Recital 2

(2)On 17 December 2003 the International Accounting Standard Board (IASB) published revised International Accounting Standard (IAS) 32 Financial Instruments: Disclosure and Presentation . IAS 32 establishes basic principles for the classification of instruments as liabilities or equity and was adopted by the European Commission by Commission Regulation (EC) No 2237/2004 ³ as of 29 December 2004.