2014 Annual General Meeting (AGM) Presentation

The Hague, May 21, 2014
Annual General Meeting of Shareholders Aegon N.V.
Jaarlijkse Algemene Vergadering van Aandeelhouders Aegon N.V.

2
Welcome to the Annual General Meeting of Shareholders
Welkom op de jaarlijkse Algemene Vergadering
van Aandeelhouders
In order to hear a simultaneous translation into English,
please choose channel 2
Voor het beluisteren van een simultaanvertaling in het
Nederlands kiest u kanaal 1

3
Rob Routs
Chairman Supervisory Board
Voorzitter Raad van Commissarissen

4
Opening
Agenda item 1 / Agendapunt 1

5
Presentation on the course of business
in 2013
Presentatie over de gang van zaken
in 2013

Executing on
our strategy
Alex Wynaendts, CEO & Chairman of the Executive Board

7
Focus on executing our strategy is delivering clear results
2013
Strong performance
 Higher underlying earnings
 Strong capital position and ratings
 Increased dividend
Executing on strategic
transformation
 Getting closer to our customers
 Expanded digital capabilities
 Enhanced distribution

8
AA-
financial
strength rating
EUR
1.9
billion
Strong underlying
earnings before tax
0
140
340
2011 2012 2013
More cash allocated
to dividends
(EUR millions)
Strong excess
capital position
EUR
2.2
billion
Solvency ratio: 212%
All numbers on this slide refer to full year 2013 or end-year 2013 data

9
Aegon’s purpose is to help people take responsibility for their financial future…
…across their life cycle…

10
Building trust and creating benefitsin 2013…
Paid out € 20 billion
in claims and
benefits to our
customers…
Impact investments
of
€ 3 billion
Invested € 6.3 million
in local communities
around the world

11
Global trends supportAegon’s businesses
Aging leads to significant demand for our products globally
Source: Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat
68.6
79.6
51
75.1
71.9
81.7
44.6
76
69.4
83.1
1950
2015
Life expectancy at birth in 1950 and in 2015
(in years; overall: male + female)

12
Executing on our strategic objectives

13
Optimize portfolio
Successful repositioning of Spanish business
* Depending on the performance of the partnership, after 5 years an additional amount may be paid
Divestiture of existing joint ventures Strategic partnership with Spain’s
largest financial group
Spanish divestments generated
over EUR 1 billion
Continued partnership with Liberbank

14
Operational excellence
Disciplined focus on cost efficiency supports strategic investments
Cost reductions allow for increased investments without materially increasing total expenses
Cost reduction programs
 Consolidation from 13 to 3 divisions in
the Americas
 Shared service center in the Americas for
additional efficiencies
 Completed two-year cost reduction
program in NL
 Extensive transformation program in UK
 Restructuring and deleveraging at holding
Strategic investments to respond to our
customers’ changing needs
 Technology continues to change customer
behavior
 Committed to providing products and
services customers need
 Customers seek different distribution
channels
► New online channels to engage customers
► Redesignedintermediary capability

15
Loyal customers
Technology continues to change customer behavior

16
Loyal customers
Customers are more willing to go online

1717
Loyal customers
Extension of successful UK platform with direct-to-consumer proposition

18
Loyal customers
Customers are seeking a wider range of distribution channels
Spain Turkey
IndiaBrazil

19
64
67
70
2011 2013 2014
Empower employees
Employee engagementand customer commitment closely linked
63
67
69
2011 2013 2014
Engagement Enablement
High performing norm 2014
Financial services norm 2014
73
64
70
65
NB: Both graphs refer to Aegon’s overall 2014 Global Employee Surveyresults

20
Sustainability is at the heart of our strategy
Capital Talent Expertise Trust Benefits Profits Society
 Pricing and product development policy puts customer first
 Dow Jones Sustainability Index (DJSI) performance confirms our actions
► Aegon ranked Silver Class in the DJSI – just behind the sector leader
 Various key policies established
► Volunteer hours for employees
► Sustainable procurement policy
► Health and safety statement

21
2014
Further executing on
our strategy
Aegon well positioned
to capture
opportunities
Looking ahead

22
Presentation on the course of business
in 2013
Presentatie over de gang van zaken
in 2013

23
Annual Report 2013
Jaarverslag 2013
Agenda item 3.1 / Agendapunt 3.1

Financial strategy supports
strategic transformation
Darryl Button, CFO & Member of the Executive Board

25
Aegon performed strongly in 2013
1,544
1,851 1,945
2011 2012 2013
887
1,582
849
2011 2012 2013
2011 2012 2013
3,420 3,177 3,328
2011 2012 2013
* Total sales consist of new life sales, newpremiums accident & health, general insurance and 1/10 of gross deposits
Underlyingearnings before tax
(As reported; EUR million)
  Sales  MCVNB
Net income
(EUR million)
Operating expenses
(EUR million)
Sales*and MCVNB
5,701
6,725 7,151
422
986
 Adjusted expense levels

26
 Earnings up 5%
► Continued business growth
► Higher equity markets
► Partly offset by weaker US dollar
 Lower net income
► Positive:
• Higher gains on investments
• Lower impairments
• Lower tax charges
► Negative:
• Losseson equity hedges – in place
to protectcapital position
• Lossesdue to adjustments in
market assumptions
Increased underlying earnings not reflected in net income due to hedging costs
1,544
1,851 1,945
2011 2012 2013
887
1,582
849
2011 2012 2013
Underlyingearnings before tax
Net income
(EUR million)

27
Strong capital position and cash flows
1.2
1.6
1.3
2011 2012 2013
6.7 7.4 7.4
2011 2012 2013
1.2
2.0 2.2
2011 2012 2013
195%
228% 212%
2011 2012 2013
Operationalfree cash flows
(Excl. market impacts; EUR million)
Return on equity
Solvency ratio
(Insurance Group Directive, IGD)
Excesscapitalat the holding
(EUR billion)

28
Local balance sheets well capitalized
Target
Buffer US UKNL
Floor
 New capital management framework
implemented in 2013
 US and the Netherlands strongly
capitalized and paying dividends
to the holding
 UK capital position significantly
improved after GBP 300 million
contribution from the holding
Capitallevels
(End of 2013)

29
 2013 operational free cash flows in target range of EUR 1.3 - 1.6 billion
 Operational free cash flows paid out as dividend to the holding
 Americas and the Netherlands expected to remain stable; UK cash flows to increase
 New Markets contributing to increasing operational free cash flow going forward
Operational free cash flows: dividends to holding & strengthening of local capital
2013
Americas 0.8
Netherlands 0.3
United Kingdom 0.1
New Markets 0.1
Total normalized operational free cash flow 1.3
Market impacts & one-time items 0.2
Operational free cash flow 1.5
2013
Americas 0.9
Netherlands 0.5
United Kingdom 0.0
New Markets 0.1
Dividend paid by units 1.5
Strong cash flowsat the units…
(EUR billion)
…translateinto dividendsto the holding
(EUR billion)

30
How excess capital was put to use
Excesscapitalin 2013
(EUR billion)
2.0 1.5 0.6 (0.5) (0.4) (0.4) (0.4) 2.2
Excess capital
January 1, 2013
Net dividends
received from
business units
Acquisitions &
divestments
Investments in
business units
Common &
preferred
dividends
Cancellation of
preferred
shares
Funding &
operating
expenses
Excess capital
December 31,
2013

31
 Capital management results in
► Lower funding costs
► Improving cash flows
► Increasing return on equity
 Leverage ratio and fixed charge coverage on track to reach 2014 objectives
Active capital managementimproves financial flexibility
8.7
~6.8
34.4%
~30.0%
Q1 13 Q4 13 Q1 14 2014 target
* Interest expense on financialleverage and preferred dividends; 2013 restated to reflected earnings impact of DAC and longevity accounting changes
** Gross leverage ratio reflects shareholders’equity adjusted for DAC and longevity accounting changes
520
~300
3.4x
6-8x
2011 2012 2013 2014 target
Lower fundingcosts*
(EUR million, fixed charge coverage)
Improved gross leverage**
(EUR billion, %)

32
0
0.10*
0.21
0.22
2010 2011 2012 2013
 Proposed final 2013 dividend of EUR 0.11 per share, total 2013 dividend of EUR 0.22 per share
 Continue to offer our investors a choice between cash and shares, with stated intention to
neutralize any share dilution
 Future dividend growth dependent on strong capital position and cash flows
Payment of growing and sustainabledividend
0 0
140
340
460**
2010 2011 2012 2013 2014E
* Final 2011 dividend of EUR 0.10 per share
** Assumes 2014 interim dividend maintained at EUR 0.11 per share
+ 5%
Dividends per share
(EUR per share)
More cashallocated to dividends
(EUR per share)

33
 Underlying earnings up on higher account balances and lower financing costs at the holding
 Higher sales driven by deposit growth and strong accident & health sales in the US
 Active capital management further drives down cost of leverage, supports improving RoE
 Strong cash flows contributing to solid capital position
Positive momentum continued in first quarter of 2014
* Operational free cash flowexcluding market impact and one-time items
€ 498m
+7% vs Q1 13
8.4%
9.1% excluding
run-off capital
€ 2.1bn
+20% vs Q1 13
€ 305m
Q1 13
€ 223m
(4)% vs Q1 13
37%
+4% vs Q1 13
Earnings RoESales Cash flow*MCVNBFee
€ 498m
+7% vs Q1 13
8.4%
9.1% excluding
run-off business
€ 2.1bn
+20% vs Q1 13
€ 305m
-7% vs Q1 13
€ 223m
-4% vs Q1 13
37%
+4 pp Q1 13
Earnings RoESales Cash flow*MCVNBFee

34
Progress towards 2015 targets
* Excluding market impact and one-time items
€ 498m
Underlying earnings
+7% vs Q1 13
€ 498m
Underlying earnings
+7% vs Q1 13
€ 498m
Underlying earnings
+7% vs Q1 13
€ 498m
Underlying earnings
+7% vs Q1 13
30-35%
Fee-based earnings as % of
underlying earnings by 2015
€ 1.3-1.6
billion
Annual operational free cash
flow* by 2015
7-10%
Grow underlying earnings
before tax on average per
annum between 2012 and 2015
10-12%
Return on equity by 2015
37%
Q1 2014
€ 305
million
Q1 2014
7%
Q1 2014 vs. Q1 2013
8.4%
Q1 2014 (9.1% excluding run-
off capital)

35
Annual Report 2013
Jaarverslag 2013

36
Remuneration Report 2013
Remuneratierapport 2013

Remuneration Report
2013
Leo van Wijk, Chairman Compensation Committee

38
 Aegon’s Global Remuneration Framework applies throughoutAegon Group to:
► Provide a consistent and integrated approach to remuneration
► Ensure compliance with European and Dutch regulations for remuneration in financial
institutions
 Executive Board Remuneration Policy adopted by the AGM on May 12, 2011
► Executive Board policy already complied with DNB requirements, some refinements
were implemented
► No further changes to Executive Board policy since then
Aegon’s remuneration policy– Executive Board

39
Variable compensation:
 Based on successful achievement of performance indicators
 Conditionally granted at the start of the performance year
 Performance period = 1 year
 Conditionally allocated (awarded) after completion of the performance year, depending on results
 50% of the allocation is in shares, 50% in cash
 40% of the allocation is paid out/vests in year following performance year
 60% of the allocation is deferred and is paid out/vests in the subsequent 3 years, subject to ex-
post assessments
 After vesting, the variable compensation shares are subject to a holding period of 3 years
Executive Board remuneration – current outline
Fixed compensation (annual salary)
+
Variable compensation (maximum 100% of annual salary)
+
Benefits (e.g. pension)

40
 Remuneration in 2013
► Fixed compensation: no change compared to 2012
► Deferred variable compensation from previous years paid out/vested
(2010 : shares; 2011 : cash and shares)
► Upfront Variable Compensation regarding performance year 2012 paid out/vested
(cash and shares)
► 3 year holding periods apply to all vested shares
 Conditional variable compensation allocated over 2013
► 98,33% of fixed compensation for mr. Wynaendts - 98,50% of fixed compensation for mr. Button
► 40% of the variable compensation related to 2013, is made available in cash and shares in 2014
► The remaining part (60%) of conditional variable compensation over the performance year 2013
(both cash and shares) is to be paid out/vest in future years, subject to ex-post assessments
Executive Board remuneration – 2013

41
Variable compensation measures are based on:
 Financial and non-financial targets (75%)
► Underlying earnings after tax (15%)
► Return on equity (15%)
► Market consistentvalue of new business (20%)
► Return on economic required capital (10%)
► Strategy/sustainability (15%):
− Aegon’s score on the Dow Jones Sustainability Index (7.5%)
− Employee engagement scores (7.5%)
 Personal targets (25%)
► Strategy execution – e.g. critical change initiatives like customercentricity
► HR and Sustainability topics– e.g. talent development,successionplanning
► Large projects/issues – e.g. balance sheet management,reorganizations
Executive Board remuneration – performance measures& results
100%
100%
93.3% A. Wynaendts
94% D. Button
Outcome 2013:

42
 Aegon operates globally, in diverse environments, markets, cultures
 Opinions, perceptions and appreciation of variable compensation differ
 Aegon strives for a balance between global consistency and local optimization
 New/additional/updated legislation and regulations impact remuneration policies:
► Dutch governmentproposes to cap variable compensationin financial sector
► Regulations limit sign-on-, retention- and severance payments
► Number of Identified Staff expectedto increase on the basis of new criteria
► Crisis-tax over income above EUR 150,000continues
► Fiscal treatment of pensionaccrual in the Netherlands to be limited per January 1, 2015
 These changes will impact Aegon’s remuneration policies
► In general, for all staff globally
► In particular in the Netherlands
► Including the remuneration for the Executive Board
Aegon’s remuneration policyin general – going forward

43
Annual Report 2013
Jaarverslag 2013

44
Annual Accounts 2013: Proposal to
adopt the Annual Accounts for the year 2013
Jaarrekening 2013: Voorstel tot vaststelling
van de Jaarrekening 2013

45
Prior to the voting:
– Insert card with chip facing you
– Name appears in display
During the voting:
– Voting options appear in display
– Press button:
1 = For
2 = Against
3 = Abstain
– Choice appears in display
– During voting you can change
your vote
– Last choice counts
Vóór de stemming:
– Plaats kaart met chip naar voren
– Naam verschijnt in venster
Tijdens de stemming:
– Stemkeuzes verschijnen in venster
– Maak uw keuze:
1 = Vóór
2 = Tegen
3 = Onthouding
– Keuze verschijnt in venster
– Tijdens stemming kunt u uw
keuze wijzigen
– Laatste keuze geldt
Voting procedure / Stemprocedure

46
Annual Accounts 2013: Proposal to
adopt the Annual Accounts for the year 2013
Jaarrekening 2013: Voorstel tot vaststelling
van de Jaarrekening 2013
Vote on agenda item 3.3 / Stemming over agendapunt 3.3

47
Proposal to approve the final dividend 2013
Voorstel tot goedkeuring van het slotdividend
over het boekjaar 2013

48
 Cash flows upstreamed to the holding are available to execute our
strategy, to fund operating expenses and to pay dividends to
shareholders
 Aegon aims to pay a sustainable dividend to shareholders, which can
grow over time if performance of the company allows so
► Balance prudence versus offering an attractive dividend
 In normal circumstances,Aegon expects to declare an interim dividend
and to propose a final dividend for approval at the AGM
Aegon’s dividend policy

49
 Proposed final dividend for 2013:
EUR 0.11 per common share
► Results in total dividend for 2013 of
EUR 0.22 per common share
 To be paid in cash or stock
 Value of stock dividend approximately
equal to cash dividend
Aegon’s dividend proposal
0.11
0.11
2012 2013
Dividend
(EUR)
0.21
0.22
 Final dividend  Interim dividend

50

51
Vote on agenda item 4 / Stemming over agendapunt 4

52
Proposal to release the members of the
Executive Board from liability for their duties
Voorstel tot het verlenen van kwijting aan
de leden van de Raad van Bestuur

53
Executive Board from liability for their duties
de leden van de Raad van Bestuur

54
Supervisory Board from liability for their duties
de leden van de Raad van Commissarissen

55
Supervisory Board from liability for their duties
de leden van de Raad van Commissarissen

56
Proposal to appoint Mr. Robert W. Dineen
to the Supervisory Board
Voorstel tot benoeming van
de heer Robert W. Dineen als
lid van de Raad van Commissarissen

57
Age: 64
Nationality: American
Shares held in the company/Aantal aandelen in de
vennootschap:
– None
Former occupation/vroegere functie:
– Vice Chairman of Lincoln Financial Network
Memberships other boards/Andere bestuursfuncties
– None
Robert W. Dineen

58
“I have always had the highest regard and
respect for Aegon, first as a partner during my
tenure at Merrill Lynch, and most recently as a
competitor while at Lincoln Financial Group.
I trust my many years of experience in the
financial services industry will bring great
value to the shareholders, customers,
employees and the management team of
Aegon”.
Robert W. Dineen

59

60
Voting on agenda item 7 / Stemming over agendapunt 7

61
Proposal to appoint Ms. Corien Wortmann-Kool
mevrouw Corien Wortmann-Kool als

62
Age: 54
Nationality: Dutch
Shares held in the company/Aantal aandelen in de
vennootschap:
– None
Main occupation/huidige functie
– Resigning member of the European Parliament
Memberships other boards/Andere bestuursfuncties
– Member Supervisory Board Het Kadaster (NL, not listed)
– Member Supervisory Board Mercedes-Benz Netherlands
(NL, not listed)
Corien M. Wortmann-Kool

63
“I look forward to helping Aegon achieve a
sustainable, innovative and profitable business
strategy that earns the trust of both customers
and society. I trust my national and international
experience in politics and public administration
– including extensive work in Europe – and my
knowledge of diverse stakeholder interests will
support Aegon in meeting the challenges of a
changing environment”.
Corien M. Wortmann-Kool

64

65

66
Proposal to authorize the Executive Board
to issue common shares
Voorstel tot machtiging van de Raad van Bestuur
tot uitgifte van gewone aandelen

67
to issue common shares
tot uitgifte van gewone aandelen

68
to restrict or exclude pre-emptive
rights upon issuing common shares
tot beperking of uitsluiting van voorkeursrechten
bij de uitgifte van gewone aandelen

69
to restrict or exclude pre-emptive
rights upon issuing common shares
tot beperking of uitsluiting van voorkeursrechten
bij de uitgifte van gewone aandelen

70
to issue common shares under incentive plans
tot uitgifte van gewone aandelen in het
kader van incentiveplannen
Agenda item 11 / Agendapunt11

71
to issue common shares under incentive plans
tot uitgifte van gewone aandelen in het
kader van incentiveplannen

72
to acquire shares in the company
tot verkrijging van eigen aandelen

73
to acquire shares in the company
tot verkrijging van eigen aandelen

74
Any other business
Wat verder ter tafel komt

75
Close of the meeting
Sluiting van de vergadering

7777
Please return your voting device and
voting card before departing
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en stempas inleveren

2014 Annual General Meeting (AGM) Presentation

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2014 Annual General Meeting (AGM) Presentation