pressure on both economic stability and economic expansion, as the country is sensitive to the price of oil. Looking forward to 2005, considerable concern has followed the increase in price of US crude oil

● 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

its 1 day R/P rate five times to 3.25 percent to ease the pressure from rapid baht appreciation and stimulate domestic investments. Meanwhile, investors predicted no further rate cuts and consequently

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

share- holders (through what is known as 'tunnelling' 3 ), or misrepresenting an individual company's financial statements (of particular concern where the company is under pressure to meet expectations