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| o   | is      directly responsible for the appointment, replacement, compensation, and      oversight of the work of the independent  auditor. |
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| o   | The      independent auditor shall report directly to the Audit      Committee. |
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| o   | obtains      and reviews annually a report by the independent auditor describing the      Company’s internal quality-control procedures, any material issues raised      by the most recent internal quality-control review or by any inquiry or      investigation by governmental or professional authorities, and any steps      taken to deal with any such issues. |
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| o   | reviews      and discusses with the independent auditor the written statement from the      independent auditor concerning any relationship between the auditor and      the Company or any other relationships that may adversely affect the      independence of the auditor, and, based on such review, assesses the      independence of the auditor. |
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| o   | establishes      policies and procedures for the review and pre-approval by the Audit      Committee of all auditing services and permissible non-audit services      (including the fees and terms thereof) to be performed by the independent      auditor. |
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| o   | reviews      and discusses with the independent auditor: (a) its audit plans, and audit      procedures, including the scope, fees and timing of the audit; (b) the      results of the annual audit examination and accompanying management      letters; and (c) the results of the independent auditor’s procedures with      respect to interim periods. |
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| o   | reviews      and discusses reports from the independent auditors on (a) all critical      accounting policies and practices used by the Company, (b) alternative      accounting treatments within GAAP related to material items that have been      discussed with management, including the ramifications of the use of the      alternative treatments and the treatment preferred by the independent      auditor, and (c) other material written communications between the      independent auditor and management. |
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| o   | reviews      and discusses with the independent auditor the independent auditor’s      judgments as to the quality, not just the acceptability, of the Company’s      accounting principles and such further matters as the independent auditors      present the Audit Committee underGAAP. |
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| o   | discusses      with the Company’s officers and the independent auditor quarterly earnings      press releases, including the interim financial information and other      disclosures included therein, reviews the year-end audited financial      statements and “Management’s Discussion and Analysis of Financial      Condition and Results of Operations” and, if deemed appropriate,      recommends to the Board of Directors that the audited financial statements      be included in the Company’s Annual Report on Form 10-K for the      year. |
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| o   | reviews      and discusses with the Company’s officers and the independent auditor      various topics and events that may have significant financial impact on      the Company or that are the subject of discussions between the Company’s      officers and the independentauditors. |
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| o   | reviews      and discusses with the Company’s officers the Company’s major financial      risk exposures and the steps the Company’s officers have taken to monitor      and control such exposures. |
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| o   | reviews,      passes on the fairness of, and approves related-party      transactions. |
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| o   | reviews      and discusses with the independent auditor, and the Company’s officers:      (a) the adequacy and effectiveness of the Company’s internal controls      (including any significant deficiencies and significant changes in      internal controls reported to the Committee by the independent auditor or      management; (b) the Company’s internal audit procedures; and (c) the      adequacy and effectiveness of the Company’s disclosures controls and      procedures, and management reportsthereon. |
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| o   | reviews      annually with the Company’s officers the scope of the internal audit      program, and reviews annually the performance of both the internal audit      group and the independent auditor in executing their plans and meeting      their objectives. |
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| o   | reviews      the use of auditors other than the independent  auditor. |
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| o   | reviews      matters related to the corporate compliance activities of the      Company. |
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| o   | establishes      procedures for the receipt, retention and treatment of complaints received      by the Company regarding accounting, internal accounting controls, or      auditing matters, and the confidential, anonymous submission by employees      of concerns regarding questionable accounting or auditing      matters. |
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| o   | establishes      policies for the hiring of employees and former employees of the      independent auditor. |
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| o   | prepares      the report of the Audit Committee required by the rules of the United      States Securities and Exchange Commission to be included in the Company’s      annual proxy statement. |
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| o   | when      appropriate, designates one or more of its members to perform certain of      its duties on its behalf, subject to such reporting to or ratification by      the Audit Committee as the Audit Committee shall  direct. |
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