List of Participants
As of July 1, 2004

Total: 275
Securities Companies

Access Securities Co., Ltd.
Ace Securities Co., Ltd.
Aioi Securities Co., Ltd.
Aizawa Securities Co., Ltd.
Akakiya Securities Co., Ltd.
Alba Ace Securities Co., Ltd.
Alps Securities Co., Ltd.
Ando Securities Co., Ltd.
Aramachi Securities Co., Ltd.
Ark Securities Co., Ltd.
Awa Securities Co., Ltd.
Axes Japan Securities Co., Ltd.
Banyo Securities Co., Ltd.
Bright Securities Co., Ltd.
Capital Partners Securities Co., Ltd.
Central Tanshi Securities Co., Ltd.
Century Securities Co., Ltd.
Chuo Securities Co., Ltd.
Cosmo Securities Co., Ltd.
DAIHOKU SECURITIES CO., LTD.
Daikumamoto Securities Co., Ltd.
Daiman Securities Co., Ltd.
Daisei Securities Co., Ltd.
Daisen Hinomaru Securities Co.,Ltd.
Daitoku Securities Co., Ltd.
Daiwa Securities Co., Ltd.
Daiwa Securities SMBC Co., Ltd.
D. Brain Securities Co., Ltd.
DLJ direct SFG Securities Inc.
Dojimakanto Securities Co., Ltd.
E. Trade Securities Co., Ltd.
Eiwa Securities Co., Ltd.
Fides Securities Corporation
Firstmake Securities Co., Ltd.
Get Securities Co., Ltd.
H. S. Securities Co., Ltd.
Hibiki Securities, Inc.
Hikari Securities Co., Ltd.
Himawari Securities, Inc.
Hinode Securities Co., Ltd.
Hirota Securities Co., Ltd.
Ichiyoshi Securities Co., Ltd.
IIDA SECURITIES CO., LTD.
Imamura Securities Co., Ltd.
IRIYA BANSEI SECURITIES CO.,LTD.
Ise Securities Co., Ltd.
ITM Securities Co., Ltd.
ITOCHU Capital Securities Ltd.
Iwai Securities Co., Ltd.
Japan Asia Securities Co., Ltd.
Japan Electronic Securities Co., Ltd.

30

Jet Securities, Inc.
Joko Securities Co., Ltd.
Jonan Securities Co., Ltd.
Jujiya Securities Co., Ltd.
JVIC Securities Co., Ltd.
Kabu. com Securities Co., Ltd.
Kadoya Securities Co., Ltd.
Kagawa Securities Co., Ltd.
Kaneju Securities Co., Ltd.
Kaneyama Securities Co., Ltd.
Kaneyoshi Securities Co., Ltd.
Kanzaki Securities Co., Ltd.
Kimura Securities Co., Ltd.
KITADA Securities Co., Ltd.
Kobe Securities Co., Ltd.
Kokufu Securities Co., Ltd.
Kotobuki Securities Co., Ltd.
Kurokawakitoku Securities Co.,Ltd.
Kyokuto Securities Co., Ltd.
Kyowa Securities Co., Ltd.
Maeda Securities Co., Ltd.
Maruchika Securities Co., Ltd.
Marudai Securities Co., Ltd.
Marufuku Securities Co., Ltd.
Maruhachi Securities Co., Ltd.
Marukuni Securities Co., Ltd.
Marusan Securities Co., Ltd.
Maruwa Securities Co., Ltd.
Matsui Securities Co., Ltd.
Meiwa Securities Co., Ltd.
Me Net Securities Co., Ltd.
Merrill Lynch Japan SecuritiesCo., Ltd.
Mirai Securities Co., Ltd.
Mita Securities Co., Ltd.
Mito Securities Co., Ltd.
MITOYO SECURITIES CO., LTD.
Mitsubishi Securities Co., Ltd.
MITSUI SECURITIES CO., LTD.
Mitsubishi Tokyo WealthManagement Securities Ltd.
Miyako Securities Co., Ltd.
Mizuho Securities Co., Ltd.
Monex, Inc.
Murosei Securities Co., Ltd.
Musashi Securities Co., Ltd.
Nagano Securities Co., Ltd.
Naito Securities Co., Ltd.
Nakaizumi Securities Co., Ltd.
Nara Securities Co., Ltd.
Naruse Securities Co., Ltd.
New–S Securities Co., Ltd.
Nihon Kyoei Securities Co., Ltd.
Niigata Securities Co., Ltd.
Nikko Beans, Inc.
Nikko Citigroup Limited

Nikko Cordial Securities Inc.
Nippon First Securities Co., Ltd.
Nippon Global Securities Co., Ltd.
Nishimura Securities Co., Ltd.
Nishiwaki Securities Co., Ltd.
Nissan Securities Co., Ltd.
Nomura Securities Co., Ltd.
Nozomi Securities Co., Ltd.
Okachi Securities Co., Ltd.
Okasan Securities Co., Ltd.
Okinawa Securities Co., Ltd.
One Asia Securities Co., Ltd.
Orient Securities Co., Ltd.
Orix Securities Co., Ltd.
Otsuka Securities Co., Ltd.
Panta Rhei Securities, Co., Ltd.
PBA Securities Co., Ltd.
Port Satellite Securities. Co., Ltd.
Privée Zurich Securities Co., Ltd.
Retela Crea Securities Co., Ltd.
Rokuwa Securities Co., Ltd.
Sakamoto Hokuriku Securities Co.,
Ltd.
Sanei Securities Co., Ltd.
Sanko Securities Co., Ltd.
Sankyo Securities Co., Ltd.
Sasayama Securities Co., Ltd.
Shinbayashi Securities Co., Ltd.
Shinko Securities Co., Ltd.
Shin-Ogaki Securities Co., Ltd.
Shinsei Securities Co., Ltd.
Shinwa Securities Co., Ltd.
Shizugin TM Securities Co., Ltd.
Shizuoka Tokai Securities Co., Ltd.
Shonai Securities Co., Ltd.
Sieg Securities Co., Ltd.
SMBC Friend Securities Co., Ltd.
Socius Securities Co., Ltd.
Sparx Securities Co., Ltd.
Star Futures Securities Co., Ltd.
Starts Securities Co., Ltd.
Taicom Securities Co., Ltd.
Takagi Securities Co., Ltd.
Tama Securities Co., Ltd.
Tamaki Securities Co., Ltd.
THE AIR’S SEA SECURITIES CO.,LTD.
The Arts Securities Co., Ltd.
The Kosei Securities Co., Ltd.
The Miki Securities Co., Ltd.
The Mizuho Investors SecuritiesCo., Ltd.
The Nakahara Securities Co., Ltd.
The Tachibana Securities Co., Ltd.
Tobu Securities Co., Ltd.
Tokai Tokyo Securities Co. Ltd.
Tomioka Securities Co., Ltd.

List of Participants

Toyo Securities Co., Ltd.
Traders Securities Co., Ltd.
Tsukamoto Securities Co., Ltd.
Tsuyama Securities Co., Ltd.
UFJ Tsubasa Securities Co., Ltd.
United World Securities K.K.
Usuki Securities Co., Ltd.
Utsumiya Securities Co., Ltd.
Utsunomiya Securities Co., Ltd.
WORLD NICHIEI SecuritiesCo., Ltd.
Yahata Securities Co., Ltd.
Yamagata Securities Co., Ltd.
Yamagen Securities Co., Ltd.
Yamamaru Securities Co., Ltd.
Yamani Securities Co., Ltd.
Yamawa Securities Co., Ltd.
Yutaka Securities Co., Ltd.
Zukawa Securities Co., Ltd.
Barclays Capital Japan Limited
Bear Stearns (Japan) Limited
BNP Paribas Securities (Japan)Limited
Calyon Capital Markets Asia B.V.
Citicorp International Securities
Ltd.
Commerz Securities (Japan) Co.,Ltd.
Credit Agricole Indosuez Securities(Japan) Limited
Credit Suisse First Boston
Securities (Japan) Limited
Deutsche Securities Limited,Tokyo Branch
Dresdner Kleinwort WassersteinLtd.
E*T Institutional Securities
LimitedFidelity Brokerage Services(Japan), LLC
Goldman Sachs (Japan) Limited
HSBC Securities (Japan) Limited
HVB Capital Asia Limited
Hyundai Securities Co., Ltd.
ING Securities Japan Limited
Instinet Japan Limited
J.P. Morgan Securities Asia Limited
Jefferies (Japan) Limited
KBC Securities Japan
Lehman Brothers Japan Inc.
Morgan Stanley Japan Limited
RBC Dominion Securities (Japan)Limited
Société Générale Securities (NorthPacific) Ltd.
UBS Securities Japan Limited
WestLB Securities Pacific Limited

Banks and Other Financial
Institutions

Aozora Bank, Ltd.
Japan Trustee Services Bank, Ltd.
JSF Trust & Banking Co., Ltd.
Mitsui Asset Trust and Banking
Company, Limited
Mizuho Bank, Ltd.
Mizuho Corporate Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
NikkoCiti Trust and Banking
Corporation
ORIX Trust and Banking
Corporation
RESONA BANK LIMITED
Saitama Resona Bank, Limited
Shinkin Trust Bank, Ltd.
Shinsei Bank, Limited
Shinsei Trust and Banking Co.,
Ltd.
Sumitomo Mitsui Banking
Corporation
The Bank of Tokyo–Mitsubishi,Ltd.
The Bank of Yokohama, Ltd.
The Chuo Mitsui Trust andBanking Company, Limited
The Daishi Bank, Ltd.
The Hiroshima Bank, Ltd.
The Kyoto Shinkin Bank
The Master Trust Bank of Japan,
Ltd.
The Mitsubishi Trust and Banking
Corporation
The Nagano Bank, Ltd.
The Nomura Trust and Banking
Co., Ltd.
The Norinchukin Bank
The Norinchukin Trust & Banking
Co., Ltd.
The Sumitomo Trust & Banking
Co., Ltd.
The Tokyo Tomin Bank, Limited
Tokyo Bankers Association
Tokyo Shoken Credit Cooperative
Trust & Custody Service Bank, Ltd.
UFJ Bank Limited
UFJ Trust Bank Limited
Barclays Global Investors Japan
Trust & Banking Co., Ltd.
Citibank, N.A.
Cititrust and Banking Corporation
Deutsche Trust Bank Limited
J.P. Morgan Trust Bank, Ltd.
SG Private Banking (Japan)
LimitedShinGinko Tokyo, LimitedStandard Chartered Bank
State Street Trust and Banking
Company, Limited
The Hongkong and Shanghai
Banking Corporation Limited
UBS (Trust and Banking) Limited

Insurance Companies

Meiji Yasuda Life Insurance
Company
Mitsui Sumitomo Insurance Co.,
Ltd.
Nippon Life Insurance Company
Sompo Japan Insurance Inc.
The Dai-Ichi Mutual Life Insurance
CompanyThe Taiyo Life Insurance Company
The Tokio Marine & Fire
Insurance Co., Ltd.

Stock Exchanges and Others

Central Tanshi Co., Ltd.
Chubu Securities Finance Co., Ltd.
Daiko Shoken Business Co., Ltd.
Fukuoka Stock Exchange
Japan Securities Agents, Ltd.
Japan Securities Clearing
Corporation
Japan Securities Dealers
Association
Japan Securities Finance Co., Ltd.
Japan Securities Settlement &Custody, Inc.
Jasdaq Market, Inc.
JASDEC DVP Clearing Corporation
Nagoya Stock Exchange, Inc.
Osaka Securities Exchange, Inc.
Osaka Securities Finance Co., Ltd.
Sapporo Securities Exchange
The Tokyo Tanshi Co., Ltd.
Tokyo Securities Transfer AgentCo., Ltd.
Tokyo Stock Exchange, Inc.
Ueda Yagi Tanshi Co., Ltd

Overseas CSDs participating in JASDEC
through JSSC:
The Central Depository (Pte) Limited(Singapore)31