Audit Committee

In compliance with laws and regulations applying to Audit Committees, the chief duties of the Committee are:

• To assist in determining the quality and integrity of the Company's financial statements and related disclosure;
• To oversee the implementation and efficiency of the Company's accounting system;
• To pre-approve the appointment of and services to be provided by the independent audit company;
• To approve and monitor the agreement between the independent auditor and the Company;
• To oversee performance and efficiency of the independent auditing system;
• To oversee performance and efficiency of the internal auditing mechanism.

The Board of Directors is to assess the independence and qualifications of every member of the Audit Committee to ensure that he or she is qualified to be a Committee Member, and, if necessary utilize outside consultants or advisors.