THE RULES RELATING TO EXPERT OPINION, APPRAISAL AND CERTIFICATION
OF TOKYO MARITIME ARBITRATION COMMISSION (TOMAC)
OF THE JAPAN SHIPPING EXCHANGE, INC.

Article 1.

Any person desirous to request to issue an expert opinion, appraisal or certification of any contract related to ownership (including solidarity), lease, chartering, operating, sales, building and repair of vessels, marine insurance, salvage or general average, or anything else related to maritime matters (hereinafter referred to as "the Person") shall file with the Japan Shipping Exchange, Inc. (hereinafter referred to as "JSE") a signed written request indicating the purport and the matters of the request.

Article 2.

(1) Where the request of the preceding Article is made, the Tokyo Maritime Arbitration Commission (hereinafter referred to as "TOMAC") shall, by consultations of Chairman and Vice-Chairmen, decide whether to accept the request or not, and where TOMAC decide the acceptance of the request, appoint experts, appraisers or certifiers from among the persons who are listed on the Panel of TOMAC Arbitrators and conduct the ruling or certification. TOMAC may appoint a person or persons not on the Panel if it deems such appointment necessary.
(2) The decision referred to in the preceding paragraph is notified to the Person in writing.

Article 3.

(1) Rulings or certificates shall be written in Japanese. Those may be written in English or in both Japanese and English, if requested.
(2) Where rulings or certificates are written in both Japanese and English, each of them shall be deemed as an original copy.

Article 4.

Rulings or certificates shall be signed by the expert witnesses or the certifiers and the Chairman of TOMAC or the person authorized. Appraisals of vessels shall be, however, signed only by the Chairman of TOMAC or the person authorized.

Article 4-2.

(1) The Person notified of the decision of the acceptance referred to in the Article 2 paragraph (2), shall pay a fee of Fifty Thousand Japanese Yen (¥50,000) as a Filing Fee to JSE. With respect to appraisal of vessels, however, the Filing Fee shall be determined in accordance with the bylaw provided in addition.
(2) The Filing Fee once paid shall not be returned.

Article 5.

(1) The Person notified of the delivery of the ruling or certificate, shall pay a Fee of ruling or certificate, or the expenses especially incurred with respect to the ruling or certificate to JSE.
(2) The Person shall make a partial payment in advance, if requested, notwithstanding the preceding paragraph.
(3) Such partial payment shall not be returned where the first meeting of the expert witnesses or certifiers has been held.

Article 5-2.

The Fee of ruling or certificate referred to in the preceding paragraph shall be determined by TOMAC after hearing from the expert witnesses or certifiers considering the contents of the request in question. The Fee of appraisal of vessels, however, shall be determined in accordance with the bylaw provided in addition.

Article 6.

The Person shall pay the consumption taxes in addition to the amount determined in accordance with Section 4-2 through Section 5-2.

Article 7.

Bylaws shall be made to put these Rules into practice.

Bylaws of the Fee of Appraisals of Vessels

(Last amended 17th April, 1989, in force 1st May, 1989)

(1) The Fee of appraisals of vessels referred to in the proviso of Articles 4-2 and 5-2 of the Rules relating to Ruling and Certification of TOMAC of JSE shall be, according to the gross tonnage of the vessel in question, as follows:

	Gross tonnage	Filing Fee	Fee of an Appraisal of a Vessel
1.	Less than 3,000 G/T:	¥30,000-	¥100,000-
2.	3,000 - less than 5,000 G/T:	¥30,000-	¥120,000-
3.	5,000 - less than 10,000 G/T:	¥40,000-	¥180,000-
4.	10,000 - less than 50,000 G/T:	¥40,000-	¥220,000-
5.	50,000 and more than 50,000 G/T:	¥50,000-	¥260,000-

(2) The expenses especially incurred, caused by the on-site examination of the vessel in question or the like, shall be paid in addition.

(3) The Person shall pay the consumption taxes in addition to the amount determined in accordance with paragraphs (1) and (2).