PRESS RELEASE Corporate Communications

CONTACT TELEPHONE David Brilleslijper (+31) 20 594 44 88

Amsterdam, 30 July 2008

GROSS PREMIUM INCOME UP 29% TO €4.4 BILLION

DELTA LLOYD GROUP LEADS PENSIONS MARKET

Against the backdrop of challenging economic conditions achieved gross premium income growth of almost thirty per cent. In the first half of 2008 the Group was again successful in winning group pension contracts for various large companies. The current turbulence in the financial markets is also having an impact on Delta Lloyd Group. However, the Group’s financial position remains robust.

According to Executive Board chairman Niek Hoek, “It is specifically now, in today’s difficult financial climate, that Delta Lloyd Group is demonstrating its strength by achieving strong growth in income. The results may be below the record year of 2007, but our financial position in the Dutch insurance market is stronger than ever. The strength of our position means we have every confidence that we will be able to fulfil our ambition of being one of the top three insurers in the by 2010.”

Financial • Premium income rises 29% to €4.4 billion, primarily due to large pension contracts. • Net result of €138 million. This was lower than in the record year of 2007 (€380 million), owing to the volatile financial markets (rising long-term interest rates and increasing credit spreads). • Solvency remains high at 245%. • Shareholders’ equity falls to €4.2 billion as a result of equity prices and valuation effects.

Operational • Life premium income increases 53% to €2.7 billion, General by 10% to €790 million. • New production: NAPI rises strongly to €293 million. • German operations show some signs of recovery after a number of difficult years; premium volume up 3%.

Strategic • Acquisition of Belgium completed; Delta Lloyd is now one of the top five life insurance companies in Belgium. • Talks about termination of ABN AMRO Insurance joint venture are ongoing. • New distribution channels via the internet (iZio, NSF, Virtes) gain momentum. • Discussions of unit-linked insurance cast a shadow over the market. Delta Lloyd Group sees a solution as imperative if customer confidence is to be restored.

Delta Lloyd Group key figures (in millions of euros) First half First half Change 2008 2007 Result before tax 146 446 (67%) Result after tax 138 380 (64%) Gross premium income 4,383 3,400 29% - of which gross premium income in the Netherlands 3,960 3,022 31%

Shareholders’ equity 4,213 5,366 (21%)

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DELTA LLOYD GROUP IN THE FIRST SIX MONTHS OF 2008

Income and result Gross premium income of Life and General once again rose to new record levels, amounting to €4.4 billion in the first six months of 2008. Life was extremely successful in its acquisition of customers for large pension contracts: this made an important contribution to the 53% increase in premium income to €2.7 billion. Despite fierce competition, the General insurance portfolio continued to grow, achieving an increase of 10% to €790 million.

Competition and price pressure in the general insurance market were already fierce, but have intensified further due to new entrants in the market. This is continuing to squeeze margins. In addition, our General insurance business is having to contend with lower investment results and the increased cost of claims.

The result before tax of €146 million was substantially lower than in the first half of the record year 2007 (€446 million). The result was adversely affected by falling equity prices, rising interest rates and the increasing credit spreads.

The credit crisis has also had an impact on Delta Lloyd Group’s balance sheet and result. The Group’s financial position nevertheless remains strong. The fixed income portfolio amounts to approximately €15 billion, half of which consists of government bonds (AAA ratings), while the other half comprises primarily of bonds with AAA or AA ratings. The value of this portfolio, as measured at fair value, is under pressure from the rising interest rates and the widening credit spreads. The composition of the portfolio provides very solid foundations for the Group’s strong financial position. However, the credit crisis has increased the assumed risk exposure, and this market sentiment has affected the value of Delta Lloyd Group’s fixed income portfolio. The increasing credit spreads are having a specific effect on the value of the fixed income portfolio (which is of very low risk) and translated into a net result that was €125 million lower. The very low risk profile (AAA/AA) of the portfolio means, however, that the chances of the current low valuations materialising are low.

The low tax charge resulted in a net result of €138 million (2007: €380 million). One of the reasons for this charge being low is the successful policy of investing in 5% participating interests, where realised sales proceeds are exempt from tax.

Costs need to be carefully managed in times of a weakened economic environment. The Executive Board is taking a series of measures to boost results and margins in the short term.

The number of employees on a full-time basis rose by 2% to 6,398 as a result of acquisitions being consolidated.

Equity position and solvency The factors currently affecting the market resulted in the Group’s solvency decreasing from 326% to 245% of the statutory requirement, but it nevertheless remains high. The solvency of the insurance operations is 269% (2007: 387%). Shareholders’ equity is €4.2 billion (year-end 2007: €5.1 billion). The bank’s BIS ratio is 11.8%.

ABN AMRO Insurance ABN AMRO Bank Netherlands has informed Delta Lloyd Group that it wishes to terminate the ABN AMRO Insurance joint venture. To this end it plans to buy back Delta Lloyd Group’s 51% interest in the joint venture.

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PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

Progress of the ‘Future Secured’ strategy Delta Lloyd Group maintains its ambition to attain at least a top three position in the Dutch insurance market in the coming years. Its strong financial position means it is well-placed to achieve this goal. Some years ago Delta Lloyd Group introduced its ‘Future Secured’ strategy, which is based on five strategic pillars (efficiency, reputation, distribution power, expertise and core values), as a means of achieving its ambition. The progress achieved in the five pillars over the past six months was as follows:

1. Efficiency Cost reductions and the simplification of processes and IT remain crucially important to the Group as these are propellants of strong growth. The ‘Sharing programme’, which focuses on integrating the back offices, is a key driver in this respect. IT costs decreased thanks to improved contract management and system standardisation. The process of concentrating activities made good progress, following the establishment on 1 January of the Pensions Expertise Centre and the income & absenteeism product group. Further opportunities for combining general insurance activities are being studied. The developments surrounding ABN AMRO Insurance are clearly influencing the business case of this programme. Simplifying processes in various business units help to increase efficiency and enable further growth.

2. Reputation Delta Lloyd Group’s reputation of being a reliable pensions partner is prompting more large companies to place their pension obligations with Delta Lloyd Group, and this successful development is expected to continue.

Having a strong reputation also makes the Group more attractive as an employer, thus increasing the chances of filling vacancies with new permanent employees and reducing the need to use – expensive – temporary staff. A long-term recruitment campaign designed to improve Delta Lloyd Group’s position as an employer is set to be launched in October.

Unit-linked insurance In the debate about the costs of unit-linked insurance Delta Lloyd Group is acutely aware of the need to achieve a structural solution with all parties involved as this is the only way to restore customers’ confidence and trust. Delta Lloyd Group is adopting the recommendations of the Ombudsman (Wabeke) and is fully cooperating with investigations and requests for information from the government and supervisory authorities. As agreed within the Dutch Association of Insurers, all Delta Lloyd Group customers were sent value statements (Model 3 De Ruijter) by 1 April. The current discussions on unit-linked insurance are still, however, continuing. It is very important in Delta Lloyd Group’s view for agreement to be reached soon with all those involved. The Group has a preference for an industry-wide solution as the problems affect the entire sector.

3. Distribution power Reinforcing the distribution power is of strategic importance to the Group. The launch of the new insurer iZio and the comprehensive switch to the internet at National Savings Funds have strengthened the Group’s position among customers who appreciate speed, convenience and efficiency. Izio is an internet insurer that provides consumers with an all-in-one insurance solution for the most common types of insurance cover at fixed, low premiums.

Delta Lloyd Bank Belgium has been successfully introducing ATMs outside its branches.

4. Expertise Delta Lloyd Insurance is offering intermediaries a new type of support in the form of well-researched sector reports that provide a practical understanding of specific sectors and ensure that the services offered match the needs of customers.

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PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

Delta Lloyd Germany is organising roadshows to give advisers information on the changed insurance legislation in Germany ( VVG reform) . Delta Lloyd Life in Belgium received considerable media coverage for its Entrepreneurial Spirit Survey, while the weblog www.kapitalevragen.be has been attracting 30,000 visitors a month.

The Group is devoting special attention in 2008 to the personal development of all employees. A personalised approach gives every employee the opportunity to map out his or her personal development needs and wishes. This, together with a generous personal training budget, enables the Group to improve the fit between personal and organisational development. Management also started following a completely revamped executive development programme this year.

5. Core values The booklet ‘ Doing business decently’ , in which employees, customers and policy-makers discuss their views on corporate social responsibility in practice, has been published. As a follow-up, various sessions have been organised to discuss the dilemmas facing employees so as to help them form views on putting socially responsible business ideas into practice.

Delta Lloyd Group Foundation The Delta Lloyd Group Foundation was set up in January 2008 with the aim of increasing the financial self-reliance of vulnerable groups in society. Its activities are now beginning to take shape. Various agreements have been entered into with organisations and projects that the Foundation is supporting and for which Group employees will also work as volunteers. These include the IMC Weekend School (a supplementary school for children aged 10 to 14 from underprivileged neighbourhoods in the major cities of the Netherlands), the ‘Geldkoffer’ (an educational package developed by Nibud, the Dutch National Institute for Public Information on Budgeting, to teach schoolchildren how to manage their finances) and the Money Museum.

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PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

RESULTS BY ACTIVITY – INSURANCE

Insurance operations (in millions of euros) First half First half Change 2008 2007

Total gross premium income 4,383 3,400 29%

Netherlands 3,960 3,022 31% Belgium 225 186 21% Germany 198 193 3%

Result on insurance operations before tax 176 465 (62%)

Gross premium income increased 29% compared to the first six months of 2007 (€3.4 billion). Both Life and General achieved an increase in premium income. In the Netherlands the discounts on insurance packages for personal customers, as well as customised solutions for specific sectors (contracting, metal) and the self-employed, are proving popular. Group contracts are becoming increasingly important in all sectors. ABN AMRO Insurance’s share in the total premium volume amounted to €479 million (11%).

Lower investment results and the impact of the increased interest rates meant the result before tax fell to €176 million.

LIFE

Life insurance (in millions of euros) First half First half Change 2008 2007

Total gross premium income from life 2,722 1,780 53% insurance Netherlands 2,299 1,401 64% Belgium 225 186 21% Germany 198 193 3%

Result on life insurance - IFRS-based (before tax) 153 369 (59%) - EEV-based (LEOR, after tax) 152 181 (16%)

Gross life premium income increased to a record level of €2,722 million (2007: €1,780 million). Several group pension contracts (including KPMG and Gamma) contributed to this, particularly in the form of single premiums. In addition, the contracts pipeline is well-filled. The launch of the Pensions Expertise Centre on 1 January 2008 has embedded group-wide cooperation and the sharing of expertise in this field within the organisation. This approach, combined with the customised approach to large prospects, is clearly bearing fruit.

Mortgage provider Florius is continuing to grow and now places all its term life policies with ABN AMRO Insurance. This is having a strong positive impact on the level of ABN AMRO Insurance’s new business.

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PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

Analysis of Embedded Value (in millions of euros) 30.06.2008 30.06.2007 Change

EEV 4,755 6,282 (24%) - Value in Force 1,672 1,831 (9%) - Expected value of options granted and (147) (159) 8% guarantees - Net worth 3,230 4,610 (30%)

The European Embedded Value (EEV) gives a good insight into the value of the life insurance operations, Delta Lloyd Group’s most important activity. The changed economic conditions, combined with the rise in interest rates, the fall in stock market prices and the payment of dividends, meant the EEV declined to €4.8 billion.

New life business (in millions of euros) First half First half Change 2008 2007

Total NAPI 1 of Delta Lloyd Group 293 202 45% Netherlands 238 151 57% Belgium 42 38 11% Germany 13 13 -

New business contribution 14 27 (48%) Present value of new business premiums 2,589 1,696 53% (PVNBP) New business margin 0.5% 1.6% (1.1 pp)

New life business (NAPI) advanced strongly to €293 million (2007: €202 million), mainly thanks to single premiums for the large group contracts entered into with Delta Lloyd. The level of annual premiums is lagging behind single premiums. Fierce competition meant the margin on new business declined, as did the value of the contribution by new business.

Belgium Gross premium income rose 21% to €225 million. NAPI also developed well, with an increase of 11%. The campaign for the successful single-premium product, Eternal Alpha, continued. A new series of products is planned to be launched in the autumn.

These figures are exclusive of Swiss Life Belgium, which became part of the Group on 30 June. Swiss Life Belgium had total assets as at 30 June of €3.4 billion. The integration of the acquired company into Delta Lloyd Life is progressing smoothly. Several internal task forces are working hard to achieve the required synergy within the new organisation. A new Executive Committee was appointed with effect from 30 June. New product lines are being developed in various fields (training, systems, IT platforms), and further improvements are being made to increase customer satisfaction and the quality of service. By integrating the new company Delta Lloyd Group has doubled its premium volume in Belgium and is now one of the top five providers of life insurance in this market. Swiss Life Belgium will be consolidated in the Group’s results for the 2008 financial year from 1 July.

1 New life business is expressed as NAPI, consisting of 100% of the regular premiums and 10% of the single premiums.

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PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

Agreement was recently reached on selling another part of Delta Lloyd Belgium, Commercial Union International Life (CUIL), a Luxembourg-based insurer that is mainly active in the Swedish and Norwegian markets. In exchange for selling CUIL to NEWPELGROUP (a JCFlowers company), Delta Lloyd Group will obtain an interest of 15% in the new combination. After integrating CUIL, NEWPELGROUP will have over €4 billion of assets under management and premium income of over €500 million. The transaction is expected to be completed this autumn.

Germany Gross premium income increased to €198 million (2007: €193 million). Since the profit-sharing for customers (Überschussbeteiligungen) was increased and aligned with the market rate, income has started to pick up. This has consequences for the short-term results, but will strengthen the fundamental position of the German activities. The NAPI in Germany is €13 million, the same level as in 2007. New business in single premiums increased.

German insurance law has been amended ( VVG reform ). This has led to the introduction of more stringent requirements, and insurance intermediaries are still adapting to the changes. Delta Lloyd sees commercial opportunities to demonstrate its added value and expertise here by organising information sessions, hosting roadshows for intermediaries and developing new services, such as medical intake assessments by telephone.

Delta Lloyd Investmentmanagers was sold on 1 July to KAS Bank.

GENERAL INSURANCE

General insurance (Netherlands) (in millions of euros) First half First half Change 2008 2007

Gross premium income from general 790 718 10% insurance

Result before tax on general insurance 42 122 (65%)

At €790 million, gross premium income for general insurance was 10% higher than in the first half of 2007 (€718 million). This growth is attributable to higher income from existing customers and increased new business. Customer retention programmes at Delta Lloyd Insurance and OHRA are also bearing fruit.

Izio, CZ and Virtes are well-placed to generate further growth in general insurance. Virtes provides white-label insurance products through retail outlets such as Kruidvat (chemist chain), Em-té (supermarket chain) and D-reizen (travel agent chain), while the arrangements with CZ are also beginning to generate results. These developments, together with the launch of various new products (such as the ‘Xclusief’ line and the ‘eigen baas’ insurance package for self-employed people), produced new business amounting to €100 million.

The new OHRA positioning, based on the theme of ‘From the people of Ohra’ , has proved popular - so much so that the most recent car insurance campaign also resulted in higher income from other general insurance products. This growth was achieved through cross-selling from the OHRA call centre.

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PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

The Combined Operating Ratio (COR) increased to 97%, while it was still below 90% in 2007. The causes are the price pressure that is leading to lower premiums and the absence of releases from general insurance provisions. These factors also explain the lower result before tax.

HEALTH INSURANCE

Health insurance (Netherlands) (in millions of euros) First half First half Change 2008 2007

Gross premium income from health 870 902 (4%) insurance

Result before tax on health insurance (19) (26) 27%

The financial year 2008 is the last year in which premium income from health operations will be included in the results of Delta Lloyd Group. The preparations for the transfer to CZ are demanding extra efforts in terms of manpower and IT. The structure for the commercial cooperation is also being put in place. Meanwhile, the cross-selling of OHRA products to CZ customers is making good progress. Thanks to the increase in group contracts and the improved competitive position, the number of customers rose by 24,000.

Premium income fell to €870 million due to a lower equalisation contribution from the central cash fund.

RESULTS BY ACTIVITY – INVESTMENT MANAGEMENT

Investment activities (in millions of euros) 30.06.2008 31.12.2007 Change

Total assets under management 66,296 66,631 (1%) - of which investment property 2,085 2,259 (8%)

All market parties are feeling the effects of the lower level of interest in investment funds, and Delta Lloyd Group is no exception. Market developments are resulting in lower fee and commission income, lower valuations and less new money in the Delta Lloyd funds.

In Germany a sales team has been set up and is starting commercial activities in support of fund launches. In Belgium the first third-party distribution agreements were signed.

The first FIDO-proof investment fund was created for the municipality of The Hague in cooperation with Triodos. The FIDO legislation (in other words, the Decentralised Public Authorities (Funding) Act) is designed to modernise and increase the transparency of municipalities’ treasury function.

A key feature in the field of sustainable investing was the acquisition of a stake in Econcern. A joint venture of Delta Lloyd and has become co-owner of the sustainable energy company Econcern. Together with Rabobank and the current shareholder SHV, Delta Lloyd holds 50% of the shares in Econcern, while the other half of the company remains in the hands of management and staff. The joint venture has provided Econcern with a capital injection of €300 million. A public flotation is planned in the medium term.

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PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

In addition, Delta Lloyd Asset Management generated a lot of attention for the Delta Lloyd Water & Climate Fund. This fund invests worldwide in listed companies that offer profitable solutions for the major challenges confronting mankind. The fund raised a net total of €30 million of new money.

RESULTS BY ACTIVITY – BANKING

Banking operations (in millions of euros) First half First half Change 2008 2007

Net income 90 102 (12%) Result before tax 7 15 (53%)

Mortgage portfolio 2 13,547 13,049 3 4% - Netherlands 9,865 9,488 4% - Belgium 2,879 2,726 6% - Germany 803 834 (4%)

Mortgage origination 862 996 (13%) - Netherlands 572 578 (1%) - Belgium 255 351 (27%) - Germany 35 67 (48%)

The introduction of bank-savings legislation in the Netherlands on 1 January 2008 prompted a shift in the market from insurance products (annuities and mortgages) to banking products. In response, Delta Lloyd Bank successfully launched new products for both kinds of mortgage: the ZekerPlus mortgage and the budget mortgage. The ZekerPlus mortgage, the first-ever bank-savings mortgage product in the Netherlands, has caught on and appears to meet a need for transparent, good-value mortgages. A budget mortgage was also launched, both under Delta Lloyd’s own label and in cooperation with Hypothekers Associatie. These two products already account for two thirds of Dutch mortgage origination. Mortgage origination is stable in a contracting market, which means that our market share is growing slightly. The growth in savings and loans that started in 2007 under the Ohra and Kruidvat labels continued successfully.

The centralised sale of standard products is proving popular in Belgium, and this is giving the branches more time to advise customers. In addition, the bank started rolling out its introduction of ATMs outside its branches. Besides extra income, this also yields efficiency improvements (by automating operations) and gives customers more freedom of choice. Low margins have resulted in the focus in Belgium shifting from mortgage lending to commercial loans. And this has proved successful. The number of loans, credit volumes and cross-selling all increased. Delta Lloyd Bank Belgium is promoting itself as a relationship banker, serving both professional and personal banking needs.

The difficult economic conditions are reflected in the result which, at €7 million, was lower than in 2007 (€15 million).

2 Including third-party portfolios managed by Delta Lloyd Bank 3 As at 31December 2007

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PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

Composition of the Supervisory Board The composition of the Supervisory Board has changed. Mr J.H. (Jan) Holsboer (62) was appointed as a member of the Supervisory Board. He replaces Mr V.A.M. (Vincent) van der Burg, who has retired after 35 years. The Supervisory Board member Professor E.J. (Eric) Fischer has succeeded Vincent van der Burg as deputy chairman of the Supervisory Board and also as a member of the Nomination and Remuneration Committees. Ms P.G. (Pamela) Boumeester has been appointed to chair the Remuneration Committee.

OTHER INFORMATION • This press release contains the first-half 2008 figures of Delta Lloyd Group (Delta Lloyd NV), including Delta Lloyd Insurance, OHRA Insurance, ABN AMRO Insurance, Delta Lloyd Banking, Delta Lloyd Asset Management, Delta Lloyd Group Health, Delta Lloyd Life Belgium and Delta Lloyd Germany. • The results and income of the ABN AMRO Insurance joint venture are fully consolidated. Adjustment for ABN AMRO Bank Netherlands’ 49% interest is shown in ‘Minority interests’ in the consolidated income statement. • The balance sheet, results and income of Swiss Life Belgium are not included in the consolidated figures. • The ordinary shares and preference B shares of Delta Lloyd Group are wholly owned by the international insurance group plc of London, UK. Stichting Nuts Ohra in holds an interest in the form of preference A shares. Aviva plc thus holds 92% of the total capital in issue, while Stichting Nuts Ohra owns 8%. • No share issues or buy-backs occurred in the first half of 2008. • This press release has not been audited.

This press release is available in Dutch and English at www.deltalloydgroup.com

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PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

Delta Lloyd Group – summarised consolidated income statement First half First half (in millions of euros) 2008 2007

INCOME

- Gross written premiums 4,383 3,400 - Net investment income 646 918 - Fee and commission income 161 150 - Other operating income 45 47 Total gross income 5,235 4,515 - Premiums ceded to reinsurers and change in premium reserve (287) (311) Total net income 4,948 4,204

EXPENSES

- Net claims and benefits paid 2,620 2,203 - Changes in insurance liabilities 1,001 471 - Expenses related to the acquisition of contracts 213 203 - Expenses for fees and commissions 129 141 - Other operating expenses 416 410 - Finance costs 423 330 Total expenses 4,802 3,758

RESULT

Result before tax 146 446 - Tax expense (7) (66) Result after tax 139 380 - Minority interests (7) (15)

NET RESULT after minority interests 132 365

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ANNEXES

PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

Delta Lloyd Group consolidated balance sheet - assets 30.06.2008 31.12.2007 Assets (in millions of euros)

Intangible fixed assets 398 401

Property and equipment 224 225

Total investments 53,750 53,570 - Investment property 2,231 2,168 - Investment in associates 310 340 - Debt securities 18,550 18,601 - Equity securities 13,983 14,277 - Mortgages (fair value) 6,159 5,898 - Derivatives 482 306 - Loans 12,035 11,980

Total receivables 6,930 7,162 - Reinsurance assets 1,277 1,282 - Tax assets 98 86 - Other assets 401 2,269 - Receivables and other financial assets 4,387 3,021 - Capitalised interest and prepayments 767 504

Cash and cash equivalents 1,694 958

TOTAL ASSETS 62,996 62,316

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ANNEXES

PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

Delta Lloyd Group consolidated balance sheet – liabilities 30.06.2008 31.12.2007 Liabilities (in millions of euros)

Total equity 4,213 5,103 Minority interests 277 237 Shareholders’ equity 3,936 4,866 - Share capital 107 107 - Share premium reserve 92 92 - Revaluation and other reserves 445 1,284 - Retained earnings 3,292 3,383

Liabilities 58,783 57,213 - Insurance liabilities 33,204 31,292 - Investment contract liabilities 2,774 2,710 - Provisions for other risks and charges 1,565 1,568 - Tax liabilities 285 283 - Borrowing 8,858 9,472 - Derivatives 144 86 - Financial liabilities 6,517 6,354 - Other liabilities 5,436 5,448

TOTAL LIABILITIES 62,996 62,316

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ANNEXES

PRESS RELEASE First-half 2008 figures – Delta Lloyd Group

Development of European Embedded Value First half First half (in millions of euros) 2008 2007

Reported EEV on 1 January 5,710 5,783 1 - Adjustments (7) 2 EEV on 1 January 5,703 5,785

2 - New life business contribution 14 27 3 - Total profit from existing life business 138 154 Life EEV Operating Return (LEOR) 152 181

4 - Investment return variances (841) 320 5 - Impact of economic assumption changes (6) 121 - Dividend paid by life companies to Delta Lloyd Group (343) (268) - Capital contributions to Delta Lloyd Group life companies 90 80 - Acquisition of Erasmus Group - 63

EEV ON 30 JUNE 4,755 6,282

1 Adjustments Refinements in measurement models have enabled the more accurate calculation of income and expenses, resulting in an EEV adjustment.

2 New life business contribution This is determined by calculating the present value of expected future profits from new life business.

3 Profit from value in force This is principally determined by recalculating the profit from the portfolio.

4 Investment return variances The difference between the investment returns actually achieved and the expected investment returns calculated in the EEV.

5 Impact of economic assumption changes The EEV is calculated on the basis of economic parameters such as interest rates, investment returns, inflation and taxation.

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