List of Participants As of July 1, 2004

Total: 275 Jet Securities, Inc. Securities Inc. Joko Securities Co., Ltd. Nippon First Securities Co., Ltd. Securities Companies Jonan Securities Co., Ltd. Nippon Global Securities Co., Ltd. Access Securities Co., Ltd. Jujiya Securities Co., Ltd. Nishimura Securities Co., Ltd. Ace Securities Co., Ltd. JVIC Securities Co., Ltd. Nishiwaki Securities Co., Ltd. Aioi Securities Co., Ltd. Kabu. com Securities Co., Ltd. Nissan Securities Co., Ltd. Aizawa Securities Co., Ltd. Kadoya Securities Co., Ltd. Co., Ltd. Akakiya Securities Co., Ltd. Kagawa Securities Co., Ltd. Nozomi Securities Co., Ltd. Alba Ace Securities Co., Ltd. Kaneju Securities Co., Ltd. Okachi Securities Co., Ltd. Alps Securities Co., Ltd. Kaneyama Securities Co., Ltd. Okasan Securities Co., Ltd. Ando Securities Co., Ltd. Kaneyoshi Securities Co., Ltd. Okinawa Securities Co., Ltd. Aramachi Securities Co., Ltd. Kanzaki Securities Co., Ltd. One Asia Securities Co., Ltd. Ark Securities Co., Ltd. Kimura Securities Co., Ltd. Orient Securities Co., Ltd. Awa Securities Co., Ltd. KITADA Securities Co., Ltd. Orix Securities Co., Ltd. Axes Japan Securities Co., Ltd. Kobe Securities Co., Ltd. Otsuka Securities Co., Ltd. Banyo Securities Co., Ltd. Kokufu Securities Co., Ltd. Panta Rhei Securities, Co., Ltd. Bright Securities Co., Ltd. Kotobuki Securities Co., Ltd. PBA Securities Co., Ltd. Capital Partners Securities Co., Ltd. Kurokawakitoku Securities Co., Port Satellite Securities. Co., Ltd. Central Tanshi Securities Co., Ltd. Ltd. Privée Zurich Securities Co., Ltd. Century Securities Co., Ltd. Kyokuto Securities Co., Ltd. Retela Crea Securities Co., Ltd. Chuo Securities Co., Ltd. Kyowa Securities Co., Ltd. Rokuwa Securities Co., Ltd. Cosmo Securities Co., Ltd. Maeda Securities Co., Ltd. Sakamoto Hokuriku Securities Co., DAIHOKU SECURITIES CO., LTD. Maruchika Securities Co., Ltd. Ltd. Daikumamoto Securities Co., Ltd. Marudai Securities Co., Ltd. Sanei Securities Co., Ltd. Daiman Securities Co., Ltd. Marufuku Securities Co., Ltd. Sanko Securities Co., Ltd. Daisei Securities Co., Ltd. Maruhachi Securities Co., Ltd. Sankyo Securities Co., Ltd. Daisen Hinomaru Securities Co., Marukuni Securities Co., Ltd. Sasayama Securities Co., Ltd. Ltd. Marusan Securities Co., Ltd. Shinbayashi Securities Co., Ltd. Daitoku Securities Co., Ltd. Maruwa Securities Co., Ltd. Shinko Securities Co., Ltd. Daiwa Securities Co., Ltd. Matsui Securities Co., Ltd. Shin-Ogaki Securities Co., Ltd. Daiwa Securities SMBC Co., Ltd. Meiwa Securities Co., Ltd. Shinsei Securities Co., Ltd. D. Brain Securities Co., Ltd. Me Net Securities Co., Ltd. Shinwa Securities Co., Ltd. DLJ direct SFG Securities Inc. Merrill Lynch Japan Securities Shizugin TM Securities Co., Ltd. Dojimakanto Securities Co., Ltd. Co., Ltd. Shizuoka Tokai Securities Co., Ltd. E. Trade Securities Co., Ltd. Mirai Securities Co., Ltd. Shonai Securities Co., Ltd. Eiwa Securities Co., Ltd. Mita Securities Co., Ltd. Sieg Securities Co., Ltd. Fides Securities Corporation Mito Securities Co., Ltd. SMBC Friend Securities Co., Ltd. Firstmake Securities Co., Ltd. MITOYO SECURITIES CO., LTD. Socius Securities Co., Ltd. Get Securities Co., Ltd. Mitsubishi Securities Co., Ltd. Sparx Securities Co., Ltd. H. S. Securities Co., Ltd. MITSUI SECURITIES CO., LTD. Star Futures Securities Co., Ltd. Hibiki Securities, Inc. Mitsubishi Tokyo Wealth Starts Securities Co., Ltd. Management Securities Ltd. Hikari Securities Co., Ltd. Taicom Securities Co., Ltd. Miyako Securities Co., Ltd. Himawari Securities, Inc. Takagi Securities Co., Ltd. Mizuho Securities Co., Ltd. Hinode Securities Co., Ltd. Tama Securities Co., Ltd. Monex, Inc. Hirota Securities Co., Ltd. Tamaki Securities Co., Ltd. Murosei Securities Co., Ltd. Ichiyoshi Securities Co., Ltd. THE AIR’S SEA SECURITIES CO., Musashi Securities Co., Ltd. IIDA SECURITIES CO., LTD. LTD. Nagano Securities Co., Ltd. Imamura Securities Co., Ltd. The Arts Securities Co., Ltd. Naito Securities Co., Ltd. IRIYA BANSEI SECURITIES CO., The Kosei Securities Co., Ltd. LTD. Nakaizumi Securities Co., Ltd. The Miki Securities Co., Ltd. Ise Securities Co., Ltd. Nara Securities Co., Ltd. The Mizuho Investors Securities ITM Securities Co., Ltd. Naruse Securities Co., Ltd. Co., Ltd. ITOCHU Capital Securities Ltd. New–S Securities Co., Ltd. The Nakahara Securities Co., Ltd. Iwai Securities Co., Ltd. Nihon Kyoei Securities Co., Ltd. The Tachibana Securities Co., Ltd. Japan Asia Securities Co., Ltd. Niigata Securities Co., Ltd. Tobu Securities Co., Ltd. Japan Electronic Securities Co., Ltd. Nikko Beans, Inc. Tokai Tokyo Securities Co. Ltd. Nikko Limited Tomioka Securities Co., Ltd.

30 List of Participants

Toyo Securities Co., Ltd. Banks and Other Financial Bank Traders Securities Co., Ltd. Institutions State Street Trust and Banking Tsukamoto Securities Co., Ltd. Aozora Bank, Ltd. Company, Limited Tsuyama Securities Co., Ltd. Japan Trustee Services Bank, Ltd. The Hongkong and Shanghai Banking Corporation Limited UFJ Tsubasa Securities Co., Ltd. JSF Trust & Banking Co., Ltd. UBS (Trust and Banking) Limited United World Securities K.K. Mitsui Asset Trust and Banking Usuki Securities Co., Ltd. Company, Limited Utsumiya Securities Co., Ltd. , Ltd. Insurance Companies Utsunomiya Securities Co., Ltd. , Ltd. Meiji Yasuda Life Insurance WORLD NICHIEI Securities Mizuho Trust & Banking Co., Ltd. Company Co., Ltd. NikkoCiti Trust and Banking Mitsui Sumitomo Insurance Co., Yahata Securities Co., Ltd. Corporation Ltd. Yamagata Securities Co., Ltd. ORIX Trust and Banking Corporation Nippon Life Insurance Company Yamagen Securities Co., Ltd. RESONA BANK LIMITED Sompo Japan Insurance Inc. Yamamaru Securities Co., Ltd. Saitama Resona Bank, Limited The Dai-Ichi Mutual Life Insurance Yamani Securities Co., Ltd. Company Shinkin Trust Bank, Ltd. Yamawa Securities Co., Ltd. The Taiyo Life Insurance Company Shinsei Bank, Limited Yutaka Securities Co., Ltd. The Tokio Marine & Fire Shinsei Trust and Banking Co., Zukawa Securities Co., Ltd. Insurance Co., Ltd. Ltd. Barclays Capital Japan Limited Sumitomo Mitsui Banking Bear Stearns (Japan) Limited Corporation BNP Paribas Securities (Japan) The Bank of Tokyo–Mitsubishi, Stock Exchanges and Others Limited Ltd. Central Tanshi Co., Ltd. Calyon Capital Markets Asia B.V. The Bank of Yokohama, Ltd. Chubu Securities Finance Co., Ltd. Citicorp International Securities The Chuo Mitsui Trust and Daiko Shoken Business Co., Ltd. Ltd. Banking Company, Limited Fukuoka Stock Exchange Commerz Securities (Japan) Co., The Daishi Bank, Ltd. Japan Securities Agents, Ltd. Ltd. The Hiroshima Bank, Ltd. Japan Securities Clearing Credit Agricole Indosuez Securities The Kyoto Shinkin Bank Corporation (Japan) Limited The Master Trust Bank of Japan, Japan Securities Dealers First Boston Ltd. Association Securities (Japan) Limited The Mitsubishi Trust and Banking Japan Securities Finance Co., Ltd. Deutsche Securities Limited, Corporation Tokyo Branch Japan Securities Settlement & The Nagano Bank, Ltd. Custody, Inc. Dresdner Kleinwort Wasserstein Ltd. The Nomura Trust and Banking Jasdaq Market, Inc. Co., Ltd. E*T Institutional Securities JASDEC DVP Clearing Corporation Limited The Norinchukin Bank Nagoya Stock Exchange, Inc. Fidelity Brokerage Services The Norinchukin Trust & Banking Osaka Securities Exchange, Inc. Co., Ltd. (Japan), LLC Osaka Securities Finance Co., Ltd. The Sumitomo Trust & Banking (Japan) Limited Sapporo Securities Exchange Co., Ltd. HSBC Securities (Japan) Limited The Tokyo Tanshi Co., Ltd. The Tokyo Tomin Bank, Limited HVB Capital Asia Limited Tokyo Securities Transfer Agent Tokyo Bankers Association Hyundai Securities Co., Ltd. Co., Ltd. Tokyo Shoken Credit Cooperative ING Securities Japan Limited Tokyo Stock Exchange, Inc. Trust & Custody Service Bank, Ltd. Instinet Japan Limited Ueda Yagi Tanshi Co., Ltd UFJ Bank Limited J.P. Morgan Securities Asia Limited UFJ Trust Bank Limited Jefferies (Japan) Limited Barclays Global Investors Japan KBC Securities Japan Overseas CSDs participating in JASDEC Trust & Banking Co., Ltd. Lehman Brothers Japan Inc. through JSSC: Citibank, N.A. Japan Limited The Central Depository (Pte) Limited Cititrust and Banking Corporation RBC Dominion Securities (Japan) (Singapore) Deutsche Trust Bank Limited Limited J.P. Morgan Trust Bank, Ltd. Société Générale Securities (North Pacific) Ltd. SG Private Banking (Japan) Limited UBS Securities Japan Limited ShinGinko Tokyo, Limited WestLB Securities Pacific Limited

31