August 9, 2017
Sony Financial Holdings Inc.

Summary Information on Sony Life’s Financial Results
for the Three Months Ended June 30, 2017
<Contents>
1. Key Performance Results(1) Policy Amount in Force and New Policy Amount

P.2(2) Annualized Premiums

P.2

2. Status of Investment Assets (General Account)(1) Portfolio of General Account Assets

P.3(2) Fair Value Information on Securities

P.4(3) Fair Value Information on Money Held in Trust (General Account)

P.6

3. Non-consolidated Balance Sheets

P.7

4. Non-consolidated Statements of Income

P.8

5. Reconciliation to Core Profit and Non-consolidated Ordinary Profit

P.9

6. Solvency Margin Ratio

P.10(Reference) Consolidated Solvency Margin Ratio

P.11

7. Status of Separate Account Assets(1) Balance of Separate Account Assets

P.12(2) Policy Amount in Force (Separate Account)

P.12

8. Consolidated Summary

P.12

1

1. Key Performance Results(1) Policy Amount in Force and New Policy Amount
Policy amount in force(Number: Thousand, Amount: 100 millions of yen, %)As of June 30, 2016

As of March 31, 2017

As of June 30, 2017

NumberAmountNumber

6,952

427,1197,112

443,133

7,153

179

9,223

196

10,208206

436,3427,308

453,341

7,359

Category

Individual life insurance
Individual annuities
Subtotal

7,132

NumberAmountComparison toJune 30, 2017

Amount

102.9

100.6

446,958

104.6

100.9

114.9

104.8

10,756

116.6

105.4

% YoY
change

103.2

100.7

% YoY
changeComparison to
March 31, 2017457,715

104.9

101.0

Group life insurance-

16,591-

18,510---18,622

112.2

100.6

Group annuities

-

126

-

115

-

-

-

111

87.9

96.5

Notes: 1. The policy amount in force for individual annuities are equal to the sum of (a) the funds to be held at the time annuity payments are to commence for policies for which annuity
payments have not yet commenced and (b) the amount of policy reserves for policies for which payments have commenced.
2. The policy amount in force for group annuities is equal to the amount of outstanding policy reserves.

New policy amount(Number: Thousand, Amount: 100 millions of yen, %)For the three months ended June 30, 2016

Category

For the three months ended June 30, 2017

NumberAmountIndividual life insurance

135

11,883

11,883

-

106

78.5

Individual annuities

14

716

716

-

10

76.6

12,60012,600

-

117

4

4

Subtotal

149

Group life insurance-Group annuities--

NumberIncrease fromconversion

New policies-

AmountComparison
to FY16.1Q

78.3
-

-

-

-

Comparison
to FY16.1Q

New policies

10,531

88.6

10,531

-

627

87.6

627

-

11,15888.6

11,158-184

3,856.3

184--

Increase fromconversion-

Notes: 1. The new policy amount including increase from conversion for individual annuities is equal to the funds held at the time annuity payments commence.
2. The new policy amount for group annuities is equal to the initial premium payment.

(2) Annualized Premiums
Policy amount in force
Category
Individual life insurance(Millions of yen, %)As ofJune 30, 2017

As ofMarch 31, 2017

As ofJune 30, 2016

787,005759,267

Comparison toJune 30, 2016

Comparison to
March 31, 2017791,760

104.3

100.6

31,54133,85135,166

111.5

103.9

Total

790,809820,856

826,926

104.6

100.7

Of which, medical protection, living benefit
protection and other products

182,200

187,449

188,737

103.6

100.7

Individual annuities

New policies(Millions of yen, %)Category

For the three months ended
June 30, 2016

For the three months ended
June 30, 2017

Individual life insurance

18,25014,60980.1

Individual annuities

2,276

1,567

68.8

Total

20,527

16,17778.8

Of which, medical protection, living benefit
protection and other products

4,194

3,107

74.1

Comparison to
FY16.1Q

Notes: 1. Annualized premiums refer to an amount that is calculated by multiplying individual premium amounts by a coefficient that differs depending on the premium payment methods, thereby

converting the figure to a per-year premium. (For single premium policies, premiums are divided by the number of coverage years.)
2. “Medical protection, living benefit protection and other products” indicates the portion of annualized premiums for medical protection benefits (hospitalization benefits, surgical procedure
benefits, etc.) and products with living benefit protection (benefits for specific illness, nursing care benefits, etc.).

2

2. Status of Investment Assets (General Account)(1) Portfolio of General Account Assets(Millions of yen)

Category
Cash and deposits, call loans
Securities repurchased under resale agreements
Pledged money for bond borrowing transaction
Monetary claims purchased
Securities under proprietary accounts
Money held in trust
Securities
Japanese bonds (including JGBs)
Japanese stocks
Foreign securities
Bonds
Stocks, etc.
Other securities
Loans
Real estate
Deferred tax assets
Other assets
Reserve for possible loan losses
Total
Of which, foreign-currency-denominated assets

As of March 31, 2017
Amount40,896%

273,877
7,173,927
6,828,743
37,659305,846
274,306
31,5391,678
180,374
117,525
5,350
92,328(271)
7,884,008
309,046

Note: The amount for real estate is equivalent to the total amount of land, buildings and construction in progress.

3

As of June 30, 2017
0.5

Amount60,257

3.5
91.0
86.6
0.5
3.9
3.5
0.4
0.0
2.3
1.5
0.1
1.2
(0.0)
100.0
3.9

271,002
7,277,043
6,909,205
33,512332,646
300,200
32,446
1,678
181,274
117,102
4,517
114,044(269)
8,024,973
340,054

%
0.8
3.4
90.7
86.1
0.4
4.1
3.7
0.4
0.0
2.3
1.5
0.1
1.4
(0.0)
100.0
4.2

(2) Fair Value Information on Securities
a. Fair value information on securities with market value (except trading-purpose securities)(Millions of yen)

As of March 31, 2017

As of June 30, 2017
Net unrealized gains (losses)

Net unrealized gains (losses)
Category

Carrying
amountHeld-to-maturity securities
Policy-reserve-matching bonds

Fair value

Unrealized
lossesFair value

Unrealized
gains

Unrealized
losses

6,068,671

7,514,255

1,445,584

1,521,504

75,9196,164,445

7,577,587

1,413,141

1,489,188

76,046277,372

303,356

25,98327,876

1,893

291,583

316,740

25,156

27,057

1,901

Stocks of subsidiaries and affiliatedcompanies
Available-for-sale securities

Unrealized
gains

Carrying
amount----896,527

1,069,920

173,392

174,667

Japanese bonds (including JGBs)

852,604

1,013,331

160,726

160,726

Japanese stocks

13,68527,082

13,396

13,455

Foreign securities

30,071

29,193

(878)

337

Bonds

18,545

17,996(548)

337

Stocks, etc.

11,525

11,196(329)

Other securities

165

313

147

-

-

1,274

-

-

-

893,6141,067,861

174,246

174,819572

847,334

1,004,987

157,652

157,664

11

58

13,68529,166

15,48015,52948

1,215

32,42833,402

973

1,486

512

886

20,903

21,147

244

757

512

329

11,525

12,254

729

729

165

305

139

139

-

-

-

147

-

-

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

Total
Japanese bonds (including JGBs)-

7,242,571

8,887,532

1,644,961

1,724,048

79,087

7,349,644

8,962,189

1,612,545

1,691,065

78,52061,818

6,942,338

8,595,523

1,653,185

1,707,293

54,1087,024,311

8,629,714

1,605,402

1,667,221

Japanese stocks

13,68527,082

13,396

13,45558

13,68529,166

15,48015,52948

Foreign securities

286,381

264,612(21,768)

3,151

24,290311,481

303,003(8,478)

8,175

16,653

Bonds

274,855

253,416(21,439)

3,151

24,590299,955

290,748(9,207)

7,446

16,653

Stocks, etc.

11,525

11,196(329)

329

11,525

12,254

729

729

-

Other securities

165

313

147

165

305

139

139

147

-

-

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

Notes:
1. The above table includes assets that are permitted to be treated as equivalent to securities defined in the Financial Instruments and Exchange Act of Japan.
2. Carrying amount and net unrealized gains (losses) on monetary trusts, including items other than trading-purpose securities,as of June 30, 2017, amounted to ¥232,422 million and¥40,336 million, respectively.

b. Carrying amounts of securities without market value(Millions of yen)
Category

As of March 31, 2017

As of June 30, 2017

Held-to-maturity securities-

Unlisted foreign bonds--

Others----

Policy-reserve-matching bonds-

Stocks of subsidiaries and affiliated companies

16,312

12,136

Available-for-sale securities

9,896

9,334

Unlisted domestic stocks (except OTC stocks)

159

159

Unlisted foreign stocks (except OTC stocks)

608

661
-

Unlisted foreign bonds
Others
Total

-

9,127

8,513

26,20921,4714

c. Fair Value information consisting of that stated in the previous table-a and foreign exchange and other gains (losses) for table-b(Millions of yen)
As of June 30, 2017

As of March 31, 2017
Category

Held-to-maturity securities

Net unrealized gains (losses)

Carrying
amountFair value

Unrealized
gains

Unrealized
lossesNet unrealized gains (losses)

Carrying
amountFair value

Unrealized
gains

Unrealized
losses
76,046

6,068,671

7,514,255

1,445,584

1,521,504

75,9196,164,445

7,577,587

1,413,141

1,489,188

Policy-reserve-matching bonds

277,372

303,356

25,98327,876

1,893

291,583

316,740

25,156

27,057

Stocks of subsidiaries and affiliated companies

16,312

16,312

12,136

12,136

Available-for-sale securities

906,423

1,083,838

177,414179,270

902,949

1,081,636

178,686

179,545858

Japanese bonds (including JGBs)

852,604

1,013,331

160,726

160,726

847,334

1,004,987

157,652

157,664

11

Japanese stocks

13,84527,242

13,396

13,45558

13,84529,326

15,48015,52948

Foreign securities

30,68030,947

266

1,482

1,215

33,09035,152

2,062

2,574

512

Bonds

18,545

17,996

(548)

337

886

20,903

21,147

244

757

512

Stocks, etc.

12,134

12,950

815

1,145

329

12,187

14,004

1,817

1,817

Other securities

9,293

12,317

3,024

3,606

581

8,678

12,169

3,491

3,776

-

-

1,856
-

-

1,901
-

-

285

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

Total
Japanese bonds (including JGBs)-

7,268,780

8,917,763

1,648,982

1,728,652

79,6697,371,115

8,988,100

1,616,985

1,695,791

78,806
61,818

6,942,338

8,595,523

1,653,185

1,707,293

54,1087,024,311

8,629,714

1,605,402

1,667,221

Japanese stocks

22,20835,605

13,396

13,45558

18,03233,512

15,48015,52948

Foreign securities

294,940

274,316(20,623)

4,296

24,920320,093

312,703(7,389)

9,264

16,653
16,653

Bonds

274,855

253,416(21,439)

3,151

24,590299,955

290,748(9,207)

7,446

Stocks, etc.

20,08420,900

815

1,145

329

20,137

21,954

1,817

1,817

Other securities

9,293

12,317

3,024

3,606

581

8,678

12,169

3,491

3,776

285

Monetary claims purchased

-

-

-

-

-

-

-

-

-

-

Certificates of deposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

5

(3) Fair Value Information on Money Held in Trust (General Account)(Millions of yen)

As of March 31, 2017
Category

Money held in trust

Net unrealized gains (losses)

Balance
Fair value
sheet amount
273,877

As of June 30, 2017

Unrealized Unrealized
gains
losses273,877---

Balance sheet
Fair value
amount271,002

Net unrealized gains (losses)
Unrealized Unrealized
gains
losses271,002---

Note: The above table includes ¥50 million of jointly invested money held in trust.

Money held in trust for investment(Millions of yen)

As of March 31, 2017
Category

Net valuation gains (losses)
recorded in income

Balance sheet amountMoney held in trust for investment

As of June 30, 2017

-

-

-

Money held in trust for held-to-maturity and policy reserve matching and other money held in trust
As of March 31, 2017
Category

Net valuation gains (losses)
recorded in income

Balance sheet amount(Millions of yen)

As of June 30, 2017

Net unrealized gains (losses)
Carrying
amountFair value-

Net unrealized gains (losses)

Unrealized Unrealized
gains
lossesCarrying
amountFair value

Unrealized Unrealized
gains
lossesMoney held in trust for held-to-maturity

-

-

-

-

-

-

-

-

-

-

Money held in trust for policy-reserve-matching

-

-

-

-

-

-

-

-

-

-

Other money held in trust

231,907273,826

41,919Note: Money held in trust includes cash and call loans, etc. held in money held in trust.

6

41,919-230,615

270,951

40,33640,336-

3. Non-consolidated Balance Sheets(Millions of yen)

As of March 31, 2017

As of June 30, 2017

AmountAmountAssets:Cash and deposits

47,01652,050Call loans

61,90082,500

Money held in trust

273,877

271,002

8,093,192

8,247,724

6,664,639

6,692,791

1,767

1,760

Japanese corporate bonds

310,466

360,820

Japanese stocks

86,95485,509Foreign securities

782,064

843,270

180,374

181,274

180,339

181,239

Securities
Japanese government bonds
Japanese local government bonds

Loans
Policy loans
Commercial loans

34

34

Tangible fixed assets

118,441

117,985

Intangible fixed assets

19,35619,189Due from agencies0

Due from reinsurers

1,393

1,214

Other assets

74,24592,308Prepaid pension costs

2,376

2,406

Deferred tax assets

5,350

4,517

Reserve for possible loan losses

(271)

(269)

Reserve for investment losses(3,640)Total Assets--

8,873,613

9,071,904

7,968,639

8,133,914

Liabilities:
Policy reserves and others
Reserve for outstanding claims

32,96532,624

7,929,944

8,095,543

5,729

5,747

Due to agencies

2,616

1,602

Due to reinsurers

3,663

4,191

Other liabilities

353,812398,380

8,095

3,836

Policy reserves
Reserve for policyholders' dividends

Accrued income tax
Lease obligations
Asset retirement obligations
Others

10

9

2,156

2,186

343,550

392,348

Reserve for employees' retirement benefits

24,67825,278Reserve for directors' retirement benefits
Reserve under the special laws

46,00546,450Reserve for price fluctuations

46,00546,450

Deferred tax liabilities on land revaluation
Total Liabilities488
8,400,024

488
8,610,305

Common stock

70,00070,000Capital surplus

5,865

5,865

119

-

Net Assets:

Capital reserve
Retained earnings

5,865

5,865

271,416

258,460

Earned reserve

30,31834,938Other retained earnings

241,098

223,521

Unappropriated retained earnings

241,098

223,521

Total shareholders' equity

347,281334,325

Net unrealized gains (losses) on other securities, net of taxes

127,772

128,739

Land revaluation, net of taxes
Total valuation and translation adjustments(1,465)(1,465)

126,307

127,273

Total Net Assets
Total Liabilities and Net Assets
7473,589

461,598

8,873,613

9,071,904

4. Non-consolidated Statements of Income(Millions of yen)
For the three months ended
June 30, 2016

For the three months ended
June 30, 2017

AmountAmountOrdinary Revenues

292,052

327,957

Income from insurance premiums

241,130

241,140

240,762

240,573

Insurance premiums
Investment income

46,818

83,103

Interest income and dividends

35,94838,817

Income from money held in trust, net

1,117

1,127

9

12

Gains on sale of securities

917

0

Gains on derivatives, net

8,821

Gains on trading securities, net

Gains on separate accounts, net
Other ordinary income-

43,092

4,103

3,713

854

341

268,681

312,140

Reversal of reserves for outstanding claims
Ordinary Expenses
Insurance claims and other payments

85,621

96,772

22,772

23,486

Insurance claims
Annuity payments

2,806

2,970

Insurance benefits

13,56821,717

Surrender payments

44,45945,733

Refund to policyholders
Provision for policy reserves and others

825

872

93,998

165,599

Provision for policy reserves

93,998

165,5990048,762

8,908Interest on policyholders' dividend reserve
Investment expenses
Interest expenses

915

Losses on derivatives, net

-

7,015

Losses on separete accounts, net
Operating expenses

43,937-33,713

Other ordinary expenses

6,585

7,599

Ordinary Profit

23,371

15,81633,260Extraordinary Gains

-

3,640

Reversal of reserve for investment loss
Extraordinary Losses

-

3,640

357

Losses on disposal of fixed assets

00

Impairment losses

0

0

4,621

Provision for reserve under the special laws

356

445

Provision for reserve for price fluctuations

356

445

Valuation loss on stock of affiliated companies
Provision for Reserve for Policyholders' Dividends

403

222

Income Before Income Taxes

22,611

14,613

Income Taxes —Current

6,047

3,943

Income Taxes —Deferred

(83)

526

-

4,176

Total Income Taxes

5,964

4,470

Net Income

16,647

10,1438

5. Reconciliation to Core Profit and Non-consolidated Ordinary Profit(Millions of yen)

For the three months ended
June 30, 2016
Core profit

A

Capital gains

For the three months ended
June 30, 2017

14,031

24,93014,501

124

Income from money held in trust, net--

Income from trading securities, net

711

Gains on sale of securities

917

0

Gains on derivatives, net

8,821

-

-

49

Foreign exchange gains, net
Other capital gains

4,754

63

3,407

7,441

Losses on money held in trust, net--

Losses on trading securities, net--

Losses on sale of securities--

Devaluation losses on securities--

Losses on derivatives, net

-

7,015

3,139

-

267

426

Capital losses

Foreign exchange losses, net
Other capital losses
Net capital gains (losses)

B

11,094(7,316)

Core profit plus net capital gains (losses)

A+B

25,125

17,613

1

1

Gains from reinsurance--

Reversal of contingency reserve--

Reversal of specific reserve for possible loan losses

11

Others

-

-

1,755

1,798

-

-

1,708

1,778

Other one-time gains

Other one-time losses
Losses from reinsurance
Provision for contingency reserve
Provision for specific reserve for possible loan losses--

Provision for reserve for possible loan losses for specific foreign countries--

Write-off of loans

-

-

46

20

C

(1,754)(1,796)

A+B+C

23,371

15,816

OthersNet other one-time gains (losses)
Ordinary profit

Notes:
1. Core profit for the three months ended June 30, 2017 (A) includes income gains of ¥1,127 million in income from money held in trust along with interest income anddividends of ¥0 million in income from trading securities, net; other capital gains include the reversal of policy reserves and others of ¥63 million for currency market
fluctuations of products dominated in foreign currencies; other capital losses include impairment losses of ¥426 million from investment partnership;"Others" of other one-time losses included the provision of additional policy reserve of ¥20 million.
2. Core profit for the three months ended June 30, 2016 (A) includes income gains of ¥1,117 million in income from money held in trust along with interest income anddividends of ¥2 million in income from trading securities, net; other capital gains include the reversal of policy reserves and others of ¥4,754 million for currency market
fluctuations of products denominated in foreign currencies; other capital losses include impairment losses of ¥267 million from investment partnerships;“Others” of other one-time losses included the provision of additional policy reserve of ¥46 million.

96. Solvency Margin Ratio(Millions of yen)

Category

As of March 31, 2017

Total solvency margin(A)

As of June 30, 2017

1,176,229

1,207,462

Common stock, etc.

324,181333,509

Reserve for price fluctuations

46,00546,450Contingency reserve82,46384,241

General reserve for possible loan losses

00

Net unrealized gains on other securities (before tax deductions) and net deferred gains or losses
on hedging instruments (before tax deductions) x 90% (100% if losses)

159,672

160,818

Net unrealized gains on real estate multiplied by 85% (100% if losses)

30,84730,847

Amount excluded from deferred tax assets-

Unallocated portion of reserve for policyholders' dividends

-

442

1,254

Deferred tax assets

82,98086,607

Excess amount of policy reserves based on Zillmer method

495,984

503,972

Subordinated debt--

The portion of the excess amount of policy reserves based on Zillmer method andsubordinated debt that is not included in the margin(42,891)(38,517)

Deductible items(3,457)(1,721)(B)

91,57692,157

Insurance risk

R1

24,16924,207

Third-sector insurance risk

R8

8,541

8,536

Assumed interest rate risk

R2

31,35631,559Minimum guarantee risk

R718,14018,775

Asset management risk

R333,55433,314

Business management risk

R4

2,315

2,327

2,568.8%

2,620.4%

Total risk

(R1  R8 )  (R2  R3  R7 )  R4
2

2

Solvency margin ratio
(A)/

B

100

Notes: 1. The figures are calculated based on provisions in Articles 86 and 87 of the Ordinance for Enforcement of the Insurance Business Act of Japanand the Ministry of Finance Public Notice No. 50 of 1996.
2. Minimum guarantee risk is calculated based on the standardized approach.

10(Reference) Consolidated Solvency Margin Ratio
Although Sony Life is not required to prepare consolidated financial statements since it does not have consolidated subsidiaries, Sony Life discloses
consolidated solvency margin ratio consolidated with it's affiliated companies quarterly.
(Millions of yen)

Category

As of March 31, 2017

Total solvency margin(A)

As of June 30, 2017

1,162,007

1,192,096

Common stock, etc.

322,640

331,817

Reserve for price fluctuations

46,00546,450Contingency reserve82,46384,241

Catastrophe reserve--

General reserve for possible loan losses

00

Net unrealized gains on other securities (before tax deductions) and net deferred gains
or losses on hedging instruments (before tax deductions) x 90% (100% if losses)

159,672

160,818

Net unrealized gains on real estate multiplied by 85% (100% if losses)

30,84730,847

Total amount of unrecognized net actuarial differences and unrecognized priorservice cost

(3,565)(3,347)--

Amount excluded from deferred tax assets
Unallocated portion of reserve for policyholders' dividends

442

1,254

Deferred tax assets

82,98086,607

Excess amount of policy reserves based on Zillmer method

495,984

503,972

Subordinated debt--

The portion of the excess amount of policy reserves based on Zillmer method
and subordinated debt that is not included in the margin(44,432)(40,208)

Deductible items(11,031)(10,357)(B)

88,302

89,572

R1

24,16924,207

Ordinary insurance risk

R5

-

-

Major catastrophe risk

R6

-

-

Third-sector insurance risk

R8

8,541

8,536

Insurance risk of small-amount short-term insurance providers

R9

-

-

Assumed interest rate risk

R2

31,35631,559Minimum guarantee risk

R718,14018,775

Asset management risk

R330,09930,592Business management risk

R4

2,246

2,273

2,631.8%

2,661.7%

Total risk

R12+R52+R8+R9)2+(R2+R3+R7)2+R4+R6

Insurance risk

Solvency margin ratio
(A)/

B

100

Notes: 1. The figures are calculated based on provisions in Articles 86-2 and 88 of the Ordinance for Enforcement of the Insurance Business Act of Japanand Public Notice of Financial Services Agency No. 23 of 2011.
2. Minimum guarantee risk is calculated based on the standardized approach.

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7. Status of Separate Account Assets(1) Balance of Separate Account Assets(Millions of yen)

Category

As of March 31, 2017

Individual variable life insurance and individual variable annuities

As of June 30, 2017
989,605

Group annuities

1,046,931-

Total separate account-989,605

1,046,931

Note: Assets relating to individual variable life insurance and individual variable annuities are jointly invested at Sony Life.

(2) Policy Amount in Force (Separate Account)
Individual variable life insurance(Number: Thousand, Amount: Millions of yen)

As of March 31, 2017

Category

NumberAs of June 30, 2017

AmountNumberAmountVariable life insurance (whole life type)845

8,680,668

845

8,628,985

Variable life insurance (limited term type)97

421,300

102

456,630

Variable life insurance (term type)1

38,716

1

74,651944

9,140,684

949

9,160,267

Total
Note: Amounts include the rider portion of variable life insurance.

Individual variable annuities(Number: Thousand, Amount: Millions of yen)

As of March 31, 2017

Category

NumberIndividual variable annuities

As of June 30, 2017

Amount106

600,331

NumberAmount116

657,265

Note: The amount of individual variable annuities is equal to the sum of (a) the funds to be held at the time annuity payments are to commence for policies for which annuity
payments have not yet commenced and (b) the amount of policy reserves for policies for which payments have commenced.

8. Consolidated Summary
Not applicable12