Mark Mullin. CEO Americas

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1 Well-positioned in the Americas Mark Mullin CEO Americas New York City December 2009

2 Key messages o The US market is the largest market in the world and AEGON is a top player o We have transformed the organization to simplify the business Capture synergies Economies of scale Share best practices o We are focused in key attractive markets of life and retirement o We have a strong franchise that is positioned to win Local knowledge. Global power. 2

3 Our ambition To be a leader in helping customers secure their financial futures o Rebalance capital allocation o Improve growth and returns o Reduce financial markets risks o Manage AEGON as an international company resulting in sustainable profitable growth Local knowledge. Global power. 3

4 Our action plan 1 Create a more balanced mix of business through disciplined portfolio management balance growth and earnings quality balance product offering balance risk/reward profile 2 Restructure organization and aggressively pursue organizational synergies 3 Capitalize on competitive advantages and take advantage of opportunities within each business unit Local knowledge. Global power. 4

5 Transformed organization by aligning complementary businesses Mon Life LTC Work SVS site AFP TCM DIA ADMS TAM TRS WFG TRM Clark Individual Employer Life and Savings and Solutions and Alternative Life Protection Retirement Pensions Markets Reinsurance Serving Serving Serving Brazil A retail life savings and employee Canada global customers retirement needs through Mexico business needs the worksite BOLI/COLI o Combined 12 business units into 3 core US divisions o Disciplined business portfolio review Run-off institutional spread-based business Exit automotive credit market Local knowledge. Global power. 5

6 Leading in the US life and retirement market o Largest life insurance and pension market in the world o Industry fundamentals and demographic attractiveness have both improved o Our competitive advantages and distribution capabilities position us as a leader in each business unit #5 in both term and universal life #7 in DC providers by assets #10 in total individual annuity sales Life and Protection Employer Solutions and Pensions Individual Savings and Retirement Serving the life cycle needs of our customers *Life and annuity rankings based on LIMRA data. Rankings for ES&P based on independent study and includes Synthetic GICs Local knowledge. Global power. 6

7 Capitalizing on competitive advantages and opportunities Life and Protection Employer Solutions and Pensions Individual Savings and Retirement o o o Market is underserved o Growing reliance on and under-protected worksite distributed Low cost provider with products significant economies of o Service excellence and scale Track record of success in recruiting and building effective distribution award winning innovative participant programs o Total retirement outsourcing solutions o Greater awareness of retirement needs o One-stop shopping for protection, accumulation and retirement income solutions o Continue to attract top tier talent and increase penetration of broker dealer channel Strong Transamerica brand Local knowledge. Global power. 7

8 Q&A For questions please contact Investor Relations P.O. Box CB The Hague The Netherlands Local knowledge. Global power. 8

9 Appendix Fulfilling our ambition Local knowledge. Global power. 9

10 First things first o First priority: full repayment of capital support o EUR 1 billion repaid on November 30 first step towards full repayment Geographic mix Capital allocation* Global businesses (Life reinsurance, Asset Management, European Variable Annuities) Central & Eastern Europe, Asia and Latin America Western Europe US * Capital in units adjusted for revaluation reserves Local knowledge. Global power. 10

11 Key achievements Full repayment to the Dutch State o Repaid EUR 1 billion as first step towards full repayment Reallocate capital towards businesses with higher growth and return prospects o Freed-up EUR 4.2 billion since June % capital efficiency and 40% de-risking o Excess capital of EUR 3.7 billion* o Running off institutional spread-based business Improve growth and return from existing business o Cost savings measures target for 2009 of EUR 150 million achieved by Q Reduce financial markets risks oreduced risk to equity markets, interest rates and credit markets Manage AEGON as an international company oglobal asset management operational olaunched variable annuities in the UK, Netherlands, France and Japan while strengthening the franchise * Q309 was EUR 4.8 billion -/- EUR 1.1 billion repaid to Dutch State Local knowledge. Global power. 11

12 Americas grow in Pensions and At-Retirement Achievements Opportunities Execution Retail life o New distribution added o Offering high quality service o Top-5 player o Largest and most sophisticated life market, but still underserved o More rational pricing o Create common product portfolio across diverse distribution channels o Capitalize on direct marketing data mining techniques At Retirement Pension ns o Outgrown market for last 10 years o Leading position in health care segment of 403(b) market o Service excellence and award winning innovative programs o Attracted top-tier VA wholesalers o Redesigned VA product o Reduced time-to-market to 3 months o Total retirement outsourcing continues o Positive retirement demographics o Growing reliance of worksite distributed products o ~80 million baby boomers to retire next 18 years o Greater awareness for retirement solutions o Continue to broaden distribution o Focus on smaller & midsized plans (underserved) o Leverage total retirement outsourcing capabilities and capitalize on institutional trends within the health care segment o Consolidate multiple operating system platforms o Offer excellent customer service o Increase penetration of independent broker/dealer channel Fulf filling ambition Local knowledge. Global power. 12

13 The Netherlands improve position in SME pensions Achievements Opportunities Execution Retail life o Stable market share o Well positioned in broker channel o Retreating government and employers increases need for savings for later o Increased regulatory transparency on commissions o Increase in retirement age (from 65 to 67) o Multi distribution channels o New generation products o Develop own direct distribution channel o Improve organization of Retail and Intermediary At Retirement Pension ns o Institutional market leader o Dedicated SME sales organization o Innovative modular pension product launched o Strong growth of pension administration business o Products economically priced, improved VNB o Increased retention o Launched new annuity products o Improve SME pensions market position o Corporates continue to outsource pensions o Growing market as policies expire with mandatory annuitization o High growth of internal portfolio expirations (roll-over) o Focus on top 200 brokers o Dedicated SME organization o Outstanding product line o Further invest in pension administration o Introduce new generation of income products with guarantees, including variable annuities o Multi channel approach with more focus on internet Fulf filling ambition Local knowledge. Global power. 13

14 UK leverage strong pension position for At-Retirement market Achievements Opportunities Execution Retail life o High proportion of non-mortgage individual protection sales o Exited Group Risk business o Improved brand recognition o Significant protection gap o Attractive product for intermediaries and banks o Ongoing investment in brand o Development of simple bank products At Retirement Pension ns o Top 3 market position o Strong increments and new entrant sales to existing schemes o Improvement in asset management performance o #1 in intermediated At-Retirement with most comprehensive offering (leading drawdown, annuity and VAs) o ~80% of our pensions is rolled over to annuity with AEGON o Auto-enrolment plans increasing existing scheme membership o Government encouraging private provision o Pricing and capital requirements improving o Significant demographic trends requiring income in retirement o ~15%pa growth in market to 2012 o Greater awareness for retirement solutions o Investment in SIPP* proposition o Selective use of capital and bespoke scheme pricing o Focus on administrative and asset management capabilities o Benefiting from SIPP* investment o Adjusting pricing ahead of Solvency II Fulf filling ambition * Self-Invested Personal Pension Local knowledge. Global power. 14

15 Central & Eastern Europe profitable growth Achievements Opportunities Execution Retail o Top 3 in Poland and Hungary o Introduced innovative products in Czech Republic and Slovakia o Start-ups in Romania and Turkey o Market ready for new type of life products o Roll-out of household insurance throughout region o Launching new products, developed with US expertise o Leverage on Hungarian household knowledge one administrative platform At Retirement Pension ns o Strong asset management performance o High growth in pension fund members to 2.1 million currently o Out-performance of asset management o Add new lottery members in Poland o Favorable demographics o First retirees from private pension funds will enter to the market in 2-3 years o Develop Pension Advisor channel (tied) o Capitalize on banking and broker relationships o Asset management outperformance o New product developed (regulated) o Direct distribution Fulf filling ambition Local knowledge. Global power. 15

16 Additional opportunities for growth Achievements Opportunities Execution Asia o Rank #6 in China* o Accelerated growth in India o Obtained license in Japan, VA products launched o Sold Taiwanese life business o Serving largest Asian markets: China, India, Japan o Growth driven by improving penetration, growing wealth and ageing population o Leverage best practices o Benefit from strength of local partners o Further grow business to realize scale Latin America Spain o Established five joint ventures with local savings banks o Exclusive access to over 2,200 bank branches and 4.5 million banking clients o Operational efficiencies captured with centralized back-office o Established presence in Brazil and Mexico o Strong presence delivering worksite solutions o Underserved Spanish market remains attractive o Consolidation among local saving banks (caja s) - grow with partners o Large, underserved markets o Alternative forms of distribution o Leverage deep bancassurance knowledge and high-performance back office platform o Sharing best practices o Short time-to-market o Increase penetration of Life with existing clients of the caja s o Delivering high value solutions to middle-market through agents o Leverage on US knowledge o Develop bancassurance relationships Fulf filling ambition * Among foreign-invested insurers in 1H09 Local knowledge. Global power. 16

17 Development of underlying earnings before tax per quarter Pre-crisis Current < 2008 Q EUR 650 Million Earnings impacted by o Run-off institutional spread-based business ~EUR 80 million o Equity markets ~EUR 100 million o De-risking ~EUR 40 million EUR 417 million* * Excluding exceptional items Local knowledge. Global power. 17

18 Underlying earnings run-rate sensitive to USD Post-crisis run-rate > 2010 EUR/USD Quarterly UEBT (EUR million) M arket impact o Equity markets medium term growth rate 8-9% p.a. Management actions Primary drivers of underlying earnings growth o Growth of business o Cost savings o Redeployment of cash Local knowledge. Global power. 18

19 Reduced financial markets risks Americas o Risk transfer through reinsurance o Macro-hedge related to retail variable annuity portfolio o Run-off of Institutional spread-based business o Product redesign (Variable Annuities) The Netherlands o Sale of equity positions ons completed e end 2007 o Interest rate risk almost completely hedged o 50% of equity exposure embedded in guarantees hedged Other countries o Exit Taiwan reduced long-term interest sensitivity Investments o Reduced risk profile of investment portfolio o Sale of credit derivatives (tranched credit protection) Local knowledge. Global power. 19

20 Manage AEGON as an international company o Global asset management operational o Variable Annuities: Use product competencies from US and UK to growth markets Hedging centralized in the US European platform in Dublin Launched VA in UK, NL, France, Japan an o European data center in Edinburgh Local knowledge. Global power. 20

21 Appendix - Americas Local knowledge. Global power. 21

22 Life and Protection Current Portfolio Value to AEGON o Largest America s segment from both an earnings and EV perspective o Business is primarily mortality and morbidity risk based products of life insurance, supplemental health, specialty insurance and long term care o Diverse distribution network focused on target markets at all income levels o USD assets under management of USD 35 billion o Serving the protection needs of retail customers o High quality, consistent distributable earnings o Limited capital markets leverage o Mortality and morbidity risks provide earnings diversification Competitive Advantages o Low cost operator, organized to take advantage of economies of scale o Multiple specific brands targeting key market segments o Proven expertise in recruiting and distribution relationship management o Large direct marketing operation o High quality service Opportunities o Create a common product portfolio across diverse distribution channels o Capitalize on direct marketing data mining techniques o Leverage sales and marketing best practices across the group o Aggressive expense management Local knowledge. Global power. 22

23 Individual Savings and Retirement Current Portfolio o Delivers investment products and solutions to individuals o Manufacturer and distributor of fixed and variable annuities and mutual funds o Provider of personalized retirement planning o USD 78 billion of assets under management Value to AEGON o Serving the at-retirement needs of customers o Knowledge and experience leveraged to other country units o Product diversity and multi-channel distribution o Diversified revenue mix of spread and fees Competitive Advantages o One stop shopping protection, accumulation & retirement income solutions o Leadership position in fixed annuities enhances distribution relationships o Strong wholesaling capabilities segmented by product and channel o Excellent customer service capabilities focused on solutions not products o Strong risk management people, processes and policies Opportunities o Continue to attract top tier talent and increase penetration of the independent broker dealer channel o Expand proportion of fee based business o Consolidate multiple operating system platforms Local knowledge. Global power. 23

24 Employer Solutions and Pensions Current Portfolio o Top provider of employee benefit products and services, including retirement plans, worksite marketed life and health products, synthetic GICs, and executive compensation consulting o USD 116 billion of assets under management Value to AEGON o Serving the accumulation needs of customers through their employer o Pensions is a growth market with attractive demographics o Fee based revenues provide diversification benefit o Solid margins Competitive Advantages o Service excellence and award winning innovative participant programs o Market leading technical expertise with Clark Consulting o Total retirement outsourcing solutions o Leader in the healthcare segment of the 403(b) market Opportunities o Continued growth strategy supported by US retirement demographics o Capitalize on growing reliance of worksite distributed products o Leverage sales and marketing best practices across the group o Aggressive expense management Local knowledge. Global power. 24

25 Alternative Markets Current Portfolio o Brazil: 2009 life premiums of USD 145 million o Mexico: ranked 9th in worksite life insurance sales o Canada: CND 10 billion in assets, with a life insurance market share of 5.4% and a segregated fund market share of 2.7% Value to AEGON Competitive Advantages Opportunities o Provides a quality entry point and local expertise for platforms outside the US, but within North and South America o Latin American markets are underserved and offer future growth potential o Canadian market offers a stable, mature business profile o AEGON is a strong strategic partner providing access to broad product portfolio and expertise o Payroll deduction capabilities in both Brazil and Mexico and focused on niche areas that are underserved by larger players o Ease of doing business; one visit selling in Canadian market with full suite of standardized products and services o Above average growth in underdeveloped markets (both Brazil and Mexico currently spend less than 1.5% of GDP on life insurance) o Delivering high value solutions in the Canadian market to the underserved middle market via the life agency channel Local knowledge. Global power. 25

26 Life Reinsurance Current Portfolio o Business consists primarily of mortality risk with smaller segments consisting of supplemental health and equity guarantee-related risks o TARe ranks 2 nd in US and 7 th globally in life reinsurance new business o Primary markets are the US, Korea, Japan, Mexico, Brazil and the EU Value to AEGON o Provide expertise and support for affiliates in reinsurance-related activities o Vanguard for entry into markets by retail businesses o Diversification in market/pricing cycles for retail life businesses Competitive Advantages Opportunities o Full service provider; risk/capital management products and underwriting services o Value added services; product consulting and development services, prescription based automated and contract underwriting services o Highly experienced team with sophisticated administrative and modeling platforms to support business and clients needs o Accelerated growth in emerging markets Latin America and Asia o Continue to expand value-added services in the US and in the EU o Expand business model to include longevity risks, group life risks Local knowledge. Global power. 26

27 Americas underlying earnings before tax per quarter Pre-crisis Current Post-crisis <2008 Q >2010 USD 700 million Earnings impacted by o Run-off institutional spread-based business o Equity markets o De-risking USD 430* million Earnings drivers o Growth of business o Cost savings o Redeployment of cash o Financial markets * Excluding exceptional items (USD 30 million) Local knowledge. Global power. 27

28 Quarterly run-rate underlying earnings before tax Americas (excluding IGP spread) Pre-Crisis Current (<2008) Change (Q3 09) (USD million) (USD million) (USD million) 630 (160) 470 IGP spread 70 (110) (40) Total Americas 700 (270) 430 Excluding IGP spread (160) o (70) lower equity based fees and higher DPAC amortization on variable annuity, mutual fund and pension businesses o (50) investment de-risking (reduced hedge funds, high yield, BBB and credit derivatives) o (40) employee pension plan expenses IGP spread (110) o Spread compression driven by shortening of institutional liabilities during financial crisis o IGP run-off loss follows maturity pattern of internally transferred assets and amortizes off over next four years Local knowledge. Global power. 28

29 Impact of run-off institutional spread-based business Spread balances (USD billion) o Institutional cash shortfall due to shortening of liabilities 12 month notice putable funding agreements (USD 6 billion) Municipal GICs (USD 5 billion) Extendable MTNs (USD 1 billion) o Remainder of US businesses cash flow positive through the crisis Local knowledge. Global power. 29

30 Impact of run-off institutional spread-based business Pre-Crisis Current (<2008) Change (Q3 09) (USD million) (USD million) (USD million) IGP spread per quarter 70 (110) (40) o USD 10 billion internal asset transfer from institutional to other US portfolios in exchange e for cash Transfer pricing basis what other portfolios priced for Actual book value of USD 11.4 billion Unrealized loss before tax of USD (1.4) billion amortized through run-off institutional earnings: 2009 (0.3) billion 2012 (0.2) billion 2010 (0.3) billion 2013 (0.2) billion 2011 (0.3) billion 2014 (0.1) billion o Run-off will reduce sensitivity to credit markets going forward and free up USD 0.8 billion of capital by the end of 2010 Local knowledge. Global power. 30

31 Mean reversion equity return assumptions Corridor cap Negative DAC unlocking above cap Corridor floor Positive DAC unlocking below floor Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 '03 '04 '04 '04 '04 '05 '05 '05 '05 '06 '06 '06 '06 '07 '07 '07 '07 '08 '08 '08 '08 '09 '09 '09 o Equity return assumptions adjusted quarterly within the corridor o Corridor based on current information and management best estimate o Over last six years, corridor breached once in Q207 (floor) and then in Q308-Q109 (cap) o Underlying earnings impact is approximately USD 60 million per point change in equity growth rate assumption Local knowledge. Global power. 31

32 Fair value items o GMWB (USD 14 billion) - delta / rho hedged Liabilities o Segregated funds (USD 3.4 billion) 92% delta hedged o Total return annuities (USD 1.4 billion) closed blocks o Hedge funds (USD 0.7 billion) reduced by 1.7 billion Assets o Private equity (USD 0.7 billion) and REAP (USD 0.7 billion) o Credit derivatives super senior program unwound Macro Hedge Local knowledge. Global power. o Capital protection 50% of unhedged retail VA o Total return swap (USD 1.3 billion) o Put options (USD 0.8 billion) Balances reflect ending balances as of September 30,

33 Improved US impairment losses Gross impairments (USD million) US housing (ABS and RMBS) Corporate Bonds US commercial mortgages (CMBS and CML) Other Recoveries (USD million) Local knowledge. Global power. 33

34 Diversified product offering Life and Protection Individual Savings and Retirement Employer Solutions and Pensions Alternative Markets Life Reinsurance o Traditional life o Term life o Universal life o Equity indexed universal life o Variable life o Health and supplemental health o Fixed annuities o Variable annuities o Mutual funds o 401(k) plans o 403(b) plans o Defined benefit o Variable annuities o Mutual funds o Synthetic ti GICs o Canadian life and segregated funds o Latin America life insurance products o Bank and corporate owned life insurance o Term coinsurance o Annuities o Product consulting and development o Automated underwriting o Long term care Local knowledge. Global power. 34

35 Diversified distribution Life and Protection Individual Savings and Retirement Employer Solutions and Pensions Alternative Markets Life Reinsurance o General agents o Registered representatives o Independent marketing organizations o Home service agents o Direct marketing o Banks o Wirehouses o Broker/dealers o Consulting firms o Broker/dealers o Banks o Financial planners o Independent o Institutional producers partners o Worksite specialists o Agents o Employee benefit brokers and benefit consultants o General agents o Company representatives o Consultants o Company representatives (business to business) o Third-party administrators Local knowledge. Global power. 35

36 Appendix Q results Local knowledge. Global power. 36

37 Highlights o Return to profit o Repayment of EUR 1 billion core capital to Dutch State (November 30, 2009) o Further strengthened capital position o Revaluation reserves improve by EUR 3.3 billion o Profitable sales and net deposits, evidence of strong franchise o Continued execution of strategy Local knowledge. Global power. 37

38 Return to profit o Net income improved as a result of improved result on fair value items, due to rising financial markets, partly offset by equity hedging substantially lower impairments on US housing market related assets reversal of prior year tax charges Underlying earnings to net income development in Q (EUR million) 351 (184) 126 (100) (285) Total impact Fair Value items EUR (58) million Underlying US equity Other Gains/Losses Impairment Other Income tax Net income earnings hedging fair value on investments charges Q before tax items Q Local knowledge. Global power. 38

39 UEBT impacted by exceptionals and de-risking o o Exceptional items: Provisions related to improvement of consistency of customer records in UK: EUR 43 million Accelerated amortization of DPAC related to run off IMD: EUR 23 million De-risking impact of EUR 40 million Underlying earnings before tax in Q (EUR million) Underlying earnings before tax excluding exceptional items and impact of derisking Underlying earnings before tax Q3 09 Exceptional items Underlying earnings before tax preexceptionals Impact of 2009 de-risking Local knowledge. Global power. 39

40 Continued profitable sales, evidence of a strong franchise o US retail life sales up 11% o NL new life sales rose 63% o UK sales were stable o Net deposits* of EUR 2 billion more than double compared with Q2 09 o VNB of EUR 169 million impacted by lower contribution from the UK and Spain o IRR substantially exceeding hurdle rate New life sales Net deposits * Value of new business (EUR million) (EUR million) (EUR million) , Q2 09 Q3 09 Q2 09 Q3 09 Q2 09 Q3 09 * Excluding institutional guaranteed products Local knowledge. Global power. 40

41 Further reduced earnings sensitivity to equity markets Estimated impact on net income* (EUR million) Q Q Q Equity market % % % +10% Estimated impact on capital* (EUR million) Equity market % +20% % +10% 300 * Based on equity markets as of September 30, 2009 Local knowledge. Global power. 41

42 Excess capital supported by active capital management Excess capital development Q (EUR billion) 3.5 (0.2) (0.2) (0.6) 4.8 Capital preservation of EUR 0.9 billion Q2 Q2 09 Excess Credit Rating Interest rates Capital De-risking Statutory Equity Other Q3 Q3 09 Excess capital impairments migration US & equity effeciency earnings offering impacts capital market impact ital Maintain larger capital buffer Numbers may not add up due to rounding Local knowledge. Global power. 42

43 Successful capital release program Capital released (EUR billion) o Capital efficiency 4.2 Ca. 60% of capital preservation initiatives 0.3 Generally no material earnings impact High RoC benefit More efficient use of capital without meaningfully changing risk profile o De-risking 0.6 Ca. 40% of capital preservation initiatives Negative earnings impact, but partly 0.7 reversable Neutral to negative RoC impact Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Total Lowering capital requirements by lowering risk profile De-risking Capital efficiency Continue capital preservation actions Local knowledge. Global power. 43

44 Strong improvement in revaluation reserves o Shareholders equity increased significantly as a result of improved revaluation reserves and the issuance of common shares o Improvement in revaluation reserves driven by narrowing credit spreads and lower risk-free interest rates Core capital* development Q (EUR billion) (0.3) Q Change in Equity offering Other Q CCCS Core capital Revaluation Core capital shareholders' revaluation Changes** Shareholders Q reserves excluding equity reserves equity revaluation reserves Q * Core capital is the sum of shareholders equity and EUR 3 billion of convertible core capital securities ** Other changes includes net income, change in foreign currency translation reserve, coupons on perpetuals and other Local knowledge. Global power. 44

45 Disclaimer Forward-looking statements The statements contained in this presentation that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, is confident, will, and similar expressions as they relate to our company. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. We undertake no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following: o Changes in general economic conditions, particularly in the United States, the Netherlands and the United Kingdom; o Changes in the performance of financial markets, including emerging markets, such as with regard to: - The frequency and severity of defaults by issuers in our fixed income investment portfolios; and - The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities we hold; o The frequency and severity of insured loss events; o Changes affecting mortality, morbidity and other factors that may impact the profitability of our insurance products; ochanges affecting interest rate levels and continuing low or rapidly changing interest rate levels; o Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates; o Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets; o Changes in laws and regulations, particularly those affecting our operations, the products we sell, and the attractiveness of certain products to our consumers; o Regulatory changes relating to the insurance industry in the jurisdictions in which we operate; o Acts of God, acts of terrorism, acts of war and pandemics; o Effects of deliberations of the European Commission regarding the aid we received from the Dutch State in December 2008; o Changes in the policies of central banks and/or governments; o Litigation or regulatory action that could require us to pay significant damages or change the way we do business; o Customer responsiveness to both new products and distribution channels; o Competitive, legal, regulatory, or tax changes that affect the distribution cost of or demand for our products; o Our failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving initiatives; and o The impact our adoption of the International Financial Reporting Standards may have on our reported financial results and financial condition. Further details of potential risks and uncertainties affecting the company are described in the company s filings with Euronext Amsterdam and the US Securities and Exchange Commission, including the Annual Report on Form 20-F. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the company expressly disclaims any obligation or undertaking 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 change in events, conditions or circumstances on which any such statement is based. Local knowledge. Global power. 45

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