Aegon Analyst & Investor Conference

12 Share of DC in sales mix to grow significantly Life sales mix (in %) -2/3 ~1/3 ● ~1/3 • -2/3 • Dutch pension market moving from defined benefit (DB) to defined contribution (DC) solutions - Preference corporate customers Higher capital requirements for DB under Solvency II Low interest rates Growth of DC primarily fuelled by PPI Aegon is market leader in this market and the largest insurance company among pension administrators In addition, additional revenues are captured through Aegon Asset Management / TKPI, which is part of Aegon Asset Management Selectively offering DB products New DB business subject to strict return hurdles 2015 ■ DC DB Medium term - ~60% of DB renewals and new production are converted into DC contracts in the medium term Shift from DB to DC in the mix of liabilities materializes over time, given the relatively long duration of the DB business Aegon Analyst & Investor Conference

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