117 ANNUAL REPORT 2010 The following table shows the sensitivity of the fair value of  Level III instruments to changes in key assumptions, by class  of instrument:  In order to determine reasonably possible alternative  assumptions, AEGON adjusted key unobservable models inputs  as follows: securities is the credit spread / illiquidity premium.  AEGON adjusted the price, based on the bid / ask spread  AEGON observed in the market for these types of securities.  For investments in structured debt securities (ABS, RMBS and  CMBS), the most significant unobservable input for valuation  of these securities is the credit spread / illiquidity premium.  AEGON adjusted the discount rate by 100 basis points up or  down for this input. a.  Available-for-sale shares include shares in the Federal  Home Loan Bank for an amount of EUR 178 million  (2009: EUR 194 million) that are measured at par. The bank  has implicit financial support from the United States  government. The redemption value of the shares is fi xed at  par and can only be redeemed by the bank. Remaining  share positions were stressed by 10% up or down.  b.  Debt securities and money market and other short-term  investments mainly consist of corporate bonds  (EUR 1,117 million; 2009: EUR 1,239 million) and other  structured debt securities (EUR 2,610 million;  2009: EUR 3,020 million). For corporate bonds the most  significant unobservable input for the valuation of these  c.  Other investments at fair value include investments exposed  to real estate (EUR 475 million; 2009: EUR 444 million) and  private equity investments (EUR 692 million; 2009:  EUR 575 million). AEGON adjusted the assumption  pertaining to real estate values up or down by 10%.  This change is reflective of the range presented to senior  management when analyzing investment opportunities  for approval. For private equity investments the underlying  Financial assets carried at fair value Note December 31, 2010 December 31, 2009 Carrying  amount Effect of reasonably  possible alternative  assumptions (+/-) Carrying  amount Effect of reasonably  possible alternative  assumptions (+/-) Increase Decrease Increase Decrease Available-for-sale investments Shares a 555 31 (31) 443 20 (20) Debt securities b 3,788 189 (189) 4,334 219 (219) Money market and other short-term  investments b – – – 10 1 (1) Other 805 11 (10) 842 13 (13) Financial assets designated at  fair value through profi t or loss  1 Shares – – – 14 1 (1) Debt securities 132 7 (7) 142 15 (15) Other investments at fair value c 1,205 177 (177) 1,080 136 (136) Derivatives d 38 3 (3) 27 3 (3) Financial liabilities carried at  fair value Investment contracts e 1,656 126 (118) 1,145 94 (87) Derivatives f 1,050 102 (99) 1,683 103 (96) 1  Investments for account of policyholders are excluded from the reasonably possible alternative assumptions disclosure. Policyholder assets, and their  returns, belong to policyholders and do not impact AEGON’s net income or equity. The effect on total assets is offset by the effect on total liabilities.  SHARPENING OUR FOCUS