| 1.   | The quality and integrity of the Company’s financial statements and other financial information; |
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| 2.   | The compliance of such statements and information with legal and regulatory requirements; |
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| 3.   | The qualifications and independence of the Company’s independent external auditor (the “ Auditor ”); and |
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| 4.   | The performance of the Company’s internal accounting procedures and Auditor. |
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| A.   | Introduction |
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| B.   | Powers and Responsibilities |
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| 1.   | Review and discuss with the Auditor any disclosed relationships or services that may impact the objectivity and independence of the Auditor and, if necessary, obtain a formal written statement from the Auditor setting forth all relationships between the Auditor and the Company. |
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| 2.   | Take, or recommend that the Board take, appropriate action to oversee the independence of the Auditor. |
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| 3.   | Require the Auditor to report directly to the Committee. |
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| 4.   | Review and approve the Company’s hiring policies regarding partners, employees and former partners and employees of the Auditor and former independent external auditor of the Company. |
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| 5.   | Be directly responsible for the oversight of the work by the Auditor (including resolution of disagreements between management and the Auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work. |
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| 6.   | Review annually the performance of the Auditor and recommend the appointment by the Board of a new, or re-election by the Company’s shareholders of the existing, Auditor. |
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| 7.   | Pre-approve all auditing services and permitted non-audit services, and the fees and terms thereof, to be performed for the Company by the Auditor unless such non-audit services: |
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| (a)   | which are not pre-approved, are reasonably expected not to constitute, in the aggregate, more than 5% of the total amount of fees paid by the Company to the Auditor during the fiscal year in which the non-audit services are provided; |
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| (b)   | were not recognized by the Company at the time of the engagement to be non-audit services; and |
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| (c)   | are promptly brought to the attention of the Committee by the Company’s management and approved prior to the completion of the audit by the Committee or by one or more members of the Committee to whom authority to grant such approvals has been delegated by the Committee. |
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| 8.   | Establish procedures for: |
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| (a)   | the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls, or auditing matters; and |
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| (b)   | the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters. |
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| 9.   | Discuss with management and the Auditor significant financial reporting issues and judgments made in connection with the preparation of the Company’s financial statements, including any significant changes in the Company’s selection or application of accounting principles, any major issues as to the adequacy of the Company’s internal controls and any special steps adopted in light of material control deficiencies. |
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| 10.   | Discuss with management and the Auditor any correspondence with regulators or governmental agencies and any employee complaints or published reports which raise material issues regarding the Company’s financial statements or accounting policies. |
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| 11.   | Discuss with management and the Auditor the effect of regulatory and accounting initiatives as well as off-balance sheet structures on the Company’s financial statements. |
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| 12.   | Discuss with management the Company’s major financial risk exposures and the steps management has taken to monitor and control such exposures, including the Company’s risk assessment and risk management policies. |
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| 13.   | Discuss with the Auditor the matters required to be discussed relating to the conduct of any audit, in particular: |
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| (a)   | The adoption of, or changes to, the Company’s significant auditing and accounting principles and practices as suggested by the Auditor, internal auditor or management. |
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| (b)   | Any difficulties encountered in the course of the audit work, including any restrictions on the scope of activities or access to requested information, and any significant disagreements with management. |
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| 14.   | Review the Company’s annual and quarterly financial statements, management discussion and analysis (MD&A) and press releases respecting earnings before the Board approves and the Company publicly discloses this information. |
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| 15.   | Review the Company’s financial reporting procedures and internal controls to be satisfied that adequate procedures are in place for the review of the Company’s public disclosure of financial information extracted or derived from its financial statements, other than disclosure described in the previous paragraph, and periodically assessing the adequacy of those procedures.   |
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| 16.   | Review disclosures made to the Committee by the Company’s Chief Executive Officer and Chief Financial Officer during their certification process of the Company’s financial statements about any significant deficiencies in the design or operation of internal controls or material weaknesses therein and any fraud involving management or other employees who have a significant role in the Company’s internal controls. |
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| 17.   | Consult, to the extent it deems necessary or appropriate, with the Auditor, but without the presence of management, about the quality of the Company’s accounting principles, internal controls and the completeness and accuracy of the Company’s financial statements. |
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| 18.   | Request any officer or employee of the Company or the Company’s outside counsel or Auditor to attend a meeting of the Committee or to meet with any members of, or consultants to, the Committee. |
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| 19.   | Meet separately, to the extent it deems necessary or appropriate, with management, any internal auditor and the Auditor. |
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| 20.   | Have the authority, to the extent it deems necessary or appropriate, to retain special independent legal, accounting or other consultants to advise the Committee advisors. |
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| 21.   | Make periodic reports to the Board, as necessary. |
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| 22.   | Review and reassess the adequacy of this Charter annually and recommend any proposed changes to the Board for approval. |
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| 23.   | Annually review the Committee’s own performance. |
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| 24.   | Provide an open avenue of communication among the Auditor, the Company’s financial and senior management and the Board. |
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| 24.   | Not delegate these responsibilities other than to one or more independent members of the Committee the authority to pre-approve, which the Committee must ratify at its next meeting, non-audit services to be provided by the Auditor. |
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| C.   | Limitation of Audit Committee’s Role |
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