List of Participants(As of July 1, 2003)

Total: 271
Securities Companies

Access Securities Co., Ltd.
* Ace Securities Co., Ltd.
* Aioi Securities Co., Ltd.
* Aizawa Securities Co., Ltd.
* Akakiya 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.
Core Pacific – Yamaichi SecuritiesCo., Ltd.
* Cosmo Securities Co., Ltd.
* Daikumamoto Securities Co., Ltd.
* Daiman Securities Co., Ltd.
* Daisei 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.
* Firstmake Securities Co., Ltd.
Get Securities Co., Ltd.
* H. S. Securities Co., Ltd.
* Hikari Securities Co., Ltd.
* Himawari Securities, Inc.
* Hinode Securities Co., Ltd.
* Hirota Securities Co., Ltd.
* Ichiyoshi 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.
* Izumi Securities Co., Ltd.
* Japan Asia Securities Co., Ltd.
* Japan Cross Securities Co., Ltd.
* Japan Electronic Securities Co., Ltd.
* 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.
* 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.
* Maruko Daika 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.
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.
* NCS Securities Ltd.
* New–S Securities Co., Ltd.
Nihon Kyoei Securities Co., Ltd.
* Niigata Securities Co., Ltd.
* Nikko Beans, Inc.
* Nikko Cordial Securities Inc.
Nippon First Securities Co., Ltd.
* Nippon Global Securities Co., Ltd.
* Nishimura Securities Co., Ltd.

30

* Nishiwaki Securities Co., Ltd.
* Nissan Securities Co., Ltd.
Nissho Iwai Securities Co., Ltd.
* Nomura Securities Co., Ltd.
* Norinchukin Securities Co., Ltd.
* Nozomi Securities Co., Ltd.
* Odawara 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.
* Port Satellite Securities. Co., Ltd.
Privee Zurich Securities Co., Ltd.
* Retela Crea Securities Co., Ltd.
Rokuwa Securities Co., Ltd.
* Sakamoto Hokuriku SecuritiesCo., 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.
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 Asahi Retail 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.
* Toyo Securities Co., Ltd.
Traders Securities Co., Ltd.
* Tsukamoto Securities Co., Ltd.
* Tsuyama Securities Co., Ltd.
* UFJ Tsubasa Securities Co., Ltd.

List of Participants* 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.
* YOKOHAMA securities Co., LTD.
* Yutaka Securities Co., Ltd.
Zukawa Securities Co., Ltd.
ABN Amro Securities (Japan)
Limited* Banc of America Capital Markets– Japan, Inc.
* Barclays Capital Japan Limited* Bear Stearns (Japan) Limited* BNP Paribas Securities (Japan)Limited* Citicorp International Securities
Ltd.
* Commerz Securities (Japan) Co.,Ltd.
Credit Agricole Indosuez
Securities (Japan) Limited* Credit Lyonnais Securities
Europe Switzerland AG* 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
LimitedJefferies (Japan) Limited* KBC Securities JapanLehman Brothers Japan Inc.
* Morgan Stanley Japan Limited* Nikko Citigroup Limited
RBC Dominion Securities (Japan)Limited
Société Générale Securities(North Pacific) 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 BankingCorporation* RESONA BANK LIMITED
Shinkin Trust Bank, Ltd.
Shinsei Bank, LimitedShinsei Trust and Banking Co.,Ltd.
* Sumitomo Mitsui BankingCorporation* 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 andBanking Corporation* The Nagano Bank, Ltd.
The Nomura Trust and BankingCo., Ltd.
* The Norinchukin Bank
* The Norinchukin Trust &Banking Co., Ltd.
* The Sumitomo Trust & BankingCo., 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.
BNP Paribas Private Bank (Japan)
Limited
Citibank, N.A.
Cititrust and Banking
Corporation
Deutsche Trust Bank Limited
J.P. Morgan Trust Bank, Ltd.
SG Private Banking (Japan)
Limited31

Standard Chartered Bank
State Street Trust and Banking
Company, Limited
The Hongkong and Shanghai
Banking Corporation Limited
UBS (Trust and Banking) Limited

Insurance Companies

Mitsui Sumitomo Insurance Co.,
Ltd.
Nippon Life Insurance Company
Sompo Japan Insurance Inc.
The Dai-Ichi Mutual Life
Insurance Company
The Meiji Mutual Life Insurance
Company* The 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.
* 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* Shareholder
Note: Overseas CSDs participating in
JASDEC through JSSC;
The Central Depository (Pte)
Limited (Singapore)