rating agencies in response to the changing business environment and in line with the International Organization of Securities Commissions (IOSCO) standards.  The revision requires that locally-based CRAs

demand for kerosene used in heating, as well as, increase in demand for air travel during the winter and Chinese New Year.  Gas oil/Dubai Q1/2018 crack spread averaged at 14.76 $/BBL, an increase of 2.93

1.35 $/BBL compared to Q3/ 2 0 1 7 due to pressures from demand in the tourism travel sector during the summer, therefore increasing the amount of air travel. Jet (Kerosene) / Dubai crack spread

20 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environment Management Accounting Management Discussion and Analysis of Business Operation for Q2/2019

Statement Cash Flows Statement Accounting Financial Ratios Business Performance Executive Summary Statement of Income 19 of Financial Position Environment Management 3 3 | Management Discussion and Analysis

Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Management Accounting Statement of income 11 Financial Position 32 Management’s Perspective towards 2020

19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environment Management Accounting Management Discussion and Analysis of Business Operation for Q3/2019

-3.84 Air Freight 854.74 465.59 389.15 83.58 Logistics Management 366.73 295.75 70.98 24.00 Total Service Revenue 1,832.11 1,396.37 435.74 31.21 1. Revenue from sea freight management for the year ended

22.20 Air Freight 161.57 153.95 7.61 4.95 Cross-border transport 60.00 7.94 52.06 655.76 Logistics Management 84.66 80.90 3.75 4.64 Total Service Revenue 480.92 385.75 95.17 24.67 1. Revenue from marine

in the electronic customer group. In the air freight segment and increased revenue from Cross Border Service which can be classified as follows Unit : million baht Service For the three-month period