The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Mark Wickfeld - UBS Warburg - Analyst
: Hi, good afternoon. Tt's Mark Wickfield here from Warburg. I thought I'd better chip in with one. You mentioned earlier on about costs being in
line with your expectations, particularly in the US and the UK. Can you talk about your experiences in terms of operating cost in the Netherlands?
Question: Tom Cristiline - Fidelity Investment - Analyst
: Hi. Fidelity Investments. Just trying to understand, you mentioned the $6.1b of gross unrealized gains, $2.5b of net. I guess I'd be interested in that.
again, what's in mortgages, what's in bonds and the gross an unrealized gains, And then what are the gross unrealized losses on the bond portfolio?
And also, if you could help, what's flowing through your equity account at least is $1,7b of negative changes to the revaluation account. So, kind
of help me out with the positive impacts that you're talking about and the negatives on your capital and funding. And also if you could talk about
the charge from the total return slot that you mentioned in your press release, and what's going on there, and what the expectations are for and
what would cause that to be a drag again on the fourth quarter?
Question: Tom Cristiline - Fidelity Investment - Analyst
: Okay, you mentioned the EUR6.1b gross number. What else is in that gross number? Did you mention EUR6.1b gross unrealized gains?
Question: Tom Cristiline - Fidelity Investment - Analyst
: So, am I to ...
Question: Tom Cristiline - Fidelity Investment - Analyst
: And the losses are primarily on the bond portfolio?
Question: Tom Cristiline - Fidelity Investment - Analyst
: Okay, I'm just saying that the loss of ERU3.6b is, that chunk is primarily the bond losses? Or does that ... A part of that would be your equity unrealized
losses as well?
Question: Tom Cristiline - Fidelity Investment - Analyst
: The difference is all primarily bonds then?
Question: Tom Cristiline - Fidelity Investment - Analyst
: Okay. And then on the total returns slot.
Question: Tom Cristiline - Fidelity Investment - Analyst
: So, your net capital coming in is really ERU1.65b. Is that kind of how I should look at it?
Question: Tom Cristiline - Fidelity Investment - Analyst
: Okay, thank you, okay.
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