The Hague, May 20, 2015

Annual General Meeting of Shareholders Aegon N.V. Jaarlijkse Algemene Vergadering van Aandeelhouders Aegon N.V.

2

Welcome to the Annual General Meeting

of Shareholders

In order to hear a simultaneous translation

into English, please choose channel 11

Welkom op de jaarlijkse Algemene Vergadering van Aandeelhouders

Voor het beluisteren van een simultaanvertaling

in het Nederlands kiest u kanaal 10

3

Rob Routs

Picture Chairman Supervisory

Board

Voorzitter Raad van

Commissarissen

4

Opening

Agenda item 1 / Agendapunt 1

5

Presentation on the course of business

in 2014

Presentatie over de gang van zaken

in 2014

Agenda item 2 / Agendapunt 2

Strong foundations for growth

Alex Wynaendts CEO & Chairman of the Executive Board

The Hague – May 20, 2015

7 7

Aegon’s purpose is to help people take responsibility for their financial future

8

Our products and services have never been more needed

Our expertise

Protection Accumulation At & after retirement

Changing demographics

New digital

technologies

Low interest

rates

Increased regulation

Changing capital

requirements

Trends

We support people throughout their working lives and into retirement

9

Global aging and changing demographics

Global Retirement Readiness

Score 5.8

Aegon Retirement Readiness Index (ARRI)

7

Japan 4.6

Netherlands 5.7

United Kingdom 6.0

United States 6.2

India 7.0

Hungary: 4.9 Spain: 5.0 Poland: 5.1 Turkey: 5.4 Sweden: 5.4 France: 5.4 Canada: 6.0 Germany: 6.1 China: 6.2 Brazil: 6.8

10

Growing importance of technology

11

7%

6%

3%

2%

4%

5%

1%

Persistently low interest rates

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

10-year government bond yields US NL

12

Regulatory changes with a significant impact on our industry

Regulators seeking to strengthen consumer protection

New laws on tax and data privacy

Unprecedented reforms in some of our markets

End of commissions to brokers in the UK and the Netherlands

13

Regulators will set the bar high

New capital requirements to enhance risk management and governance

Implementation of Solvency II in 2016

Aimed at enhancing consumer protection

Capital requirements linked to risks insurers take on

14

A clear framework to address global trends and developing customers’ needs

Purpose

Strategic Objectives

Leader in all of our chosen markets

Help people take responsibility for their financial future

Working together

Bringing Clarity

Exceeding Expectations Company values

Ambition

15

Making the right choices

Optimize our portfolio

Divestments Expanding distribution with strong local partners

Canada

Partnership with La Mondiale (France)

Joint venture with Caja Badajoz (Spain)

Santander Totta (Portugal)

La Banque Postale (France)

BANCOOB (Brazil)

16

Towards a more efficient and responsive company

Pursue operational excellence

Adjusted product offerings to continued low interest rates

Launched new products to meet customers’ needs

Established global IT framework

Cost savings create room to invest in Aegon’s businesses

Improved efficiency OpEx / (OpEx + UEBT)

63% 63%

59% 59% 58%

2010 2011 2012 2013 2014*

* Adjusted for model and assumption updates. Without these adjustments, our cost: earnings ratio for 2014 would have totaled 61%.

17

Becoming a more customer-centric company

Customer loyalty

Online offerings in nearly all Aegon’s markets

Further enhancement of online platforms & tools

Launched Venture Fund to respond quicker to changing markets

Enhancing services of customer service centers

► Through launch of specialized software

Customer loyalty measured with

Net Promoter Score

► Aiming for top quartile in all our chosen markets

18

Empowered employees to help people take responsibility for their financial future

Empower our employees

Broadening talent mix

► Attracting talented people from a range of different industries

Talent Review Process

► Succession planning and talent identification well established

Promoting workforce diversity

► Joined Workplace Pride

Staff performance metrics

High performing norm 2015 Financial services norm 2015

63 67 69

73

2011 2013 2014 2015

73

66

Engagement

64 67

70 74

2011 2013 2014 2015

71

67

Enablement

19 19

Organizational changes to take advantage of opportunities

Better connecting with our customers

Enhancing distribution

Introducing new investment solutions

3,300 I&R employees with a national footprint

Actively serving 25,000+ plan sponsors

5.4 million customers New deposits of USD 42 billion in 2014 and revenue generating investments of USD 296 billion

Servicing US customers through a single investment & retirement division

20

Integrated solution to and through retirement in the UK

At-retirement

Capabilities for adviser market

Workplace savings

‘Gated’ solutions for employees

Non-advised

Self service

Single investment & trading platform – offering a compelling solution to advisers, employers and their employees

21

Leadership positions in the Netherlands offer strong foundations for growth

1.9 2.3 2.5 2.8

4.4

Pensionfund

Insurer Pensionfund

Aegon Pensionfund

In millions of customers

Aegon PPI

Cappital

* Gross written premiums pensions in 2013 (Source: DNB) ** Per January 1, 2015. Premium Pension Institution (PPI) is a specific type of defined contribution contract

Pension administrator

#2 PPI provider with 0.6 billion euro in

Assets under Management**

#1

Aegon Peer 1Peer 2 Peer 3Peer 4 Peer 5Others

Pensions insurer*

#1

22

New Markets’ strategy driving continued growth

Focus on protection

► Leadership in risk/rider products in key CEE markets

► Strong growth in high-net-worth segments in Hong Kong and Singapore

Expanded distribution

► Newly developed professional advisory channel in Spain

► Continued growth of tied agent networks in CEE

Direct propositions

► New online propositions in Asia, CEE, Spain and Brazil

► Leader in Indian online term life insurance market

Strong growth of assets under management

Expanding our third-party business Asset

Management

Asia

Central & Eastern Europe

Latin America

Spain

23

Our strategy is delivering results

Customer focused

Strong performance

Solid underlying earnings before tax in 2014

EUR 1.9 billion

Expanding digital capabilities

Enhancing distribution

Getting closer to our customers

Very strong ratings

AA-

Continued strong sales in 2014

EUR 8.6 billion

24

0.20* 0.21

0.22 0.23

2011 2012 2013 2014

Proposed final 2014 dividend of EUR 0.12 per share; total 2014 dividend of EUR 0.23 per share

Continue to neutralize stock dividends to avoid dilution

Future dividend growth dependent on strong capital position and cash flows

Sustainable dividend growth

* Final 2011 dividend of EUR 0.10 per share annualized for comparative purposes

Increasing dividends (EUR per share)

25

Creating value for all our stakeholders

€ Profits

Benefits

Society

Protection

Capital Trust

Customers

Talent

Investors Employees

26

Presentation on the course of business

in 2014

Presentatie over de gang van zaken

in 2014

Agenda item 2 / Agendapunt 2

27

Annual Report 2014

Jaarverslag 2014

Agenda item 3.1 / Agendapunt 3.1

Darryl Button CFO & Member of the Executive Board

The Hague – May 20, 2015

Creating and sharing value in 2014

29

Aegon performed strongly in 2014

Key figures

Sales

+ 20%

EUR 8.6 billion

Underlying earnings

- 5%

EUR 1.9 billion

Net income

+38%

EUR 1.2 billion

Operational expenses

+1%

EUR 3.3 billion

Revenue-generating investments

+17%

EUR 558 billion

30

Strong underlying trends masked by assumption changes and model updates

1,775 1,982 1,968 1,865

2011 2012 2013 2014

936

1,672

857

1,186

2011 2012 2013 2014

Underlying earnings before tax (EUR million)

Net income (EUR million)

Underlying earnings impacted by assumption changes and model updates

Note: 2011 as reported

31

Strong gross deposits mainly driven by US pensions and variable annuities

Stronger universal life production in US and Asia; higher pension production in the Netherlands

Accident & health and general insurance sales exceed EUR 1 billion for the first time

Total sales growth of 20% driven by continued strong deposits

44 55

FY 2013 FY 2014

0.8 1.0

FY 2013 FY 2014

Note: Total sales consists of new life sales plus 1/10th of gross deposits plus new premiums for accident & health and general insurance

+25% +7% +26%

Gross & net deposits (EUR billion)

A&H and general insurance (EUR billion)

New life sales (EUR billion)

1.9 2.0

FY 2013 FY 2014

8 9

32

Continued strong capital position and cash flows

1.2 1.6

1.3 1.2

2011 2012 2013 2014

8.6% 6.7%

8.6% 7.8%

2011 2012 2013 2014

1.2 2.0 2.2

1.2

2011 2012 2013 2014

195% 228% 212% 208%

2011 2012 2013 2014

Operational free cash flows (Excl. market impacts and one-time items, EUR bln)

Return on equity (%)

Excess capital at the holding (EUR billion)

Solvency ratio (Insurance Group Directive, %)

Note: 2011 and 2012 return on equity as reported

33

Operational free cash flows of EUR 1.2 billion excluding market impacts and one-time items ► Positive market impacts and one-time items largely offset by negative impacts from model updates

and assumption changes

Increase in free cash flows driven by reduction in holding expenses

Operational free cash flows and holding excess capital

2013 2014 Operational free cash flow 1,547 902

Market impacts & one-time items 212 (334)

Normalized OFCF 1,335 1,237

Holding funding & operating expenses (460) (326)

Free cash flow 875 911

34

Holding excess capital declined following EUR 1.0 billion of senior debt redemptions

Excess capital development

2013 2014 Starting position 2.0 2.2 Net dividend from units 1.0 0.9

Acquisitions & divestments 0.6 (0.0)

Common dividends (0.4) (0.4)

Funding & operating expenses (0.4) (0.4)

Debt issuances/redemptions (0.4) (1.0)

Other (0.1) (0.1)

Ending position 2.2 1.2

35

Funding costs (EUR million, fixed charge coverage)

Gross financial leverage target range of 26-30%

► Leverage cut by ~25% since 2011

Leverage and fixed charge coverage targets achieved in 2014

9.2 8.7 7.7 7.1

34.0% 32.0%

33.3%

28.7%

2011 2012 2013 2014

520 444 403

303 3.8x

4.8x 5.2x

6.5x

2011 2012 2013 2014 Note: Gross leverage and fixed charge coverage ratios as reported

Fixed charge coverage target range of 6-8x

► Fixed charges reduced by more than 40%

► Positioning capital structure for Solvency II

► Taking advantage of low interest rates through proactive refinancing

Gross leverage (EUR billion, %)

36

Underlying earnings impacted by adverse claims experience and low interest rates in the US

Sales growth across the group; new business remains profitable despite low interest rates

Strong operational free cash flows and solid excess capital position

Q1 2015 earnings impacted by adverse claims experience

Note: Earnings = underlying earnings before tax; Cash flows = operational free cash flows excluding market impact and one-time items

+32% compared with Q1 2014

€ 2.8bn

Sales

+11% compared with Q1 2014

€ 339m

Cash flows

-6% compared with Q1 2014

€ 469m

Earnings

7.2% excluding run-off businesses

6.6%

Return on Equity

37

Expected group Solvency II ratio remains in the range of 150% to 200% Uncertainties still to be resolved throughout 2015

► Internal model approval process and calibration ► US equivalence and deduction & aggregation methodology (including US RBC conversion ratio) ► Assessment of Transferability and Fungibility ► Specifications for use of Matching Adjustment ► Loss absorbing capacity of taxes

Solvency II range confirmed; uncertainties remain

US life RBC ratio conversion

Non-regulated and other entities

Non-EEA

Netherlands (IM) United Kingdom (IM) Spain (SF) CEE (SF) Diversification benefit

EEA

Senior leverage net of excess capital

Required capital

Holding

Cash flows driven by local ratios

Updated capital policy January 2016

Group

+ – =

Note: EEA = European Economic Area; IM = Internal Model, SF = Standard Formula; CAL = Company Action Level

38

Persistently low interest rates

Increased regulation of financial services

Changing capital requirements

Continued execution of our strategy

Well-positioned to capture growth opportunities

Looking ahead

2015

39

Annual Report 2014

Jaarverslag 2014

Agenda item 3.1 / Agendapunt 3.1

40

Remuneration Report 2014

Remuneratierapport 2014

Agenda item 3.2 / Agendapunt 3.2

41

2014 No changes to Executive Board Remuneration Policy since 2011

Executive Board policy aligned with Global Remuneration Framework

Vesting according to sustained performance (ex-ante / ex-post) 2015 New type of contract for Alex Wynaendts, in connection with re-appointment

Clauses in contract reflect revised governance requirements

Main points from Aegon’s Executive Board Remuneration Policy

42

Remuneration in 2014 ► Fixed compensation CEO increased with 10% compared to 2013

(After increase, Executive Board total compensation still below 25th percentile of peer groups) ► Deferred variable compensation from 2011 and 2012 paid out / vested ► Upfront variable compensation regarding performance year 2013 paid out / vested ► 3 year holding periods apply to all vested shares

Conditional variable compensation allocated over 2014 ► Alex Wynaendts: 79,13% of fixed compensation (2013: 98,33%) ► Darryl Button: 79,76% of fixed compensation (2013: 98,50%) ► 40% of variable compensation to be paid in 2015 60% deferred

2014 Executive Board remuneration

43

Financial and non-financial Group targets (75% maximum) ► Underlying earnings after tax (15%) ► Return on equity (15%) ► Market consistent value of new business (18.75%) ► Return on economic required capital (11.25%) ► Strategy/sustainability (15%):

Personal targets (25% maximum) ► Strategy execution – business model, portfolio management, customer-centricity ► HR and sustainability topics – employee engagement, succession planning ► Large projects/issues – cash flow development, Solvency II

Executive Board remuneration – variable compensation indicators and results

23.75% Alex Wynaendts 24.38% Darryl Button

Outcome 2014

55.38%

44

New contract Alex Wynaendts is a services agreement

Clauses from previous employment contract that are no longer fitting or otherwise need updating will be amended

New clauses will be included ► Severance payment in case of early termination limited to a maximum of one year annual

salary in cash ► Retirement age will be brought forward from 62 to 60

2015 Executive Board remuneration – new contract for Alex Wynaendts

45

Aegon’s policy takes into account both national and international circumstances and conditions

Legislation and regulations impact remuneration policies ► Dutch government introduced maximum variable compensation in financial sector ► Limits on sign-on- , retention- and severance payments ► Fiscal treatment of pension accrual in the Netherlands further limited

Worldwide, Aegon’s compensation policies (and competitive landscape) are impacted

Aegon’s Remuneration Policy in general – going forward

46 46

Prior to 2015, some selected senior staff were eligible for variable compensation exceeding the new maximums

Starting performance year 2015, variable compensation levels for these roles have been adjusted downwards to match applicable new maximums ► Aegon the Netherlands: 20% maximum on average for senior management

► Holding of the Group in NL (N.V.) and Aegon companies in Europe: maximum variable compensation has become 100%

► Outside Europe: maximum variable compensation has become 200%

Variable compensation at Aegon Group and the new maximums

47

Annual Report 2014

Jaarverslag 2014

Agenda item 3.1 / Agendapunt 3.1

48

Annual Accounts 2014: Proposal to adopt the

Annual Accounts 2014

Jaarrekening 2014: Voorstel tot

vaststelling van de Jaarrekening 2014

Agenda item 3.3 / Agendapunt 3.3

49

Vóór de stemming Plaats kaart met chip naar voren Naam verschijnt in venster

Tijdens de stemming Stemkeuzes verschijnen in venster Maak uw keuze:

1 = Vóór 2 = Tegen 3 = Onthouding

Keuze verschijnt in venster Tijdens stemming kunt u uw

keuze wijzigen Laatste keuze geldt

Prior to the voting Insert card with chip facing you Name appears on display

During the voting Voting options appear in display Press button:

1 = For 2 = Against 3 = Abstain

Choice appears in display During voting you can change

your choice Last choice counts

Voting procedure / Stemprocedure

50

Annual Accounts 2014: Proposal to adopt the

Annual Accounts 2014

Jaarrekening 2014: Voorstel tot

vaststelling van de Jaarrekening 2014

Voting on agenda item 3.3 / Stemming over agendapunt 3.3

51

Proposal to approve the final dividend 2014

Voorstel tot goedkeuring van het slotdividend over het boekjaar

2014

Agenda item 4 / Agendapunt 4

52

Cash flows upstreamed to the holding are available to execute our strategy, to fund operating expenses and to pay dividends to shareholders

Aegon aims to pay a sustainable dividend to shareholders, which can grow over time if performance of the company allows so ► Balance prudence versus offering an attractive dividend

In normal circumstances, Aegon expects to declare an interim dividend

and propose a final dividend for approval at the AGM

Aegon’s dividend policy

53

Proposed final dividend for 2014: EUR 0.12 per common share

► Results in total dividend for 2014 of EUR 0.23 per common share

To be paid in cash or stock

Value of stock dividend approximately

equal to cash dividend

Aegon’s dividend proposal

0.11

0.12

2013 2014

Dividend (EUR)

0.22 0.23

Final dividend Interim dividend

54

Proposal to approve the final dividend 2014

Voorstel tot goedkeuring van het slotdividend over het boekjaar

2014

Agenda item 4 / Agendapunt 4

55

Proposal to approve the final dividend 2014

Voorstel tot goedkeuring van het slotdividend over het boekjaar

2014

Voting on agenda item 4 / Stemming over agendapunt 4

56

Proposal to release the members of the

Executive Board from liability for their

duties

Voorstel tot het verlenen van kwijting aan de

leden van de Raad van Bestuur

Agenda item 5 / Agendapunt 5

57

Proposal to release the members of the

Executive Board from liability for their

duties

Voorstel tot het verlenen van kwijting aan de

leden van de Raad van Bestuur

Voting on agenda item 5 / Stemming over agendapunt 5

58

Proposal to release the members of the

Supervisory Board from liability for their

duties

Voorstel tot het verlenen van kwijting aan de

leden van de Raad van Commissarissen

Agenda item 6 / Agendapunt 6

59

Proposal to release the members of the

Supervisory Board from liability for their

duties

Voorstel tot het verlenen van kwijting aan de

leden van de Raad van Commissarissen

Voting on agenda item 6 / Stemming over agendapunt 6

60

Proposal to reappoint Mr. Alex R. Wynaendts

to the Executive Board

Voorstel tot herbenoeming van de heer

Alex R. Wynaendts als lid van de

Raad van Bestuur

Agenda item 7 / Agendapunt 7

61

Alex Wynaendts

Age 54

Nationality Dutch

Profession/ Functie

Chairman Executive Board and CEO of Aegon N.V.

Memberships other boards/ Andere bestuursfuncties* None

Shares in Aegon N.V./ Aantal aandelen in Aegon N.V.

295,734 common shares

* Qualifying under Act Management and Supervision/Conform Wet bestuur en toezicht

62

Proposal to reappoint Mr. Alex R. Wynaendts

to the Executive Board

Voorstel tot herbenoeming van de heer

Alex R. Wynaendts als lid van de

Raad van Bestuur

Agenda item 7 / Agendapunt 7

63

Proposal to reappoint Mr. Alex R. Wynaendts

to the Executive Board

Voorstel tot herbenoeming van de heer

Alex R. Wynaendts als lid van de

Raad van Bestuur

Voting on agenda item 7 / Stemming over agendapunt 7

64

Proposal to appoint Mr. Ben J. Noteboom

to the Supervisory Board

Voorstel tot benoeming van de heer

Ben J. Noteboom als lid van de

Raad van Commissarissen

Agenda item 8 / Agendapunt 8

65

Age 56

Nationality Dutch

Profession/ Functie

Non-Executive Director

Former occupation/ Vroegere functie:

CEO Randstad Holding N.V.

Memberships other boards/ Andere bestuursfuncties*

Supervisory Board member Ahold N.V. and Wolters Kluwer

Shares in Aegon N.V./ Aantal aandelen in Aegon N.V.

23,500 common shares

Ben Noteboom

* Qualifying under Act Management and Supervision/Conform Wet bestuur en toezicht

66

“Aegon plays a hugely important role not only in terms of providing financial security to millions of

people, but also in the wider economy. The company has made exciting improvements to

become more customer-centric. I hope to make a positive contribution by drawing on my own

experience in this area.”

Ben. J. Noteboom

67

Proposal to appoint Mr. Ben J. Noteboom

to the Supervisory Board

Voorstel tot benoeming van de heer

Ben J. Noteboom als lid van de

Raad van Commissarissen

Agenda item 8 / Agendapunt 8

68

Proposal to appoint Mr. Ben J. Noteboom

to the Supervisory Board

Voorstel tot benoeming van de heer

Ben J. Noteboom als lid van de

Raad van Commissarissen

Voting on agenda item 8 / Stemming over agendapunt 8

69

Proposal to authorize the Executive Board to

issue common shares

Voorstel tot machtiging van de Raad van

Bestuur tot uitgifte van gewone aandelen

Agenda item 9 / Agendapunt 9

70

Proposal to authorize the Executive Board to

issue common shares

Voorstel tot machtiging van de Raad van

Bestuur tot uitgifte van gewone aandelen

Voting on agenda item 9 / Stemming over agendapunt 9

71

Proposal to authorize the Executive Board to restrict or exclude pre-emptive rights

upon issuing common shares

Voorstel tot machtiging van de Raad van

Bestuur tot beperking of uitsluiting van

voorkeursrechten bij de uitgifte van gewone

aandelen

Agenda item 10 / Agendapunt 10

72

Proposal to authorize the Executive Board to restrict or exclude pre-emptive rights

upon issuing common shares

Voorstel tot machtiging van de Raad van

Bestuur tot beperking of uitsluiting van

voorkeursrechten bij de uitgifte van gewone

aandelen

Voting on agenda item 10 / Stemming over agendapunt 10

73

Proposal to authorize the Executive Board to issue common shares

under incentive plans

Voorstel tot machtiging van de Raad van

Bestuur tot uitgifte van gewone aandelen in het

kader van incentiveplannen

Agenda item 11 / Agendapunt 11

74

Proposal to authorize the Executive Board to issue common shares

under incentive plans

Voorstel tot machtiging van de Raad van

Bestuur tot uitgifte van gewone aandelen in het

kader van incentiveplannen

Voting on agenda item 11 / Stemming over agendapunt 11

75

Proposal to authorize the Executive Board to

acquire shares in the Company

Voorstel tot machtiging van de Raad van

Bestuur tot verkrijging van eigen aandelen

Agenda item 12 / Agendapunt 12

76

Proposal to authorize the Executive Board to

acquire shares in the Company

Voorstel tot machtiging van de Raad van

Bestuur tot verkrijging van eigen aandelen

Voting on agenda item 12 / Stemming over agendapunt 12

77

Any other business

Wat verder ter tafel komt

Agenda item 13 / Agendapunt 13

78

Close of the meeting

Sluiting van de vergadering

Agenda item 14 / Agendapunt 14

79

Thank you – Dank u wel

80

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card before departing

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