Aegon Analyst & Investor Conference

SII OFCF versus IFRS earnings The Solvency II OFCF is expected to increase over the next 5-10 years Higher release of surplus from expiring DB contracts New business shifts from DB to DC (and fee business in general) Optimize ALM Solvency II OFCF is fundamentally different from IFRS underlying earnings Difference between book yields on investments in the IFRS framework versus market consistent market yields (including UFR unwind) in a Solvency II environment Part of future IFRS earnings have already been recognized upfront in Solvency II Own Funds Estimated year-end 2015 comparison (EUR billion) 4.0 5.9 IFRS shareholders' equity* Solvency II Own Funds 21 24 * Excluding revaluation reserves and defined benefit remeasurements Aegon Analyst & Investor Conference

View entire presentation