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Page 1: 2014 Annual General Meeting (AGM) Presentation

The Hague, May 21, 2014

Annual General Meeting of Shareholders Aegon N.V.

Jaarlijkse Algemene Vergadering van Aandeelhouders Aegon N.V.

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Welcome to the Annual General Meeting of Shareholders

Welkom op de jaarlijkse Algemene Vergadering van Aandeelhouders

In order to hear a simultaneous translation into English, please choose channel 2

Voor het beluisteren van een simultaanvertaling in het

Nederlands kiest u kanaal 1

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Rob Routs

Chairman Supervisory Board

Voorzitter Raad van Commissarissen

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Opening

Agenda item 1 / Agendapunt 1

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Presentation on the course of business in 2013

Presentatie over de gang van zaken in 2013

Agenda item 2 / Agendapunt 2

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Executing on our strategy

Alex Wynaendts, CEO & Chairman of the Executive Board

The Hague, May 21, 2014

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Focus on executing our strategy is delivering clear results

2013 Strong performance Higher underlying earnings Strong capital position and ratings Increased dividend

Executing on strategic transformation Getting closer to our customers Expanded digital capabilities Enhanced distribution

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AA- financial

strength rating

EUR 1.9

billion

Strong underlying earnings before tax

0

140

340

2011 2012 2013

More cash allocated to dividends (EUR millions)

Strong excess capital position

EUR 2.2

billion

Solvency ratio: 212%

All numbers on this slide refer to full year 2013 or end-year 2013 data

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

…across their life cycle…

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Building trust and creating benefits in 2013…

Paid out € 20 billion in claims and benefits to our customers…

Impact investments of

€ 3 billion

Invested € 6.3 million in local communities

around the world

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Global trends support Aegon’s businesses

Aging leads to significant demand for our products globally

Source: Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat

68.6 79.6

51

75.1

71.9 81.7

44.6

76

69.4 83.1

1950

2015

Life expectancy at birth in 1950 and in 2015 (in years; overall: male + female)

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Executing on our strategic objectives

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Optimize portfolio Successful repositioning of Spanish business

* Depending on the performance of the partnership, after 5 years an additional amount may be paid

Divestiture of existing joint ventures Strategic partnership with Spain’s largest financial group

Spanish divestments generated over EUR 1 billion

Continued partnership with Liberbank

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Operational excellence Disciplined focus on cost efficiency supports strategic investments

Cost reductions allow for increased investments without materially increasing total expenses

Cost reduction programs

Consolidation from 13 to 3 divisions in the Americas

Shared service center in the Americas for additional efficiencies

Completed two-year cost reduction program in NL

Extensive transformation program in UK

Restructuring and deleveraging at holding

Strategic investments to respond to our customers’ changing needs

Technology continues to change customer

behavior

Committed to providing products and services customers need

Customers seek different distribution channels ► New online channels to engage customers ► Redesigned intermediary capability

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Loyal customers Technology continues to change customer behavior

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Loyal customers Customers are more willing to go online

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Loyal customers Extension of successful UK platform with direct-to-consumer proposition

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Loyal customers Customers are seeking a wider range of distribution channels

Spain Turkey

India Brazil

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64 67

70

2011 2013 2014

Empower employees

Employee engagement and customer commitment closely linked

63 67

69

2011 2013 2014

Engagement Enablement High performing norm 2014

Financial services norm 2014

73

64

70

65

NB: Both graphs refer to Aegon’s overall 2014 Global Employee Survey results

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Sustainability is at the heart of our strategy

Capital Talent Expertise Trust Benefits Profits Society

Pricing and product development policy puts customer first

Dow Jones Sustainability Index (DJSI) performance confirms our actions

► Aegon ranked Silver Class in the DJSI – just behind the sector leader

Various key policies established

► Volunteer hours for employees ► Sustainable procurement policy ► Health and safety statement

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2014

Further executing on our strategy

Aegon well positioned to capture

opportunities

Looking ahead

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Presentation on the course of business in 2013

Presentatie over de gang van zaken in 2013

Agenda item 2 / Agendapunt 2

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Annual Report 2013

Jaarverslag 2013

Agenda item 3.1 / Agendapunt 3.1

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Financial strategy supports strategic transformation

Darryl Button, CFO & Member of the Executive Board

The Hague, May 21, 2014

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Aegon performed strongly in 2013

1,544 1,851 1,945

2011 2012 2013

887 1,582

849

2011 2012 2013

2011 2012 2013

3,420 3,177 3,328

2011 2012 2013

* Total sales consist of new life sales, new premiums accident & health, general insurance and 1/10 of gross deposits

Underlying earnings before tax (As reported; EUR million)

Sales MCVNB

Net income (EUR million)

Operating expenses (EUR million)

Sales* and MCVNB (As reported; EUR million)

5,701 6,725 7,151

422

986

Adjusted expense levels

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Earnings up 5% ► Continued business growth ► Higher equity markets ► Partly offset by weaker US dollar

Lower net income

► Positive: • Higher gains on investments • Lower impairments • Lower tax charges

► Negative: • Losses on equity hedges – in place

to protect capital position • Losses due to adjustments in

market assumptions

Increased underlying earnings not reflected in net income due to hedging costs

1,544 1,851 1,945

2011 2012 2013

887 1,582

849

2011 2012 2013

Underlying earnings before tax (As reported; EUR million)

Net income (EUR million)

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Strong capital position and cash flows

1.2 1.6

1.3

2011 2012 2013

6.7 7.4 7.4

2011 2012 2013

1.2 2.0 2.2

2011 2012 2013

195% 228% 212%

2011 2012 2013

Operational free cash flows (Excl. market impacts; EUR million)

Return on equity

Solvency ratio (Insurance Group Directive, IGD)

Excess capital at the holding (EUR billion)

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Local balance sheets well capitalized

Target

Buffer

US UK NL

Floor

New capital management framework

implemented in 2013

US and the Netherlands strongly

capitalized and paying dividends

to the holding

UK capital position significantly

improved after GBP 300 million

contribution from the holding

Capital levels (End of 2013)

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2013 operational free cash flows in target range of EUR 1.3 - 1.6 billion

Operational free cash flows paid out as dividend to the holding

Americas and the Netherlands expected to remain stable; UK cash flows to increase

New Markets contributing to increasing operational free cash flow going forward

Operational free cash flows: dividends to holding & strengthening of local capital

2013 Americas 0.8 Netherlands 0.3 United Kingdom 0.1 New Markets 0.1 Total normalized operational free cash flow 1.3 Market impacts & one-time items 0.2 Operational free cash flow 1.5

2013 Americas 0.9 Netherlands 0.5 United Kingdom 0.0 New Markets 0.1 Dividend paid by units 1.5

Strong cash flows at the units… (EUR billion)

…translate into dividends to the holding (EUR billion)

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How excess capital was put to use

Excess capital in 2013 (EUR billion)

2.0 1.5 0.6 (0.5) (0.4) (0.4) (0.4) 2.2

Excess capital January 1, 2013

Net dividends received from business units

Acquisitions & divestments

Investments in business units

Common & preferred dividends

Cancellation of preferred

shares

Funding & operating expenses

Excess capital December 31,

2013

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Capital management results in ► Lower funding costs ► Improving cash flows ► Increasing return on equity

Leverage ratio and fixed charge coverage on track to reach 2014 objectives

Active capital management improves financial flexibility

8.7

~6.8

34.4%

~30.0%

Q1 13 Q4 13 Q1 14 2014 target

* Interest expense on f inancial leverage and preferred dividends; 2013 restated to reflected earnings impact of DAC and longevity accounting changes ** Gross leverage ratio reflects shareholders’ equity adjusted for DAC and longevity accounting changes

520

~300

3.4x

6-8x

2011 2012 2013 2014 target

Lower funding costs* (EUR million, fixed charge coverage)

Improved gross leverage** (EUR billion, %)

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0

0.10*

0.21 0.22

2010 2011 2012 2013

Proposed final 2013 dividend of EUR 0.11 per share, total 2013 dividend of EUR 0.22 per share

Continue to offer our investors a choice between cash and shares, with stated intention to neutralize any share dilution

Future dividend growth dependent on strong capital position and cash flows

Payment of growing and sustainable dividend

0 0

140

340

460**

2010 2011 2012 2013 2014E

* Final 2011 dividend of EUR 0.10 per share ** Assumes 2014 interim dividend maintained at EUR 0.11 per share

+ 5%

Dividends per share (EUR per share)

More cash allocated to dividends (EUR per share)

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Underlying earnings up on higher account balances and lower financing costs at the holding

Higher sales driven by deposit growth and strong accident & health sales in the US

Active capital management further drives down cost of leverage, supports improving RoE

Strong cash flows contributing to solid capital position

Positive momentum continued in first quarter of 2014

* Operational free cash flow excluding market impact and one-time items

€ 498m

+7% vs Q1 13

8.4%

9.1% excluding run-off capital

€ 2.1bn

+20% vs Q1 13

€ 305m

Q1 13

€ 223m

(4)% vs Q1 13

37%

+4% vs Q1 13

Earnings RoE Sales Cash flow* MCVNB Fee

€ 498m

+7% vs Q1 13

8.4%

9.1% excluding run-off business

€ 2.1bn

+20% vs Q1 13

€ 305m

-7% vs Q1 13

€ 223m

-4% vs Q1 13

37%

+4 pp Q1 13

Earnings RoE Sales Cash flow* MCVNB Fee

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Progress towards 2015 targets

* Excluding market impact and one-time items

€ 498m

Underlying earnings +7% vs Q1 13

€ 498m

Underlying earnings +7% vs Q1 13

€ 498m

Underlying earnings +7% vs Q1 13

€ 498m

Underlying earnings +7% vs Q1 13

30-35%

Fee-based earnings as % of underlying earnings by 2015

€ 1.3-1.6 billion

Annual operational free cash flow* by 2015

7-10%

Grow underlying earnings before tax on average per annum between 2012 and 2015

10-12%

Return on equity by 2015

37%

Q1 2014

€ 305 million

Q1 2014

7%

Q1 2014 vs. Q1 2013

8.4%

Q1 2014 (9.1% excluding run-off capital)

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Annual Report 2013

Jaarverslag 2013

Agenda item 3.1 / Agendapunt 3.1

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Remuneration Report 2013

Remuneratierapport 2013

Agenda item 3.2 / Agendapunt 3.2

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Remuneration Report 2013

Leo van Wijk, Chairman Compensation Committee

The Hague, May 21, 2014

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Aegon’s Global Remuneration Framework applies throughout Aegon Group to:

► Provide a consistent and integrated approach to remuneration

► Ensure compliance with European and Dutch regulations for remuneration in financial

institutions

Executive Board Remuneration Policy adopted by the AGM on May 12, 2011

► Executive Board policy already complied with DNB requirements, some refinements

were implemented

► No further changes to Executive Board policy since then

Aegon’s remuneration policy – Executive Board

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Variable compensation: Based on successful achievement of performance indicators Conditionally granted at the start of the performance year Performance period = 1 year Conditionally allocated (awarded) after completion of the performance year, depending on results 50% of the allocation is in shares, 50% in cash 40% of the allocation is paid out/vests in year following performance year 60% of the allocation is deferred and is paid out/vests in the subsequent 3 years, subject to ex-

post assessments After vesting, the variable compensation shares are subject to a holding period of 3 years

Executive Board remuneration – current outline

Fixed compensation (annual salary) +

Variable compensation (maximum 100% of annual salary) +

Benefits (e.g. pension)

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Remuneration in 2013 ► Fixed compensation: no change compared to 2012

► Deferred variable compensation from previous years paid out/vested (2010 : shares; 2011 : cash and shares)

► Upfront Variable Compensation regarding performance year 2012 paid out/vested (cash and shares)

► 3 year holding periods apply to all vested shares

Conditional variable compensation allocated over 2013 ► 98,33% of fixed compensation for mr. Wynaendts - 98,50% of fixed compensation for mr. Button

► 40% of the variable compensation related to 2013, is made available in cash and shares in 2014

► The remaining part (60%) of conditional variable compensation over the performance year 2013 (both cash and shares) is to be paid out/vest in future years, subject to ex-post assessments

Executive Board remuneration – 2013

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Variable compensation measures are based on:

Financial and non-financial targets (75%) ► Underlying earnings after tax (15%) ► Return on equity (15%) ► Market consistent value of new business (20%) ► Return on economic required capital (10%) ► Strategy/sustainability (15%):

− Aegon’s score on the Dow Jones Sustainability Index (7.5%)

− Employee engagement scores (7.5%)

Personal targets (25%) ► Strategy execution – e.g. critical change initiatives like customer centricity ► HR and Sustainability topics– e.g. talent development, succession planning ► Large projects/issues – e.g. balance sheet management, reorganizations

Executive Board remuneration – performance measures & results

100%

100%

93.3% A. Wynaendts 94% D. Button

Outcome 2013:

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Aegon operates globally, in diverse environments, markets, cultures Opinions, perceptions and appreciation of variable compensation differ Aegon strives for a balance between global consistency and local optimization

New/additional/updated legislation and regulations impact remuneration policies: ► Dutch government proposes to cap variable compensation in financial sector ► Regulations limit sign-on-, retention- and severance payments ► Number of Identified Staff expected to increase on the basis of new criteria ► Crisis-tax over income above EUR 150,000 continues ► Fiscal treatment of pension accrual in the Netherlands to be limited per January 1, 2015

These changes will impact Aegon’s remuneration policies ► In general, for all staff globally ► In particular in the Netherlands ► Including the remuneration for the Executive Board

Aegon’s remuneration policy in general – going forward

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Annual Report 2013

Jaarverslag 2013

Agenda item 3.1 / Agendapunt 3.1

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Annual Accounts 2013: Proposal to adopt the Annual Accounts for the year 2013

Jaarrekening 2013: Voorstel tot vaststelling van de Jaarrekening 2013

Agenda item 3.3 / Agendapunt 3.3

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Prior to the voting: – Insert card with chip facing you – Name appears in 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 vote – Last choice counts

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

Voting procedure / Stemprocedure

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Annual Accounts 2013: Proposal to adopt the Annual Accounts for the year 2013

Jaarrekening 2013: Voorstel tot vaststelling van de Jaarrekening 2013

Vote on agenda item 3.3 / Stemming over agendapunt 3.3

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Proposal to approve the final dividend 2013

Voorstel tot goedkeuring van het slotdividend over het boekjaar 2013

Agenda item 4 / Agendapunt 4

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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 to propose a final dividend for approval at the AGM

Aegon’s dividend policy

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Proposed final dividend for 2013: EUR 0.11 per common share

► Results in total dividend for 2013 of EUR 0.22 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

0.11

2012 2013

Dividend (EUR)

0.21 0.22

Final dividend Interim dividend

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Proposal to approve the final dividend 2013

Voorstel tot goedkeuring van het slotdividend over het boekjaar 2013

Agenda item 4 / Agendapunt 4

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Proposal to approve the final dividend 2013

Voorstel tot goedkeuring van het slotdividend over het boekjaar 2013

Vote on agenda item 4 / Stemming over agendapunt 4

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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

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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

Vote on agenda item 5 / Stemming over agendapunt 5

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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

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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

Vote on agenda item 6 / Stemming over agendapunt 6

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Proposal to appoint Mr. Robert W. Dineen to the Supervisory Board

Voorstel tot benoeming van de heer Robert W. Dineen als

lid van de Raad van Commissarissen

Agenda item 7 / Agendapunt 7

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Age: 64 Nationality: American Shares held in the company/Aantal aandelen in de vennootschap: – None Former occupation/vroegere functie: – Vice Chairman of Lincoln Financial Network Memberships other boards/Andere bestuursfuncties – None

Robert W. Dineen

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“I have always had the highest regard and respect for Aegon, first as a partner during my tenure at Merrill Lynch, and most recently as a competitor while at Lincoln Financial Group.

I trust my many years of experience in the financial services industry will bring great

value to the shareholders, customers, employees and the management team of

Aegon”. Robert W. Dineen

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Proposal to appoint Mr. Robert W. Dineen to the Supervisory Board

Voorstel tot benoeming van de heer Robert W. Dineen als

lid van de Raad van Commissarissen

Agenda item 7 / Agendapunt 7

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Proposal to appoint Mr. Robert W. Dineen to the Supervisory Board

Voorstel tot benoeming van de heer Robert W. Dineen als

lid van de Raad van Commissarissen

Voting on agenda item 7 / Stemming over agendapunt 7

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Proposal to appoint Ms. Corien Wortmann-Kool to the Supervisory Board

Voorstel tot benoeming van mevrouw Corien Wortmann-Kool als lid van de Raad van Commissarissen

Agenda item 8 / Agendapunt 8

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Age: 54 Nationality: Dutch Shares held in the company/Aantal aandelen in de vennootschap: – None Main occupation/huidige functie – Resigning member of the European Parliament Memberships other boards/Andere bestuursfuncties – Member Supervisory Board Het Kadaster (NL, not listed) – Member Supervisory Board Mercedes-Benz Netherlands

(NL, not listed)

Corien M. Wortmann-Kool

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“I look forward to helping Aegon achieve a sustainable, innovative and profitable business strategy that earns the trust of both customers

and society. I trust my national and international experience in politics and public administration – including extensive work in Europe – and my knowledge of diverse stakeholder interests will support Aegon in meeting the challenges of a

changing environment”.

Corien M. Wortmann-Kool

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Proposal to appoint Ms. Corien Wortmann-Kool to the Supervisory Board

Voorstel tot benoeming van mevrouw Corien Wortmann-Kool als lid van de Raad van Commissarissen

Agenda item 8 / Agendapunt 8

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Proposal to appoint Ms. Corien Wortmann-Kool to the Supervisory Board

Voorstel tot benoeming van mevrouw Corien Wortmann-Kool als lid van de Raad van Commissarissen

Voting on agenda item 8 / Stemming over agendapunt 8

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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

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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

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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

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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

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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

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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

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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

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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

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Any other business

Wat verder ter tafel komt

Agenda item 13 / Agendapunt 13

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Close of the meeting

Sluiting van de vergadering

Agenda item 14 / Agendapunt 14

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Thank you – Dank u wel

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Please return your voting device and voting card before departing

Wilt u voor uw vertrek uw stemkastje en stempas inleveren