Aegon Analyst & Investor Conference

Solvency II sensitivities relatively limited • Analysis of capital position under Solvency II is always a combination of one-off impacts on the ratio as a result of market developments and consequences on economic earnings going forward Mortgage spread risk is caused by the mismatch with the Volatility Adjustment on the liabilities Capital deployment framework influenced both by market impacts as well as resulting changes to the annual operational free cash flows Solvency II sensitivities (in percentage points) Scenario Impact A SII OFCF (~EUR million per year) Dutch mortgage spreads Equity markets +50 bps -10% +50 -20% -3% 0 Interest rates +100 bps -2% +25 Interest rates -100 bps +2% -/-30 Credit spreads +100 bps +3% +85 Ultimate Forward Rate 3.2% -18% +30 Aegon Analyst & Investor Conference Longevity shock +10% -21% 0 19

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