; higher depreciation; higher excise tax and sugar tax following the Excise Act, B.E. 2560 which was effective since 16 September 2017; cost from trial runs and start-up of a new production line, driving

healthcare and esthetics under trademark “Wuttisak Clinic”, which start operate the franchise business on February 10, 2018. 3. Analysis of Operating Results Management's Discussion and Analysis and operating

increased from business expansion. For the 9M/2018, the net profit improved by Baht 420 million or 17% from 9M/2017. The gain was primarily due to start-up of IRPC-CP Phase 2 and ISP1 in Q4/2017 and the

Discussion and Analysis for the year ended 31 December 2018 Page 19/21 Land and Houses Fund Management Company Limited Land and Houses Fund Management Company Limited runs a business to manage mutual fund

2018, the Company’ s debenture have continuously increased between 2016 and 2018 primarily due to the issue of new debentures to manage liquidity and purchase of new portfolios are more than repayment of

Company Limited Land and Houses Fund Management Company Limited run a business to manage mutual fund, property fund, real estate investment trust, provident fund and private fund. Overview of Fund

service expenses, financial costs and other expenses. Land and Houses Fund Management Company Limited Land and Houses Fund Management Company Limited run a business to manage mutual fund, property fund

Houses Fund Management Company Limited Land and Houses Fund Management Company Limited runs a business to manage mutual fund, property fund, real estate investment trust, provident fund and private fund. 3

runs a business to manage mutual fund, property fund, real estate investment trust, provident fund and private fund. 3. FUND MANAGEMENT BUSINESSS LH Financial Group Public Company Limited Management

Company Limited Land and Houses Fund Management Company Limited runs a business to manage mutual funds, property funds, real estate investment trust, provident funds and private funds. Overview of Fund