1 The second part, from "selling group" case I proceed to elaborate the basic theory and analysis of the Travel Contract.

2 I would like to thank the Primary Dealers and the Selling Group Members for participating in the Debt Issuance Programme.

3 The discount given by the syndicate to members of the selling group.

4 Selling Concession The discount given by the syndicate to members of the selling group.

5 Finally, I want to say that I'm very glad to participate in this selling group not only because there are so many fine leaders and colleagues, but also their patience and help to me.

6 It is a way to encourage sales which the discount underwriters offer the selling group on securities in a new issue.