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The Hague - May 15, 2013 Annual General Meeting of Shareholders Aegon N.V. Jaarlijkse Algemene Vergadering van Aandeelhouders Aegon N.V. Transform Tomorrow Jan Nooitgedagt, CFO & Member of the Executive Board Financial markets have improved,


  1. The Hague - May 15, 2013 Annual General Meeting of Shareholders Aegon N.V. Jaarlijkse Algemene Vergadering van Aandeelhouders Aegon N.V.

  2. Transform Tomorrow Jan Nooitgedagt, CFO & Member of the Executive Board

  3. Financial markets have improved, but remain challenging Strengthening of equity markets Drop in financial market stress indicators (January 2008 = 100) 120 2 110 0 100 -2 90 -4 80 S&P 500 70 -6 FTSE 60 -8 Bloomberg Financial AEX 50 Conditions Index EU -10 40 Bloomberg Financial -12 Conditions Index US 30 -14 20 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Drop in Eurozone sovereign spreads However, interest rates remain persistently low (2-year bonds, bps) 2500 6 2000 5 Portugal 1500 4 US Ireland UK 1000 Spain 3 NL Italy 500 2 0 1 Jan-10 Jan-11 Jan-12 Jan-13 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 3

  4. Earnings up 17% on growth, cost reductions and favorable markets  Americas: Earnings up on business Underlying earnings before tax (EUR million) growth and a stronger dollar  The Netherlands: Increase due to cost savings, lower funding costs, and the wind up of several contracts in Pensions 1,787  UK: Earnings up on cost reductions and non-recurrence of exceptional 1,522 charges  New markets: Higher results from 2011 2012 Aegon Asset Management and Asia partly offset by Spain and Central & Eastern Europe  Holding & other: Improved as part of corporate center expenses being charged to the units 4

  5. Net income benefits from fair value items and investment gains  Fair value items gain Net income (EUR million)  Realized gains on investments  Lower impairments 1,571  Charge related to acceleration of 872 product improvements for unit- linked policies in the Netherlands 2011 2012  Book gains on divestments – Prisma and Banca Cívica joint venture 5

  6. Operating expenses reduced by 6% while investing in new propositions  EUR 188 million in cost reductions Operating expenses (EUR million)  Non-recurrence of restructuring charges  6% lower year-on-year cost base 3,442 3,241  Cost reductions in Americas; successful restructuring programs in UK and the Netherlands 2011 2012  Operating expenses include continued investments in new propositions 6

  7. Sales increase demonstrates strength of franchise  New life sales increase 7% to Sales (EUR billion) EUR 2 billion  Gross deposits 25% higher at EUR 39.5 billion  Accident & health and general 6.7 insurance up 18% to 5.7 EUR 823 million  Focus on profitable new business 2011 2012 demonstrated by higher MCVNB of EUR 619 million * Total sales consists of new life sales, new premiums accident & health, general insurance and 1/10 of gross deposits 7

  8. Continued delivery of strong results in first quarter Underlying earnings before tax Fee-based earnings Sales/MCVNB (EUR million) (% of UEBT) (EUR million) 1,813 1,758 1,738 36 35 33 461 445 439 232 204 125 Q1 12 Q4 12 Q1 13 Q1 12 Q4 12 Q1 13 Q1 12 Q4 12 Q1 13  Market consistent value new business Operational free cash flows* Return on equity Operating expenses (%) (EUR million) (EUR million) 7.4 835 7.1 804 766 6.3 619 560 405 Q1 12 Q4 12 Q1 13 Q1 12 Q4 12 Q1 13 Q1 12 Q4 12 Q1 13 * Excluding market impact 8

  9. Continued strong capital position at the end of the first quarter Group US Netherlands UK IGD RBC ratio IGD Pillar I 224% ~485% ~265% ~120% Excess capital in holding: EUR 1.8 billion at end first quarter 2013 9

  10. 2012 a strong basis for the future  Strong growth in earnings and profitable sales  Maintained strong capital position  Operating expenses reduced while investing in new propositions  Distribution expanded – new partners, platforms and on-line propositions Well positioned for the future 10

  11. Thank you – Dank u wel 11

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