THE RULES RELATING TO EXPERT OPINION, APPRAISAL AND
CERTIFICATION OF THE JAPAN SHIPPING EXCHANGE, INC..

Article 1.

These Rules apply to written statements of appraisal of vessels, expert opinions or certificates to be issued by The Japan Shipping Exchange, Inc. (hereinafter referred to as "JSE")

Article 2.

Where JSE accepts a request of written statements of appraisal of vessels, expert opinions or certificates relating to any maritime matters (hereinafter referred to as "the Statement") JSE, shall at its discretion, appoint an expert or experts (hereinafter referred to as "the Expert") either inhouse or outsourced, who shall undertake the task of making the Statement.

2. JSE shall handle any information that JSE came to know in connection with the aforesaid request as confidential, and shall not use it for any purpose other than for producing the Statement, without the Applicant's approval.

3. JSE, the Experts and the Secretariat have complete civil immunity from any liability whatsoever arising out of or in connection with the Statement.

Article 3.

The Statement shall be written either in Japanese or in English.

Article 4.

Excepting the Statement of appraisal of vessels, the Statements shall be affixed names and seals or signed by the Expert and countersigned by the president or his/her deputy. The Statement of appraisal of vessels shall be, affixed names and seals or signed only by the the president or his/her deputy.

Article 5.

(1) Excepting for the Statement of appraisal of vessels, the Applicant shall, in principle, pay to JSE a filing fee of Fifty Thousand Japanese Yen (\50,000) per Statement. The Filing fee for appraisal of vessels shall be Thirty Thousand Japanese Yen (\30,000) per Statement. and members of JSE are exempted from paying this filing fee for appraisal of vessel.
(2) Filing fees once paid shall not be returned to the Applicant for whatever reason.

Article 6.

(1) The Applicant on receiving the notification that the Statement will be issued, shall pay the fee , and the any expenses specifically incurred in connection with the appraisal or certification, if any, to JSE.
(2) If JSE especially finds necessity the Applicant shall make a partial advance payment, in accordance with the instruction of JSE(3) Such partial advance payment shall not be returned for whatever reason once the first meeting of the Expert has been held.

Article 7.

The appraisal fee and the certification fee underreferred to in the preceding Article shall be determined considering the degree of difficulty of the request in question, after having heard hearing the opinion offrom the Expert considering the contents of the request in question. The fee of appraisal of vessels, however, shall be determined in accordance with the bylaw determined separately by JSE provided in addition.

Article 8.

The fees are quoted exclusive of any Japanese consumption tax, and The Applicant shall add on any consumption taxes to the amount determined in accordance with Article 5 through Article 7.

Article 9.

Bylaws are made to help these Rules to be followed effectively.