REGULATIONS CONCERNING TERMINOLOGY, FORMS AND METHODS OF PREPARATION OF FINANCIAL STATEMENTS, ETC. Copyright Roderick Seeman

Article 52 Indications of Classifications of Fixed Liabilities

1. Liabilities which fall under fixed liabilities must be entered via headings bearing names showing the said liability according to the division of items listed hereunder:

i. Corporate bonds (excluding convertible bonds)

i-ii. Convertible Bonds

ii. Long term borrowings (including financial notes. Hereinafter the same). However, excluding long term loans from shareholders, executives or employees.

iii. Long term loans from affiliated companies.

iv. Reserves.

v. Others.

2. The provisions of Article 49, Paragraph 2 shall apply mutatis mutandis in the situations of the previous paragraph.

The reserves of Item iv of Paragraph 1 must be entered with headings bearing names showing the reserve for retirement or the objective of establishment of other said reserves.