Aegon Analyst & Investor Conference

20 20 Drivers for OFCF movements • Main categories affecting Solvency II operational free cash flows Risk adjusted spread and UFR unwind especially sensitive to changing market conditions Release SCR existing book driven by run-off and trend DB to DC New business investments could vary depending on the chosen volume of pension buy-outs OFCF contribution from own funds or SCR Own Funds SCR New business Inforce Release of risk margin and SCR Risk adjusted spread on assets versus liabilities UFR unwind Return on own funds + + Annual Solvency II OFCF ex market impacts and one-time items of EUR 250 million Aegon Analyst & Investor Conference

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