Individual Members:

• Chartered Member of the Securities Analysts Association of Japan (CMA®):
  Those who have passed SAAJ examinations.
• General Members:
  Officers or employees of Corporate Members or Associate Members. Such members should have three or more year-practical experience in securities analysis, or sufficient experience and ability in securities analysis.

Corporate Members:

• Securities companies, investment trust management companies, trust banks, banks, insurance companies, investment advisory companies, other corporations/organizations deemed qualified by the Board of Directors.

Associate Members:

• Securities companies, investment trust management companies, trust banks, banks, insurance companies, investment advisory companies, other corporations/organizations deemed qualified by the Board of Directors.

• With chartered members (CMA®) as the nucleus, total membership now exceeds 23,000. Members represent the whole investment spectrum, including both sell- and buy-side.

Membership Breakdown as of November, 2009
	Corporate	Associate	Individual
			CMA®	General
Securities	98	38	4,690	9
Investment trust	33		2,086	3
Trust bank	7		1,518	3
Bank	74		3,836	4
Life insurance	20		1,392	2
Non-life insurance	14		454	1
Research	14		530	1
Investment advisory	28	27	886	1
Others	18	141	7,855	55
Total	306	206	23,247	79