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| I. | Purpose |
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| II. | Composition |
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| III. | Meetings |
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| IV. | Authority and Responsibilities |
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|  | 1. | Be directly responsible for recommending the nomination, compensation, retention and oversight of the external auditors (including resolution of disagreements between management and the external auditors regarding financial reporting) for the purpose of preparing its audit report or related work. |
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|  | 2. | Have the sole authority to review in advance, and grant any appropriate pre‐approvals, of (a) all auditing services to be provided by the external auditors and (b) all non-audit services to be provided by the external auditors as permitted by Section 10A of the Securities Exchange Act and any other regulatory requirements, and in connection therewith to approve all fees and other terms of engagement. The Audit Committee shall also review and approve disclosures required by applicable regulatory requirements. |
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| 3. | Review on an annual basis the performance of the external auditors including the lead audit partner. |
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| 4. | Review the Corporation's financial statements, MD&A and annual and earnings (profit or loss) press releases before the Corporation publicly discloses this information. |
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| 5. | Ensure that the external auditors submit directly to the Audit Committee, on an annual basis, a formal written statement consistent with Independence Standards Board Standard No. 1. |
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| 6. | Actively discuss with the external auditors with respect to any disclosed relationships or services that may impact the objectivity and independence of the external auditors and satisfy itself as to the external auditors' independence. |
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| 7. | Take, or recommend that the full board take, appropriate action to oversee the independence of the external auditor. |
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| 8. | Confirm that the lead audit partner and the audit partner responsible for reviewing the audit, has not performed audit services for the Corporation for each of the five previous fiscal years, taking into account years prior to adoption of S/O Act. |
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| 9. | Review all reports required to be submitted by the external auditors to the Audit Committee under Section 10A of the Securities Exchange Act and any other regulatory requirements. |
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| 10. | Review, based upon the recommendation of the external auditors and management, the scope and plan of the work to be done by the external auditors. |
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| 11. | Review and discuss with management and the external auditors the Corporation's annual audited financial statements, including disclosures made in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the external auditors' audit of the annual financial statements prior to submission to stockholders, any government body, any stock exchange or the public. |
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| 12. | Discuss with the external auditors the matters required to be discussed by Statement on Auditing Standards No. 61, as amended, relating to the conduct of the audit. |
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| 13. | Recommend to the Board, if appropriate, that the Corporation's annual audited financial statements be included in the Corporation's annual report on Form 20-F or 40-F for filing with the Securities and Exchange Commission and with any other regulatory authorities. |
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| 14. | Review and discuss with management the Corporation's quarterly financial statements, including disclosures made in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the external auditors' review of the quarterly financial statements, prior to submission to stockholders, any government body, any stock exchange or the public. |
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| 15. | Obtain and review an annual report from management relating to the accounting principles used in the preparation of the Corporation's financial statements, including those policies for which management is required to exercise discretion or judgments regarding the implementation thereof. If requested, discuss with management and the external auditors any issues regarding accounting principles used by the Corporation. |
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| 16. | Periodically review separately with each of management and the external auditors (a) any significant disagreement between management and the external auditors in connection with the preparation of the financial statements, (b) any difficulties encountered during the course of the audit, including any restrictions on the scope of work or access to required information and (c) management's response to each. |
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| 17. | Periodically discuss with the external auditors, without management being present, (a) their judgments about the quality and appropriateness of the Corporation's accounting principles and financial disclosure practices as applied in its financial reporting and (b) the completeness and accuracy of the Corporation's financial statements. |
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| 18. | Consider and approve, if appropriate, significant changes to the Corporation's accounting principles and financial disclosure practices as suggested by the external auditors or management. Review with the external auditors and management, at appropriate intervals, the extent to which any changes in accounting principles or financial disclosure practices, as approved by the Audit Committee, have been implemented. |
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| 19. | Review and discuss with management, the external auditors and the Corporation's in-house and independent counsel, as appropriate, any legal, regulatory or compliance matters that could have a significant impact on the Corporation's financial statements, including applicable changes in accounting standards or rules. |
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| 20. | Review and discuss with management the Corporation's earnings press releases, including the use of "Pro forma" or "Adjusted" non-GAAP information as well as financial information and earnings guidance provided to analysts and rating agencies. Such discussions maybe done generally (i.e., discussion of the types of information to be disclosed and the types of presentation to be made). |
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| 21. | Review and discuss with management all material off-balance sheet transactions, arrangements, obligations (including contingent obligations) and other relationships of the Corporation with unconsolidated entities or other persons, that may have a material current or future effect on financial condition, changes in financial condition, results of operations, liquidity, capital resources, capital reserves or significant components of revenues or expenses. |
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| 22. | Review and discuss with management the Company's major risk exposures and the steps management has taken to monitor, control and manage such exposures. |
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| 23. | In consultation with the external auditors, review the adequacy to the Corporation's internal controls and disclosure controls and procedures designed to insure compliance with laws and regulations, and discuss the responsibilities, budget and staffing needs for support of internal controls and disclosure controls and procedures. |
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| 24. | Establish procedures for (a) the receipt, retention and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters and (b) the confidential, anonymous submission by employees of the Corporation of concerns regarding the questionable accounting or auditing matters. |
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| 25. | Review, when required by regulation, (i) the internal control report prepared by management, including management's assessment of the effectiveness of the Corporation's internal controls for financial reporting and (ii) the external auditor's attestation, and report, on the assessment made by management. |
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| 26. | Review and approve all related-party transactions. |
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| 27. | Review and approve (a) any change or waiver in the Corporation's "Code of Ethics for our Principal Executive Officer and Senior Financial Officers" and (b) any disclosure regarding such change or waiver. |
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| 28. | Establish a policy addressing the Corporation's hiring of employees or former employees of the external auditors who were engaged on the Corporation's account that provides as a minimum that the positions of CEO, CFO, Chief Accounting Officer, Controller or any person serving in an equivalent position cannot be filled by a person employed by the external auditor and that participated in the audit of the Corporation during the preceding twelve month period. |
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| 29. | Review and reassess the adequacy of this Charter annually and recommend to the Board any changes deemed appropriate by the Audit Committee. |
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| 30. | Report regularly to the Board. Review with the full Board any issues that have arisen with respect to the quality or integrity of the Company's financial statements, the Company's compliance with legal or regulatory requirements, the performance and independence of the Company's external auditors. |
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| 31. | Perform any other activities consistent with this Charter, the Corporation's by‐laws and governing law, as the Audit Committee or the Board deems necessary or appropriate. |
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| V. | Resources |
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