November 27, 2006
Sony Financial Holdings Inc.

Interim Consolidated Financial Results
for the Fiscal Year ending March 31, 2007
(Prepared in Accordance with Japanese GAAP)Tokyo, November 27, 2006 -- Sony Financial Holdings Inc. (“SFH”) today announced its interim consolidated
financial results for the six months ended September 30, 2006 (from April 1, 2006 to September 30, 2006). SFH
maintains its accounting records and prepares its financial statements in Japanese yen in accordance with theCompany Law of Japan, the Insurance Business Law of Japan and the Banking Law of Japan and in conformity
with generally accepted accounting principles and practices in Japan (“Japanese GAAP”). Despite theinformation set forth herein, SFH’s parent company, Sony Corporation, otherwise reports its financial statements inaccordance with generally accepted accounting principles and practices in the United States (“U.S. GAAP”), which
differ in some respects from Japanese GAAP. Those differences include derivative treatments for convertible
bonds and insurance-related accounts such as insurance acquisition costs and policy reserve as described in Noteon Page 2.
(in millions of yen)
For the six months ended
September 30, 2005

For the six months ended
September 30, 2006

Change (%)

Ordinary revenues

362,747

354,728-2.2

Ordinary profit

24,063

17,862-25.8

Net income

13,885

11,006-20.7

Highlights
Ordinary revenues decreased 2.2% from the same period of the previous year to ¥354.7 billion due to a decreasein the life insurance business.
In the life insurance business, ordinary revenues decreased 3.7% year on year, to ¥319.9 billion, owing mainly
to a decrease of investment income in the separate account, although income from insurance premiums increased,reflecting a stable increase in insurance-in-force, particularly individual life insurance policies. Ordinary
revenues from the non-life insurance business increased 13.8% year on year, to ¥25.6 billion as a result of acontinued increase in net premiums written, mainly from automobile insurance. Ordinary revenues from thebanking business increased 16.8% year on year, to ¥9.6 billion associated with steady growth resulting from astable increase in deposited assets (including investment trust), for instance in yen deposits.
Ordinary profit decreased 25.8% from the same period of the previous year to ¥17.8 billion due to a decrease in
the life insurance and banking businesses.
Ordinary profit from the life insurance business decreased 30.3% year on year, to ¥16.3 billion, because of anincreased contingency reserve and lower yield on the investment of general account assets. In the non-life
insurance business, ordinary profit was ¥0.9 billion, up ¥1.0 billion year on year, backed by an increase in net
premiums written and an improved expense ratio. As a result of stable business expansion and appropriate
control of expenses, Sony Assurance Inc., the subsidiary that conducts non-life insurance business, operated in theblack on a semi-annual basis for the first time since its inception on Japanese GAAP. Ordinary profit from thebanking business decreased 22.8% year on year, to ¥0.5 billion. This decrease was due to a slight drop in grossoperating profit and higher operating expenses, reflecting higher advertising expenses.
Net income decreased 20.7% from the same period of the previous year to ¥11.0 billion.

1

Total assets as of September 30, 2006 increased 2.6% from March 31, 2006, and 12.0% from September 30, 2005
to ¥4,019.6 billion.

【Segment Information】
Ordinary revenues(in millions of yen)
For the six months ended
September 30, 2005

For the six months ended
September 30, 2006

Change (%)

Life insurance business

332,338

319,920-3.7

Non-life insurance business

22,56825,688+13.8Banking business

8,254

9,641

+16.8

363,161355,250

-2.2

(413)

(521)

362,747

354,728

Subtotal
Corporate and elimination
Consolidated-2.2

Ordinary profit (loss)(in millions of yen)
For the six months ended
September 30, 2005

Life insurance business

For the six months ended
September 30, 2006

Change (%)

23,403

16,307-30.3

Non-life insurance business

(132)

933

-

Banking business

764

590

-22.8

24,035

17,831

-25.8

27

31

+14.8

24,063

17,862-25.8

Subtotal
Corporate and elimination
Consolidated

Banking business segment includes a one-time amortization of goodwill associated with purchase of SonyBank’s shares in the six months ended September 30, 2005.
Note
As mentioned above, SFH prepares its financial statements in accordance with Japanese GAAP, which differs on some respects from U.S. GAAP.
These differences between Japanese GAAP and U.S. GAAP include the following:1) derivative treatments for changes in the fair value of convertible bonds, classified as available-for-sale debt securities, are recorded instockholders’ equity (as a component of accumulated other comprehensive income) under Japanese GAAP, whereas under U.S. GAAP the stock
conversion rights embedded in convertible bonds are separately considered as derivative instruments and changes in their mark-to-market values arerecognized in income;2) insurance-related accounts, including (i) insurance acquisition costs, whereby acquisition costs for both life and non-life insurance policies arecharged to income when incurred under Japanese GAAP, whereas under U.S. GAAP those costs are deferred and amortized generally over thepremium-paying period of the related insurance policies, and (ii) the policy reserve, which under Japanese GAAP is caluculated under the authorizationof the supervisory administrative agencies, whereas under U.S. GAAP future insurance policy benefits are comprehensively adjusted to a net level
premium method with certain adjustments for actuarial assumptions for U.S. GAAP purposes.

For inquiries:
Sony Financial Holdings Inc. Corporate Communications
Tel: 81-(0)3-5785-1074
Website of Sony Financial Holdings Inc.: http://www.sonyfh.co.jp/english/

2Interim Consolidated Financial Summary
for the Fiscal Year ending March 31, 2007
November 27, 2006
Company name:
Representative:
For inquiry:

Sony Financial Holdings Inc.
(URL http://www.sonyfh.co.jp/english/)
Teruhisa Tokunaka, President and Representative Director
Manabu Idei, General Manager – Corporate Planning Dept.

Consolidated financial results for the six months ended September 30, 2006
(in millions of yen except per share data and percentages)(1) Operating results
Ordinary Revenues
millionFor the six months ended
September 30, 2006
For the six months ended
September 30, 2005
For the year ended
March 31, 2006

For the six months ended
September 30, 2006
For the six months ended
September 30, 2005
For the year ended
March 31, 2006

Ordinary Profit%changemillionNet Income%changemillion%change354,728(-2.2 )

17,862( -25.8 )11,006(

362,747(+17.5 )

24,063( +266.1 )13,885( +403.2 )758,711(+16.1 )

25,377( +106.8 )

11,537( +81.0 )Net Income per ShareNet Income per Share(Fully Diluted)

yen

yen

5,241.05-

6,612.24-

5,494.28--20.7 )

Notes: 1. Average number of shares outstanding (Consolidated): For the six months ended September 30, 2006: 2,100,000 shares
For the six months ended September 30, 2005: 2,100,000 shares
For the year ended March 31, 2006:
2,100,000 shares
2. Changes in accounting policy: None

(2) Financial conditions
Total Assets

Net Assets per
Share

Capital Adequacy Ratio(domestic criteria)

Total Net Assets

Net Assets Ratio

million yen

million yen%

As of September 30, 2006

4,019,623

253,372

6.2

118,588.52

11.32

As of September 30, 2005

3,587,704

221,392

6.2

105,425.22

12.11

As of March 31, 2006

3,917,048

263,040

6.7

125,257.54

9.99

yen (Preliminary basis) %Notes: 1. Number of shares outstanding (Consolidated): As of September 30, 2006: 2,100,000 shares
As of September 30, 2005: 2,100,000 shares
As of March 31, 2006:
2,100,000 shares
2. Net assets ratio are computed by divding the amount of total net assets excluding minority interests by total assets at the end of(interim) fiscal year.
3. Pursuant to “Defining the Standards on the Consolidated Capital Adequacy Ratio under the Provision of Article 52-25 of the
Banking Law (Ministry of Finance Directive 62, 1998)”, insurance subsidiaries are excluded from calculation of theconsolidated capital adequacy ratio.

(3)

Cash Flows

For the six months ended
September 30, 2006
For the six months ended
September 30, 2005
For the year ended
March 31, 2006

Cash and Cash
Equivalents at end of(interim) fiscal year
million yen
million yen

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

million yen

million yen

85,079(37)(6,500)187,813

249,095(318,361)-

184,774

425,411(570,196)-

109,263

3

Cash Flows from
Financing Activities

Consolidated Balance Sheets [Unaudited](in millions of yen)
As of September 30,
2005

As of March 31,
2006

As of September 30,
2006

Cash and due from banks

90,716

61,30460,453

Call loans and bills bought

126,505

76,074

213,981

Assets:Commercial paper and other debt purchased
Monetary trusts
Securities

2,000

2,000

-

583,400

658,351

668,599

2,385,039

2,625,081

2,582,798

Loans

254,020

326,392

340,740

Property and equipment

63,673---76,58876,413
7,192

Tangible fixed assets
Intangible fixed assets--

Due from agencies

4

0

-

Due from reinsurers

263

419

128

Foreign exchanges

10,923

5,748

2,309

Other assets

69,51582,04664,155

Deferred tax assets

1,850

3,247

3,098

Reserve for possible loan losses

(209)

(205)

(247)

3,587,704

3,917,048

4,019,623

Total Assets
Liabilities:
Reserve for outstanding claims
Policy reserve
Reserve for policyholders’ dividends

28,50728,41829,9682,566,029

2,769,126

2,926,038

927

1,584

1,970

Due to agencies

1,019

1,415

1,148

Due to reinsurers

553

990

607

Deposits

591,540599,952

682,717

Call money and bills sold56,100110,700

23,0002

5

6

71,05567,19044,338Foreign exchanges
Other liabilities
Reserve for employees’ bonuses

1,555

1,735

1,698

Reserve for employees’ retirement benefits

10,962

11,003

11,139Reserve for directors’ retirement benefits

108

202

178

Reserve for price fluctuations

14,592

20,124

19,906

Deferred tax liabilities

18,79536,68522,825

-

706

706

3,361,750

3,649,842

3,766,250

4,561

4,165

-

Deferred tax liabilities on land revaluation
Total Liabilities
Minority Interests
Stockholders’ Equity:
Common stock

5,500

5,500

-

Capital surplus

180,877

180,877-

Retained earnings(45,346)(47,694)-

Land revaluation(768)(1,475)-

81,345

125,720

-

(213)

113

-

Net unrealized gains on other securities, net of taxes
Foreign currency translation adjustments
Total Stockholders’ Equity

221,392

263,040-

3,587,704

3,917,048-

Common stock

-

-

5,500

Capital surplus--

180,877

Retained earnings--(43,188)--

143,188

Net unrealized gains on other securities, net of taxes--

107,743

Net deferred losses on hedging instruments, net of taxes

-

-

(456)

Land revaluation, net of taxes--(1,475)

Foreign currency translation adjustments

-

-

36

-

-

105,847

Minority interests

-

-

4,336

Total Net Assets--

253,372

Total Liabilities and Net Assets--

4,019,623

Total Liabilities, Minority Interests and Stockholders’ Equity
Net Assets:

Total shareholders’ equity

Total valuation and translation adjustments

4Consolidated Statements of Income [Unaudited](in millions of yen)
For the six months For the six months
For the year ended
ended September ended September
March 31, 2006
30, 2005
30, 2006
Ordinary Revenues

362,747

354,728

758,711

Ordinary Revenues from the Life Insurance Business:
Income from insurance premiums
Investment income
Other ordinary income

282,424
47,972
1,577

290,003
28,900522

580,171
108,613
7,091

Ordinary Revenues from the Non-life Insurance Business:
Underwriting income
Investment income
Other ordinary income

22,382161
14

25,406238
25

45,298349
32

Ordinary Revenues from the Banking Business:
Interest income
Fees and commissions
Other operating income
Other ordinary income

4,335
647
3,225
6

5,991
657
2,979
4

9,472
1,635
6,039
7

Ordinary Expenses

338,684

336,865

733,333

Ordinary Expenses from the Life Insurance Business:
Insurance claims and other payments
Provision for policy reserve and others
Investment expenses
Operating expenses
Other ordinary expenses

116,907
145,932
1,803
40,063
4,149

101,716
153,3142,011
41,865
4,625

231,885
344,939
4,610
81,982
8,744

Ordinary Expenses from the Non-life Insurance Business:
Underwriting expenses
Investment expenses
Operating, general and administrative expenses
Other ordinary expenses

16,4066
6,093
14

18,463
3
6,110
333,1708
12,90315

Ordinary Expenses from the Banking Business:
Interest expenses
Fees and commissions
Other operating expenses
General and administrative expenses
Other ordinary expenses

2,154
437
865
3,394
455

3,976
242
612
3,876
42

4,672
771
1,890
7,088
650

Ordinary Profit
Extraordinary Gains
Extraordinary Losses
Provision for Reserve for Policyholders’ Dividends

24,063
1
1,961
350

17,86224117
627

25,377
7,555
1,491

Income Before Income Taxes
Income Taxes - Current- Deferred
Minority Interests

21,752
8,926(1,236)(176)

17,4599,175(2,742)(20)

16,33017,236(12,871)(427)

Net Income

13,885

11,006

11,537

5

Consolidated Statement of Changes in Net Assets [Unaudited](in millions of yen)
Shareholders’ Equity

Common stock

Capital surplus

Retained earnings

Treasury stock

Total
shareholders’equity5,500

180,877(47,694)-

138,682

Dividends from surplus--(6,500)-(6,500)Net income--

11,006-

11,006

Net changes of items other thanshareholders’ equity

-

-

-

-

-

Total changes of items during the period

-

-

4,506

-

4,506

5,500

180,877(43,188)-

143,188

Balance as of March 31, 2006
Changes of items during the period

Balance as of September 30, 2006

Valuation and Translation Adjustments
Net
Net deferred
unrealized
losses on
gains on otherhedgingsecurities, net instruments,of taxes
net of taxes

Balance as of March 31, 2006Land
revaluation,
net of taxes

ForeignTotal
currency
valuation andtranslationtranslation
adjustments adjustments

Minority
Interests

Total Net
Assets125,720-(1,475)

113

124,358

4,165

267,206

Dividends from surplus

-

-

-

-

-

-

(6,500)Net income

-

-

-

-

-

-

11,006

Net changes of items other thanshareholders’ equity(17,976)

(456)

-

(77)

(18,511)171(18,339)

Total changes of items during the period(17,976)

(456)

-

(77)

(18,511)171(13,833)

Balance as of September 30, 2006

107,743(456)(1,475)

36

105,847

4,336

253,372

Changes of items during the period

6Consolidated Statements of Cash Flows [Unaudited](in millions of yen)
For the six months For the six months
ended September ended September For the year ended
March 31, 2006
30, 2005
30, 2006
Cash flows from operating activities:
Income before income taxes
Depreciation and amortization
Impairment losses
Increase in policy reserve and others
Interest and dividends
Interest expenses
Net (increase) decrease in loans
Net increase (decrease) in deposits
Net (increase) decrease in call loans and bills bought
Net increase (decrease) in call money and bills sold
Others, net

21,752
1,723
151,326(16,524)
2,156(45,752)
45,05593,19031,500(39,730)

17,4591,626
0
159,094(21,788)
3,979(9,675)82,904(69,306)(87,700)
1,331

16,3303,524
5355,467(36,549)
4,681(113,082)
53,417
107,522
86,100(72,511)

Subtotal

244,698

77,923404,905

Interest and dividends received
Interest paid
Policyholders’ dividends paid
Income taxes paid

19,722(2,177)(159)(12,987)

24,676(3,479)(243)(13,797)

41,374(4,535)(644)(15,688)

Net cash provided by operating activities

249,095

85,079425,411

Cash flows from investing activities:
Investments in monetary trusts
Proceeds from sale of monetary trusts
Purchases of securities
Proceeds from sale and redemption of securities
Investments in loans
Collections of loans
Others, net
Subtotal(59,264)(625,959)
384,042(19,053)
16,854-(63,871)
41,700(345,580)
375,381(21,032)
16,150(300)(116,304)(1,184,665)
767,116(39,996)
32,723-(303,380)

2,447(541,127)

Purchases of property and equipment
Purchase of securities of a consolidated subsidiary
Others, net(13,059)(1,571)
(350)

(930)
(1,554)(25,845)(1,571)(1,652)

Net cash provided by (used in) investing activities(318,361)(37)(570,196)

Cash flows from financing activities:
Cash dividends paid-

(6,500)-Net cash used in by financing activities-(6,500)-Effect of exchange rate changes on cash and cash equivalents

71

8

79

Net decrease in cash and cash equivalents(69,194)

78,550(144,706)

Cash and cash equivalents at beginning of year

253,969

109,263

253,969

Cash and cash equivalents at end of year

184,774

187,813109,263

Notes:
1. Cash flows from investing activities include cash flows from lending operations of the insurance business.

7

Notes to the Consolidated Financial Statements
1. Basis of Presenting Consolidated Financial Statements
Sony Financial Holdings Inc. (the “Company”) and its domestic subsidiaries maintain their accounting records
and prepare their financial statements in Japanese yen in accordance with the provisions set forth in the Company
Law of Japan, the Insurance Business Law of Japan and the Banking Law of Japan and in conformity withgenerally accepted accounting principles and practices in Japan, which are different in certain respects ascompared to the application and disclosure requirements of generally accepted accounting principles andpractices in the United States of America. The Company’s overseas subsidiary maintains its accounting records
and prepares its financial statements in conformity with generally accepted accounting principles and practices
prevailing in its country of domicile.
The accompanying consolidated financial statements are prepared based on the consolidated financial
statements of the Company and its subsidiaries (the “Companies”) which are to be filed with the Financial
Services Agency as required by the Insurance Business Law and the Banking Law. For the convenience ofreaders, the preparation is modified in certain respects from the original Japanese disclosed financial information.
2. Principles of Consolidation(1) Scope of consolidation
The number of consolidated subsidiaries: 4
Consolidated subsidiaries: Sony Life Insurance Co., Ltd.
Sony Life Insurance (Philippines) Corporation
Sony Assurance Inc.
Sony Bank Inc.
(2) Application of the equity method
Not applicable(3) Fiscal year of consolidated subsidiaries
The financial statements of Sony Life Insurance (Philippines) Corporation are prepared with a fiscal year endof December 31. Appropriate adjustments are made for material transactions between December 31 andMarch 31, the date of the consolidated financial statements. All the other subsidiaries prepare their respective
financial statements with a fiscal year end of March 31, the same as the date of the consolidated financial
statements.
(4) Valuation of assets and liabilities of consolidated subsidiaries
A portion of the assets and liabilities of consolidated subsidiaries are computed at fair value as of therespective dates when the subsidiaries were initially consolidated.
3. Summary of Significant Accounting Policies(1) Securities
Securities (including commercial paper and other debt purchased and monetary trusts) are stated in thefollowing manner:
Securities held for trading purposes (“trading securities”) are stated at fair value. The cost of securities sold isdetermined by the moving-average method. Held-to-maturity securities are stated at amortized cost(straight-line method) using the moving-average method. Other securities designated as available-for-salesecurities with fair value are stated at fair value at fiscal year end, and its cost of securities sold is determinedby the moving-average method. Other securities designated as available-for-sale securities with no available
fair value are stated at amortized cost (straight-line method) or at acquisition cost using the moving-averagemethod. Net unrealized gains and losses on other securities above are reported, net of applicable income
taxes, as a separate component of net assets.

8(2) Derivative financial instruments
Derivative financial instruments are stated at fair value.
(3) Tangible fixed assets
Primarily, depreciation is computed by the straight-line method for buildings and by the declining-balancemethod for other property and equipment.
(4) Intangible fixed assets
Intangible fixed assets are amortized on the straight-line method. Capitalized software for internal use isamortized using the straight-line method over its estimated useful life of five years.
(5) Reserve for possible loan losses
The reserve for possible loan losses is established in accordance with the each company’s Self-Assessment
Guidelines and Write-offs and Reserve Guidelines. With respect to loans to borrowers subject to bankruptcy,
court-guided rehabilitation or similar legal or formal proceedings, the Comapnies provide a specific reservein the amount of the loan balance less amounts collectable from collateral, guarantees and by other means.
For other loans, the Companies provide a general reserve by applying the historical loan loss ratio determinedover a certain period. Each loan is subject to asset assessment by the operational departments in accordancewith each company’s Self-Assessment Guidelines, and the results of the assessment are reviewed by theinternal audit departments, which are independent from the operational departments, before the reserveamount is finally determined.
(6) Reserve for employees’ bonuses
The reserve for employees’ bonus is provided for the payment of bonuses to employees, in the amount of
estimated bonuses, which are attributable to the current fiscal year.
(7) Reserve for employees’ retirement benefits
The reserve for employees’ retirement benefits is provided for the payment of retirement benefits toemployees, in the amount deemed accrued at the fiscal year end, based on the projected retirement benefit
obligation at the fiscal year end.
(8) Reserve for directors’ retirement benefits
The reserve for directors’ and statutory auditors’ retirement benefits of the Company and the domestic life
insurance subsidiary is provided based on its internal regulations and calculated as the amount that would bepayable if all eligible directors and statutory auditors were to resign at the fiscal year end.
(9) Reserve for price fluctuations
Pursuant to requirements under the Insurance Business Law, the reserve for price fluctuations is provided forprice fluctuations primarily related to stocks, bonds and foreign currency denominated assets which areexposed to losses due to market price fluctuations. This reserve may only be used to reduce deficits arisingfrom price fluctuations on those assets.
(10) Translation of foreign currencies
Assets and liabilities denominated in foreign currencies are translated into Japanese yen at the foreignexchange rates in effect at the fiscal year end.
(11) Leases transactions
Finance leases that have not been deemed to transfer ownership of the leased property to the lessees areaccounted for as operating lease transactions.
(12) Hedge accounting
As for the hedge accounting method applied to hedging transactions for interest rate risk generated byfinancial assets and liabilities, the banking subsidiary applies deferred hedge accounting or fair value hedge

9accounting. Interest rate swaps are used as hedging instruments to offset fluctuations in interest rates on
fixed-rate loans by identifying the hedged items via their grouping according to their maturity, in accordancewith the “Treatment for Accounting and Auditing of Application of Accounting Standard for Financial
Instruments in the Banking Industry” (Industry Audit Committee of Japanese Institute of Certified Public
Accountants No. 24). Interest rate swaps and others are used as hedging instruments to offset fluctuations in
the fair value of fixed-rate bonds, which are classified as other securities. Both of the above-mentioned
hedging instruments are identified so that their significant terms are nearly identical to those of the hedged
items. Accordingly, such hedges are considered as highly effective, resulting in a substitution for evaluating
the effectiveness of the hedging transactions.
(13) Accounting for consumption taxes
The consumption taxes received or paid by the Company and its domestic subsidiaries, excluding loss
adjustment expenses and operating, general and administrative expenses of the non-life insurance subsidiary,
are not included in income and expenses. Under the Consumption Tax Law of Japan, the consumption taxes
paid on property and equipment, which is not deductible from the consumption taxes received, are deferredas “other assets” and amortized over a five-year period on a straight-line basis, while other non-deductible
consumption taxes are charged as expenses in the period in which the consumption taxes are paid.
(14) Policy reserve
Pursuant to Article 116 of the Insurance Business Law, the domestic life insurance subsidiary maintains a
policy reserve for the fulfillment of future obligations under life insurance contracts, and the policy reserve iscalculated in the following manner.
a. Policies subject to the standard policy reserve apply the method stipulated by the Financial Services
Agency (Ministry of Finance Directive 48, 1996).
b. Policies not subject to the standard policy reserve apply the net level premium method.
(15) Application of consolidated tax provision
The consolidated tax provision, under which Sony Corporation is the parent company, is applied to theCompany and its domestic subsidiaries wholly owned by Sony Corporation.
(16) In accordance with newly effective The Accounting Standard Board of Japan (“ASBJ”) Statement No.5
“Accounting Standards for Presentation of Net Assets on Balance Sheet” (December 9, 2005) and ASBJ
Guidance No.8 “Guidance on Accounting Standards for Presentation of Net Assets on Balance Sheet”(December 9, 2005), the Company has made certain adjustments on its terminology.
a. “Stockholders’ Equity” was renamed as “Net Assets” and divided into “Shareholders’ equity”,“Valuation and translation adjustments” and “Minority interests”. Amount corresponding toconventional “Stockholders’ Equity” was ¥249,035 million.
b. “Deferred hedge losses” and “Deferred hedge gains”, which were included in “Other assets” and “Otherliabilities”, were combined. Amounts, net of corresponding tax amounts is stated as “Net deferred losses
on hedging instruments, net of taxes”.
c. “Minority interests” was reclassified under “Net Assets”.
d.“Property and equipment” was divided into “Tangible fixed assets”, “Intangible fixed assets” and “Other
assets”
e. “Software” was transferred from “Other assets” to “Intangible fixed assets”.
(17) In accordance with ASBJ Statement No.6 “Accounting Standards for Statement of Changes in Net Assets”(December 27, 2005) and ASBJ Guidance No.9 “Guidance on Accounting Standards for Statement of
Changes in Net Assets” (December 27, 2005), the Company provides the Consolidated Statement of
Changes in Net Assets.

10