does not change significantly in 2005, though the pace of growth may slow down, in line with a declining trend in global economic expansion. Various negative factors that impacted economic growth in the

rates, credit spreads, credit ratings, reduced liquidity, declining credit quality of particular investments and other economic variables could affect profitability. In addition, the Group's variable rate

(Figure 4). Dealer-to-client trading value accounted for 61 percent, of which mutual funds were major investors. It was noted that trading by foreign investors was only 2 percent, markedly declining from