension 1 (Kae Rai Min Buri)

36 km, 30 stations
All straddle monorail
Current status: Feasibility study
Pink Line Total Extension:

36 km
Printed
Yellow Line with a total of 30.4km is in planning stage
9 Yellow Line (Lad Prao Sam Rong)
Total Length: 30.4 km
Extension 1 (Lad Prao Bangkapi)

All straddle monorail
Current status: Reviewing feasibility study,
initial design
Extension 2 (Bangkapi Sam Rong)

All elevated
Extension connects with Airport Rail Link
Printed
(ARL)
Current status: Reviewing feasibility study
Following the planned expansion of infrastructure, MRTA also plans to

procure additional rolling stock
Current Fleet
Type Number of cars Manufacturer
Electric train 19 Siemens (Modular Metro)

Future expansion
Type Number of Status Budget

cars
Electric train 437 Bidding to procure cars for
Blue Line expansion
Monorail trains 300 40 - 50 billion baht
expected to begin early
Printed
2014
MOT propose for Thai electrified trains1

Minister of MOT propose an idea for Thailand to establish its own factory
producing electrified trains. The responsible party can be either:
1. The private sector receiving concession for its factory from the MRTA
2. The public sector (MRTA)
3. Publicprivate partnership (MRTAprivate company)
Source: Thai Post Newspaper, 30 August 2013, 1Thairath Newspaper, 30 August 2013 UMI Asia (Thailand) Ltd. | 162

responsibility of four bodies



LInk stock
Printed
BTS line

BMA currently has 2 extension plans for BTS Silom line (Dark Green Line)
10 Dark Green Line (Yotse Taling Chan)
Total length: 30km

Current Dark Green Line
14.5 km long
Extension 1 (Bang Wa Taling Chan)

Number of stations: 6
Current Status: Under planning stage
Expected Completion: 2018
Printed
Extension 2
Extension 2 (National Stadium Yotse)
Current status: To start in 2019
Source: BTS Group; Group General PresentationMarch 2013, Mthail News Dec 2013 UMI Asia (Thailand) Ltd. | 164

Thailand Railway Industry Overview and Opportunities

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Thailands Railway Industry

Overview and Opportunities for

CONFIDENTIAL AND PROPRIETARY

Executive Summary Current Railway Sector: Thailand (1/2)

Working Draft - Last Modified 7/29/2011 8:36:50 PM

UMI Asia (Thailand) Ltd. | 1

Executive Summary Challenges and Future Prospect: Thailand (2/2)

Working Draft - Last Modified 7/29/2011 8:36:50 PM

UMI Asia (Thailand) Ltd. | 2

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Overview of the Thai railway sector

UMI Asia (Thailand) Ltd. | 3

Thailand is the 2nd largest economy in ASEAN after Indonesia

Country Key Facts

! Total Area: 513,120 sq km

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Population: 67,448,120 (July 2013 est.)

Unemployment rate: 0.7% (2012 est.)

Source: Central Intelligence Agency UMI Asia (Thailand) Ltd. | 4

GDP Thailand 2008 2012

! GDP in 2012 was

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Source: World Bank UMI Asia (Thailand) Ltd. | 5

In addition to strong economic growth, Thailand is also an attractive

Country 2013 Ranking Country 2011 Ranking

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Source: World Bank, AT Kearny UMI Asia (Thailand) Ltd. | 6

The overall infrastructure of Thailand is among the highest ranked in

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Thailands political system is a constitutional monarchy

! Government type: Constitutional ! Demonstrators in Bangkok seeking to oust Prime

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Opportunities With strong FDI policies in place, Thailand holds many

As the 2nd biggest economies in the ASEAN region, Thailand is a good

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Under the government infrastructure investment program of THB 2.0 trillion,

According to a survey for the ease of doing business (2013) conducted by

Source: Team analysis UMI Asia (Thailand) Ltd. | 9

Risks Despite various opportunities in Thailand, the country also faces

Several political unrests have erupted in Thailand in the past decade,

Working Draft - Last Modified 7/29/2011 8:36:50 PM

According to the Corruption Perceptions Index 2013, Thailand ranked

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Overview of the Thai railway sector

UMI Asia (Thailand) Ltd. | 11

The history of railway in Thailand goes back 123 years

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Working Draft - Last Modified 7/29/2011 8:36:50 PM

Source: State Railway of Thailand, Reuters UMI Asia (Thailand) Ltd. | 13

There are 4 railway operators in Thailand (1/2)

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There are 4 railway operators in Thailand (2/2)

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Three governing bodies oversee Thailands railway systems State Enterprises

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Source: Team analysis UMI Asia (Thailand) Ltd. | 16

Relevant entities in Thailands railway system have clearly defined roles

Working Draft - Last Modified 7/29/2011 8:36:50 PM

Bangkok to Suvarnabhumi Airport

Source: Ministry of Transport; Web research UMI Asia (Thailand) Ltd. | 17

Country Rail Road Port Air Overall

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