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Aegon Americas: Executing our strategy

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Operational free cash flows fund dividends to the holding<br />

• Normalized operational free cash flows of approximately EUR 900 million or USD 1.2 billion<br />

• Operational free cash flows stable as run-off of capital-intensive spread business is replaced<br />

by growth of fee business<br />

• Distributions to holding company of approximately USD 650 million in first half of 2013<br />

Normalized operational free cash flows<br />

<strong>Aegon</strong> (EUR million)<br />

<strong>Americas</strong> ~900<br />

Netherlands ~250<br />

United Kingdom ~175<br />

New Markets ~50<br />

Total normalized operational free cash flow 1,375<br />

<strong>Aegon</strong> <strong>Americas</strong> (USD million)<br />

Earnings on in-force ~1,200<br />

Return on free surplus -<br />

Release of required surplus ~1,000<br />

Investments in new business ~(1,000)<br />

Total normalized operational free cash flow ~1,200<br />

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