strategy, well diversified product range and a conservative investment profile March 2013

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1 Achmea Investor Presentation ti The leading Dutch insurance Company with strong brands, multi-channel distribution strategy, well diversified product range and a conservative investment profile March 2013

2 Contents Achmea overview Key investment highlights Leading market positions Core country base in one of the strongest Euro-zone countries A very strong capitalisation Well-diversified investments, especially in light of conservative investment portfolio Results 2012 Proposed transaction Appendix

3 Achmea snapshot strong brands, diversified products, focus on insurance A strong and solid insurance group founded over 200 years ago Market leader in Dutch insurance: Property & Casualty, Health, Income Protection, Pension and Life insurance Distribution mainly through direct & banking channels and well positioned for future market developments Pension & Life GWP by segment 2012 Strong market position with power brands Health Interpolis, Centraal Beheer Achmea, Zilveren Kruis Achmea and a range of specialty brands Total: 20.4 billion Non-Life Brands GWP by geography 2012 Netherlands Europe Greece 32% Turkey 24% Russia 5% Slovakia 23% Ireland 14% Bulgaria 2% Total: 20.4 billion 2 Source: Achmea

4 Ownership structure stability through two cornerstone shareholders ACHMEA ASSOCIATION 65.3% RABOBANK NETHERLANDS 29.2% OTHER 5.5% PREFERENCE SHAREHOLDERS ORDINARY SHARES 94.5% ACHMEA TUSSENHOLDING 5.5% 3 Source: Achmea

5 Achmea is a sizeable player compared to its European peers - with large operations in its domestic market 17,500 15,000 12,500 10, ,500 5,000 2,500 0 Achmea Allianz Generali Aviva Zurich Ageas Aegon Total gross premiums written in domestic non-life insurance ( m) 4 Source: 2011 Annual reports and investor presentations

6 Key milestones achieved in 2011 and 2012 A GROUP THAT IS MOVING PORTFOLIO MANAGEMENT Celebrated our bicentenary and this gave a strong boost to the profile of the group Merger with DFZ, acquisition of Independer and the sale of Achmea Vitale Sale of Avéro Belgium and Império France Commercial position strengthened through acquisition of niche player Friesland Bank Assurantiën and OVO Announced sale of life activities in Romania (non-core activities) OPERATIONAL IMPROVEMENTS Agis and Achmea Health integrated Closed life book managed in separate organizational entity Investments in strengthening commercial capabilities and cooperation with Independer.nl Increasing scale through consolidation of De Friesland Zorgverzekeraar STRONG FINANCIAL POSITION MAINTAINED Maintained Standard & Poor s A+ rating with a stable outlook for our insurance entities Funding of Achmea Bank supported by placement of 1.3 billion of securities, including set up of new unsecured debt issuance programme Group liquidity position strengthened with new credit facility of 750 million Group Solvency (IGD) stable at 209% 5 Source: Achmea

7 Long-term strategic choices for the Dutch portfolio Channel Brands Banking distribution Direct distribution Broker distribution Cooperation with social partners Product Groups Non-Life Health Core proposition: Strenghten Increasing scale core proposition Strengthen partnership Income Protection Pension - Standard Develop to core proposition Life- Standard Health Services Pension Services Banking products Pension Not Standard Life Not Standard d In function of core proposition Compl. to insur. products Seperate and manage internal or external Providing entrance Compl. to insur. products 6 Source: Achmea

8 Compass for Achmea Risk Insurer We choose Risk Insurer as our compass to be complemented by a future third pillar Risk insurer plus Pension & Life Basis as risk insurer The basis for our future profile is risk insurer from the current situation, complexity, market developments and our relation with Rabobank Reinforcement Pension & Life For example, strengthen DC products, asset management, additional focus on SMEs Success is scenario-dependent, construction and discontinuation phase are not yet disconnected Risk insurer plus International Capital light foreign activities For example, organic growth current countries, partnerships with Rabobank Construction with limited deployment of capital (without large takeovers) takes time 7 Source: Achmea

9 Emerging thoughts on Achmea s long-term future Recovery back to our core Building the platform for the future; strengthening the core Build-out based on proven capabilities Direction Cost reduction Complexity reduction Creation of surplus Enlarge earnings capacity of core business Focused preparation for future growth creating space, focus and resources Focused investments to 2020 Strengthening core business Competence based growth Leveraging ability to work effectively with partners Financials 8 Source: Achmea Strengthened Careful management balance sheet of liquidity and capital Terminate loss-making operations Linked to business performance, cost reduction Space for stepped-up, focused investments Free-up tied capital in Health 2020 Time

10 Achmea profile in 2020 Dutch Risk Insurer with a significant international portfolio A strong position in Non-life & Health, however a reduction in Pension & Life International contribution to premiums will grow GWP (%) Property & Casualty Income Protection 19 Health 32 Through autonomous growth Life Individual Life traditional 10-5 Pension 10-2 Reduction Pension & Life and divestments Other Market share NL (%) Current situation Loss profile 2020 vs. current situation Growth profile 2020 vs. current situation 9 Source: Achmea

11 KPIs to help measure / manage implementation of strategy We set ambitious objectives for the key performance indicators Group key performance indicators Indicator Objective 2012 Status Combined ratio Non-life <97% 99.6% incl. WGA provision Combined ratio Basic Health <100% 98.0% Customer satisfaction Satisfaction of at least 7.5 Average customer satisfaction for all Dutch Achmea insurance labels 7.6 Employee engagement >71% 72% Market Share Retain market share in core activities; Nonlife, Health and Income protection Leading market position maintained Solvency >190% regulatory solvency ratio for insurance entities (IGD) 209% 10 Source: Achmea

12 Contents Achmea overview Key investment highlights Market-leading position Core country base Strong capitalisation Well-diversified investment portfolio Results 2012 Proposed transaction Appendix

13 Key investment highlights 1. Achmea s dominant market position, market leader in the Netherlands, and strong alliance with Rabobank Dominant market position in Non-life (19%) and particularly in Health (33%). 3rd largest individual life insurer Strong shareholder support from one of the best banks in Europe Rabobank 2. Core country base The Netherlands is one of only three AAA countries remaining in the euro-zone. 5-year CDS is trading lower than France, and Belgium 3. Strong capitalisation in combination with a low risk profile Capitalisation is very strong and of high quality Solvency Coverage was 2.09 times the minimum as of year end 2012 (Achmea Insurance Group, Solvency I IGD), and over 60% of TAC is derived from core shareholders funds 4. Well diversified and low risk investment portfolio Well diversified investment portfolio. As of year end % of the portfolio was in fixed income instruments, of which >60% AAA-rated Sovereigns and 88% in fixed income securities rated A' or higher. Only 2.0% of the portfolio is in PIIGS Sound risk management using ERM 12

14 Contents Achmea overview Key investment highlights Market-leading position Core country base Strong capitalisation Well-diversified investment portfolio Results 2012 Proposed transaction Appendix

15 Leading positions in our core markets #1 P&C Achmea 19% Delta Lloyd ASR ING Allianz Other #1 Health Achmea 33% Coöperatieve VGZ Previously UVIT CZ Group Incl. Delta Lloyd and OHRA Menzis Other #2 Income Protection ASR Achmea ING Delta Lloyd 19% Goudse Other #2 Individual Life ING Achmea 14% SNS Delta Reaal Lloyd ASR Delta Lloyd Other #5 Delta Zwitser Achmea Pensions Aegon ING Other Lloyd leven 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 14 Source: Achmea

16 Over half of all Dutch people are customers at Achmea Retail customers Wholesale customers 15 Source: Achmea

17 The strength of Achmea s brands is clear NON-LIFE HEALTH PENSION & LIFE 16 Source: Achmea Brand strengthg

18 High levels e of Customer satisfaction s act Customer rating of Dutch insurers FBTO Achmea brands 2011 Achmea brands 2012 Centraal Interpolis Market average Zilveren Kruis Beheer Achmea 17 Source: annual customer engagement report from the Verbond van verzekeraars

19 Achmea's strong alliance with Rabobank Achmea is the result of a merger of AVCB with Interpolis, Rabobank s insurance company in 2005 Commercial Commercial alliance through the banking channel. Approximately 98% of insurance products sold via the Rabobank channel are Achmea insurance products Strong position through unique All-in-one- policies, enabling a > 2.5 x-sell ratio Greenfield operation in Australia in cooperation with Rabobank starting in 2013, with a possible extension to other growth markets. Focus is on non-life, mainly agricultural sector such as live stock, machinery, crop insurance etc. Interpolis share in Rabobank Distribution of Insurance sales ( ) Governance Rabobank as a major shareholder has a nomination vote on the supervisory board of Achmea. Furthermore Rabobank and Achmea share two common supervisory board members Rabobank has a veto right on major decisions concerning acquisitions/divestures as one of the two major shareholders within Achmea Private Wholesale Capital Rabobank b has historically supported Achmea with capital, as and when necessary 18

20 Well-diversified distribution network (% total 2012 GWP) Health Non-Life Pension and Life Well diversified distribution network consisting of banking, intermediary and direct channel Share of controlled distribution among product lines is highest in health insurance (~97%) Banking distribution of insurance products uses Rabobank banking channel in the Netherlands 19

21 Contents Achmea overview Key investment highlights Market-leading position Core country base Strong capitalisation Well-diversified investment portfolio Results 2012 Proposed transaction Appendix

22 The Netherlands - a core European country and a major insurance market Growth outlook (quarterly GDP, % change yoy) Netherlands CDS remains low (0.5) (5) (10) '12E'13E (5) (10) 0 feb-11 jul-11 dec-11 apr-12 sep-12 jan-13 Netherlands Belgium Italy France Germany European Non-life market (including Health) European Health market 100 Total gross written premiums in 2010 ( bn) 50 Total gross written premiums in 2010 ( bn) 80 Total CEA: 428.2bn Achmea market share: 19% in NL Total CEA: 107.9bn Achmea market share: 33% in NL Germany France UK Nth Netherlands It aly Spain Switzerland Source: UBS Nth Netherlands Germany France Switzerland Spain UK It aly

23 Contents Achmea overview Key investment highlights Market-leading position Core country base Strong capitalisation Well-diversified investment portfolio Results 2012 Proposed transaction Appendix

24 Strong Solvency I position(2012) vs European peers Entity Target level 2012 Achmea Group (FCD) n.a. 207% Achmea Insurance Group (IGD) 190% 209% Non-life 185% 254% Basic Health insurance 135% 182% Supplementary Health insurance 160% 489% Life insurance 175% 233% 23 Source: Achmea

25 Robust Solvency II position Solvency II ratio of 221% Solvency II implementation is on track Achmea is participating in the preapplication process for internal models A partial internal model will be started from 1 January 2014 and priority it will be the internal models for Non-Life and Health insurance risk Achmea has started with implementing Pillar III reporting requirements Current economic capital model will be improved to become Solvency II compliant internal model Solid capitalization under SII confirmed a 2011 year-end Solvency ratio of 221% by recent parallel run 24 Source: Achmea

26 High quality of capital with low double leverage Quality of capital (31 December 2012) Composition of capital (31 December 2012) Long + short VOBA Other intangibles term debt ( 1.2 bn) ( 0.2 bn) ( 0.3 bn) Hybrid capital ( 1.3 bn) 12% Goodwill ( 1.2 bn) Core capital ( 8.7 bn) Tangible equity ( 8.7 bn) Allocation of IFRS capital 2012 Net internal cash Other Banking Holding International Pension & Life Non-life Health Total: 11.2 billion 25 Source: Achmea Double leverage as of 31 December 2012 is 104%

27 Financial leverage is low especially when compared to Dutch peers % 36.4 Maximum target level External debt Perpetual loans Low financial leverage of 21.4% More than half of the financial leverage is made up of perpetual loans 26 Source: Achmea Note: Financial leverage = (external debt+ perpetual loans)/ (equity+ preference shares+ perpetual loans goodwill + external debt)

28 Credit Ratings AA+ AA- A+ A A- BBB+ Achmea was the only Dutch insurer not to be downgraded during the crisis Current Group S&P rating is A- with a stable outlook, the rating for our insurance entities is A+ also with a stable outlook. BBB BBB- The ratings on the core operating entities of Netherlands-based multiline insurer Achmea Group (Achmea or the group) reflect the group's very strong capitalization, strong competitive position, and strong investments [...]. We believe that Achmea's competitive position is strong, and a strength for the rating. The group is the market leader in the Netherlands, and has strong positions in each of its three main lines of business. We view Achmea's capitalization as being very strong. We anticipate i t that t capitalization ti will remain very strong, with capital adequacy likely to be at least very strong" S&P credit rating report- January 14, Source: Achmea, UBS

29 Contents Achmea overview Key investment highlights Market-leading position Core country base Strong capitalisation Well-diversified investment portfolio Results 2012 Proposed transaction Appendix

30 Low Risk Profile Maintained Key observation points 1. 77% AA 2. 78% Fixed Income 3. 71% Government Bonds, Government guaranteed and sovereigns We switched 10% or 1.6 billion of our Dutch, German and French government bonds in fixed income portfolio to low risk credits starting in Q Total investments portfolio (31december 2012): ( 43.6 billion) Fixed income by rating (31 december 2012) Fixed income by type (31 december 2012): ( 33.9 billion) 29 Source: Achmea

31 Achmea has a low asset risk vs. European peers Shareholder Exposure to Different Asset Classes (Excluding Unit Linked) Achmea 31 December 2012 European peers Lower percentage of PIIGS exposure (2% vs 6%) compared to European peers Limited commercial real estate exposure (2.7%) of total investment portfolio 30 Source: Achmea, Morgan Stanley research 2013

32 Sovereign Government exposure TOP 5 SOVEREIGN EXPOSURE (IN MLN) The Netherlands 11,415 12,044 Germany 4,119 4,936 France 1,718 2,561 Ireland Finland Total 18,274 20,522 Total exposure on government bonds is 18.0 billion These government bonds are predominantly Dutch, German and French Total exposure to GIIPS-countries is 668 million or 2.0% of our fixed-income portfolio Our exposure to Ireland is entirely related to our Irish business. Nominal value has not changed * Excluding deposits SOVEREIGN EXPOSURE TO GIIPS COUNTRIES (IN MLN) Greece Ireland Italy Portugal Spain Total Source: Achmea 2.0% 1.8%

33 Real Estate exposure Real Estate Portfolio (Direct) (IN MLN) 2012 % Revaluations Residential % -61 Offices % -122 Retail % -16 Other 66 6% -18 Total 1, % -217 Syntrus Achmea has 15 billion AuM; over 13 billion for clients such as pension funds and around 2 billion for Achmea ( 1.2 billion in direct real estate) On a quarterly basis, Achmea performs a full valuation of 25% of our portfolio and a review of the remaining 75% of the portfolio; since 2009, we have impaired 27% of our offices portfolio Value declines are expected to continue to impact the Dutch real estate sector, mainly offices 32 Source: Achmea

34 Contents Achmea overview Key investment highlights Market-leading position Core country base Strong capitalisation Well-diversified investment portfolio Results 2012 Proposed transaction Appendix

35 Good results, strong financial position Net profit up to 453 million despite ongoing challenging economic environment Premiums up to over 20.4 billion of which more than 18 billion is repaid to customers for healthcare costs, damages, pensions and life insurance 2% cost reduction as a result of continued focus on cost and complexity reduction. At the same time investments in innovation and strengthening of commercial capabilities have been increased PROFIT BEFORE TAX (IN MLN) Profit before tax Mergers and divestments Goodwill impairment Life & Pension activities Impairment Greek Government Bonds Profit before tax from regular activities * Adjusted for M&A activity, restructuring costs, provisions for vacant buildings and other non-recurring items

36 All three Dutch segments contribute to profit Good performance of Non-life continues, profit is impacted by higher claims in agricultural sector and from fire and storm damages 180 million additional provision for long-term disability insurance WGA 33 million costs related to the sale of Achmea Vitale Result at Health satisfactory; investments in health care procurement and integration of the Agis and Achmea divisions resulted in higher expenses, which were partly offset by profit contribution from DFZ Result at Pension & Life significantly higher, positively affected by higher investment income and switch in discount rate Banking results positive through combination of higher fair value results, cost control and improved interest margin GWP (IN MLN) Δ Non-life Netherlands Health Netherlands Pension & Life Netherlands 3,151 3,176-1% 13, ,055 9% 2,944 3,120-6% PROFIT BEFORE TAX (IN MLN) Δ Non-life Netherlands Health Netherlands Pension & Life Netherlands % % N/A 35 Source: Achmea

37 Improvements and cost reductions Operating expenses ended at 3,024 million, which is almost stable compared to 3,031 million in 2011 Adjusted for M&A activity and one-off items such as restructuring charges, gross operating expenses declined by 2% At the same time, we increased investments in commercial capabilities and continued investing 2,736 in complexity reduction For the coming period we have set a target for 200 million reduction of gross operating expenses to be achieved by the end of 2015 FTEs (internal) ended at 18,905 (2011: 19,440) A cost reduction of 250 million together with a 2,500 FTE reduction realized since 2009 Cost Overview Gross operating expenses 2011* -2% 2,694 Gross operating expenses 2012* 36 Source: Achmea * Adjusted for M&A activity, restructuring costs, provisions for vacant buildings and other non-recurring items

38 Overview of 2012 performance by business line GROSS WRITTEN PREMIUMS ( MLN) COMBINED RATIO (%) Non- -Life 3,151 Claims ratio Expense ratio Property & Casualty 89.5% 85.9% 26.8% 26.4% 62.7% 59.5% 139.5% 26.4% 113.1% Income Protection 135.9% 26.5% 109.4% 2012 Achmea market share: 19% in NL GROSS WRITTEN PREMIUMS ( MLN) COMBINED RATIO (%) 13,120 Basic Health Supplementary Health Health Claim ms ratio Expen nse ratio 98.0% 98.9% 95.1% 94.7% 3.3% 2.8% 10.5% 9.5% 94.7% 96.1% 84.6% 85.2% 2012 Achmea market share: 33% in NL Source: Achmea

39 Overview of 2012 performance by business line (cont d) fe n & Lif GROSS WRITTEN PREMIUMS ( MLN) 2,944 VNB ( MLN) VNB Margin (%) -1,8% -0,7% Pensio Achmea market share: 14% in Life and 10% in Pension in NL 38 Source: Achmea

40 Contents Achmea overview Key investment highlights Market-leading position Core country base Strong capitalisation Well-diversified investment portfolio Results 2012 Proposed transaction Appendix

41 Overview of the structural features Issuer Instrument Achmea B.V. [ ]m Option B Subordinated Notes (the Notes ) Expected Transaction Ratings [BBB], based on an A- Issuer rating (S&P) Optional Redemption Dates [ ] 2023 (the First Call Date ) and each interest payment date thereafter, subject to regulatory approval Final Maturity Date [ ] 2043 (20 years subsequent to the First Call Date) Interest [ ]% p.a. payable [annually] in arrear to [ ] 2023 Reset to 3m LIBOR + [ ]bps (100bps over new issue spread) on [ ] 2023 and every 3 months thereafter, payable quarterly in arrear Status / Subordination The Notes constitute subordinated obligations of the Issuer and rank pari passu and without any ypreference among themselves, ranking in a winding up and insolvency related events junior to unsubordinated creditors of the Issuer, pari passu with other subordinated obligations that do not rank or are not expressed by their terms to rank junior to the Notes and senior to share capital Redemption Deferral Special Event Redemption / Substitution / Variation Optional Interest Deferral Compulsory Interest Payment Date (Dividend Pusher) Mandatory Interest Deferral Date If the Issuer is or would become insolvent or a breach of capital requirements is occurring or would occur or if a deferral of redemption is required for any other reason under any future solvency regime for European Insurers applying to the Issuer and the DNB has not waived the requirement to do so then such redemption will be deferred until these conditions to redemption are met and DNB consents to redemption In case of a Tax Event (requirement to gross up for WHT), Capital Disqualification Event (loss of regulatory capital treatment) or a Rating Methodology Event (loss of S&P equity credit redemption only permitted from year 5), the Issuer may redeem/substitute or vary terms to remedy such event (provided the terms of the resulting notes are not materially less favourable to investors), subject to regulatory approval Redemption in each case at par plus accrued interest and arrears of interest (if any) Accrued and arrears of interest (if any) must be settled in case of any substitution or variation Any interest payment date other than a Compulsory Interest Payment Date or a Mandatory Interest Deferral Date (interest deferred is cash cumulative and compounding at the prevailing rate of interest must be settled on resumption of payment on the Notes) The Issuer cannot exercise its discretion to defer interest on an interest payment date: (i) if in the six months prior to such date, a Compulsory Interest Payment Event has occurred; and (ii) which is not a Mandatory Interest Deferral Date (as defined below) Compulsory Interest Payment Event means: (i) any declaration/payment of dividend/distribution on the Issuer s share capital or other junior or parity ranking instruments that provide for discretionary payments; (ii) any redemption, purchase or acquisition of the Issuer s share capital or other junior or parity ranking instruments t except where such redemption, purchase or acquisition iti was mandatory under the terms of the relevant instrument No interest payment shall be made on an interest payment date in respect of which a breach of minimum capital requirements (SCR under Solvency II) has occurred or would occur if payment is made (interest deferred is cash cumulative and compounding at the prevailing rate of interest must be settled on resumption of payment on the Notes) or if the Issuer is insolvent or if following such payment the Issuer would become insolvent 40 Governing Law / Listing / Denoms Dutch / Dublin / 100k + 1k

42 Contents Achmea overview Key investment highlights Market-leading position Core country base Strong capitalisation Well-diversified investment portfolio Results 2012 Proposed transaction Appendix

43 Contact Details For further information, please contact Investor Relations Bastiaan Postma +31 (0) Gül Poslu +31 (0) Internet: com 42

44 Development of Total Equity and interest rate sensitivities Total equity increased 6% to 10,374 million Fund for future appropriation (FFA) increased 413 million to almost 3.3 billion following positive investment results that cover obligations towards our policyholders Development of Total Equity Total equity at the start of the year ( mln) 9,775 10,375 Net profit Dividend and coupon payments to holders of equity instruments Revaluation equity and fixed income portfolio FX reserves Other Total equity year-end 10,374 9, Source: Achmea

45 Disclaimer The information and the opinions in this presentation have been prepared by Achmea B.V. (the "Company" or Achmea") solely for use at a meeting regarding a proposed offering (the "Offering") of Notes of the Company (the "Notes"). This presentation and its contents are strictly confidential, are intended only for use by the recipient for information purposes only and may not be reproduced d in any form or further distributed ib t d to anyother person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This presentation does not constitute or form part of, and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for, Notes in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Any purchase of the Notes in the Offering should be made solely on the basis of thebaseprospectusandfinal Terms to be prepared in connection with the Offering. This presentation is the sole responsibility of the Company and has not been approved by any regulatory authority. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, expressed or implied, is or will be made by the Company, Deutsche Bank, HSBC, J.P.Morgan, RBS and UBS or any other investment bank involved with the Offering or their respective affiliates, advisors or representatives or any other person as to, and no reliance should be placed on, the truth, fairness, accuracy, completeness or correctness of the information or the opinionscontained herein (and whether any information has been omitted from the presentation). Each of Deutsche Bank, HSBC, J.P.Morgan, RBS and UBS and any other investment bank involved with the Offering and, to the extent permitted by law, the Company and each of their respective directors, officers, employees, affiliates, advisors and representatives disclaims all liability whatsoever (in negligence or otherwise) for any loss however arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection with this presentation. To the extent available, the industry, market and competitive position data contained in this presentation come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but thatt there is noguarantee of the accuracy or completeness of such data. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. This presentation and any materials distributed in connection with this presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act"), or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold within the United States, or to, or for the account or benefit of, U.S. persons as defined in Regulation S under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. Achmea does not intend to register any portion of the Offering in the United States or conduct a public offering of securities in the United States. The distribution of this presentation and other information in connection with the Offering in certain jurisdictions may be restricted by law and persons into whose possession this presentation or any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This presentation and any materials distributed in connection with this presentation include "forward looking statements". These statements contain the words "anticipate", will, "believe", "intend", "estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without t limitation, it ti those regarding the Company s financiali position, prospects, growth, business strategy, plans and objectives of management for future operations (including statements relating to, among others, expected market growth, future market share, relations with the Company's shareholders, the impact of regulatory and other related developments, demographic changes, political and economic developments, competition, branch and/or sales network growth, funding plans, interest rates, net interest margin and other financial measures, product development, information technology and potential restructurings and reorganisations) are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other important factors, including, without limitation, the risks and uncertainties to be set forth in the Prospectus, that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forwardlooking statements. Such forward looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward looking statements speak only as at the date of this presentation. The Company cautions you that forward looking statements are not guarantees of future performance and that its actual financial position, prospects, growth, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward looking statements contained in this presentation. In addition, even if the Company's financial position, prospects,growth, business strategy, plans and objectives of management for future operations are consistent with the forward looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake and expressly disclaims any obligation to review or confirm or to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any events that occur or conditions or circumstances that arise after the date of this presentation. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. This presentation is made to and is directed only at persons who (i) if in the European Economic Area, are persons who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ( Qualified Investors ); and (ii) if in the United Kingdom, are (a) persons who have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order ) or (b) high net worth entities as defined in the Financial Promotion Order or (iii) other persons to whom it may otherwise lawfully be communicated falling within Article 49(2)(a) to (e) of the Financial Promotion Order or Article 43 of the Financial Promotion Order (all such persons in (i), (ii) and (ii) above together being referred to as relevant persons ). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Any investment or investment activity to which this presentation relates is available only to and will only be engaged in with such persons. Each of Deutsche Bank, HSBC, J.P.Morgan, RBS and UBS, and their respective affiliates are acting for the Company and no one else in connection with the matters referred to in this presentation and will not regard any other person as their respective clients in relation to such matters and will not be responsible to any other person for providing the protections afforded to their respective clients, or for providing advice in relation to such matters. 44

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