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

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

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

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

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

Achmea is a sizeable player compared to its European peers - with large operations in its domestic market 17,500 15,000 12,500 10,000000 7,500 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

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

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

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

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 2008 2012 2016 Space for stepped-up, focused investments Free-up tied capital in Health 2020 Time

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 20 5 25 Income Protection 19 Health 32 Through autonomous growth Life Individual 23 7 30 Life traditional 10-5 Pension 10-2 Reduction Pension & Life and divestments Other 1-3 0 10 20 30 40 Market share NL (%) Current situation Loss profile 2020 vs. current situation Growth profile 2020 vs. current situation 9 Source: Achmea

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

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

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 2012 79% 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

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

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

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

High levels e of Customer satisfaction s act Customer rating of Dutch insurers FBTO 2011 2012 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

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 (31-12-2012) 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

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

The Netherlands - a core European country and a major insurance market Growth outlook (quarterly GDP, % change yoy) Netherlands CDS remains low 10 10 800 5 5 600 0 (0.5) 0.75 0 400 200 (5) (10) 02 03 04 05 06 07 08 09 10 11 12 '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 40 39.4 Total CEA: 107.9bn Achmea market share: 33% in NL 60 56.3 30 40 20 20 10 0 0 21 Germany France UK Nth Netherlands It aly Spain Switzerland Source: UBS Nth Netherlands Germany France Switzerland Spain UK It aly

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

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

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%

Financial leverage is low especially when compared to Dutch peers % 36.4 Maximum target level External debt Perpetual loans 22.7 22.0 22.4 21.4 2008 2009 2010 2011 2012 1 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)

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, 2013 27 Source: Achmea, UBS

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 Q1 2012 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

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

Sovereign Government exposure TOP 5 SOVEREIGN EXPOSURE (IN MLN) 2012 2011 The Netherlands 11,415 12,044 Germany 4,119 4,936 France 1,718 2,561 Ireland 515 411 Finland 507 570 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) 2012 2011 Greece 11 27 Ireland 511 481 Italy 51 49 Portugal 48 48 Spain 48 48 Total 668 653 31 Source: Achmea 2.0% 1.8%

Real Estate exposure Real Estate Portfolio (Direct) (IN MLN) 2012 % Revaluations 2009-2012 Residential 423 36% -61 Offices 349 30% -122 Retail 334 28% -16 Other 66 6% -18 Total 1,172 100% -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

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) 2012 2011 Profit before tax 412-247 Mergers and divestments 50-95 Goodwill impairment Life & Pension activities - 279 Impairment Greek Government Bonds - 114 Profit before tax from regular activities 462 51 34 * Adjusted for M&A activity, restructuring costs, provisions for vacant buildings and other non-recurring items

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) 2012 2011 Δ Non-life Netherlands Health Netherlands Pension & Life Netherlands 3,151 3,176-1% 13,120120 12,055 9% 2,944 3,120-6% PROFIT BEFORE TAX (IN MLN) 2012 2011 Δ Non-life Netherlands Health Netherlands Pension & Life Netherlands 207 329-37% 286 301-5% 381-181 N/A 35 Source: Achmea

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

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 2012 2011 2012 2011 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 2012 2011 2012 2011 37 Source: Achmea

Overview of 2012 performance by business line (cont d) fe n & Lif GROSS WRITTEN PREMIUMS ( MLN) 2,944 VNB ( MLN) -19-7 VNB Margin (%) -1,8% -0,7% Pensio 2012 2011 2012 2011 2012 Achmea market share: 14% in Life and 10% in Pension in NL 38 Source: Achmea

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

Contact Details For further information, please contact Investor Relations Bastiaan Postma +31 (0)6 13117581 bastiaan.postma@achmea.nl Gül Poslu +31 (0)6 209 717 58 gul.poslu@achmea.com Email: investors@achmea.com Internet: www.achmea.com com 42

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 2011-2010- 2012 2011 Total equity at the start of the year ( mln) 9,775 10,375 Net profit 453-208 Dividend and coupon payments to holders of equity instruments -106-136 Revaluation equity and fixed income portfolio 205-50 FX reserves 26-78 Other 21 48 Total equity year-end 10,374 9,775 43 Source: Achmea

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