Operación en continúo de la planta piloto

Musashi Securities Co., Ltd. Nagano Securities Co., Ltd. Naruse Securities Co., Ltd.

National Australia Capital Markets (Japan) Co., Ltd. New-S Securities Co., Ltd.

NIHON KYOEI Securities Co., Ltd. Niigata Securities Co., Ltd. Nikko Citigroup Limited Nikko Cordial Securities Inc. Nippon First Securities Co., Ltd. Nippon Investors Securities Co., Ltd. NIS Securities Co., Ltd.

Nissan Securities Co., Ltd. Nomura Securities Co., Ltd. Nozomi Securities Co., Ltd. Okasan Securities Co., Ltd. Okinawa Securities Co., Ltd. One Asia Securities Co., Ltd. Orient Securities Co., Ltd. Orix Securities Corporation PBA Securities Co., Ltd. Prive Zurich Securities Co., Ltd.

Putnam Investments Securities Co., Ltd. Rakuten Securities, Inc.

Retela Crea Securities Co., Ltd.

Russell Investment Securities Company, Ltd. SMBC Friend Securities Co., Ltd.

Sanei Securities Co., Ltd. SANKO Securities Co., Ltd. Shinkin Securities Co., Ltd. Shinko Securities Co., Ltd. Shinsei Securities Co., Ltd. Shinwa Securities Co., Ltd. Sieg Securities Co., Ltd. Socius Securities Co., Ltd. Sompo Japan DC Securities Inc. Sparx Securities Co., Ltd. SPC Securities Inc. Stars Securities Co., Ltd.

State Street Global Markets Securities Co., Ltd. Tama Securities Co., Ltd.

THE AIR’S SEA SECURITIES CO., LTD. The Arts Securities Co., Ltd.

The Miki Securities Co., Ltd. The Nakahara Securities Co., Ltd. The Seven Capital Securities Co., Ltd. THE TACHIBANA SECURITIES CO., LTD. Tobu Securities Co., Ltd.

Tokai Tokyo Securities Co., Ltd. Tomioka Securities Co., Ltd. Toyo Securities Co., Ltd.

TRADERS SECURITIES CO., LTD. UFJ Tsubasa Securities Co., Ltd. USS Securities Co., Ltd.

Usuki Securities Co., Ltd. Utsunomiya Securities Co., Ltd. United World Securities (Japan) K.K. Vanguard Investments Japan, Ltd. World Nichiei Frontier Securities Co., Ltd. Yamamaru Securities Co., Ltd.

Yamani Securities Co., Ltd. Yamawa Securities Co., Ltd. Yensai.com Co., Ltd.

■FOREIGN SECURITIES COMPANIES

ABN Amro Securities (Japan) Limited AIG JAPAN SECURITIES, INC.

Alliance Bernstein Investment Research and Management, Inc.

Banc of America Securities-Japan, Inc. Banque AIG

BARCLAYS CAPITAL JAPAN LIMITED Bear Stearns (Japan) Limited

BGC Shoken Kaisha Limited

BNP PARIBAS Securities (Japan) Limited Calyon Capital Markets Asia B.V.

CIBC World Markets (Japan) Inc. Citicorp Securities (Japan) Ltd.

Countrywide Capital Markets Asia Ltd. CREDIT AGRICOLE INDOSUEZ SECURITIES (JAPAN) LIMITED

Credit Suisse First Boston Securities (Japan) Limited Deutsche Securities Limited

Dresdner Kleinwort Wasserstein (Japan) Limited E*Trade Securities Limited

GFI Securities Limited Goldman Sachs (Japan) Ltd. HSBC Securities (Japan) Limited HYUNDAI SECURITIES CO., LTD. HVB Capital Asia Limited

Instinet Japan Limited

IXIS Corporate & Investment Bank J.P. Morgan Securities Asia Limited Jefferies (Japan) Limited

KBC Financial Products UK Limited Lehman Brothers Japan Inc.

MACQUARIE SECURITIES (JAPAN) LIMITED Morgan Stanley Japan Limited

Prudential Securities (Japan) Ltd. RBC Dominion Securities Japan Limited RBS Securities Japan Limited

Societe Generale Securities (North Pacific) Ltd.

Swiss Re Capital Markets (Japan) Corporation TD Securities (Japan) Inc.

Tokio Marine Financial Solutions ltd. UBS Securities Japan Ltd.

West LB Securities Pacific Limited

■NAGOYA DISTRICT

Ando Securities Co., Ltd. Ark Securities Co., Ltd. Daiman Securities Co., Ltd. Daitoku Securities Co., Ltd. Ise Securities Co., Ltd. Kimura Securities Co., Ltd. Kotobuki Securities Co., Ltd. Maruhachi Securities Co., Ltd. Matsusaka Securities Co., Ltd. Nakaizumi Securities Co., Ltd. Nobata Securities Co., Ltd. Oishi Securities Co., Ltd. Okachi Securities Co., Ltd. Rokuni Securities Co., Ltd. Shin-Ogaki Securities Co., Ltd. SHIZUGIN TM SECURITIES Co., Ltd. Shizuoka Tokai Securities Co., Ltd. Tahara Securities Co., Ltd.

Toyota Financial Services Securities Corporation Yutaka Securities Co., Ltd.

■KYUSYU DISTRICT

Iizukanakagawa Securities Co., Ltd. Maeda Securities Co., Ltd.

Sasebo Securities Co., Ltd. Star Futures Securities Co., Ltd. Daikumamoto Securities Co., Ltd.

■HOKURIKU DISTRICT

Aramachi Securities Co., Ltd. Imamura Securities Co., Ltd. Isurugi Securities Co., Ltd. Masumo Securities Co., Ltd. Mitsui Securities Co., Ltd.

Sakamoto Hokuriku Securities Co., Ltd. Shimadai Securities Co., Ltd.

Shinbayashi Securities Co., Ltd. Takematsu Securities Co., Ltd. Tomi Securities Co., Ltd. Zukawa Securities Co., Ltd.

■CHUGOKU DISTRICT

Daisen Hinomaru Securities Co., Ltd.

Kadoya Securities Co., Ltd. Kitada Securities Co., Ltd. Tsuyama Securities Co., Ltd. Utsumiya Securities Co., Ltd. Yahata Securities Co., Ltd.

■SHIKOKU DISTRICT

Awa Securities Co., Ltd. Ehime Securities Co., Ltd. Futanami Securities Co., Ltd. Kagawa Securities Co., Ltd. Mitoyo Securities Co., Ltd.

Tokushima-Godo Securities Co., Ltd.

■OSAKA DISTRICT

Ace Securities Co., Ltd. Aioi Securities Co., Ltd. Angel Securities Co., Ltd. Banyo Securities Co., Ltd. Cosmo Securities Co., Ltd.

Daiko Clearing Services Corporation Eiwa Securities Co., Ltd.

Hibiki Securities Inc. Hikari Securities Co., Ltd. Hinode Securities Co., Ltd. Hirota Securities Co., Ltd. Iwai Securities Co., Ltd.

Japan Electric Securities Co., Ltd. Kaneyoshi Securities Co., Ltd. Kanzaki Securities Co., Ltd. Kobe Securities Co., Ltd. Maruchika Securities Co., Ltd. Miyako Securities Co., Ltd. MMG SECURITIES Co., Ltd. Naito Securities Co., Ltd. Nara Securities Co., Ltd. Nishimura Securities Co., Ltd. Nishiwaki Securities Co., Ltd. Otsuka Securities Co., Ltd. Port Satellite Securities Co., Ltd. Panta Rhei Securities Co., Ltd. Rokuwa Securities Co., Ltd. Sankyo Securities Co., Ltd. Sasayama Securities Co., Ltd. Taicom Securities Co., Ltd. Takagi Securities Co., Ltd. Tamaki Securities Co., Ltd. The Kosei Securities Co., Ltd. Tsukamoto Securities Co., Ltd.

History

Japan Securities Dealers Association (JSDA) is the sole corporative organization in Japan authorized by the Prime Minister under the Securities and Exchange Law (Paragraph 2 of Article 68), and consists of all the secu- rities companies and registered financial institutions (as members of the association).

Members of the association are categorized into two groups: regular members and special members. Securities companies, including foreign securities companies, are regular members. Registered financial insti- tutions join the association as special members.

The purposes of the JSDA are as follows: 1) to protect investors by ensuring fair and smooth trading in securities and other transactions by members of the association; 2) to promote the implementation of policy measures for the revitalization of the Japanese securities markets in order to contribute to the growth and development of the Japanese economy.

1940 to 1941 According to the policy of one association for one prefecture, securities dealers associations were established in many local districts.

May 1949 The Japan Securities Dealers Joint Association was established as a federation of securities dealers associations.

May 1968 33 local securities dealers associations were consolidated into 10 associations.

July 1973 The Japan Securities Dealers Joint Association and 10 local securities dealers associations were dissolved and the Japan Securities Dealers Association was newly established, consisting of all securities companies as direct constituent members, with its headquarters in Tokyo and with 10 district offices.

July 1992 The association was reorganized from a corporate juridical person under the Civil Code to an authorized corporation under the Securities and Exchange Law.

April 1994 Financial institutions authorized to undertake securities business joined the association as spe- cial members.

April 1995 South Kyushu District Office was consolidated into the Kyushu District Office. July 1998 JSDA integrated the Bond Underwriters Association of Japan.

February 2001 JSDA entrusted the operation of the Over-the-Counter stock market to a market operation company.

July 2004 JSDA changed to the new structured organization consisting of three divisions: Self-regula- tion, Securities Strategic Policy and General Affairs and Administration. JSDA also merged with the Association of Tokyo Stock Exchange Regular Members.

December 2004 JSDA closed the Over-the-Counter Trading Securities Market and the Jasdaq Securities Exchange, Inc. started business.

April 2005 JSDA integrated the Japan Institute for Securities Information and Public Relations.

Profile

1. Establishment and Execution of Self-regulatory Rules

JSDA has established many kinds of self-regulatory rules to be applied to the members of the association, for enhancing fair and smooth trad- ing in securities in order to promote efficient administration of the secu- rities markets.

2. Execution of On-site Inspection and Off-site Monitoring

JSDA conducts on-site inspections in relation to internal administration system and compliance with the statutory laws and regulations or self- regulatory rules concerning the securities business activities of mem- bers of the association or their employees. JSDA is also monitoring the management and segregated custody by securities companies.

3. Exercise of Self-regulatory Disciplinary Actions

In cases of violation of the statutory laws and regulations or our self- regulatory rules by members of the association or securities company employees, the JSDA strictly enforces self-regulatory disciplinary action.

4. Qualification Examination, Qualification Renewal Training and

Registration of Securities Sales Representatives

JSDA conducts qualification examinations for securities sales represen- tatives and internal administrators and regulatory training courses such as Qualification Renewal Training in consideration of the high public status of the securities business and the importance of its social obliga- tions, and carries out registration of securities sales representatives, which is entrusted to it by the Commissioner of the Financial Services Agency.

5. Counseling concerning Customer Complaints

JSDA provides mediation services to settle disputes between members of the association and their customers by assigning Mediating Consultants to each district office and also providing counseling services concerning complaints about business of the members and securities sales agents from customers.

6. Improvement and Expansion of the OTC Bond Market