Retirement Services University AEGON Tom Schlossberg The Four Seasons. Las Vegas, Nevada February 5-7, 2003

Retirement Services University 2 Based in the Hague, the Netherlands 249 billion Euro in assets at 12/31/01 Major operations in U.S., Netherlands, U.K., Hungary, Spain & Canada Today 26,278 employees worldwide United StatesCanadaSpainUnited KingdomThe NetherlandsHungaryTaiwan AEGON NV – a company connected in many ways

Retirement Services University 3 Commitment to Core Business Life Insurance, Pensions and Related Financial Products Decentralized Organization Local Management, Multi-channel Distribution, Multi- branding Emphasis on Profitability Autonomous Earnings Growth > 10% annually ROI > 12%; divest under performers Low Cost Provider; Risk Management Discipline International Expansion Strategy: Boost Growth, Synergies, ROI > 11% Priorities: Existing Countries, Cross Border, New Countries Consistent, Successful Strategy

Retirement Services University 4 Share Price 2.70 Market Cap 2.5 bln Assets 32.4 bln Net Income 0.4 bln Life Premiums 1.9 bln Gross Deposits 1.8 bln Employees 10,449 Share Price 9.50 Market Cap 13.7 bln Assets bln Net Income bln Life Premiums 13.4 bln Gross Deposits 24.6 bln Employees 26, September 30, 2002 Amounts in Euros except employees AEGON NV – a snapshot in time

Retirement Services University 5 AEGON NV - 10 year pre-tax net income history * * 1995 and prior years include allocated interest charges

Retirement Services University 6 Pre-Tax Earnings Contribution Full Year 1996 September 30, 2002 Netherlands Americas United Kingdom Other Countries 33% 58% 29% 3% 10% 58% 7% 2% AEGON NV – focused on multi-national growth

Retirement Services University 7 1 Met Life 2 AIG 3 Prudential of America 4 Hartford Life 5 AEGON USA 6 TIAA Group 7 ING Group 8 New York Life 9 Northwestern Mutual 10 Nationwide 1 AIG 2 Hartford Life 3 MetLife 4 ING Group 5 AEGON USA 6 Prudential 7 New York Life 8 Nationwide 9 Mass Mutual 10 GE Finl Assurance 2001 net premiums written 2001 year-end total admitted assets $ 31,594 $ 24,491 $ 23,368 $ 21,621 $ 19,794 $ 17,921 $ 15,948 $ 14,389 $ 12,195 $ 11,832 $ $ $ $ $ $ $ $ $ 98.4 $ 86.2 Source: 2001 A.M. Best Survey In MillionsIn Billions AEGON USA – US insurer rankings

Retirement Services University 8 Assets 14.0 bln Net income.1 bln Life premiums.51 bln Gross deposits 2.0 bln Employees 3,430 Assets bln Net income.666 bln* Life premiums 5.1 bln* Gross deposits 20.3 bln* Employees 12, September 30, 2002 * latest 12 months AEGON Americas – a snapshot in time Amounts in US Dollars

Retirement Services University 9 10% earnings growth 12% ROI new business 11% ROI acquisitions Disciplined expense management Focus on Profitability AEGON Americas – connected by a shared strategy Growth in Earnings (Before Interest and Taxes) USD mm

Retirement Services University 10 AEGON Americas strong presence: products and distribution Products Traditional Life Variable Universal Life Fixed Annuities Variable Annuities Synthetic GICs Traditional GICs Long Term Care Medicare Supplement Mortgage Life Reinsurance Distribution Independent and Employee Agents Direct Selling Financial Institutions Marketing Companies Brokers Third Party Administrators Wirehouses Credit Unions

Retirement Services University 11 Close to Customer Market Driven Entrepreneurial AEGON USA, Inc. Pat Baird President & CEO Direct Marketing Services Group Marilyn Carp Pension & Reinsurance Group Tom Schlossberg Agency Group Pat Baird Financial Markets Group Larry Norman Institutional Products And Services Group Rudy Gernert Monumental Division Henry Hagan AEGON Financial Partners Brenda Clancy Transamerica Financial Institutions Paula Nelson Transamerica Capital Dave Bullock Transamerica Worksite Marketing Alan Warrick Diversified Investment Advisors Mark Mullin Transamerica Retirement Services Kent Callahan Long Term Care Jan Soppe AEGON USA Investment Management, LLC. Eric Goodman Transamerica Reinsurance Paul Rutledge AEGON Americas - organizational structure AEGON Institutional Markets Rudy Gernert AEGON Canada George Foegele

Retirement Services University 12 September 30, % 19% 20% 19%0% (27)% 8% AEGON Americas – earnings by line of business

Retirement Services University 13 AEGON Americas - sales production *Mexico production excluded in USD Millions

Retirement Services University 14 Acquisitions & autonomous growth Acquisitions build scale & distribution Under- performers divested Focus on Expansion AEGON Americas – connected by a shared strategy Diversified Investment Advisors AMEX Life Reliable & Commercial Western Reserve Life Seguros Banamex Transamerica JC Penney Life Providian Key Acquisitions

Retirement Services University 15 AEGON Americas – connected by a shared strategy A well-defined strategic focus Emphasize return objectives Continually develop products that are responsive to market opportunities Pursue operating efficiencies Effective use of technology to improve service and reduce costs Maximize cross-selling opportunities An active acquisition/divestiture policy Expand and capitalize on customer relationships Management leadership and strength

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