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   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;2. New accounting standards&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On January&amp;#160;1, 2011, the Company adopted ASU 2010-28, &lt;i&gt;Intangibles &amp;#8212; Goodwill and Other&lt;/i&gt;. ASU
   2010-28 modifies step one of the goodwill impairment test for reporting units with zero or negative
   carrying amounts and offers guidance on when to perform step two of the testing. For those
   reporting units, an entity is required to perform step two of the goodwill impairment test if it is
   more likely than not that a goodwill impairment exists based upon factors such as unanticipated
   competition, the loss of key personnel and adverse regulatory changes. The adoption of ASU 2010-28
   did not have a material effect on the Company&amp;#8217;s consolidated financial statements.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On January&amp;#160;1, 2011, the Company adopted ASU 2010-29, which updates the guidance in Accounting Standards Codification(&amp;#8220;ASC&amp;#8221;) 805,
   &lt;i&gt;Business Combinations. &lt;/i&gt;ASU 2010-29 clarifies that pro forma disclosures should be presented as if a
   business combination occurred at the beginning of the prior annual period for purposes of preparing
   both the current reporting period and the prior reporting period pro forma financial information.
   These disclosures should be accompanied by a narrative description about the nature and amount of
   material, nonrecurring pro forma adjustments. The adoption of ASU 2010-29 did not have a material
   effect on the Company&amp;#8217;s consolidated financial statements.
   &lt;/div&gt;
   &lt;/div&gt;
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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 154
 -Paragraph 2, 17, 18

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 28
 -Paragraph 23, 24

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 01
 -Paragraph b
 -Subparagraph 6
 -Article 10

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