1. THE ORGANIZATION One of the world’s largest life insurance and pension companies, and a leading provider of investment products Total assets on consolidated balance sheet of AEGON Group as of 12/31/12 was approximately $483 billion Approximately 25,000 employees worldwide Three key global investment centers: AEGON USA, AEGON NL and AEGON UK Other investment operations in the United States, Europe, Asia and Latin America

2. AEGON USA — A SUBSIDIARY OF AEGON N.V. An SEC-registered investment adviser Subsidiary of AEGON USA Employs approximately 400 professionals including 60 investment professionals Total assets under management of $114.3 billion as of 6/30/12 Experience managing a broad range of fixed income assets Collaboration with global counterparts on investment strategy AUIM claims compliance with the Global Investment Performance Standards (GIPS®) Offices in: Cedar Rapids, Iowa Chicago, Illinois Louisville, Kentucky Baltimore, Maryland Accredited Management Organization Subsidiary of AEGON USA Employs approximately 200 professionals Total assets under management of $16.3 billion as of 6/30/12 Advises clients on debt and equity investments across a wide spectrum of real estate asset classes Offices in: Cedar Rapids, Iowa Fresno, California Irvine, California Louisville, Kentucky Baltimore, Maryland New York, New York San Francisco, California

3. THE APPRAISAL GROUP AT AEGON 4 MAI’s 5 MORTGAGE LOAN ANALYST 3 APPLIED RESEARCH ANALYST PRIMARY OBJECTIVES ARE:  COMPLIANCE REVIEW  PORTOLIO VALUATION  PORTFOLIO REPORTING  RISK MANAGEMENT

4. OBSERVATIONS FROM THE TRENCHES CLIENT IS PROVIDING QUALITY CONTROL FOR 3 RD PARTY APPRAISER How do we fix it? Senior appraisers need to inspect and provide more oversight

5. OBSERVATIONS FROM THE TRENCHES (Cont.) POOR MARKET ANALYSIS How do we fix it? Better communication of appraisal assignment requirements and engaging only locals with specific property expertise.

6. WHAT YOUR CLIENTS BELIEVE Value is not a “point estimate” but rather a range of possible outcomes USPAP does not prohibit an appraiser to conclude to a value range

7. QUANTITY, QUALITY, AND DURABILITY OF INCOME. How does an appraiser address this? This one isn’t easy… If this area of valuation doesn’t improve, clients may eventually need fewer appraisal services. WHAT YOUR CLIENTS WANT TO KNOW

8. WHAT YOUR CLIENTS WANT TO KNOW (Cont.) This is how the rating agencies address quantity, quality, and durability of income for the public bond markets

9. Appraisal Reductions in CMBS (LBUB 2001-C2) % Deal Property Name CityStateProperty TypeOld Appraisal New Appraisal % Change 5.23Aberdeen CommonsFairview ParkOHMultifamily$9,150,000$6,575,000-28% 2.86Galloway Crossing Shopping Center MesquiteTXRetail$5,250,000$3,500,000-33% 7.51Metroplex Tech Center ICarroltonTXOffice$15,200,000$9,600,000-37% 2.02University Commons Apartments ClevelandOHMultifamily$3,700,000$1,300,000-65% 4.26Willow RidgeAvondale EstatesGAMultifamily$7,625,000$4,500,000-41% 0.06802 Cleveland StreetElyriaOHRetail$1,070,000$450,000-58% 0.94Metroplex Tech Center ICarroltonTXOffice$15,200,000$8,600,000-43% 1.41Shadowood Office ParkAtlantaGAOffice$20,100,000$11,500,000-43% 1.88Atlanta PortfolioAtlantaGAHotel$35,700,000$21,100,000-41% 2.11Pointe Chase ApartmentAtlantaGAMultifamily$30,650,00$13,450,000-56% 0.053591 North Milwaukee AvenueChicagoILRetail$870,000$270,000-69% 0.17Penn’s MarketBuckinghamPARetail$2,775,000$975,000-65% 28% of this bond’s principal had an appraisal reduction

10. Guarino’s proposal to address quantity, quality and durability of income… Principal risk scale from 1 to 10 1 being a high risk of income and value volatility, 10 signaling the property has a lower risk over the estimated holding period If the appraiser envisions trouble on the horizon from lease expirations, overbuilding, disruption in the capital markets or degrading credit quality of the occupying tenants, then comments around the selected score and perhaps the timing of the concerns in the ownership period are warranted WHAT YOUR CLIENTS WANT TO KNOW (Cont.)