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

● Development of Debt Instrument Secondary Market Expansion of Investor Base and Distribution Channels for Investors and Promotion of Investment Culture ● Additional Mutual Fund Management Licenses in the Thai

are to maintain efficient, M.R. Pridiyathorn Devakula Chairman Message from the Chairman A n n u a l R e p o r t 2 0 0 6 3 Thirachai Phuvanatnaranubala Secretary-General The economic expansion was on

shifted their investments from money and bond markets to equity market; 3. US subprime crisis: Its effect started to spread to global stock markets in June and the situation got worse when several financial

Expansion of Investor Base and Distribution Channels Coupled with Promotion of Investment Culture ■ Additional Mutual Fund Management Licenses to Promote Professional Management in the Thai Capital Market

same ground. There is also potentially confusing differences and overlap between the SEA and PLCA. In spite of wide spread training and awareness raising, market participants may not always fully