Welcome to the third quarter 2007 American Financial Groupearnings conference call. (Operator Instructions) I would now like to turn thecall over to Mr. Keith Jensen, Senior Vice President. Please proceed, sir.

Good morning. I'm joined here today by Carl Lindner, III,and Craig Lindner, Co-CEOs of American Financial Group. It's our pleasure towelcome you to the American Financial Group third quarter results conferencecall. If you're viewing the webcast from our website, you can follow along withthe slide presentation if you would like. Certain statements made during the call are not historicalfacts and may be considered forward-looking statements. They are based onestimates, assumptions and projections which management believes are reasonable;but by their nature, are subject to risks and uncertainties. The factors whichcould cause actual results to differ materially from those suggested by suchforward-looking statements include, but are not limited to, those discussed oridentified from time to time in AFG's filings with the Securities and ExchangeCommission. These include the annual report on Form 10-K and quarterly reportson Form 10-Q. We do not promise to update such forward-looking statementsto reflect actual results or changes in assumptions, or other factors thatcould affect these statements. Core net operating earnings is a non-GAAP financial measurewhich sets aside items that are not considered to be part of ongoingoperations, such as net realized gains or losses on investments, affects ofaccounting changes, discontinued operations, special asbestos and environmentalcharges and certain other non-recurring items. AFG believes it to be a usefultool for analysts and investors in analyzing ongoing operating trends, whichwill be discussed for various periods during this call. A reconciliation of netearnings to core net operating earnings is included in our earnings release. It's now my pleasure to turn the time to Carl Lindner, III, Co-CEOof American Financial Group.

Good morning. We released American Financial Group’s 2007third quarter results yesterday afternoon and are pleased that you could joinus. Please turn to Slide 3 of the webcast materials. Our overall results forthe quarter continued at an excellent pace. Net earnings for the 2007 thirdquarter were $0.93 per share versus $0.77 per share in the 2006 third quarter.We again achieved record core net operating earnings in the third quarter, 22%higher in the same period a year earlier. Through the first nine months of2007, these core earnings were 24% above the 2006 period. The significant increase was driven by improved underwritingprofits in the specialty property and casualty operations and higher investmentincome. Greg and I want to thank our talented management team and employees fortheir efforts and we want to thank God for blessing AFG's business. Our financial condition and liquidity remain very strong.Our book value per share of $26.75 was up 14% compared to the end of the 2006third quarter. This is consistent with our long-term objective of attainingcompound growth in book value in excess of 10% per year. We used $345 million of our excess capital during thequarter to complete the purchase of the minority shares of our subsidiary,Great American Financial Resources, and to buy back 3.8 million AFG shares.Through the first nine months of this year, we've repurchased 4.7 million AFGshares at an average price of about $28.44. We expect these transactions to addto earnings between $0.15 and $0.17 per share on an annualized basis. We continue to make opportunistic buybacks ofour shares. Prior to year end, we plan to transfer the shares of ourGreat American Financial Resources that are owned by our Great AmericanInsurance subsidiary to AFG. This will provide additional flexibility in themovement of capital and is expected to be viewed positively by rating agencies. We had about…

(Operator Instructions) Sir, there are no questions at thistime.

Thank you for joining us for our third quarter conferencecall. We look forward to reporting our full year at the end of the fourthquarter. Thank you and have a nice day.