<table><tbody><tr style="vertical-align: top; text-align: justify">
<td style="width: 7%; text-align: right">&nbsp;</td><td style="width: 7%"></td><td style="text-align: justify; width: 80%">In May 2011, the FASB issued
FASB Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement
and Disclosure Requirements in U.S. GAAP and IFRS. The amendments in this ASU generally represent clarifications of Topic 820,
but also include some instances where a particular principle or requirement for measuring fair value or disclosing information
about fair value measurements has changed. This ASU results in common principles and requirements for measuring fair value and
for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRS. The amendments in this ASU are
to be applied prospectively and are effective during interim and annual periods beginning after December 15, 2011. Management currently
believes that the adoption of this ASU will not have a material impact on the Company’s operating results, financial position
or cash flows.</td>
    <td style="width: 6%">&nbsp;</td>
</tr>     <tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify"><i>Comprehensive Income</i></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify">In June 2011, the FASB issued
FASB Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. Under this
ASU, an entity has the option to present the total of comprehensive income, the components of net income, and the components of
other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements.
In both choices, an entity is required to present each component of net income along with total net income, each component of other
comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates
the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity.
The amendments in this ASU do not change the items that must be reported in other comprehensive income or when an item of other
comprehensive income must be reclassified to net income. The amendments in this ASU should be applied retrospectively and is effective
for fiscal years, and interim periods within those years, beginning after December 15, 2011. Management currently believes that
the adoption of this ASU will not have a material impact on the Company’s operating results, financial position or cash flows.</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify"><i>Offsetting Assets and
Liabilities</i></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify">In December 2011, the FASB
has issued FASB Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.&nbsp;
Upon adoption an entity is required to disclose information about offsetting and related arrangements to enable users of its financial
statements to understand the effect of those arrangements on its financial position.&nbsp; The amendments in this ASU are effective
for the Company for the first annual reporting period beginning on or after January 1, 2013, and interim periods within those
annual periods.&nbsp; Management currently believes that the adoption of this ASU will not have a material impact on the Company’s
operating results, financial position, or cash flows.</td>
    <td>&nbsp;</td></tr>
</tbody></table>
<table><tbody><tr>
<td> </td><td></td><td>In May 2011, the FASB issued
FASB Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement
and Disclosure Requirements in U.S. GAAP and IFRS. The amendments in this ASU generally represent clarifications of Topic 820,
but also include some instances where a particular principle or requirement for measuring fair value or disclosing information
about fair value measurements has changed. This ASU results in common principles and requirements for measuring fair value and
for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRS. The amendments in this ASU are
to be applied prospectively and are effective during interim and annual periods beginning after December 15, 2011. Management currently
believes that the adoption of this ASU will not have a material impact on the Company’s operating results, financial position
or cash flows.</td>
<td> </td>
</tr> <tr>
<td> </td><td> </td><td> </td>
<td> </td></tr>
<tr>
<td> </td><td> </td><td><i>Comprehensive Income</i></td>
<td> </td></tr>
<tr>
<td> </td><td> </td><td> </td>
<td> </td></tr>
<tr>
<td> </td><td> </td><td>In June 2011, the FASB issued
FASB Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. Under this
ASU, an entity has the option to present the total of comprehensive income, the components of net income, and the components of
other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements.
In both choices, an entity is required to present each component of net income along with total net income, each component of other
comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates
the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity.
The amendments in this ASU do not change the items that must be reported in other comprehensive income or when an item of other
comprehensive income must be reclassified to net income. The amendments in this ASU should be applied retrospectively and is effective
for fiscal years, and interim periods within those years, beginning after December 15, 2011. Management currently believes that
the adoption of this ASU will not have a material impact on the Company’s operating results, financial position or cash flows.</td>
<td> </td></tr>
<tr>
<td> </td><td> </td><td> </td>
<td> </td></tr>
<tr>
<td> </td><td> </td><td><i>Offsetting Assets and
Liabilities</i></td>
<td> </td></tr>
<tr>
<td> </td><td> </td><td> </td>
<td> </td></tr>
<tr>
<td> </td><td> </td><td>In December 2011, the FASB
has issued FASB Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. 
Upon adoption an entity is required to disclose information about offsetting and related arrangements to enable users of its financial
statements to understand the effect of those arrangements on its financial position.  The amendments in this ASU are effective
for the Company for the first annual reporting period beginning on or after January 1, 2013, and interim periods within those
annual periods.  Management currently believes that the adoption of this ASU will not have a material impact on the Company’s
operating results, financial position, or cash flows.</td>
<td> </td></tr>
</tbody></table>