11-K 1 l25787ae11vk.txt H. J. HEINZ COMPANY 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] FOR THE FISCAL YEAR ENDED DECEMBER 31, 2006 [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] FOR THE TRANSITION PERIOD FROM TO ------------------------ ------------ COMMISSION FILE NUMBER 1-3385 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN (Title of Plan) H. J. HEINZ COMPANY (Name of Issuer of securities held pursuant to the Plan) 600 GRANT STREET PITTSBURGH, PA 15219 (Address of Plan and of principal executive office of Issuer) FINANCIAL STATEMENTS AND EXHIBITS The following Plan financial statements, schedules and reports are attached hereto: 1. Report of Independent Registered Public Accounting Firm 2. Statements of Net Assets Available for Benefits as of December 31, 2006 and 2005 3. Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2006 4. Notes to Financial Statements 5. Supplemental Schedule of Assets (Held at End of Year) Exhibits required to be filed by Item 601 of Regulation S-K are listed below and are filed as a part hereof. Documents not designated as being incorporated herein by reference are filed herewith. The paragraph number corresponds to the exhibit number designated in Item 601 of Regulation S-K. 23. The consent of Independent Registered Public Accounting Firm dated May 7, 2007 is filed herein. 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Benefits Administration Board has duly caused this Form 11-K Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Pittsburgh, Commonwealth of Pennsylvania. H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN (Name of Plan) EMPLOYEE BENEFITS ADMINISTRATION BOARD By: /s/ Randolph W. Keuch .................................. Randolph W. Keuch Vice President, Total Rewards May 7, 2007 2 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To The Participants and the H. J. Heinz Company Employee Benefits Administration Board: In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of H. J. Heinz Company Employees Retirement and Savings Plan (the "Plan") at December 31, 2006 and 2005, and the changes in net assets available for benefits for the year ended December 31, 2006 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule H, line 4i -- Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ PricewaterhouseCoopers LLP Pittsburgh, Pennsylvania May 7, 2007 3 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, --------------------------------- 2006 2005 ------------ ----------- Assets: Investment in Master Trust, at fair value (Notes 4 and 7) $454,447,980 $402,734,688 Cash equivalents 163,933 169,676 Participant loans receivable (Note 1) 96,402 28,664 ESOP dividends receivable 705,098 701,477 Interest receivable 2,628 - Contributions receivable: Employee 1,065,811 943,735 Employer 1,020,844 951,709 ------------ ------------ Total contributions receivable 2,086,655 1,895,444 ------------ ------------ ------------ ------------ Total Assets $457,502,696 $405,529,949 ------------ ------------ Liabilities: Accrued administrative expenses 136,262 182,314 ------------ ------------ Total Liabilities 136,262 182,314 ------------ ------------ Net Assets Available for Benefits $457,366,434 $405,347,635 ============ ============
The accompanying notes are an integral part of the financial statements. 4 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS for the Year Ended December 31, 2006 Net change in Investment in Master Trust (Note 7) $69,527,800 Participant loan repayments (15,271) Contributions: Participant contributions 17,086,047 Employer contributions, net 15,705,155 ------------- Increase in Plan assets 102,303,731 ------------- Deductions: Withdrawals and Distributions 53,118,240 Administrative expenses 687,307 ------------- Decrease in Plan assets 53,805,547 ------------- Transferred in from other plans (Note 8) 3,520,615 Net increase in net assets available for benefits for the year 52,018,799 Net assets available for benefits at the beginning of the year 405,347,635 Net assets available for benefits at ------------- the end of the year $457,366,434 =============
The accompanying notes are an integral part of the financial statements. 5 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (1) PLAN DESCRIPTION: The following description of the H. J. Heinz Company ("Company") Employees Retirement and Savings Plan ("Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. General The Plan is a defined contribution plan covering salaried employees actively employed by the Company or any of the affiliated companies. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The administration of the Plan and the responsibility for interpreting and carrying out its provisions is vested in the Employee Benefits Administration Board ("Committee"). The Committee consists of members appointed by the Board of Directors of the Company ("The Board") upon the recommendation of the Investment and Retirement Plan Oversight Committee of the Company. The members of the Committee are not compensated for serving on the Committee. Mellon Bank, N.A. is trustee ("Trustee") of the Plan. Eligibility Regular full time employees are eligible to contribute to the Employee Savings Account and to receive a Company Match starting with their employment date. Effective, May 1, 2004, employees hired on or after this date must fulfill a one-year waiting period before monthly contributions are made to the Company Contribution Account. Investment Risks The plan provides for various investment options as described in Note 4. Any investment is exposed to various risks, such as interest rate, market and credit. These risks could result in a material effect on participants' account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits. Contributions Participant contributions to the Plan may be either tax-deferred or after- tax. The total of a participant's tax-deferred and after-tax contributions may not exceed 20% of their compensation. Each participant may make contributions into one or more of the investment funds as described in Note 4, in whole percentages, of not less than 1% of his compensation. Tax-deferred contributions made by certain highly compensated participants may be limited under Internal Revenue Code of 1986, as amended (the "Code") rules. Tax-deferred contributions by any participant under the Plan and any other qualified cash or deferred arrangement were limited to $15,000 ($20,000 if over age 50) in 2006 and $14,000 ($18,000 if over age 50) in 2005. The Committee gives participants affected by these limitations timely notification. The Company contributes, on behalf of each participating employee,$.50 for each dollar of tax-deferred employee contribution up to 5% of the employee's eligible earnings. Also, an incentive match up to $.50 for each dollar of tax-deferred employee contribution up to 5% of the employee's eligible earnings may be awarded at the end of each fiscal year based on the earnings per share of the Company. No incentive match was awarded in 2006. The Company's matching contributions may be made in cash or shares of the Company's common stock. 6 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) Contributions (continued) In addition, the Company makes monthly, age-related contributions to the Company Contribution Account ("CCA") of participating employees who direct the investment of such contributions into one or more of the investment funds as described in Note 4. For employees hired on or after May 1, 2004, these contributions range from 3% of eligible earnings for participants less than 30 years old to 9% for those 60 and over. For employees hired prior to May 1, 2004, the age-related contributions range from 1.5% for participants who are less than 30 years old to 13% for participants 60 and over. A participant may transfer amounts received from other retirement plans to the Plan. Amounts that are transferred from other retirement plans are held in a separate rollover account. Participant Accounts Each participant's account is credited with the participant's contribution(s) and allocation of (a) the Company's matching and age-related contributions, as defined, and (b) Plan earnings. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Vesting The value of a participant's tax-deferred account, after-tax account, and rollover account, is fully vested at all times. In general, participant's matching accounts vest after three years of service, and their CCA accounts vest after five years of service. However, regardless of a participant's years of service, job elimination, workforce reduction, termination of employment in the year of attainment of age 55 or after, attainment of age 65, total and permanent disability, or death automatically vest any non-vested accounts. Withdrawals and Distributions A participant may elect to withdraw up to 100% of their after-tax or rollover account. A participant's matching account will be available for withdrawal if the participant: (a) has at least 5 years of continuous membership in the Plan, or (b) has attained age 59 1/2. A participant may not withdraw any amount from their tax-deferred account during active employment before age 59 1/2 except for hardship as defined in the Plan. A participant may not withdraw any amount from their CCA during active employment before age 70 1/2. A participant who qualifies for a hardship withdrawal and withdraws from their tax-deferred account is suspended from making contributions to the Plan for six months. Under present Internal Revenue Service ("IRS") rules, a "hardship" means an immediate and heavy need to draw on financial resources to meet obligations related to health, education or housing. A participant, upon termination of service, may either receive a lump-sum payment of their account balance or transfer their account balance to the trustee or custodian of another eligible retirement plan. Upon retirement, a participant may transfer their account balance to the Employees' Retirement System to purchase an annuity. 7 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) Loans The Plan was amended effective January 1, 1990, to prohibit the granting or renegotiating of loans. Outstanding loans at December 31, 1989 continue to be administered in accordance with the loan rules established by the Committee as in effect on such date. The Plan also administers participant loans of plans that are merged into the Plan. The interest rates for all outstanding loans for the years ended December 31, 2006 ranged from 5.0% to 8.5% and 5.25% to 11.0% in 2005. Payment of principal and interest is by payroll deduction, subject to rules permitting prepayment. Repayments of the principal of a loan to a participant will be allocated first to the participant's after tax account, and then to the participant's tax deferred account. Payments of interest on a loan to a participant are allocated to the participant's after tax account and tax deferred account, respectively, in the same proportion that the outstanding principal of the loan was attributable to such accounts at the end of the month preceding the payment. Payments of principal and interest are reinvested in the investment fund(s) in accordance with the participant's investment directions in effect at the time such interest or principal repayment is received by the Trustee. In the event of default, as described by the Plan, participants are considered to have received a distribution and are subject to income taxes on the distributed amount. Also, participants may be subject to an additional 10% penalty tax on their taxable withdrawal if it occurs prior to age 59 1/2. Cash Equivalents Cash equivalents are defined as highly liquid investments with original maturities of 90 days or less. Termination The term of the Plan is indefinite, subject to termination at any time by the Board. In the event the Plan is terminated or the Company contributions are permanently discontinued, participants will be fully vested in the Company contributions. The Company has no intention to terminate the Plan at this time. Administrative Expenses The Trustees may pay expenses of the Plan including record-keeping fees, administrative charges, professional fees, and trustee fees, from the assets of the Trust unless paid by the Company. Expenses are paid from Plan assets up to 15 basis points of the net asset value during the plan year. In addition, the Company uses the interest on the holding accounts to pay Plan expenses. The Company pays any Plan expenses in excess of the the basis points accrual or the interest from the holding accounts. For the year ended December 31, 2006, Plan expenses were $687,307. Expenses are allocated to each investment fund based on the fund's proportion of the total asset value of the Plan. The basis point accrual is calculated daily, and Plan expenses are then paid from the available expense accrual. The Company, as permitted by ERISA, may obtain reimbursement from Company sponsored employee benefit plans for certain administrative charges incurred in providing administrative services to such plans. These expenses include salaries, payroll expenses and other miscellaneous charges, and are allocated based on time incurred related to each plan. The Plan was charged $4,045 for the year ended December 31, 2006. No amount was owed to the Company as of December 31, 2006. 8 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Investment Valuation Investments in the Master Trust are valued as follows: The value of the shares in a mutual fund is based on the active market value of the underlying securities in the fund on the last business day of the year. Investments in securities traded on a national exchange are valued at the last reported sales price on the last business day of the year. Temporary investments in short-term investment funds are valued at cost, which approximates market value. In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This statement applies under other accounting pronouncements that require or permit fair value measurements; the FASB having previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, this Statement does not require any new fair value measurements. SFAS No. 157 is effective for fiscal years beginning after November 15, 2007, with earlier application encouraged. The Company is currently evaluating the impact, if any, that the adoption of SFAS No. 157 will have on the Plan's financial statements. Other The accompanying financial statements are presented on the accrual basis of accounting. Benefits are recorded when paid. The Plan presents in the statement of changes in net assets available for benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. Such change as it relates to those investments held in the Master Trust is included as a component of the net change in investment in master trust on the statement of changes in net assets. Also included in the net change in investment in master trust are dividends and interest earned for the year and participant loan repayments. Purchases and sales of securities are reflected on a trade-date basis. Gains or losses on sales of securities are based on average cost. Company stock dividends are recorded when paid because participants may elect to receive their dividends directly instead of reinvesting them. Mutual fund dividend income is recorded on the record date. Interest is recorded as earned. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. 9 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (3) FEDERAL INCOME TAXES: The IRS has made a determination that the Plan is a qualified plan under Section 401(a) of the Code. Therefore, the Trust established under the Plan is exempt from Federal income taxes under Section 501(a) of the Code. The IRS has determined and informed the Company by letter dated August 1, 2002 that the Plan is designed in accordance with applicable sections of the Code. The Plan has been amended since it was submitted for review. However, tax and ERISA counsel to the Company is of the opinion that the Plan continues to be a "qualified" plan under Section 401(a) of the Code, that the Plan contains an employee stock ownership plan that meets the requirements of Section 4975(e)(7) of the Code and that the Plan contains a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code. Therefore, no provision for income tax has been included in the Plan's financial statements. Under present Federal income tax laws and regulations, and as long as the Plan is approved as a qualified plan, participants are not subject to Federal income taxes as a result of their participation in the Plan until their accounts are withdrawn or distributed to them. (4) INVESTMENT PROGRAMS: Mellon Bank N.A. is the Trustee for all of the investment funds. Participants may direct the investment of their accounts in multiples of 1%, in any one or more of the investment funds selected by the Committee. The current offering includes eight Vanguard funds, three Fidelity funds and four other funds in addition to the H.J. Heinz Company ESOP. See Note 7 for the investment options offered. In addition, the Plan holds a temporary investment fund, sponsored by the Trustee, for liquidity. (5) FORFEITURES: Company contributions which have been credited to participants' accounts and which have not vested are forfeited upon termination of employment. These forfeitures are used to reduce company contributions. Forfeitures were $1,082,717 for the year ended December 31, 2006. 10 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (6) NONPARTICIPANT-DIRECTED INVESTMENTS: Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments is as follows:
December 31, December 31, 2006 2005 ------------ ------------ Assets: Investment in Master Trust - H.J. Heinz Company common stock $1,320,059 $1,369,388 Dividends receivable 10,040 11,883 Employer contributions receivable 2,946 3,215 ---------- ---------- Net assets $1,333,045 $1,384,486 ========== ==========
Year Ended December 31, 2006 ----------------- Employer contributions $ 728,197 Dividends 40,389 Net appreciation 331,114 Transfers to participant-directed investments (1,149,157) Administrative expenses (1,984) ------------ Change in net assets $ (51,441) ============
11 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (7) MASTER TRUST: The Company has a Master Trust arrangement with the Trustee. The Trustee maintains separate accounts to record the pro rata share of each participating Plan, reflecting contributions received on behalf of the Plan, benefit payments or other expense allocable to the Plan and its pro rata share of collected or accrued income, gain or loss, general expenses and other transactions allocable to the Investment Funds or to the Trust as a whole. The following tables present the Master Trust information for the Plan.
December 31, 2006 --------------------------------------------------------------------------------------- Investment Income Retirement & Savings Plan Fair Value of Net Percentage of Investment of Change in Interest in the Master Trust Dividends Interest The Fair Value Master Trust --------------- -------------- ----------- ---------------- ------------------ H.J. Heinz Co. ESOP $92,707,628 $2,833,482 -- $27,347,138 100.0% H.J. Heinz Co. Stock 14,004,720 385,132 -- 3,800,776 - Managed Income Portfolio 25,945,269 1,048,786 -- 1,048,786 96.59% Retirement Gov't Money Market 78,282,250 3,551,755 -- 3,551,755 71.48% Intermediate Bond Fund 15,735,597 688,171 -- 649,907 91.37% Fixed Income Securities Fund 14,759,787 917,635 -- 351,303 91.27% Wellington Fund 38,524,509 1,165,020 -- 5,175,548 92.51% Windsor II Fund 52,959,809 1,195,605 -- 8,510,668 94.07% Institutional Index Fund 53,057,229 940,968 -- 7,548,379 90.97% Explorer Fund 18,486,548 106,224 -- 1,636,381 90.80% International Growth Fund 25,396,481 551,551 -- 5,473,479 94.79% Lord Abbett Small Cap Value 12,990,279 - -- 1,751,836 92.97% Small Cap Index Fund 3,515,796 40,912 -- 406,116 90.80% Harbor International Fund 12,429,878 276,294 -- 2,462,717 92.01% Developed Markets Index Fund 4,228,797 98,111 -- 786,588 90.01% Oppenheimer Developing 20,422,944 1,862,214 -- 3,659,590 87.78% Growth Fund of America 32,181,844 342,550 -- 3,126,361 92.78% --------------- -------------- ----------- ---------------- Total Master Trust $515,629,365 $16,004,410 -- $77,287,328 88.13% =============== ============== =========== ================
12 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (7) MASTER TRUST: (CONTINUED)
December 31, 2005 ----------------------------------------------------------------------------------------------- Investment Income Retirement & Net Savings Plan Fair Value of Change in Percentage of Investment of The Fair Interest in the Master Trust Dividends Interest Value Master Trust ------------ ----------- ---------- ------------ --------------- H.J. Heinz Co. ESOP $ 80,840,403 $ 3,048,676 $ -- $(10,217,868) 100.00% H.J. Heinz Co. Stock 10,032,990 333,311 -- (1,182,282) -- Managed Income Portfolio 24,675,251 884,881 -- 884,881 97.52% Magellan Fund -- -- -- (955,236) -- Retirement Gov't Money Market 73,670,827 2,157,317 -- 2,157,317 70.96% Overseas Fund -- -- -- (178,022) -- Equity-Income Fund -- 269,393 -- (479,975) -- Puritan Fund -- -- -- (309,927) -- Intermediate Bond Fund 15,749,423 605,665 -- 267,745 92.17% OTC Portfolio -- -- -- (785,126) -- Fixed Income Securities Fund 17,342,147 923,527 -- 815,225 91.58% Wellington Fund 36,264,961 2,081,473 -- 2,582,099 93.31% Windsor II Fund 48,741,834 2,407,014 -- 3,249,328 94.27% Institutional Index Fund 51,326,962 839,608 -- 3,145,087 92.11% U.S. Growth Fund -- -- -- (544,900) -- Explorer Fund 15,982,821 1,286,912 -- 1,451,077 95.26% International Growth Fund 21,451,155 710,960 -- 3,010,375 96.27% Lord Abbett Small Cap Value 7,282,749 642,679 -- 704,019 93.91% Small Cap Index Fund 2,170,995 22,435 -- 121,818 94.85% Harbor International Fund 5,020,696 215,224 -- 691,759 94.01% Developed Markets Index Fund 2,153,955 45,020 -- 219,145 91.70% Oppenheimer Developing 14,290,641 560,314 -- 2,715,569 91.40% Growth Fund of America 25,272,416 400,345 -- 3,481,467 93.23% ------------ ----------- ---------- ------------ Total Master Trust $452,270,226 $17,434,754 $ -- $ 10,843,575 89.05% ============ =========== ========== ============
13 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (8) PLAN AMENDMENTS, ACQUISITIONS AND OTHER: During 2006, the Board approved the merger of the participant balances of salaried employees of the Lea & Perrins 401(k) Plan into the Plan. Approximately $3.5 million of assets was transferred into the Plan, including $114,649 in participant loans. (9) RELATED PARTY TRANSACTIONS: The Plan holds a total of $2,189,072 of a temporary investment fund which is managed by Mellon Bank N.A., the trustee of the Plan as of December 31, 2006 and for the year then ended. The ESOP holds $2,025,139 for liquidity. The remainder is maintained to pay expenses. Therefore, these transactions qualify as party-in-interest transactions. Certain Plan investments are publicly traded common stock of H.J. Heinz Company, the Plan Sponsor. The Plan purchased 211,307 shares of Company Stock at a cost of $8,387,136 and sold 515,868 shares of Company Stock for $20,496,489 during Plan year 2006. The Plan received $2,833,482 in dividends during the year. 14 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN EIN: 25 - 0542520 PLAN 009 SCHEDULE H, Line 4i -- SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2006
(c) Description of investment including (b) Identity of issue, borrower, maturity date, rate of interest, (e) Current (a) lessor, or similar party collateral, par or maturity value (d) Cost Value ------- -------------------------------- ----------------------------------------- ------------------- ---------------- * H. J. Heinz Company Master Trust -- $454,447,980 * Mellon Bank, N.A. EB Temporary Investment Fund $163,933 163,933 * Participant Loans Participant Loans -- 96,402 Interest Rates, 5.0% - 8.5%
* Denotes a party-in-interest, for which a statutory exemption exists. 15 EXHIBIT INDEX Exhibits required to be filed by Item 601 of Regulation S-K are listed below and are filed as part hereof. Documents not designated as being incorporated herein by reference are filed herewith. The paragraph number corresponds to the exhibit number designated in Item 601 of Regulation S-K. 23. The consent of Independent Registered Public Accounting Firm dated May 7, 2007 is filed herein. 16