Transform Tomorrow - Aegon

Operating expenses reduced by 6% while investing in new propositions• Cost savings in established markets reflect cost reductions in the Americas and successfulrestructuring programs in the UK and the Netherlands• Enacted cost savings in Dutch business of EUR 89 million, on track to meet target ofEUR 100 million reduction compared to 2010 cost level• Operating expenses include continued investments in new propositionsOperating expenses(EUR million)3,442 160 102 (188) (251) (24) 3,241FY 2011Currency effects Employee benefitplansCost savingsLowerrestructuringchargesOther* FY 201227* Other expenses include the effect of disposals and business growth