SAECURE 14 NHG An Update on the Residential Mortgage Business

March 2014

Information for investors Disclaimer

This material has been prepared solely on the basis of information provided by Aegon Levensverzekering N.V. (“Aegon Leven”) and Aegon Hypotheken B.V. (“Aegon Hypotheken”, and together with Aegon Leven, “Aegon” or the “Company”). This material is distributed upon the express understanding that no information contained herein has been independently verified by Citibank International plc as arranger (the “Arranger”), ABN AMRO Bank N.V., Bank of America Merrill Lynch, BNP Paribas, London Branch, Citibank International plc and The Royal Bank of Scotland plc, the joint lead managers in respect of the Class A Notes, together and with the Arranger, the “Managers” or any other person. Although the information in this material has been obtained from/of sources which the Company and the Managers believe to be reliable, the Managers and the Company make no representation or warranty (express or implied) of any nature, nor do they accept any responsibility or liability of any kind, with respect to the accuracy or completeness of any of the information or opinions in the material. However this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed. The Company and the Managers will not be responsible for the consequences of reliance upon any opinion or statement contained herein or for any omission.

This material has been prepared for information purposes only and it does not constitute a prospectus or offering document in whole or in part. The terms of the offering are qualified in their entirety by such a prospectus (the “Prospectus”) which will be issued in respect of the securities (the “Securities”) described in this material and which is expected to be approved by the Dutch Authority for the Financial Markets (the “AFM”) on or prior to the issuance date of the Securities. The information contained in this material does not constitute an offer of securities to the public for the purposes of any law or regulation implementing Directive 2003/71/EC and any amendment thereto, including Directive 2010/73/EU (together, the “Prospectus Directive”), to the extent implemented in each Member State of the European Economic Area ("Member State") that has implemented the Prospectus Directive.

The information contained herein is confidential and is intended for use only by the intended recipient(s) (each a “Recipient”). This material is not intended for U.S investors. Neither this material nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions (collectively, the “United States”) directly or indirectly. Any failure to comply with these restrictions may constitute a violation of U.S. or other securities laws, as applicable. This material and all information contained herein is being provided to you solely for your review during a road show presentation. This material is provided on the basis of your acceptance of the terms of this disclaimer. This material was prepared in order to indicate, on a preliminary basis, the feasibility of a possible transaction and does not carry any right of publication or disclosure to any other person. Neither this material nor any of its contents may be used for any other purpose without the prior written consent of SAECURE 14, the Company and the Managers.

If this material has been made available to you in an electronic form, you are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently neither SAECURE 14 NHG B.V. ("SAECURE 14"), the Company, the Managers nor any subsidiaries, affiliates or ultimate holding companies, nor any of the subsidiaries or affiliates of such holding companies, nor any of the respective directors, officers, employees, advisors, representatives or agents of any of the foregoing (together, “Related Parties”) accepts any liability or responsibility whatsoever in respect of any difference between the document distributed to you in electronic format and the hard copy version available to you on request from any of the Managers.

NOT FOR DISTRIBUTION TO ANY U.S. PERSON (AS DEFINED BELOW) OR TO ANY PERSON OR ADDRESS IN THE US The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act, "U.S. Person").

This material is being distributed only to, and is directed only (i) at persons in Member States who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive and (ii) in the United Kingdom of Great Britain and Northern Ireland (the UK), at qualified investors (a) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and qualified investors falling within Article 49 of the Order, and (b) to whom this material may otherwise be lawfully communicated . This document must not be acted on or relied on by, nor are the Securities herein referred to available to any other persons. This material is not available to any persons who are subject to US securities laws and it should not be distributed in the US or to any U.S. person nor in any jurisdiction in which its distribution would be prohibited. By reviewing this material each Recipient represents that it is a person into whose possession the material can be lawfully delivered in accordance with the laws of the jurisdiction in which the Recipient is located and that the Recipient may not, nor is it authorised to, deliver this document to any other person.

The proposed structure and facilities described in this material are indicative, are meant to develop over time, and are subject to, amongst others, final approval of SAECURE 14 and the Company, satisfactory documentation and relevant contracts, satisfactory legal, tax and accountancy opinions, satisfactory valuation of the underlying assets and due diligence. Material information may have changed since the date the information was compiled in this material.

Any historical information is not indicative of future performance. Opinions and estimates may be changed without notice and involve a number of assumptions which may not prove valid. Average lives of and potential yields on any securities cannot be predicted as the actual rate of repayment as well as other relevant factors cannot be determined precisely. No assurance can be or is given that the assumptions on which such information are made will prove correct. Information of this kind must be viewed with caution.

2 Disclaimer

This material contains “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance of the Securities, the Company or the Dutch residential mortgage loan industry to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.

None of SAECURE 14, the Company, the Managers nor their Related Parties have attempted to verify any such statements, nor do they make any representations, express or implied, with respect thereto, nor do they accept any obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions, or changes in factors affecting these statements.

This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell the Securities or any other securities or any interest in any securities, and nothing herein should be construed as a recommendation or advice to invest in any securities. It has no regard to the specific investment objectives, financial situation or particular needs of any Recipient. No representation or warranty, either express or implied or undertaking of any nature, is provided by the Managers, SAECURE 14 or the Company in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by Recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are subject to change without notice and none of SAECURE 14, the Company, nor the Managers are under any obligation to update or keep current the information contained herein. In addition, institutions mentioned in this material and their Related Parties may make purchases and/or sales as principal or agent or may act as market maker or provide investment banking or other services in respect of the Securities and/or the transactions described in this material (the "Transactions").

None of SAECURE 14, the Company, the Managers nor their respective Related Parties are acting as advisers to, nor owe any fiduciary duty to any Recipient. This material does not purport to identify all of the risks associated with the Transaction(s). None of SAECURE 14, the Company, the Managers nor any of their respective Related Parties makes any representation regarding the provision of advice to any Recipient concerning the appropriate legal treatment, regulatory treatment, accounting treatment or possible tax consequences of an investment in the Securities. Each Recipient of this material should make its own independent evaluation of the Transaction(s) and the risks thereof, and of the relevance and adequacy of the information in this material and should make other investigations as it deems necessary, and consult its own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of the Securities) based upon your own judgement and advice from such advisers as you deem necessary and not upon any view expressed in this material. In particular, each Recipient should first read the Prospectus prior to making an investment decision and should base such investment decision solely upon the information contained in the Prospectus. Once approved by the AFM, the Prospectus will be available from the Managers. Reproduction and/or redistribution of this material (in whole or in part) is strictly prohibited and none of SAECURE 14, the Company, the Managers nor their respective Related Parties accept any liability whatsoever for the actions of third parties in this respect.

INTERNAL REVENUE SERVICE CIRCULAR 230 DISCLOSURE PURSUANT TO INTERNAL REVENUE SERVICE CIRCULAR 230, PERSONS ARE HEREBY INFORMED THAT ANY DESCRIPTION SET FORTH HEREIN WITH RESPECT TO U.S. FEDERAL TAX ISSUES WAS NOT INTENDED OR WRITTEN TO BE USED, AND SUCH DESCRIPTION CANNOT BE USED BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING ANY PENALTIES THAT MAY BE IMPOSED ON THE TAXPAYER UNDER THE U.S. INTERNAL REVENUE CODE. ANY SUCH DESCRIPTION WAS WRITTEN TO SUPPORT THE PROMOTION OR MARKETING OF THE CLASS A NOTES. TAXPAYERS SHOULD SEEK ADVICE BASED ON THE TAXPAYER’S PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

Unless otherwise expressly indicated thereon, this material has not been reviewed or approved by any rating agencies or by any regulatory agency.

3 Content

Page . Executive Summary 5 . Transaction Overview 8 . The Dutch Economy and Housing Market 14 . The Dutch Residential Mortgage Market 20 . The Dutch RMBS Market in Perspective 35 . Aegon‟s Residential Mortgage Loan Origination, Underwriting & Servicing 46 . Aegon Highlights 60 . Appendix: Portfolio Stratification Tables 64 . Appendix: Priority of Payments 86

4 Executive summary

5 Highlights of SAECURE 14 NHG

Aegon is pleased to announce the proposed issuance of securities by SAECURE 14 NHG B.V. as Issuer

. The intention is to offer notes under the SAECURE 14 NHG transaction which will comprise notes denominated in EUR . The issue is collateralised by prime Dutch residential mortgage loans originated and serviced by Aegon SAECURE 14 Levensverzekering and Aegon Hypotheken, which are 100% indirect subsidiaries of Aegon N.V. (“Aegon NV”) NHG . Historical performance of Aegon's total residential mortgage loan portfolio has been stable over the last ten years . Aegon is one of the top 5 lenders in the Dutch residential mortgage market . Aegon NV is an international life insurance, pension and asset management company based in The Hague, the Netherlands, with businesses in over twenty markets in the Americas, Europe and Asia

. As of the cut-off date 31st December 2013, the portfolio outstanding net principal balance was approximately EUR 1,502 million, WA Loan to Market Value of approximately 95.1 % and WA Seasoning of 2.54 years . The static portfolio consists of first and sequentially lower ranking secured, owner occupied, Dutch prime residential Prime mortgage loans with a broad geographical diversification quality . The portfolio predominantly consists of fixed rate mortgage loans with long reset periods of typically 10 – 20 years collateral exclusively originated by Aegon Leven and Aegon Hypotheken . “Full doc”1 underwriting in line with the Dutch Code of Conduct with respect to the granting of mortgage loans with a focus on affordability . 100% of the portfolio relates to mortgage loans that have the benefit of the NHG guarantee

1Full document underwriting is underwriting based on all necessary and verified documentation in accordance with Aegon’s underwriting processes and 6 procedures. All documentation is recorded Preliminary capital structure and transaction features

Proposed Note Structure

Credit Series Currency Note Size1 Fitch / S&P WAL2 FORD Coupon until FORD Coupon after FORD Status enhancement 3 Class A1 EUR 22.8 % [AAAsf / AAA(sf)] [2.0]yrs 30th Jan 2019 3m Euribor+ []bps 3m Euribor+ []bps [10]% Offered

Class A2 EUR 68.2% [AAAsf / AAA(sf)] [4.9]yrs 30th Jan 2019 3m Euribor+ []bps 3m Euribor+ []bps [10]% Offered

Class B EUR 4.0% [NR / NR] NA 30th Jan 2019 3m Euribor 3m Euribor [6]% Retained

Class C EUR 5.0% [NR / NR] NA 30th Jan 2019 3m Euribor 3m Euribor [1]% Retained

Total EUR 100%

Class D EUR 1% [NR / NR] NA NA 0% 0% [0]% Retained

Main Features of the Class A1 / A2 Notes4 Transaction Parties

. Application will be made to list the Class A Notes on NYSE Euronext in Amsterdam Arranger: Citibank International plc (Euronext Amsterdam). The other Classes of Notes will not be listed ABN AMRO, BNP Paribas, . The First Notes Payment Date (“NPD”) is on 30 April 20144 and the Final Maturity Managers and BoAML, Citibank International 4 Bookrunners: Date is on 30 January 2092 plc, RBS . The First Optional Redemption Date (“FORD”) is on 30 January 20194; if the Class Cash Advance Facility Bank Nederlandse Gemeenten A1/A2 Notes are not redeemed on the FORD then the margin will double Provider: (AA+/Aaa/AAA) (S/M/F) . Credit enhancement for the Class A1/A2 Notes is provided via subordination Bank Nederlandse Gemeenten 1 Issuer Account Bank: ([9] %), a reserve fund initially funded by the issuance of the Class D Notes (AA+/Aaa/AAA) (S/M/F) ([1]1%), and an annual excess spread of 50 bps (of the Class A – C Notes minus BNP Paribas Swap Counterparty: PDL) provided through the swap (A+/A2/A+) (S/M/F) 1 Expressed as a percentage of the aggregate of the Class A, B and C Notes Deutsche Bank AG 2 Paying Agent and Principal CPR of [5.0]%, no arrears or losses, no further advances and an assumed call on (Amsterdam) (A/A2/A+) the First Optional Redemption Date (“FORD”), WALs in the Preliminary Prospectus Paying Agent: (S/M/F) 3Credit enhancement shown in table does not include excess spread 4NPDs are on the 30th day of each January, April, July & October (Modified Following) until redemption Credit ratings accurate as of 3 March 2014. Refer to rating 7 Note: Investors are pointed towards the risk factors section of the Preliminary Prospectus agency websites for additional detail

Transaction overview

8 SAECURE 14 NHG structure overview

SAECURE 14 NHG transaction structure is typical for Dutch RMBS issues . Dutch Special Purpose Vehicle (“SPV”) owned by an independent foundation („Stichting‟) . Legal title transfer of mortgage loan receivables through silent assignment („stille cessie‟) at closing . Mortgage loan receivables and other rights of the Issuer pledged to the security trustee through pledge agreements . Only receivables from prime Dutch residential mortgage loans originated by Aegon as collateral . No substitution / replenishment2 . Interest rate risk hedged through swap agreement

SAECURE 14 NHG Structure Diagram1 SAECURE 14 NHG Transaction Cash Flow Structure

Stichting Holding Cash Advance Facility Cash Advance Provider (N.V. Bank Account Bank (N.V. SAECURE 14 NHG Swap Counterparty Facility Provider Nederlandse Bank Nederlandse B.V. (BNP Paribas) Gemeenten) Gemeenten) Swap 100% Issuer Account Swap Agreement ownership Agreement Counterparty Account Bank (BNP Paribas) Notes proceeds + Mortgage Seller, Servicer Receivables Note Deferred Purchase Principal and and Sub-Servicer Purchase Agreement Issuer Proceeds Price interest (Aegon SAECURE 14 NHG Noteholders Sellers Issuer B.V. (Aegon Leven / SAECURE 14 NHG Levens- Notes verzekering Servicing Notes Aegon Hypotheken) B.V. Principal and N.V.) Note Proceeds A1 Agreement interest on Parallel Debt A2 Mortgage loans B Transfer of title Trust Deed C to the Mortgage Servicing MortgageReceivables Receivables Agreement Purchase Agreement Seller and Servicer Security Reserve Note Proceeds D (Aegon Trustee Account Hypotheken B.V.) 1Source: Preliminary prospectus 2Except for the addition of further advances subject to the additional purchase conditions including annual cap of [1]% of the aggregate Outstanding Principal 9 Amount of portfolio mortgage loans Structural Features

Principal Priority of Payments . The Notes of each Class rank pari passu without any preference or priority among Notes of the same Class. Payments of principal on the Class A2 Notes are (time) subordinated to, inter alia, payments of principal on the Class A1 Notes.

Reserve Account (non-amortising) . A Reserve Account (funded by the Class D Notes at closing) at [1.0]% of the principal amount outstanding on the Notes (excluding the Class D Notes) on the Closing Date, will be available . The Reserve Account will be replenished in the interest waterfall up to the target level of [1.0]%, if sufficient revenue funds are available

Cash Advance Facility . The maximum facility available amount will be the greater of 1.5% of the principal amount outstanding of the Class A Notes on the relevant calculation date and 1.0 % of the principal amount outstanding of the Class A Notes on the Closing Date . 364-day facility, extendable at the discretion of the cash advance facility provider

Commingling risk . All borrowers pay into the Seller collection account (held at ABN AMRO (A/A2/A+)1 (S/M/F) by means of direct debit on the first business day of each month . On each Mortgage Collection Payment Date2 each Seller will transfer to the Issuer the scheduled amount of principal and interest and an estimated amount of prepaid principal (120% of the previous month‟s prepayments) . Following an Assignment Notification Event3 and expiry of any applicable grace period, the respective Seller undertakes to immediately notify the borrowers, Aegon Leven as the insurance company and any other relevant party, of the assignment of mortgage loans and the beneficiary rights relating thereto whereafter borrowers will make payments directly to the Issuer

Set-off risk . Fitch and S&P have both considered the potential set-off exposure related to life loans4 in determining the credit enhancement levels . Structural features mitigate set-off risk on savings mortgage loans by means of, amongst other things, the participation agreements . Set-off risk applies to 4.9% of loan portfolio at the cut-off date

Source: Preliminary Prospectus 1Credit rating accurate as of 3 March 2014. Refer to rating agency websites for additional detail. 2The 1st day of each calendar month or next succeeding Business Day 3Please refer to the Prospectus for a description of the Assignment Notification Events 4Life Loans include Life Mortgage Loans and Universal Life Mortgage Loans under which no principal is paid until maturity but instead the borrower pays a premium to Aegon Leven on a monthly basis. These insurance premiums are invested by the insurance company in certain investment funds. It is the intention that the Life Loans 10 will be fully or partially repaid by means of the proceeds of the Life Insurance Policies.

Hedging Arrangements

Interest Rate Swap

. To hedge the risk of a difference between the rate of interest to be received by the Issuer on the Mortgage Receivables and the rate of interest payable by the Issuer on the Class A Notes (which float over 3-month Euribor), the Issuer will enter into an interest rate swap agreement with BNP Paribas

. The Issuer will pay to the Swap Counterparty the scheduled interest proceeds from the Mortgage Receivables minus senior expenses and minus 50bps excess spread applied to the EUR principal amount outstanding of Class A – C Notes

. In return, the Swap Counterparty will pay to the Issuer the scheduled interest due on the Class A – C Notes

. If any payment made by the Issuer to the Swap Counterparty is less than the amount due to be paid, then the corresponding payment obligation of the Swap Counterparty shall be reduced by an amount equal to such shortfall. Furthermore, certain corrections will be made for savings and construction mortgage loans

. Payments to the Swap Counterparty rank senior to the Class A Noteholders pre- and post-enforcement1

Source: Preliminary Prospectus 1Excluding swap termination payments which rank subordinate to the Class A Noteholders pre- and post-enforcement where there has been an Event of 11 Default relating to the swap counterparty or an Additional Termination Event in relation to the credit rating of the Swap Counterparty SAECURE 14 NHG portfolio highlights

Selected eligibility criteria

. Borrowers were at the time of origination, residents of the Key Portfolio Characteristics (Provisional Portfolio1) Netherlands and not employed by a Seller or any of its group companies Characteristic Value . First and sequentially lower ranking mortgage loans only Principal balance EUR 1,574,318,425 . At least one (interest) payment has been made prior to the closing date Value of saving deposits EUR 72,617,911 . No bridge loans Net principal balance EUR 1,501,700,514 . Mortgage loan is fully disbursed or is a fully disbursed construction mortgage loan subject only to the related Construction deposits EUR 5,731,892 construction deposit not exceeding 50% of the original outstanding mortgage loan balance Number of loans 8,030 . Both floating and fixed interest rates . Interest payments are scheduled to be paid monthly and in Number of loan parts 15,637 arrear by direct debit . No amounts due were overdue or unpaid at cut off date Average principal balance (borrower) EUR 187,011 . Where compulsory, the mortgage loan has a life insurance or risk Weighted average current interest rate 4.81% insurance policy attached to it . No mortgage loans have a legal maturity beyond 2089 Weighted average maturity (in years) 35.5 . 100% of the portfolio relates to mortgage loans that have the benefit of the NHG guarantee Weighted average seasoning (in years) 2.54 . The aggregate net outstanding principle amount of a mortgage Weighted average LTMV 95.1% loan does not exceed EUR 1,00,000 and does not exceed the maximum loan amount as stipulated in the relevant NHG Weighted average LTMV (indexed) 105.1% conditions2 . The mortgage loans did not exceed 110% weighted average Weighted average LTFV 105.8% original LTMV upon origination Weighted average LTFV (indexed) 116.9%

% NHG 100%

Source: Preliminary Prospectus 1Figures relate to provisional pool which has a cut-off date of 31 December 2013. For more detail please refer to the Stratification Tables in the appendix. 2Before 1 July 2009 the limit for NHG mortgages was EUR 265,000. Between 1 July 2009 and 1 July 2012 the limit increased to EUR 350,000. From 1 July 2012 until 1 July 2013 the limit decreased to EUR 320,000. The current maximum loan amount is EUR 290,000 and is expected to decrease to €265,000 from 1 July 2014 12 onwards. Source: www.rijksoverheid.nl (Official website of the Dutch Government)

WAL and CPR Analysis

Overview CPR . The WAL of the Class A1 and Class A2 Notes, assuming1 Source: Moody‟s Dutch Prime and NHG RMBS Indices and Aegon a CPR of [5.0]% and an Issuer call on the FORD (NPD Investor Reports falling in Jan 20192), is [2.0] years and [5.0] years, SAECURE Series Actual Annualized CPR SAECURE Series Actual Annualized CPR 12 Month Moving Average respectively 25% SAECURE 14 Assumed Annualized CPR Selected Assumptions3 20% . No regulatory call 15%

. Seller clean up call exercised at 10% (where no Issuer 10% call on FORD) . No mortgage loan is sold or required to be repurchased 5%

. No further advances 0% . No debit balance on the PDL 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 . WALs calculated on Actual / 360 basis WAL Sensitivity to CPR and Issuer Call at FORD . Savings and bank savings mortgage loans are assumed to be annuity mortgage loans due to the participation Possible WAL of Possible WAL of Class A1 Notes Class A2 Notes agreements Assuming Assuming Assuming no Assuming no . Linear mortgage loans are assumed to be annuity CPR Issuer call Issuer call Issuer call Issuer call mortgage loans on FORD on FORD . No enforcement notice has been served on the Issuer 2.5% [3.0] years [3.2] years [5.0] years [18.4] years and no Notes Event of Default has occurred 5% [2.0] years [2.0] years [4.9] years [13.4] years 10% [1.1] years [1.1] years [4.5] years [8.1] years Note: Historical performance is not an indicator of future performance which may differ materially Note: The WALs of the notes will be influenced by, among other things, the actual rates of repayment and prepayment of the 15% [0.7] years [0.7] years [4.0] years [5.6] years

mortgage loans. The WALs of the Notes cannot be stated, as the actual rates of repayment and prepayment and a number of 20% [0.5] years [0.5] years [3.5] years [4.2] years other relevant factors are unknown. However, calculations of the possible WALs of the Notes can be made based on certain assumptions, some of which are shown above. Source: Preliminary Prospectus 25% [0.4] years [0.4] years [3.0] years [3.3] years 1 In addition to the assumptions contained within the Preliminary Prospectus 30% [0.4] years [0.4] years [2.6] years [2.7] years 2NPDs are on the 30th day of each January, April, July & October (Modified Following) until redemption 3Please refer to the Preliminary Prospectus for the full set of assumptions

13 The Dutch Economy and Housing Market

14 The Dutch economy

Highlights of the Dutch economy Unemployment rate comparison Source: Eurostat, CPB Source: Eurostat 14% . One of the most stable and open economies in Europe Netherlands UK Eurozone US with one of the highest GDP per capita 12% 12.0%

► Y-o-Y real GDP growth rate is forecasted to be 0.5% in 10% 2014 and nearly 1% in 20151 7,2% 8% ► Unemployment rate at 7.0% as of December 2013 7.0% 6% ► Expected Sovereign debt of 75.6% of GDP and budget 6.7% deficit of 3.3% in 2014 4%

► International trade is key driver of economy and future economic growth 2% 0% 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 Evolution of Y-o-Y real GDP growth rate Trade balance (% of GDP) Source: Eurostat Source: OECD 15 6 Eurozone Netherlands UK US Netherlands UK US Eurozone 4 3.1% 10 11.0% 2.4% 2 1.7% 5 1.2% 0 1.7% 0 -2 -2.2% -5.1% -4 -5

-6 1 -10 1990 1994 1998 2002 2006 2010 2014 1997 1999 2001 2003 2005 2007 2009 2011 2013

Note: Historical performance is not an indicator of future performance which may differ materially 15 12014 and 2015 GDP growth rates are as forecasted by the Dutch Central Bank (DNB) The Dutch economy (cont’d)

Sovereign debt (% of GDP) Deficit (% of GDP) Source: Bloomberg, IMF1 Source: Bloomberg

Netherlands UK Germany France US Netherlands UK Germany France US

115 108.1% 15 105 92.7% 6.7% 95 92.6% 10 6.3% 85 80,4% 4.8% 75 74.5% 5 65 4.1% 55 -0.2% 45 0 35 25 -5 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

Gross national savings2 (% of GDP) 5 Year CDS Sovereign Spread (in USD - bps) Source: Bloomberg, CIA Source: Bloomberg Netherlands UK Germany France US Netherlands UK Germany France US 35 250 30 25.5% 200 25 23.6% 150 55.5 20 18.5% 100 13.8% 40.5 15 27.8 10.8% 50 28 10 26 0 5 2008 2009 2010 2011 2012 2013 2014 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

Note: Historical performance is not an indicator of future performance which may differ materially 1IMF forecast figure for 2013 16 2GNS = GDP – Consumption – Gov Spending Dutch household financials

Overview Source: Eurostat, Dutch Central Bank

. The vast majority of household debt in the Netherlands is residential mortgage debt (EUR 645 bn as at Q3 2013) vs. remaining consumer credit (EUR 25 bn as at Q3 2013) . The incentive for consumers to maximise their mortgage debt (tax incentives) results in relatively high gross debt to income levels compared to other European countries . Dutch household wealth including pension assets far exceeds mortgage debt.

Dutch household debt and wealth composition Gross debt-to-income ratio of households Source: Dutch Central Bank (EUR bn) Source: Eurostat

149 143 149 242% 251% 151 Netherlands 248% 250% Consumer Credit 143 149% 139% Residential Mortgage Debt UK 136% 1059 1017 133% 970 Life Insurance 91% 835 26 88% 743 25 28 27 25 Pension Assets Germany 86% 1 85% Deposits 77% 81% France 82% 615 632 645 651 645 83% 333 344 360 373 380 0% 50% 100% 150% 200% 250% 300%

2009 2010 2011 2012 2009 2010 2011 2012 2013 (Q3)

1 17 Deposits include overnight deposits, deposits with agreed maturity and deposits redeemable at notice The Dutch housing market: Houseprice Index comparison

House price development (2000 values rebased at 100) Source: ECB, S&P/Case-Shiller, Nationwide

300 Netherlands UK Ireland Spain US

250

200 205

157 150 151 127 114 100

50

0 2000 2001 2002 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

. Moody‟s believes “Property prices in the Netherlands will be flat in 2014, with prices outside the Randstad and Zeeland being softer than those in key urban areas”.1

. S&P Expects Dutch house prices to stabilize in the course of 2014. In 2015 the first rise is expected at 2%. Forecasts are based on improving economic conditions, greater fiscal policy certainty, and increased affordability of housing.2

Note: Historical performance is not an indicator of future performance which may differ materially 1Moody’s: “Dutch RMBS: High loan-to-foreclosure values will be key default driver for 2014, but arrears will be relatively low”, 2014 18 2S&P: “Dutch RMBS Index Report Q4 2013: Severe delinquencies edge higher as the economy stabilizes”, 2014 The Dutch housing market: Supply

Supply dynamics Building permits and newly built homes Source: CBS, Ministry of Housing, VROM Source: CBS . Supply in the Dutch housing market is relatively inelastic x 1000 120 Building permit Completed homes ► Limited land available for housing

► Regulations and planning permissions 100

. Construction of new housing is at its lowest level since 80

1952 60

. Construction unlikely to increase in 2014 in view of the 40 low number of building permits issued up to Nov. 2013 20 . In order to reduce the structural housing shortage, the 0 Dutch Ministry of Housing has estimated that at least 80,000 new houses would be required annually

Increase in the Dutch Households Number of inhabitants per dwelling is decreasing Source: CBS Source: CBS x million 2,55 Inhabitants per dwelling 8 Households 2,50

7,5 2,45 2,40 7 2,35 2,30 6,5 2,25

6 2,20 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1996 1998 2000 2002 2004 2006 2008 2010 2012

19 The Dutch Residential Mortgage Market

20 Overview of the Dutch mortgage market

Mortgage debt outstanding Mortgage lending market share in the Netherlands Source: Dutch Central Bank (Q4 2013); Source: Land Registry (Kadaster) total mortgage debt outstanding (LHS) EUR bn EUR bn

year-on-year change (RHS) Rabobank 19,9%

700 60 ING 18,3% 600 50 ABN AMRO 17,6% 500 40 Aegon 10,3%

Obvion 6,5%

Thousands Thousands 400 30 Argenta 5,6% 300 20 Delta Lloyd 3,1% SNS 1,5% 200 10 Westland Utrecht 0,4% 100 0 Other Other 16,7% 0 -10 0% 5% 10% 15% 20% 25% 2007 2008 2009 2010 2011 2012 2013 Dutch Prime RMBS Originators - Market Share Overview of the Dutch mortgage market Source: JPM (1 Jan 2010 – 1 Feb 2014) Source: DNB, Land Registry (Kadaster)

Other Aegon . In Q3 2013, total outstanding residential mortgage debt SNS Bank 7% 10% Total = €62bn 3% in The Netherlands was approx. €645bn . New mortgage lending in Q4 2013 was €11.4bn

ABN Amro . Mortgage originators in The Netherlands include banks, 21% insurance companies and specialized mortgage Obvion originators 30% Achmea Hypotheken . Securitization is a key funding source for Dutch bank mortgage lenders 7% BNP Paribas NIB Capital 3% ING Bank 4% Delta Lloyd NV 14% 2%

21 Key characteristics of the Dutch residential mortgage market

. Predominantly prime, owner occupied Products . Very little buy-to-let, non-conforming and sub-prime . Mostly fixed rate mortgage loans

. Mortgage loans are provided predominantly on the basis of income (LTVs are a less significant basis due to tax incentives) Under . “Full-doc” underwriting, no self certification of income writing . Industry wide credit database (BKR)

Code of . The Code of Conduct aims to encourage lenders to compete on service and price rather than aggressive lending practices Conduct . Affordability calculation assuming 30 year amortizing loan regardless of product and interest rate risk

. The NHG program is the public mortgage loan guarantee scheme supporting home ownership in the Netherlands NHG . Every person in the Netherlands can obtain a guarantee from the Dutch state guaranteed non-profit organization (Stichting WEW) subject to the applicable terms and conditions

. Lenders can repossess and sell properties by public auction without a court order

Framework . Full recourse to the borrower. After foreclosure, any remaining debt remains enforceable until discharged in full . Strong social support and pension system

Source: Aegon 22 Main mortgage products

Interest-only . Interest-only mortgage loans – borrowers do not mortgage make any principal repayments until maturity loans

. Savings mortgage loans – borrowers do not make

any principal repayments but instead make payments into a savings account with an Example of a savings mortgage loan insurance company / bank

2013 € 250.000

. Life mortgage loans – borrowers do not make any

st Build up of linked principal repayments but have an insurance € 200.000

1 savings account

Savings policy, into which they pay a monthly premium, € 150.000 mortgage which is either expected or guaranteed to repay € 100.000 Loan amount at the mortgage loan at maturity loans € 50.000 risk after savings 1 . Investment mortgage loans – borrowers do not AmountLoan account taken

January € 0 make any principal repayments but select an into 0 60 120 180 240 300 360 investment policy, into which they pay a monthly Months consideration premium, which is expected to repay the mortgage loan at maturity

to Prior

. Annuity mortgage loans – fixed monthly Repayment payments

mortgage

2013 January . Linear mortgage loans – principal component loans

comprising an equal, fixed amount each month st

1 After

1 23 The origination of Investment mortgage loans has been discontinued as of December 2010 Mortgage loan structure

Costs @ 4% = 4 Transfer Tax @ 2% = 2 Savings Mortgag e Loan Taxes and other costs Part related to the = 56 Additional property purchase can protection also be funded by the through Required for mortgage loan Annuity disability / property Annuity The total Mortgage term life / purchase Mortgage mortgage loan Loan accidental = 106 Loan may consist of Market = 105 2 death / = 104 2 multiple loan Value household parts Property insurance = 100 policies Interest Only Mortgag e Loan Part = 50 1

Before As per As per LTMV = 106 / 100 = 106% 1-1-2013 1-1-2013 1-1-2014

1As of Aug 2011 a maximum of 50% of market value is allowed to be interest only, remainder needs some form of repayment or capital savings 24 2The maximum allowable LTMV will decrease by 1% per annum to arrive at 100% in 2018 Code of Conduct: Industry self-regulation

Overview of the Code of Conduct Selected Code of Conduct guidelines

. The Code of Conduct is endorsed by Aegon as well as . Detailed affordability calculations

almost all banks, savings banks, mortgage banks, ► Regardless of product type, calculates monthly mortgage loan insurance companies, pension funds and building payments assuming a 30 year annuity loan (no benefit for interest funds in the Netherlands only)

► Self regulation of the industry in consultation with the ► If fixed interest term <10 years, assumes a mortgage loan rate of government 5.00% (Aegon‟s current1 10 year rate for NHG mortgage loans is 4.00%, and 4.75% for non NHG mortgage loans with maximum LTV) ► Originally established in 2001 . The Code of Conduct provides guidelines and best ► References DTI tables from an independent national foundation to determine maximum loan amount practices for the origination of mortgage loans: . LTV ≤ prior to 2013 approx. 106%2, starting January 1st 2013, the ► Transparency, information, suitability of mortgage loans for customer maximum LTV will decrease with 1% per year until the maximum LTV is 100% as of January 1st 2018 ► Underwriting criteria: LTV, affordability . Interest-only part: From August 2011 max 50% of market value, . Ensures that lenders compete on service and price, remainder needs some form of repayment. As per January 1st 2013, rather than aggressive underwriting new mortgage loans must repay according to, or faster than a 30- . The Code of Conduct aims to encourage mortgage year annuity loan to be eligible for tax deductibility of interest lenders to stick to the specified criteria despite payments. Existing mortgage loans will be grandfathered, based on consumer pressure their current fiscal treatment.

Source: Aegon, NVB, GHF, NIBUD, Fitch (EMEA Criteria Addendum Netherlands, March 2011) 1As of 17 January 2014 2On 1 July 2011 the Dutch government reduced the transfer tax from 6% to 2% to encourage housing market activity. This reduced the LTV limit in the Code of 25 Conduct from 110% to 106%. The current LTV limit is 104% as of 1 January 2014. Affordability calculation based on the Code of Conduct

Affordability tables provided by NIBUD For borrowers below 65 years of age . Mortgage lenders closely follow the affordability recommendations provided by Nationaal Instituut Percentage of gross income that can be used for mortgage loan payments voor Budgetvoorlichting (“NIBUD”) Mortgage loan rate ► Independent Dutch foundation 4.001%- 5.001%- ► Promotes the rational planning of family finances Gross Income <=4% 4.5% 4.501%-5% 5.5% >5.5%

► Affordability tables are included in the Code of 19,500 16.5% 17.0% 17.5% 18.0% 18.5% Conduct 20,000 17.5% 18.0% 18.5% 19.0% 19.5% . For each income bracket, the part of the gross 20,500 18.5% 19.0% 19.5% 20.0% 20.5% income that can be paid on a mortgage loan is … … … … … …

calculated 55,000 26.0% 27.0% 28.0% 29.0% 30.0%

► For example, a borrower with a gross income of EUR 58,000 26.5% 27.5% 28.5% 29.5% 30.5% 55,000 and a mortgage loan with an interest rate of 61,000 27.0% 28.0% 29.0% 30.0% 31.0% 4 to 4.5% can use 27.0% of his income on interest … … … … … … and principal repayments (based on a 30 year 75,000 29.5% 30.5% 31.5% 32.5% 33.5% annuity) 77,000 29.5% 31.0% 32.5% 34.0% 35.5% . NIBUD‟s calculations take into account household 79,000 30.0% 31.5% 33.0% 34.5% 36.0% expenditures (e.g. electricity, gas, water, local taxes, … … … … … … telephone/internet, insurances, transport, school 96,000 31.0% 32.5% 34.0% 35.5% 37.0% costs for children), other fixed costs and reservation 31.5% 33.0% 34.5% 36.0% 37.5% expenditure as well as tax aspects of a mortgage 110,000 loan . Lenders can obtain other financial obligations of . Average income 2013: € 33.000 applicants in the national credit register (“BKR”)

Source: Aegon; “Een betaalbare hypotheek, nu en straks.” NIBUD, 2013; NIBUD, Affordability percentages, 2014 26

Detailed income underwriting is typical for Aegon and the Dutch market

Underwriting Process: Stage 1 “Pre-approval” Aegon key documentation requirements (similar to market practice) . Application tested against Aegon‟s standard criteria, databases for credit history and fraud and, where Customer data: necessary, subject to an additional review by a credit . committee ► Extract of credit register (“BKR”) and fraud register (“SFH”) ► Recent pay slip . If successful, the application is “pre-approved” and a ► Employment contract loan offer is issued to the customer, which remains contingent on the provision of the necessary backing ► Affordability calculation documentation ► Banking details for direct debit

► Proof of residence (land registry and deed) Underwriting Process: Stage 2 “Final approval” . Self-employed: . Aegon checks underlying documentation provided by ► Income: avg. net profit of last 3 years with max most recent year borrower ► IB60 form (formal income statement provided by the Dutch Tax Authorities): at least 3 tax returns required . Following final approval, notarial documentation and . Property related: mortgage loan registration can be completed, and the ► Appraisal report, and/or loan can be disbursed on the day the trade of the ► Property tax assessment, and/or property takes place ► Building and purchase contract

Quality control & audit

. Aegon checks the completeness of files and the consistency of documents . Aegon processes integrate a strict four eye principle . Further controls may be made as part of a quality control program to assess the credit risks associated with origination and underwriting . A file sample is typically reviewed by individuals independent from the underwriting team (internal or external )

Source: Aegon; Fitch, “Underwriting Practices and Criteria in the Dutch Mortgage Market” 19 October, 2007 27 Detailed income underwriting typical for the Dutch market (cont’d)

Overview of the national credit register (“BKR”) Source: BKR as of November 2012 . BKR is a non-profit organization which was founded in 1965 by the Dutch finance industry to administer the Central Credit Information System (“CKI”)

► CKI stores data on loans and credit facilities

► BKR informs affiliated organizations on the credit history of consumers

► All of the major Dutch mortgage loan lenders are registered . Lenders can obtain data on a consumer‟s credit history from BKR, including details on credit cards and auto loans . CKI stores data on negative payment events and bankruptcies

► Records remain in the database for 5 years . BKR shares credit histories with the national credit registers of Germany, Italy, Belgium and Austria

28 The social security infrastructure in the Netherlands as of 1 February 2014

. Unemployment Insurance Act . All employees under the age of 65 who meet past service requirements and lose their (WW) job receive unemployment benefits . Sickness Benefits Act (ZW) ► Payable from the first day of unemployment Employee ► One month benefit for every year of employment history (minimum of 3 and maximum of 38 Insurance . Work and Income according to months*) Schemes Labor capacity Act (WIA) ► Unemployment benefit equals 75% of the last-earned salary during first 2 months and 70% during the rest of the unemployment period (with a maximum of 38 months*) . . Employer Pension Plans ► Up to a cap ~ €50,000 per annum

. General Old Age Pensions Act . Usually both basic pension (AOW) and employment pension received (AOW) . AOW: gross annual amount (including holiday allowance) is €14,034 / €9,716 (single/co-habiting per person) as of 1 February 2014 National . Exceptional Medical Expenses Insurance Act (AWBZ) . Employment pension plans are in addition to AOW, and can take various forms, Schemes usually calculated as a percentage of the average or last salary earned over a career . Surviving Dependants Act (ANW) ► Currently most pension plans are defined benefits . AOW is a funded scheme

. Basic medical insurance is a legal obligation and insurers are required by law to accept anyone who registers . Cost of basic insurance is now approx. €100 per month . Healthcare Insurance Act . Covers medical care incl. GP, hospitals, medical specialists, hospital stays, various Other medical appliances and medicines, ambulance transport, paramedical care . Generally medical expenses are covered 100% except there may be deductibles for selected expenses

Sources: Ministerie van Sociale Zaken & Werkgelegenheid, A short survey of Social Security in the Netherlands, July 2011; Uitvoeringsinstituut Werknemersverzekeringen (UWV); Sociale Verzekeringsbank (SVB); Kiesbeter (www.kiesbeter.nl); “Bruggen slaan – Regeerakkoord VVD PVDA” 29 October 2012 * From 1 July 2016 the maximum term of 38 months for unemployment benefit will be gradually reduced to 24 months from 2019 onward. 29 * Pensionable age will be gradually increased from 65 to 67 as of 1 January 2014 Tax incentives are the main reason behind higher LTVs

Double tax incentive for mortgage loan borrowers1 Rational borrower behaviour in the Netherlands: . Maximise amount of the mortgage loan secured on prime residence Mortgage loan Savings . Take out non-amortizing mortgage loans with long maturities interest expense interest income . Accumulate principal in savings, investment or insurance policies Tax system is a key driver of mortgage loan Income on savings/ Interest on the mortgage characteristics: insurance / investment loan on a borrower‟s policies used to repay . High average LTV levels, before taking into account the related savings, residence is deducted “interest-only” mortgage investment or insurance policies from taxable income loans is tax free . Significant collateral in insurance contracts vs. scheduled redemptions . Long mortgage loan terms The Dutch tax incentives in perspective

. This type of tax deduction has been in effect in one form or another since 1893. Some changes have been made in the last years: . Reduction of the tax benefit by permitting tax deductibility only for the first 30 years of the mortgage loan term . Interest payable on equity extracted in a refinancing is not deductible . In June 2011 the government reduced the transaction tax from 6% to 2% to encourage activity in the housing market. . In addition, the budget for 2013 as agreed upon by the coalition in October 2012 contains some additional provisions that will affect the interest deductibility, as further described on the next slide Due to tax incentives, Dutch lenders put greater emphasis on strict income underwriting than on LTV ratios. As of January 2013, the maximum LTV for new mortgage loans is decreasing by 1% p.a. 100% in 2018. In 2014 the maximum LTV is 104%

1 30 Tax incentives remain in place for existing mortgages under modified government policy Source: Aegon Recent policy developments impacting the housing

Tax deductibility

► New mortgages originated after January 1st 2013 only benefit from tax deductibility if they are fully amortizing

► For existing and new mortgage loans from 2014 the maximum deduction rate will be reduced from 52% to 42%, in steps of a half percent per year

► The problem of residual debt remaining after property sales will be effectively tackled by making interest payments on residual debt temporarily tax-deductible (for a maximum of ten years)

Mortgage lending policies

► The favourable loan facility for starters of the Stichting Volkshuisvesting Nederland (Dutch Foundation for Housing ) was expanded to EUR 100 million

► From 1 January 2013 for new mortgages only amortizing loans are eligible for NHG

► Maximum LTV allowance is 104% in 2014 will be decreased by steps of 1% per year to 100% in 2018

► Penalty free prepayment up to the current WOZ-valuation (from November 1st 2013 to January 1st 2015)

Relevant tax code amendments

► Property transfer tax will be kept at the reduced level of 2%

► The top bracket income tax will be lowered from 52% to 49,5%

► From 2018 in small steps over a 21 year period

► The 42% bracket will be lowered to 38%

► Lowering in small steps starting in 2018 until 2042

► One-off tax-free donation cap raised from €51,407 to €100,000 (can only be used for purchase or rebuilding of house or prepayment of mortgage)

► Donations now also eligible for others than own children (donation changes applicable from October 1st 2013 to January 1st 2015)

31 Sources: Aegon Leven, www.rijksoverheid.nl Mortgage loan foreclosures in the Netherlands

. In the fourth quarter of 2013 the number of foreclosures amounted to 554 compared to 669 in the same period in 2012 . There were 1,863 forced sales in 2013 (≈ 0.046% of total dwellings) compared to 2,488 forced sales in 2012 (≈ 0.061% of total dwellings) . In its preliminary annual results for 2013 NHG states that 65% foreclosures were divorce-related and 17% were driven by unemployment

Property foreclosures Source: Land Registry, CBS

600 Number of properties foreclosed per month (LHS) % of total number of dwellings (RHS) 0,0200%

500 0,0150% 400

300 0,0100%

200 0,0050% 100

0 0,0000% 2005 2006 2007 2008 2009 2010 2011 2012 2013

32 The NHG mortgage loan guarantee

. NHG (Nationale Hypotheek Garantie) refers to the public mortgage loan insurance scheme supporting home ownership in the Netherlands . Every person in the Netherlands can obtain a guarantee from the Stichting WEW, a Dutch state guaranteed non-profit organization, for a mortgage loan amount of up to €290,0001,2 relating to a residential house purchase of up to €273,585

► Guarantee coverage: Mortgage loans originated prior to 31 December 2010 are 50% guaranteed by the Dutch state and 50% by the municipalities. Those originated as of 1 January 2011 are 100% guaranteed by the Dutch state

► Cost: up-front payment of 100bps of the loan amount as of 1 January 2014

► Interest rate discount: approx. 10 to 60bps p.a. depending on LTV

► Since 1 January 2013 NHG is only available for amortizing mortgage loans

NHG ► For those loan parts originated as of 1 January 2014, the originator is accountable for 10% of the realized loss. Guarantee & . The mortgage loan lender is responsible for ensuring that the guarantee application meets NHG conditions conditions ► If the NHG conditions are not satisfied, the lender may not be fully covered by the guarantee

► The NHG guarantee is based on an annuity amortization profile (30 year term) . The NHG scheme has specific rules for the level of credit risk that will be accepted

► The creditworthiness of the applicant must be verified with the National Credit Register (BKR) . If accepted, the Stichting WEW registers the mortgage loan and establishes the guarantee . The digitalised underwriting process is beneficial to the WEW claim acceptance rate . NHG loans predominantly originated since the start of the economic crisis, 80% of origination in first half of 2013 vs. 54% in 2008 . In 2013 a total of 85,200 buyers have used the NHG mortgage loan guarantee. Within the € 290,000 limit more than 90% of buyers have bought with NHG guarantee . In 2013 the capital base of the NHG guarantee decreased by € 8 million to € 778 million. This was in line with expectations Stichting WEW . Moody‟s and Fitch have assigned Stichting WEW a Aaa/AAA rating3

1For comparison, average house price in The Netherlands is € 215,388 Source: Land registry as of December 2013 2The €290,000 limit is in place since 1 July 2013 and will be reduced to €265,000 as of July 1st 2014 and to €225,000 as of 2016 (expected) 33 3Credit rating accurate as of 3 March 2014

NHG triggers, requirements and foreclosure process

NHG Guarantee Triggers: Income test run -Unemployment Gather recent Compare maximum (according to NHG -Divorce income data cost of living with Conditions) -Disability for work current cost of living

Decision NHG

Borrower can stay in current house and is able to bear costs

Remission or restructuring (part) of loan, so borrower can stay in current house and is able to bear costs.* Private sale: minimum proceeds of 95% of the appraised value (market value)

Start sales process Sales process

Auction: approval from NHG needed, no minimum proceeds required

34 * On a case by case basis Aegon uses Budget Coaches in order to manage / reduce arrears or losses The Dutch RMBS Market in Perspective

35 The Dutch RMBS market

Overview Source: Moody’s, AFME and JP Morgan . One of the main primary issuance investment opportunities within the European securitization market . AAA rated Dutch RMBS spreads have shown a fair degree of stability between July 2010 and December 2012, but have been tightening since the beginning of 2013 due to limited supply . Asset performance has remained strong through the credit crisis

► Cumulative net loss rates of Dutch NHG RMBS for Q3 2013 remain low at approx. 2bps. For Dutch prime RMBS this was 9bps.

► Dutch NHG RMBS recorded a 60+ day delinquency rate in October 2013 at 65bps versus 97bps for Dutch prime RMBS . CPRs have fallen from pre-crisis average of approx. 17% (‟06) to approx. 4.1% in September 2013 compared to UK RMBS where CPRs have fallen from pre-crisis of approx. 36% (‟06) to approx. 17.4% in August 2013

Generic AAA ABS market spreads Source: JP Morgan

,450 ,400 Dutch RMBS AAA FL 5 Yr UK RMBS AAA Euro FL 5 Yr ,350 ,300 ,250 ,200 ,150 ,100 74bps ,50 55bps - jan-07 jul-07 jan-08 jul-08 jan-09 jul-09 jan-10 jul-10 jan-11 jul-11 jan-12 jul-12 jan-13 jul-13 jan-14

36 Historical performance is not an indicator of future performance and may differ materially Performance comparison of Dutch RMBS

60+ day Delinquencies Moody’s Outlook for Dutch RMBS* Source: Moody‟s, Dutch Prime and NHG RMBS Indices, Source: Moody‟s, Dutch Prime and NHG RMBS Indices, September 2013, Moody‟s, UK Prime RMBS Indices, August September 2013 2013 and Moody‟s, Jumbo Mortgage Credit Indexes, May 2013 . Moody's collateral outlook for Dutch RMBS is stable

. 60+ day delinquencies of prime RMBS showed an increase from 0.76% in September 2012 to 0.97% in September 2013. For NHG RMBS the index increased from 0.48% to 10.73% 0.65% . The cumulative defaults index for prime RMBS showed an increase from 0.35% in September 2012 to 0.37% in September 2013. For NHG RMBS it increased from 0.15% 0.28% . The cumulative losses index for prime RMBS remained stable, widening slightly to 0.09% in September 2013 from 2.52% 0.07% in September 2012. For NHG RMBS it increased from 0.01% to 0.02% 0.97%

* Numbers based on Dutch Prime and NHG RMBS Indices Historical performance is not an indicator of future performance and may differ materially. Market characteristics may differ materially between jurisdictions and statistical data across markets may not be entirely comparable. 37

Prime RMBS Cumulative Losses

Cumulative Losses (bps)

Dutch Prime UK Prime US Prime Typical annual excess spread p.a. in Dutch RMBS 225

200 200

175

150

125

100

75

50 50 43 25 9 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: Aegon; Moody’s, Dutch Prime and NHG RMBS Indices, September 2013, Moody’s, UK Prime RMBS Indices, August 2013 and Moody’s, Jumbo Mortgage Credit Indexes, May 2013 Note: Historical performance is not an indicator of future performance and may differ materially. Market characteristics may differ materially between jurisdictions and 38 statistical data across markets may not be entirely comparable Prepayment rates

. Dutch prepayments are relatively insensitive to interest rates Prepayment rates due to high prepayment penalties: Source: Moody‟s, Dutch Prime and NHG RMBS Indices, September

► Annual partial prepayments are typically only possible up to 10% 2013, Moody‟s, UK Prime RMBS Indices, August 2013 and Moody‟s, of outstanding principal amount without penalty; Jumbo Mortgage Credit Indexes, May 2013 ► The prepayment penalties are set at levels that compensate the 80% lender for the loss of interest income; Dutch Prime (CPR) UK Prime (TRR) 70% ► The penalty is generally equal to the PV of the interest rate US Prime (CPR) differential over (1) the time to maturity of the loan or (2) the 60% time to the next interest rate reset date . Prepayment without prepayment penalty is possible under 50% special circumstances: 40%

► When the property is sold; 30% ► If the property is destroyed; 23.1% 20% ► When the borrower has deceased; 17.4%

► At an interest-reset date 10% 4.1% ► For the loan balance in excess of the WOZ value of the property 0% (temporary arrangement from November 1st 2013 to January 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1st 2015) . Because of the historically low mortgage loan interest rates, the Dutch mortgage loans increasingly have longer fixed interest rate periods (>10 years)

Source: Aegon Historical performance is not an indicator of future performance and may differ materially. Market characteristics may differ materially between 39 jurisdictions and statistical data across markets may not be entirely comparable

Transactions comparison: Selected publicly placed Dutch and UK RMBS

Item Dutch RMBS UK RMBS SAECURE SAECURE SAECURE SAECURE Storm Dolphin Storm Storm Dutch Brass 3 Albion 2 Lanark Deal name 14 13 12 11 2014–I 2013-2 2013-IV 2013-III MBS XVIII 2013-1 Closing date [Mar-14] Mar-13 Dec-12 May-12 Feb-14 Oct-13 Sep-13 May-13 Feb-13 Oct-13 Jul-13 Jun-13 Originator Aegon Aegon Aegon Aegon Obvion ABN Amro Obvion Obvion NIBC Yorkshire BS Leeds BS Clydesdale

Portfolio stratification Avg. current (market) LTV 95,1% 92.5% 84.5% 81.5% 95.1% 72,8% 85,6% 85.5% 75.5% 70.2% 66.73% 62.0% % IO 35.7% 36.9% 47.4% 49.9% 57.8% 54,9% 59,9% 62.5% 62.4% 37.3% 19.38% 31.3% % fixed interest 96.7% 98.3% 91.7% 91.9% 91.3% 95,2% 89,1% 88.6% 83.5% 61.2% 67.93% 31.8% % in arrears 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.75% % self employed 0.0% 0.0% 3.5% 6.5% 5.7% 4.5% 6.8% 5.2% 7.0% 5.4% 14.07% 10.1% Max regional 21.0% 20.8% 19.2% 18.6% 20.5% 27.1% 20.3% 19.7% 21.3% 56.3% 26.88% 24.2% concentration Zuid- Zuid- Zuid- Zuid- Noord- Zuid- Noord- Noord- Zuid- South East South East Yorks/ Holland Holland Holland Holland Brabant Holland Brabant Brabant Holland Humb % NHG 100% 100% 62% 45% 32.8% 0.0% 33.2% 32.7% 7.5% Portfolio data Original balance (in mln) € 1,502 € 1,233 € 1,468 € 721 € 1,064 € 29,928 € 745 € 1,170 € 526 £1,209 £326 £3,727 Average loan (borrower) € 187,011 € 191,172 € 193,464 € 193,974 € 191,608 € 185,945 € 199,410 € 196,850 € 164,583 £191,045 £133,971 £95,383

WA interest rate 4.8% 4.8% 4.8% 5.0% 4.43% 4.7% 4.5% 4.4% 4.8% 3.5% 3.58% 3.66 Avg seasoning (yrs) 2.5 1.73 2.9 3.3 4.3 7.6 3.9 4.1 9.1 1.6 1.17 3.8 Avg time to maturity in 35.5 40.8 41.1 40.5 23.7 20.9 23.8 23.7 20.1 21.7 22.54 16.76 yrs Final Legal Maturity Date Dec-89 Nov-93 Jul-92 Oct-89 Mar-49 Sep-99 Oct-53 Aug-53 Feb-45 Apr-51 Mar-56 Dec-54

Credit enhancement AAA subordination 9.0% 8.9% 7.00% 7.50% 6.00% 7.00% 6,00% 6.00% 5.03% 9.75% 8% 14.00% Reserve fund 1.0% 1.0% 3.00% 1.00% 1.00% 1.10% 1.00% 1.00% 0.51% 2.70% 3% 3.29% Total Credit enhancement 10.0% 9.9% 10.00% 8.50% 7.00% 8.10% 7.00% 6.00% 5.54% 12.45% 11% 17.29% Excess spread margin 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 1.20% 2% 1.66%

Source: Prospectuses 40 Selected Dutch RMBS – Spreads at issuance – WAL ~ 2 years

Spreads at issuance – Transactions with WAL ~ 2 years Source: Prospectuses

130 Arena 2011-II

Dutch MBS BV XVI STORM 2011-IV STORM 2012-1 110Arena BV 2011-1 STORM 2012-2

Orange Lion 2011-6 SAECURE 10 Phedina 2011-1 STORM 2012-3 90 STORM BV 2011-III Dutch MPL IX DMPL X STORM 2012-4

DUTCH MBS XVII 70 HERMES 18 Arena 12-I SAECURE 12

50 STORM 2013-I STORM 2013-IV STORM 2013-II

SAECURE 13 NHG 30 2011 2012 2013 2014

41 Selected Dutch RMBS – Spreads at issuance – WAL ~ 5 years

Spreads at issuance – Transactions with WAL ~ 5 years Source: Prospectuses 190

170 Dutch MBS BV XVI Arena 2011-II STORM 2012-3 STORM 2011-IV STORM 2012-1 150 Orange Lion 2011-6 DMPL X STORM 2012-2 Dutch MPL IX SAECURE 10 SAECURE 11 130 Phedina 2011-1 HERMES 18 STORM 2012-4 STORM 2011-III Dolphin 12-II SAECURE 12 STORM 2012-5 Orange Lion 2013-8 110 Arena 2012-I Lunet 2013-1

Strong 2011-1 STORM 2013-IV 90 Storm 2014-1 Phedina 2013-I STORM 2013-I Dolphin 2013-I Storm 2013-II Storm 2013-III SAECURE 13 NHG 70 2011 2012 2013 2014 2015

42 Outstanding net balance of SAECURE RMBS transactions

10 SAECURE 1* SAECURE 2* SAECURE 3* SAECURE 4* SAECURE 5*

SAECURE 6* SAECURE 7 SAECURE 8 NHG SAECURE 9 SAECURE 10 9 SAECURE 11 SAECURE 12 SAECURE 13 NHG

8

7

6

5

EUR (Billions)EUR 4

3

2

1

0 2006 2007 2008 2009 2010 2011 2012 2013

* Repaid at FORD Note: Historical Performance is not an indicator of future performance which may vary materially 43 Source: Investor Reports SAECURE transactions Performance of SAECURE RMBS transactions

Overview Arrears (>=2months) across all SAECURE transactions Source: Investor Reports, (bps of curr. balance) (2006 – 2013) . Current arrears performance of outstanding SAECURE 3,0 2 <= 3 monthly payments 3 <= 4 monthly payments transactions is very strong 4 <= 6 monthly payments > 6 monthly payments . Investors are referred to the Prospectus of each transaction for initial portfolio details 2,0 . The portfolios securitised in prior SAECURE transactions are representative of Aegon‟s total portfolio of mortgage loans 1,0 . Due to an increased private sales period the arrears amount in the 6 months bucket is increasing, while the number of arrears in this bucket is showing a slight increase 0,0 2006 2007 2008 2009 2010 2011 2012 2013

Arrears across all SAECURE transactions Source: Investor Reports (December 2013)

Total arrears amount (in bps of net SAECURE SAECURE SAECURE SAECURE SAECURE SAECURE SAECURE SAECURE SAECURE SAECURE SAECURE SAECURE SAECURE current balance) 13 NHG 12 11 10 9 8 NHG 7 6 NHG 5 4 3 2 1

<= 1 monthly payment 0.2 0.2 0.1 0.3 0.4 0.2 0.2 0.3 0.7 1.4 0.6 0.7 0.6

1 <= 2 monthly payments 0.1 0.2 0.1 0.2 0.2 0.1 0.3 0.3 0.5 1.1 0.7 0.4 0.1

2 <= 3 monthly payments 0.1 0.2 0.1 0.2 0.2 0.2 0.3 0.2 0.5 1.0 0.6 0.4 0.1

3 <= 4 monthly payments 0.1 0.1 0.3 0.2 0.3 0.2 0.2 0.2 0.2 0.5 0.5 0.4 -

4 <= 6 monthly payments 0.1 0.3 - 0.2 0.5 0.5 0.4 0.4 0.3 0.6 0.5 1.0 0.2

> 6 monthly payments 0.1 0.3 0.5 1.8 1.4 1.3 2.1 1.5 1.9 0.9 0.5 0.6 -

Total arrears amount 0.7 1.3 1.1 3.0 3.0 2.6 3.4 3.0 4.1 5.4 3.4 3.5 0.9 Total Portfolio (net principal) (in mln €) 1,204 1,398 672 1,379 729 1,233 908 1,176 397 333 453 375 350 Note: Historical performance is not an indicator of future performance which may differ materially Note: Percentages shown in the table are rounded to 2 decimal places. As such, the total arrears percentage may appear to be below or above the sum of all arrears buckets Note: SAECURE 1 – 6 called at respective FORDs. Values shown in the table above for these transactions are as of FORD 44 Note: SAECURE 7, 8, 9, 10, 11, 12 and 13 as of end of 2013 Performance of SAECURE RMBS transactions (cont’d)

No. of defaulted loans across all SAECURE transactions Recovery Source: Investor Reports (2006 – 2013) . Recovery Rate on NHG RMBS (SAECURE 6, 8 and 70 13) improved from 93% at the end of 2012 to 96% 60 at the end of 20131 39 50 . Recovery Rate on other RMBS (SAECURE 7,9 10,11 and 12) improved from 81% at the end of 2012 to 40 83% at the end of 2013 30 . The average loss per mortgage loan for both NHG 41 29 30 and non-NHG in 2012 was EUR 38,000 vs. EUR 20 26 17 35 17 33 26,500 in 2013. These are the average losses 10 before submitting a claim to NHG or similar 15 13 7 7 9 8 recovered amounts 0 2006 2007 2008 2009 2010 2011 2012 2013 NHG RMBS RMBS (non 100% NHG)

Loss statistics across all SAECURE transactions Loss statistics across all NHG SAECURE transactions Source: Investor Reports (2006 – 2013) Source: Investor Reports (2006 – 2013)

Saecure - Net losses Saecure - Net losses (100% NHG RMBS) Outstanding net Total net losses Total net Outstanding net Total net losses Total net balance (EUR (EUR mln) losses (bps of balance (EUR (EUR mln) losses (bps of Year mln) net balance) Year mln) net balance) 2006 5,463 1.51 2.76 2006 2,000 - - 2007 4,339 1.61 3.71 2007 1,905 0.10 0.54 2008 3,714 1.37 3.68 2008 1,748 0.12 0.68 2009 3,356 1.18 3.51 2009 1,590 0.08 0.53 2010 6,148 1.91 3.11 2010 2,916 0.05 0.18 2011 6,580 0.90 1.37 2011 2,727 0.03 0.12 2012 6,532 1.14 1.74 2012 2,559 0.19 0.75 2013 7,523 1.50 1.99 2013 2,437 0.06 0.24 Note: Historical performance is not an indicator of future performance which may differ materially 1SAECURE 6 called at 27 august 2013. Recovery rates for Saecure 6 are based on end of July 2013 figures 45 Aegon’s Residential Mortgage Loan Origination, Underwriting & Servicing

46 Aegon NL organization

. Aegon NL consists of Business Lines: Business Line Life & Mortgages, Business Line Pension and Business Line Non-Life. . Aegon Business Line Life Insurance, the servicer of the mortgage loans, has a team of 140 people (121 FTE) located in Leeuwarden (91 front office and 30 back office)

Aegon NL management structure (simplified) Aegon Business Line Life - management structure*

Aegon NL Aegon Business Line Life & Mortgages

Mortgage Lending Staff

Applications Business Line Business Line Business Line Servicedesk and Servicing 1 Servicing 2 Life & Mortgages Pension Non-Life Underwriting

* Also simplified: Only department of Mortgage Lending is represented here.

47 Source: Aegon Aegon NL mortgage lending organization

Marketing NL Sales BL Life Financial Services

Product development Distribution and Sales Application processing Distribution partners Accepting and monitoring Marketing department Sales department Credit assessment and new brokers and processing department distribution partners

Debt collection Service unit Registration of loans

Arrears management

Administration loans Commercial administration Early Late arrears arrears

Foreclosure processing Foreclosures department

48 Source: Aegon Aegon NL mortgage lending organization (cont’d)

. Aegon NL has two entities for its mortgage lending business, Aegon Hypotheken and Aegon Leven, which offer its mortgage loans under the “Aegon” brand name mainly to Dutch citizens with collateral only in the Netherlands

► As of the 1st of April 2011 all newly originated mortgage loans are underwritten by Aegon Hypotheken B.V., a 100% subsidiary of Aegon Nederland N.V.

► Aegon Hypotheken B.V. has outsourced all origination and servicing activities to Aegon Leven. Aegon Hypotheken is fully embedded in Aegon‟s global risk- and capital management framework

► The mortgage lending business is a powerful cross-selling tool for life insurance products. With approx. 40% of all sold mortgage loans, Aegon also sells an insurance product

. All mortgage loans are sold through intermediaries

► Only professional regional and national parties who adhere to Aegon‟s strict standards and requirements are used as intermediaries

► The advantage of using intermediaries is to increase the market range and use parties who have strong regional knowledge. Aegon uses a wide range of intermediaries (self-owned as well as other independent financial advisors). All underwriting activities are performed by Aegon NL

► As of 1 January 2013, new legislation is in force. Unlike before, intermediaries are no longer allowed to receive commissions from the underwriter, instead they will have to charge their fees directly to the client

► Mortgages are not sold “On-line” but underwriting process at Aegon has been digitalized which lead to efficient internal and client process. Application for withdrawal of construction deposits can be done online. Clients pay their monthly mortgage by “direct debit”

49 Source: Aegon Aegon NL mortgage lending organization (cont’d)

. The mortgage loans are widely distributed over the whole of the Netherlands and are also well diversified by borrower age

► Aegon has defined the following as its key target groups for the sale of mortgage loans: young customers buying their first home (<35 years), customers moving to another home, customers staying in their current home (refinancing and increased mortgage loans) and to a lesser degree senior citizens

► Interest rate arrangements range from 1-month for floating rate mortgage loans to up to 30 years for fixed rate mortgage loans

. Due to its long history in secured funding, Aegon has good access to funding markets

. All mortgage related processes are periodically reviewed and are regularly audited (including SOX compliance)

50 Source: Aegon Successful Dutch mortgage loan operation

. The mortgage lending business offers Aegon substantial Mortgage loan portfolio cross-selling opportunities and synergies Source: Aegon (2006 – 2013)

► Cross-selling of life-insurance products

► Natural investment for the life insurance book of Aegon Non NHG Mortgage Loans (LHS) . Aegon NL‟s portfolio of prime residential mortgage loans (% of NHG Mortgage Loans (LHS) amounted to €24.5bn at the end of the fourth quarter total Outstanding SAECURE securitization program at year-end (RHS)* book) 2013 (€ bn) . In 2013, Aegon increased their portfolio by €2.3bn 25 50% through a combination of new mortgage loans and lower 20 40% prepayment levels 15 30% . Aegon was very successful in minimizing its lending losses 10 20% and had a loss rate of 1.99bps across all SAECURE transactions in 2013 5 10%

► Evidence of its strict arrears and collection procedures 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 ► The recovery rate on defaulted loans as per ultimo 2013 is 1 *SAECURE 6 was repaid at FORD (August 2013) and is not included in the outstanding 96% for NHG RMBS (SAECURE 6, 8 and 13) and 83% on all SAECURE programm at end of 2013. other RMBS (non 100% NHG)

. 2013 „Gouden Spreekbuis Award‟ . 2013 Nominee for Dutch Securitization Award 2013 . 2012 Performance Award Mortgages and „Zilveren Spreekbuis Award‟ . 2011 Aegon „Hypotheekproduct 2011 Award‟ . 2009 „Gouden Spreekbuis Award‟ and the Performance Award Source: Aegon 1 51 SAECURE 6 called at 27 august 2013. Recovery rates for Saecure 6 are based on end of July 2013 figures Residential mortgage loan production

. Aegon‟s customers are increasingly switching to (longer Aegon mortgage loan part production – term) fixed interest rates (especially 10-year interest reset by interest reset period terms) due to the low absolute long term interest rates and Source: Aegon (%) January 2013 – December 2013 uncertainty in the economic situation

. 70% of Dutch borrowers take out mortgage loans with interest reset periods in excess of 5 years (source: Aegon)

. Aegon customers are even more risk-averse: > 90% have opted for interest reset dates in excess of 5 years

. Aegon customers can repay without penalty up to the current WOZ valuation of the property. This option is available November 1st 2013 until January 1st 2015

. For Aegon, all mortgage loans are originated via intermediaries Aegon mortgage loan part production – by product type . However, all underwriting decisions are made by Aegon‟s Source: Aegon (%) January 2013 – December 2013 underwriting team based in Leeuwarden

52 Source: Aegon Aegon underwriting process

. Aegon has a robust underwriting process that allows it to make lending decisions on a timely basis

. Integrated and efficient approach from proposal to disbursement of the mortgage loan, including origination and administration of supplementary insurance products

. The underwriting process at Aegon has been digitalised, which leads to efficient internal and client processes

Underwriting Servicing

Aegon Aegon Aegon Aegon Mortgage broker front office mid office back office 1 back office 2

. Preparation of . Reviewing of . Receipt of signed . Receipt of signed . Handling of proposals proposals proposals deeds mortgage loan . Preparation and . Verification of docs . Transferring changes sending of (customer ID etc) mortgage loans to . Insurance policy proposals . Sending the back office changes documents to the system . 98% of all notary . Transferring customers pay via Process . Receiving insurance policies direct debit and preliminary deeds to the back office 2% by bank & settlements system transfer . Verification of documents . Transfer of money

. Cycle time is max . Cycle time is max . Cycle time is . Cycle time is Cycle times 2 days 5 days 5 days 5 days

53 Source: Aegon

Underwriting criteria & credit process

. Underwriting criteria based on Code of Conduct criteria

. Credit searches with BKR (National Credit Register) and SFH (Fraud Register) Borrower

. Owner occupied properties . Mandatory valuation of the property . Mandatory damage and fire insurance

. Additional forms of collateral: life insurance and equity portfolios

Collateral

. Underwriting criteria based on Code of Conduct criteria (LTVs, DTIs etc)

. Mortgage loans with life insurance policies attached are priced more competitively (cross-selling) Loan

. Aegon Leven‟s underwriting team consists of 46 professionals. 25% of the team have more than 10 years experience . Strict lending limits apply to the 5 authorisation levels (e.g. underwriter with average experience = €400,000 limit) . Underwriting of loans exceeding €700,000 have to be approved by a senior underwriter and a member of the management team together . Approximately 20% of applications are declined immediately, the most common reasons for rejections include bad credit references (BKR) and high loan to income ratios (Aegon Leven follows National Budgeting Institute guidelines for income) . Aegon Leven‟s average acceptance rate on loan applications is approximately 66%

54 Source: Aegon Underwriting criteria

. Before 1 April 2011 all mortgage loan origination was done out of Aegon Leven. As of 1 April 2011 all origination is done by Aegon Hypotheken B.V., a 100% subsidiary of Aegon NL . All borrowers must meet Aegon‟s lending criteria which largely focus on collateral and income . The approval to lend outside the automatically accepted lending criteria may be granted on a loan-by-loan basis subject to senior underwriter approval . Majority of mortgage loan acceptances on income criteria are via the system . Additionally, Aegon endorses the underwriting criteria set out by the Dutch Code of Conduct . The explain ratio for Aegon is less than 5% . Aegon has well defined limits and criteria to whom and under what conditions Aegon can lend to its customers:

► Since 2009 LTVs cannot exceed 109%

► Since 2011 LTVs cannot exceed 106%

► Since 2014 LTV‟s cannot exceed 104%

► Standard CHF criteria state that borrowers cannot borrow more than 4.5x their gross salary. Explain cases are capped at 6.5x gross salary

► Only residential mortgage loans

► If certain LTFV thresholds are exceeded, life insurance is compulsory

► Aegon has the first lien on property with a recourse to the borrower or recourse to NHG

► Since August 2011 the Interest-only part is capped at 50% of market value, remainder needs some form of repayment. This was already applicable for NHG mortgages. . Aegon has an automatic valuation system (only for existing mortgage loans). Aegon revaluates the borrower‟s property with the NBWO system to improve their position in Aegon‟s LTFV buckets. At this moment revaluation is done in case of renewal of contracts in the <90% LTFV and <125% LTFV buckets, which results in better retention (currently a retention rate of 87%)

55 Source: Aegon Changes in Aegon underwriting criteria

2008 - Discontinued Aegon KredietHypotheek (Credit mortgage loan)

2009 - LTV cannot exceed 109%

2010 - Discontinued Aegon BeleggingsHypotheek (Investment mortgage loan)

2011 - LTV cannot exceed 106% (entire market) - Introduction Aegon BankspaarHypotheek (Bank savings mortgage loan) - Interest-only part is capped at 50% of market value, remainder needs some form of repayment

2012 - Legal maturity date for Interest only mortgages set at max 30 years, used to be the day the owner turned 100 - Discontinued mortgages for recreational homes

2013 - LTV cannot exceed 105% - Prepayment without penalty for the loan balance in excess of the WOZ value of the property (temporary arrangement from November 1st 2013 to January 1st 2015)

2014 - LTV cannot exceed 104% - Existing IO mortgages can be transferred up to a maximum of 50% IO - Residual debt after sale of property can be co-financed. Only for existing Aegon customers and under current underwriting criteria

56 Source: Aegon Focus on foreclosure in the Netherlands1

Foreclosure Further recourse to other wealth including salary . A mortgage loan lender can repossess and . Full recourse to the borrower

sell a property by public auction without ► After foreclosure, any remaining debt remains enforceable until discharged court order in full

► A lender only needs to adhere to appropriate notice ► A lender can attach to the borrower’s salary simply by informing the periods and have process run by a public notary employer via bailiff

► In insolvency, the maximum stay that a court can . In insolvency, a debt rescheduling for private individuals (“Wsnp”) can impose is 4 months (court can still allow limit recoveries after repossession repossession during this period) ► Covers a period of 3 years, may be extended to 5 years. A court may at the ► If a lender wants to proceed by private sale rather end render remaining debt unenforceable (“clean sheet”) than auction, the consent of the court needs to be ► In AEGON’s experience, Wsnp and personal insolvencies are rare in the requested Netherlands due to the onerous requirements

AEGON’s collection procedures Stage 5: Day 120 Action: Entire loan declared immediately due and payable a) Induce a final attempt for voluntary payment Stage 1: Day 15 Stage 3: Day 60 b) Allow time for drafting of legal documents Stage 7: Post Sale Action: Automatic reminder Action: Telephone collection list c) Begin foreclosure process Action: Post sale review

Days in Arrears 6 Months

60 120

Stage 2: Day 45 Stage 4: Day 90 Action: Formal written demand Action: Urgent arrears list Stage 6: Foreclosure Process Continued on next page Action: Repossession and sale

Source: AEGON 1 57 For non-NHG loans; for NHG loans, a lender first seeks to obtain payment (up to EUR 320,000) under the guarantee Repossession & sale process in the Netherlands

Continued from previous page

Stage 5c Stage 6 Stage 7 Action to receive payment Sale process Up to 1 Year¹ Post-sale

Letter of lien of salary Third party guarantor

Bailiff appointed Yes Successful Joint voluntary sale to collect any remaining debts² Borrower cooperation Unsuccessful Private sale decision

Foreclosure Notary Sale type Auction No begins appointed decision

Source: Aegon ¹This is the average total time from the first missed payment until the actual foreclosure date 58 ²The bailiff works on a no cure no pay arrangement. Extra expenses incurred are added to the default amount as are penalty interests Set-off risk in the Dutch market

Savings and insurance vehicles: general remark . A Dutch mortgage loan lender can access the linked savings, investment or insurance products in case a borrower defaults

► No discretion on the part of the borrower to divert funds

Potential set-off by the borrower & mitigants Source: Moody‟s, Updated Methodology for Set-Off in Dutch RMBS, 12 November 2009 and Fitch, EMEA Criteria Addendum – Netherlands, 8 March 2011

. If the insurance company providing the borrower with the insurance policy becomes insolvent, it is possible that the borrower may set-off the value of his or her policy against the outstanding amount of the mortgage loan (insurance set- off) Insurance . The risk does not arise in respect of savings products which can form part of an insurance mortgage loan (see below) mortgage loans . All rating agencies model the potential set off risk arising from insurance linked mortgage loans . Each transaction will be analysed individually, taking into account the loss severity (e.g. capital under insurance policy and recoveries) and the probability of default (e.g. probability of default of the insurance company and the likelihood of set off by a borrower)

. Savings mortgage loans and Investment Mortgage loans could theoretically also lead to borrower set off, however this risk Savings is generally mitigated in Dutch RMBS mortgage loans ► For savings mortgage loans, a sub-participation agreement is entered into which allows to transfer the borrowers‟ monthly savings and Investment payments from the insurance company to the SPV mortgage loans ► For Investment mortgage loans, the general set up is that the borrower is investing through a bankruptcy remote securities account

. Savings/current accounts held by the borrower with the Seller: usually covered in Dutch RMBS by cash reserve

Other set-off ► Not relevant for Aegon as no deposits taken considerations . Construction deposits: usually covered in Dutch RMBS by cash reserve

59 Source: Aegon Aegon Highlights

60 Aegon

Underlying earnings before tax by geography* . Aegon is an international life insurance, pensions and asset Source: Aegon management company based in The Hague

. Aegon has businesses in over 20 markets in the Americas,

Europe and Asia . Aegon companies employ over 26,500 people and have millions of customers across the globe . Aegon generated underlying earnings before tax of EUR 1,945 million in 2013 . Aegon N.V. owns 100% of Aegon Nederland N.V. (“Aegon NL”), which owns 100% of Aegon Levensverzekering N.V. and 100% of Aegon Hypotheken B.V.

Underlying earnings before tax by line of business* Aegon N.V. credit ratings Source: Aegon Source: S&P, Moody’s and Fitch

Rating Long-term Short-term agency Rating Outlook Rating

S&P A- Stable A-2 2013 ** Moody’s A3 Stable P-2

Fitch A Negative F1

Aegon NV issuer credit ratings accurate as of 3 March 2014

Source: Aegon * Excludes negative contribution from Holdings and Other activities 61 ** Non-life earnings EUR -20mln, therefore not visible in diagram

Aegon at a glance

Over 26,500

PENSIONS EMPLOYEES1 Life ASSET MANAGEMENT insurance +20 markets THROUGHOUT THE AMERICAS, EUROPE AND ASIA

Underlying earnings Revenue-generating before tax in 2013 investments

EUR EUR 1.9 billion 475 billion1

62 1) As per December 31, 2013 Aegon Netherlands N.V. (“Aegon NL”)

Underlying earnings before tax . Aegon NL is wholly owned by Aegon N.V. and a core member of the Source: Aegon Aegon group . Aegon NL offers a wide range of financial products and services to EUR millions 2013 its clients, including pensions, insurance (life and non-life), Life and Savings 243 mortgage loans, savings and investment products Pensions 111 . Beginning April 1, 2011 all newly originated mortgage loans are Non-life (20) underwritten by Aegon Hypotheken B.V., a 100% subsidiary of Aegon Netherlands N.V.; mortgage loan servicing will continue to Distribution 18 be performed by Aegon Leven Share in underlying earnings before tax of associates 2 . In 2013, Aegon NL represented 17% of Aegon‟s total underlying Underlying earnings before tax 355 earnings before tax . Aegon Leven has a AA- (Stable) IFSR from Standard & Poor‟s**

Aegon NL as a % of Aegon Source: Aegon, FY 2013 Simplified Aegon NL Structure Aegon NL Other Entities

Employees 17% 83% Aegon N.V.

Market consistent VNB 27% 73% 100%

Sales 5% 95% Aegon Netherlands N.V.

Underlying earnings before tax* 17% 83% 100% 100% 100% 100%

Aegon Aegon Levens- Aegon Schade- Aegon Bank N.V. 0% 20% 40% 60% 80% 100% Hypotheken B.V. verzekering N.V. verzekering N.V. Source: Aegon * Excludes negative contribution from Holdings and Other activities 63 ** Credit ratings accurate as of 3 March 2014. Refer to rating agency websites for additional detail. Appendix: Provisional Stratification Tables

64 Portfolio stratification

Key Characteristics

Notes 1. All totals and balances included in the stratification tables are based on net principal balance (i.e. net As per reporting date of value of saving deposits).

Principal balance 1,574,318,425 2. The weighted average coupon is based on current interest rate of the Loan Part, weighted by the net Value of saving deposits 72,617,911 principal balance. Net principal balance 1,501,700,514 3. The weighted average maturity (in years) is based on the legal maturity date of the Loan Part and the cut-off date, weighted by the net principal balance. Construction deposits 5,731,892 4. The weighted average seasoning (in years) is based on the origination date of the Loan Part and the Net principal balance excl. construction and saving deposits 1,495,968,622 Cut-Off Date, weighted by the net principal balance. Number of loans 8,030 5. The weighted average LTMV is based on the „net principal balance‟ for each Mortgage Loan divided by Number of loanparts 15,637 the „Market Value‟ upon origination of the Mortgage Loan‟, weighted by the net principal balance.

Average principal balance (borrower) 187,011 6. The weighted average LTMV (indexed) is based on the „net principal balance‟ for each Mortgage Loan Weighted average current interest rate 4.81 divided by the „Indexed Market Value‟ upon origination of the Mortgage Loan‟, weighted by the net principal balance. The Indexation is based on data from the Land Registry as per December 2013. Weighted average Remaining Fixed Rate Period (in years) 17.99 7. The weighted average LTFV is based on the „net principal balance‟ for each Mortgage Loan divided by Weighted average maturity (in years) 35.5 the „Foreclosure Value‟ upon origination of the Mortgage Loan, weighted by the net principal balance.

Weighted average seasoning (in years) 2.54 8. The weighted average LTFV (indexed) is based on the „net principal balance‟ for each loan divided by Weighted average LTMV 95.1% the „Indexed Foreclosure Value‟ upon origination of the Mortgage Loan, weighted by the net principal balance. The Indexation is based on data from the Land Registry as per December 2013. Weighted average LTMV (indexed) 105.1% 9. The Loan-to-Foreclosure-Value of most loans is based on the foreclosure value upon origination of the Weighted average LTFV 105.8% Mortgage Loans except for a few Mortgage Loans which have been revaluated on a later date. Such a Weighted averageLTFV (indexed) 116.9% revaluation has exclusively been made in respect of Mortgage Loans which have been increased or decreased and has been based on the foreclosure value upon the day of the alteration.

Source: AEGON 65 Note: All values in the following stratification tables are as a percentage of current outstanding net balance Portfolio stratification (cont’d)

Redemption type

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Description Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

Annuity 55,934,216 3.7% 596 3.8% 4.62 28.2 95.7%

Bank Savings 496,136,531 33.0% 4,372 28.0% 4.94 26.9 98.0%

Interest Only 535,846,356 35.7% 6,820 43.6% 4.60 53.1 93.4%

Investments 2,042,712 0.1% 18 0.1% 4.16 22.5 88.5%

Life Insurance 73,018,875 4.9% 681 4.4% 4.72 22.2 89.6%

Linear 1,220,200 0.1% 14 0.1% 4.34 28.6 89.4%

Savings 337,501,625 22.5% 3,136 20.1% 5.04 24.6 94.9%

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

Outstanding loan amount Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV

< 25,000 ------

25,000 50,000 50,000 - 1 0.0% 4.95 28.8 23.0%

50,000 75,000 7,013,115 0.5% 109 1.4% 4.39 32.1 50.5%

75,000 100,000 27,042,671 1.8% 302 3.8% 4.70 31.2 71.4%

100,000 150,000 222,734,888 14.8% 1,729 21.5% 4.79 33.0 86.8%

150,000 200,000 477,143,319 31.8% 2,716 33.8% 4.84 34.8 95.2%

200,000 250,000 472,820,067 31.5% 2,123 26.4% 4.85 36.5 97.9%

250,000 300,000 213,513,261 14.2% 791 9.9% 4.78 37.0 99.7%

300,000 350,000 81,383,192 5.4% 259 3.2% 4.73 38.6 101.8%

350,000 400,000 ------

400,000 450,000 ------

450,000 500,000 ------Weighted Average 187,011

500,000 > ------Minimum 50,000

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1% Maximum 343,675

66 Portfolio stratification (cont’d)

Origination year Seasoning

Aggregate Weighted Weighted Weighted Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Outstanding % of Nr of % of Average Average Average From ( >= ) Until ( < ) Not. Amount Total Loanparts Total Coupon Maturity CLTOMV From ( >= ) Until ( < ) Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

< 1995 ------< 1 year 53,960,262 3.6% 502 3.2% 4.40 29.8 96.0%

1995 1996 ------1 year 2 years 792,098,114 52.8% 7,898 50.5% 4.79 31.6 96.8%

1996 1997 ------2 years 3 years 265,828,890 17.7% 2,737 17.5% 4.81 42.3 95.4%

1997 1998 ------3 years 4 years 95,671,734 6.4% 1,008 6.5% 4.66 41.9 94.5% 1998 1999 ------4 years 5 years 89,271,215 5.9% 993 6.4% 5.50 40.9 95.1% 1999 2000 ------5 years 6 years 74,552,504 5.0% 849 5.4% 5.26 40.6 92.9% 2000 2001 ------6 years 7 years 64,505,455 4.3% 770 4.9% 4.72 38.1 89.9% 2001 2002 ------7 years 8 years 51,860,088 3.5% 692 4.4% 4.34 35.7 82.1% 2002 2003 ------8 years 9 years 13,714,994 0.9% 184 1.2% 4.27 33.6 81.0% 2003 2004 ------9 years 10 years 237,257 0.0% 4 0.0% 4.34 38.0 100.7% 2004 2005 ------10 years 11 years ------2005 2006 12,676,233 0.8% 172 1.1% 4.30 33.9 81.1% 11 years 12 years ------2006 2007 45,639,572 3.0% 608 3.9% 4.31 35.3 81.2% 12 years 13 years ------2007 2008 66,618,731 4.4% 810 5.2% 4.66 37.8 89.3% 13 years 14 years ------2008 2009 77,800,033 5.2% 886 5.7% 5.24 40.6 92.9% 14 years 15 years ------2009 2010 86,867,736 5.8% 969 6.2% 5.50 41.0 95.1%

2010 2011 81,925,922 5.5% 865 5.5% 4.72 41.8 93.9% 15 years 16 years ------

2011 2012 283,568,213 18.9% 2,919 18.7% 4.80 42.3 95.5% 16 years 17 years ------

2012 2013 792,132,440 52.8% 7,902 50.5% 4.79 31.6 96.8% 17 years 18 years ------

2013 2014 54,471,633 3.6% 506 3.2% 4.40 30.0 96.0% 18 years 19 years ------

2014 2015 ------19 years 20 years ------

2015 2016 ------20 years > ------

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1% Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

Weighted Average - Weighted Average 2.5

Minimum 2005 Minimum 0.1

Maximum 2013 Maximum 9.0

* Seasoning is defined as the period between the date of origination of the Loan Part and the Cut-Off part 67 Portfolio stratification (cont’d)

Legal maturity

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( >= ) Until ( < ) Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

< 2015 17,596 - 2 0.0% 2.49 0.7 95.6%

2015 2020 266,060 0.0% 11 0.1% 4.59 5.3 75.8%

2020 2025 2,552,232 0.2% 62 0.4% 4.84 8.9 74.4%

2025 2030 19,064,954 1.3% 322 2.1% 4.87 14.1 76.9%

2030 2035 118,666,335 7.9% 1,303 8.3% 4.99 18.9 88.2%

2035 2040 224,980,875 15.0% 2,168 13.9% 5.04 23.6 94.0%

2040 2045 763,722,388 50.9% 7,037 45.0% 4.77 28.5 97.9%

2045 2050 1,535,558 0.1% 16 0.1% 4.24 33.5 39.8%

2050 2055 3,381,509 0.2% 46 0.3% 4.36 38.7 55.1%

2055 2060 9,093,236 0.6% 120 0.8% 4.31 43.6 72.1%

2060 2065 20,170,962 1.3% 269 1.7% 4.59 48.7 81.9%

2065 2070 33,960,652 2.3% 451 2.9% 4.63 53.7 88.5%

2070 2075 50,674,047 3.4% 661 4.2% 4.68 58.5 92.8%

2075 2080 68,187,497 4.5% 872 5.6% 4.71 63.7 95.1%

2080 2085 107,340,887 7.2% 1,339 8.6% 4.77 68.5 96.8%

2085 2090 78,085,726 5.2% 958 6.1% 4.78 73.1 98.3%

2090 2095 ------Weighted Average -

2095 2100 ------Minimum 2014

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1% Maximum 2089

68 Portfolio stratification (cont’d)

Remaining tenor

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( >= ) Until ( < ) Not. Amount Total Loanparts Total Coupon Maturity CLTOMV < 1 year 17,596 - 2 0.0% 2.49 0.7 95.6% 1 year 2 years ------2 years 3 years ------3 years 4 years 32,264 - 3 0.0% 3.91 3.5 89.8% 4 years 5 years 28,696 - 2 0.0% 4.62 4.8 49.8% 5 years 6 years 205,100 0.0% 6 0.0% 4.69 5.6 77.2% 6 years 7 years 128,732 0.0% 6 0.0% 4.62 6.6 74.6% 7 years 8 years 520,542 0.0% 13 0.1% 4.61 7.5 73.2% 8 years 9 years 839,116 0.1% 21 0.1% 4.83 8.6 76.1% 9 years 10 years 398,109 0.0% 10 0.1% 5.00 9.5 82.4% 10 years 11 years 665,734 0.0% 12 0.1% 4.99 10.4 68.5% 11 years 12 years 1,111,588 0.1% 18 0.1% 4.75 11.5 76.6% 12 years 13 years 2,270,735 0.2% 35 0.2% 4.52 12.6 70.9% 13 years 14 years 6,271,541 0.4% 127 0.8% 4.96 13.7 72.6% 14 years 15 years 3,725,971 0.3% 61 0.4% 4.84 14.5 77.2% 15 years 16 years 5,685,119 0.4% 81 0.5% 4.97 15.5 83.9% 16 years 17 years 7,444,263 0.5% 104 0.7% 4.89 16.6 82.3% 17 years 18 years 19,470,550 1.3% 219 1.4% 4.99 17.4 87.8% 18 years 19 years 46,066,541 3.1% 505 3.2% 4.93 18.7 85.7% 19 years 20 years 21,081,309 1.4% 236 1.5% 5.01 19.5 91.0% 20 years 21 years 24,603,672 1.6% 239 1.5% 5.09 20.5 92.5% 21 years 22 years 31,739,937 2.1% 324 2.1% 4.90 21.5 93.6% 22 years 23 years 42,922,396 2.9% 425 2.7% 4.70 22.5 93.3% 23 years 24 years 56,453,623 3.8% 537 3.4% 4.87 23.5 93.5% 24 years 25 years 47,752,929 3.2% 457 2.9% 5.24 24.5 93.7% 25 years 26 years 46,111,990 3.1% 425 2.7% 5.47 25.5 95.7% 26 years 27 years 34,707,107 2.3% 301 1.9% 4.94 26.6 95.5% 27 years 28 years 106,159,187 7.1% 931 6.0% 4.88 27.3 96.9% 28 years 29 years 576,072,441 38.4% 5,393 34.5% 4.77 28.7 98.3% 29 years 30 years 46,660,560 3.1% 410 2.6% 4.39 29.5 96.9% 30 years 40 years 4,037,611 0.3% 49 0.3% 4.36 36.1 48.8% 40 years 50 years 25,372,608 1.7% 337 2.2% 4.47 46.2 76.7% 50 years 60 years 79,103,628 5.3% 1,031 6.6% 4.65 55.7 90.5% 60 years 70 years 163,615,824 10.9% 2,085 13.3% 4.73 65.7 95.6% 70 years 80 years 100,423,497 6.7% 1,232 7.9% 4.79 72.5 98.2% Weighted Average 35.5 80 years 90 years ------Minimum 0.6 90 years > ------Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1% Maximum 75.9

* The Remaining Tenor is defined as the period between the Cut-Off Date and the legal maturity date of the Loan Part 69 Portfolio stratification (cont’d)

Original loan to original foreclosure value

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV

Unknown 0% ------

< 10% ------

10% 20% 55,000 - 1 0.0% 4.30 49.1 17.7%

20% 30% 1,260,996 0.1% 15 0.2% 4.28 40.8 22.1%

30% 40% 4,347,270 0.3% 48 0.6% 4.09 33.8 31.0%

40% 50% 7,820,110 0.5% 76 1.0% 4.15 33.6 39.6%

50% 60% 14,657,460 1.0% 123 1.5% 4.16 32.4 46.9%

60% 70% 18,038,710 1.2% 151 1.9% 4.52 29.9 55.3%

70% 80% 26,045,705 1.7% 191 2.4% 4.65 30.5 63.2%

80% 90% 48,187,099 3.2% 316 3.9% 4.65 31.6 73.0%

90% 100% 86,794,546 5.8% 555 6.9% 4.72 32.0 81.6%

100% 110% 117,594,624 7.8% 652 8.1% 4.72 32.5 90.2%

110% 120% 792,145,030 52.8% 3,923 48.9% 4.85 37.6 98.7%

120% 130% 384,753,965 25.6% 1,979 24.7% 4.88 34.3 103.1%

130% 140% ------

140% 150% ------Weighted Average 111.9%

150% > ------Minimum 19.6%

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1% Maximum 130.0%

* Original Loan to Original Foreclosure Value is defined as: Original Principle Amount / Original Foreclosure Value 70 Portfolio stratification (cont’d)

Current loan to original foreclosure value

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV

Unknown 0% ------

< 10% ------

10% 20% 232,488 0.0% 4 0.1% 4.71 25.1 17.6%

20% 30% 1,787,476 0.1% 22 0.3% 4.24 40.9 22.8%

30% 40% 5,498,849 0.4% 59 0.7% 4.15 32.6 32.4%

40% 50% 11,364,012 0.8% 106 1.3% 4.29 31.8 41.4%

50% 60% 17,894,327 1.2% 154 1.9% 4.33 32.1 49.9%

60% 70% 26,621,905 1.8% 206 2.6% 4.60 29.5 58.6%

70% 80% 38,800,041 2.6% 267 3.3% 4.71 30.6 68.1%

80% 90% 77,247,080 5.1% 489 6.1% 4.74 32.3 77.0%

90% 100% 151,436,305 10.1% 876 10.9% 4.85 34.2 85.9%

100% 110% 420,609,906 28.0% 2,131 26.5% 4.91 38.3 95.3%

110% 120% 627,708,147 41.8% 3,087 38.4% 4.81 35.9 102.9%

120% 130% 122,499,978 8.2% 629 7.8% 4.74 31.7 109.6%

130% 140% ------

140% 150% ------Weighted Average 105.8%

150% > ------Minimum 19.1%

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1% Maximum 128.5%

* Current Loan to Original Foreclosure Value is defined as: (Outstanding Principle Amount – Total Savings Amount) / Original Foreclosure Value 71 Portfolio stratification (cont’d)

Current loan to indexed(1) foreclosure value

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV

Unknown 0% ------

< 10% ------

10% 20% ------

20% 30% 1,397,406 0.1% 18 0.2% 4.32 38.3 20.7%

30% 40% 3,919,418 0.3% 44 0.6% 4.13 32.7 30.1%

40% 50% 7,660,197 0.5% 73 0.9% 4.24 30.8 38.4%

50% 60% 14,533,146 1.0% 131 1.6% 4.29 31.5 46.2%

60% 70% 21,054,305 1.4% 173 2.2% 4.47 30.4 54.5%

70% 80% 26,122,957 1.7% 189 2.4% 4.69 29.8 62.6%

80% 90% 42,349,296 2.8% 290 3.6% 4.74 29.9 71.5%

90% 100% 78,314,416 5.2% 495 6.2% 4.70 31.7 79.5%

100% 110% 121,809,062 8.1% 702 8.7% 4.77 32.5 87.2%

110% 120% 304,219,147 20.3% 1,537 19.1% 4.81 33.6 96.2%

120% 130% 677,566,787 45.1% 3,375 42.0% 4.83 36.7 101.8%

130% 140% 202,754,377 13.5% 1,003 12.5% 4.98 40.6 103.0%

140% 150% ------Weighted Average 116.9%

150% > ------Minimum 21.7%

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1% Maximum 135.0%

* Current Loan to Original Foreclosure Value is defined as: (Outstanding Principle Amount – Total Savings Amount) / Original Foreclosure Value ** Indexed Foreclosure Value is defined as: Original Foreclosure Value * Index *** Index is based on Land Registry data up to and including December 2013 72 (1) Indexation is based on figures from the Land registry as of December 2013 Portfolio stratification (cont’d)

Original loan to original market value

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV

Unknown 0% ------

< 10% ------

10% 20% 277,018 0.0% 3 0.0% 4.42 51.3 19.1%

20% 30% 1,859,230 0.1% 21 0.3% 4.04 36.7 25.2%

30% 40% 6,231,901 0.4% 66 0.8% 4.21 33.8 34.3%

40% 50% 12,565,883 0.8% 116 1.4% 4.08 32.6 43.1%

50% 60% 18,547,369 1.2% 154 1.9% 4.38 30.6 52.4%

60% 70% 25,364,148 1.7% 193 2.4% 4.61 30.9 60.8%

70% 80% 48,473,232 3.2% 321 4.0% 4.65 31.1 71.4%

80% 90% 96,848,840 6.5% 619 7.7% 4.71 32.0 81.4%

90% 100% 173,715,000 11.6% 939 11.7% 4.79 34.4 91.6%

100% 110% 924,663,721 61.6% 4,596 57.2% 4.85 36.9 99.7%

110% 120% 193,154,172 12.9% 1,002 12.5% 4.91 34.3 103.9%

120% 130% ------

130% 140% ------

140% 150% ------Weighted Average 100.6%

150% > ------Minimum 17.7%

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1% Maximum 117.0%

* Original Loan to Original Market Value is defined as: Original Principal Amount / Original Market Value 73 ** The Original Market Value is defined as Original Foreclosure Value / 0.9 Portfolio stratification (cont’d)

Current loan to original market value

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV

Unknown 0% ------

< 10% ------

10% 20% 667,227 0.0% 9 0.1% 4.50 34.9 18.6%

20% 30% 2,918,975 0.2% 33 0.4% 4.02 37.0 26.8%

30% 40% 7,558,737 0.5% 79 1.0% 4.24 32.8 36.0%

40% 50% 16,113,275 1.1% 144 1.8% 4.28 31.6 45.3%

50% 60% 27,032,332 1.8% 218 2.7% 4.51 30.1 55.3%

60% 70% 37,430,765 2.5% 266 3.3% 4.72 30.5 65.6%

70% 80% 76,229,534 5.1% 483 6.0% 4.72 32.1 75.7%

80% 90% 164,954,098 11.0% 963 12.0% 4.84 34.0 85.6%

90% 100% 527,017,883 35.1% 2,634 32.8% 4.89 38.7 96.2%

100% 110% 596,813,679 39.7% 2,973 37.0% 4.80 34.6 104.3%

110% 120% 44,964,009 3.0% 228 2.8% 4.73 31.9 111.4%

120% 130% ------

130% 140% ------

140% 150% ------Weighted Average 95.1%

150% > ------Minimum 17.2%

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1% Maximum 115.7%

* Current Loan to Original Market Value is defined as: (Outstanding Principal Amount – Total Savings Amount) / Original Market Value 74 ** The Original Market Value is defined as Original Foreclosure Value / 0.9 Portfolio stratification (cont’d)

Current loan to indexed(1) market value

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV

Unknown 0% ------

< 10% ------

10% 20% 51,658 - 1 0.0% 5.60 12.7 17.2%

20% 30% 1,709,611 0.1% 22 0.3% 4.25 39.0 21.8%

30% 40% 6,362,786 0.4% 68 0.9% 4.13 31.6 32.7%

40% 50% 12,307,273 0.8% 115 1.4% 4.25 31.0 42.5%

50% 60% 20,501,001 1.4% 171 2.1% 4.40 31.0 51.6%

60% 70% 26,730,002 1.8% 205 2.6% 4.64 29.8 60.1%

70% 80% 43,030,983 2.9% 294 3.7% 4.74 29.9 70.3%

80% 90% 86,235,785 5.7% 546 6.8% 4.70 31.5 79.2%

90% 100% 146,517,301 9.8% 835 10.4% 4.76 32.2 88.3%

100% 110% 402,220,828 26.8% 2,035 25.3% 4.81 34.0 97.7%

110% 120% 701,669,654 46.7% 3,467 43.2% 4.86 37.9 102.2%

120% 130% 54,363,633 3.6% 271 3.4% 5.09 41.6 102.9%

130% 140% ------

140% 150% ------Weighted Average 105.1%

150% > ------Minimum 19.5%

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1% Maximum 121.5%

(1) Indexation is based on figures from the Land registry as of December 2013 75 Portfolio stratification (cont’d)

Loanpart coupon (interest rate bucket)

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

Unknown 0.00% ------

< 0.50% ------

0.50% 1.00% ------

1.00% 1.50% ------

1.50% 2.00% ------

2.00% 2.50% 47,674,239 3.2% 642 4.1% 2.28 41.4 85.4%

2.50% 3.00% 917,557 0.1% 13 0.1% 3.00 28.2 97.0%

3.00% 3.50% 543,039 0.0% 13 0.1% 3.23 25.7 89.7%

3.50% 4.00% 25,267,293 1.7% 288 1.8% 3.93 30.9 91.5%

4.00% 4.50% 205,361,235 13.7% 2,351 15.0% 4.37 39.6 93.1%

4.50% 5.00% 730,249,421 48.6% 7,430 47.5% 4.80 35.6 97.1%

5.00% 5.50% 386,662,222 25.8% 3,839 24.6% 5.22 33.9 94.4%

5.50% 6.00% 103,906,108 6.9% 1,048 6.7% 5.69 32.0 93.9%

6.00% 6.50% 1,078,248 0.1% 12 0.1% 6.24 21.1 88.5% Weighted Average 4.8

7.00% > 41,152 - 1 0.0% 7.10 5.5 57.0% Minimum 2.1

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1% Maximum 7.1

76 Portfolio stratification (cont’d)

Remaining interest rate fixed period

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( >= ) Until ( < ) Not. Amount Total Loanparts Total Coupon Maturity CLTOMV < 1 year 52,785,233 3.5% 724 4.6% 2.43 40.5 85.7% 1 year 2 years 4,060,386 0.3% 61 0.4% 4.05 32.9 82.0% 2 years 3 years 11,178,820 0.7% 149 1.0% 4.28 37.8 86.8% 3 years 4 years 11,217,134 0.8% 166 1.1% 4.35 33.0 89.4% 4 years 5 years 9,244,697 0.6% 120 0.8% 4.66 40.8 94.1% 5 years 6 years 8,182,981 0.5% 113 0.7% 4.71 37.4 95.5% 6 years 7 years 18,110,735 1.2% 209 1.3% 4.50 42.0 93.7% 7 years 8 years 112,545,444 7.5% 1,218 7.8% 4.77 43.0 95.4% 8 years 9 years 118,388,355 7.9% 1,303 8.3% 4.62 31.6 97.4% 9 years 10 years 17,471,253 1.2% 182 1.2% 4.31 30.9 95.4% 10 years 11 years 625,313 0.0% 14 0.1% 5.31 33.4 75.6% 11 years 12 years 1,024,278 0.1% 15 0.1% 4.92 16.1 67.4% 12 years 13 years 19,940,749 1.3% 264 1.7% 4.51 35.1 79.9% 13 years 14 years 36,600,461 2.4% 481 3.1% 4.77 30.0 86.1% 14 years 15 years 8,797,639 0.6% 103 0.7% 5.06 33.7 90.8% 15 years 16 years 4,966,272 0.3% 65 0.4% 5.37 19.3 90.3% 16 years 17 years 32,884,556 2.2% 347 2.2% 4.67 38.7 93.9% 17 years 18 years 140,191,727 9.3% 1,369 8.8% 4.88 40.5 95.5% 18 years 19 years 343,833,094 22.9% 3,393 21.7% 4.86 31.3 97.0% 19 years 20 years 33,837,677 2.3% 322 2.1% 4.63 27.9 94.3% 20 years 21 years 10,232,373 0.7% 100 0.6% 5.46 24.1 92.4% 21 years 22 years 7,233,464 0.5% 73 0.5% 5.44 23.4 92.8% 22 years 23 years 24,961,240 1.7% 300 1.9% 4.63 35.1 87.0% 23 years 24 years 55,256,837 3.7% 619 4.0% 4.82 38.3 92.8% 24 years 25 years 64,139,174 4.3% 727 4.7% 5.27 42.4 93.4% 25 years 26 years 66,758,503 4.5% 718 4.6% 5.58 43.4 95.5% 26 years 27 years 24,379,855 1.6% 229 1.5% 5.37 42.2 95.5% 27 years 28 years 14,541,715 1.0% 130 0.8% 5.34 41.1 95.5% 28 years 29 years 236,655,582 15.8% 2,039 13.0% 5.09 33.1 99.3% Weighted Average 18.0 29 years 30 years 11,654,968 0.8% 84 0.5% 4.80 32.1 97.5% Minimum - 30 years > ------Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1% Maximum 29.6

* The Remaining Interest Rate Fixed Period is defined as the period between the Cut-Off Date and the interest reset date of the Loan Part 77 Portfolio stratification (cont’d)

Interest payment type

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Description Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

Fixed 1,452,771,302 96.7% 14,973 95.8% 4.90 35.3 95.5%

Floating 48,929,212 3.3% 664 4.3% 2.30 41.1 85.6%

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

Property description

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Property Not. Amount Total Loans Total Coupon Maturity CLTOMV

Apartment 195,915,014 13.1% 1,291 16.1% 4.78 34.6 94.8%

House 1,305,785,500 87.0% 6,739 83.9% 4.82 35.7 95.2%

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1%

78 Portfolio stratification (cont’d)

Geographical distribution (by province)

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Province Not. Amount Total Loans Total Coupon Maturity CLTOMV

Brabant 216,474,304 14.4% 1,091 13.6% 4.81 35.2 93.9%

Drenthe 38,197,044 2.5% 213 2.7% 4.73 37.2 95.2%

Flevoland 32,389,950 2.2% 184 2.3% 4.69 36.5 95.5%

Friesland 36,846,924 2.5% 221 2.8% 4.65 36.4 91.7%

Gelderland 185,145,914 12.3% 960 12.0% 4.79 36.8 95.3%

Groningen 59,194,956 3.9% 370 4.6% 4.76 35.3 94.9%

Limburg 119,622,256 8.0% 688 8.6% 4.93 34.9 95.7%

Noord-Holland 186,880,957 12.4% 963 12.0% 4.79 34.3 95.5%

Overijssel 148,281,391 9.9% 776 9.7% 4.80 37.6 95.7%

Utrecht 100,294,394 6.7% 492 6.1% 4.79 35.2 94.4%

Zeeland 63,749,361 4.3% 383 4.8% 4.92 34.2 96.1%

Zuid-Holland 314,623,063 21.0% 1,689 21.0% 4.85 34.9 95.6%

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1%

79 Portfolio stratification (cont’d)

Geographical distribution (by economic region)

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Economic region Not. Amount Total Loans Total Coupon Maturity CLTOMV NL111 - Oost-Groningen 14,367,245 1.0% 94 1.2% 4.70 36.5 96.3% NL112 - Delfzijl en omgeving 2,619,791 0.2% 19 0.2% 4.74 35.7 96.6% NL113 - Overig Groningen 39,666,064 2.6% 242 3.0% 4.80 34.9 94.6% NL121 - Noord-Friesland 21,401,252 1.4% 135 1.7% 4.66 35.1 90.7% NL122 - Zuidwest-Friesland 4,801,308 0.3% 27 0.3% 4.89 38.1 93.2% NL123 - Zuidoost-Friesland 10,994,760 0.7% 61 0.8% 4.52 38.2 92.6% NL131 - Noord-Drenthe 17,470,006 1.2% 99 1.2% 4.87 37.0 94.6% NL132 - Zuidoost-Drenthe 11,048,709 0.7% 64 0.8% 4.53 35.1 96.4% NL133 - Zuidwest-Drenthe 11,677,066 0.8% 62 0.8% 4.65 39.0 94.6% NL211 - Noord-Overijssel 58,885,484 3.9% 298 3.7% 4.81 37.8 95.5% NL212 - Zuidwest-Overijssel 24,633,286 1.6% 125 1.6% 4.83 36.4 94.8% NL213 - Twente 64,955,344 4.3% 354 4.4% 4.78 38.0 96.3% NL221 - Veluwe 65,876,784 4.4% 323 4.0% 4.78 37.0 94.9% NL224 - Zuidwest-Gelderland 14,874,250 1.0% 75 0.9% 4.81 36.4 96.0% NL225 - Achterhoek 39,658,139 2.6% 222 2.8% 4.76 35.9 95.4% NL226 - Arnhem/Nijmegen 65,447,370 4.4% 343 4.3% 4.82 37.3 95.4% NL230 - Flevoland 32,389,950 2.2% 184 2.3% 4.69 36.5 95.5% NL310 - Utrecht 99,393,391 6.6% 488 6.1% 4.79 35.3 94.4% NL321 - Kop van Noord-Holland 27,164,904 1.8% 143 1.8% 4.86 35.8 95.3% NL322 - Alkmaar en omgeving 26,232,174 1.8% 135 1.7% 4.86 34.0 95.8% NL323 - IJmond 20,532,070 1.4% 102 1.3% 4.72 34.9 98.3% NL324 - Agglomeratie Haarlem 12,466,488 0.8% 64 0.8% 4.67 36.4 92.4% NL325 - Zaanstreek 14,568,535 1.0% 78 1.0% 4.77 34.1 97.0% NL326 - Groot-Amsterdam 48,906,156 3.3% 244 3.0% 4.77 34.1 96.5% NL326 - Groot-Amsterdam 28,740,188 1.9% 152 1.9% 4.78 32.5 93.5% NL327 - Het Gooi en Vechtstreek 8,389,566 0.6% 46 0.6% 4.75 34.8 91.4% NL331 - Agglomeratie Leiden en Bollenstreek 35,799,295 2.4% 177 2.2% 4.79 36.6 94.7% NL332 - Agglomeratie s-Gravenhage 59,313,037 4.0% 338 4.2% 4.82 33.3 95.4% NL333 - Delft en Westland 21,543,444 1.4% 111 1.4% 4.88 34.8 93.5% NL334 - Oost-Zuid-Holland 40,526,427 2.7% 203 2.5% 4.89 35.1 96.1% NL335 - Groot-Rijnmond 113,752,461 7.6% 620 7.7% 4.83 35.1 96.4% NL336 - Zuidoost-Zuid-Holland 43,759,651 2.9% 240 3.0% 4.92 35.2 95.4% NL341 - Zeeuwsch-Vlaanderen 16,761,135 1.1% 107 1.3% 4.99 31.4 97.0% NL342 - Overig Zeeland 46,988,226 3.1% 276 3.4% 4.90 35.2 95.7% NL411 - West-Noord-Brabant 57,589,480 3.8% 303 3.8% 4.79 34.6 93.7% NL412 - Midden-Noord-Brabant 43,441,435 2.9% 217 2.7% 4.85 34.6 95.5% NL413 - Noordoost-Noord-Brabant 45,631,332 3.0% 221 2.8% 4.79 37.0 93.6% NL414 - Zuidoost-Noord-Brabant 69,812,057 4.7% 350 4.4% 4.81 35.0 93.5% NL421 - Noord-Limburg 28,021,347 1.9% 154 1.9% 4.92 36.4 92.9% NL422 - Midden-Limburg 32,444,163 2.2% 185 2.3% 4.98 34.7 95.8% NL423 - Zuid-Limburg 59,156,746 3.9% 349 4.4% 4.90 34.2 96.9% Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1%

* The economic region is determined based on the zip code of the property underlying the Mortgage Loan 80 Portfolio stratification (cont’d)

Construction deposits (as a percentage of net principal amount)

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV

< 5.00% 1,466,319,264 97.6% 7,844 97.7% 4.82 35.6 95.2%

5.00% 10.00% 20,190,252 1.3% 110 1.4% 4.71 31.8 93.8%

10.00% 15.00% 5,588,418 0.4% 28 0.4% 4.61 33.5 96.9%

15.00% 20.00% 4,118,402 0.3% 20 0.3% 4.76 35.5 94.5%

20.00% 25.00% 3,060,873 0.2% 16 0.2% 4.86 34.9 93.7%

25.00% 30.00% 1,286,250 0.1% 7 0.1% 4.78 31.8 92.8%

30.00% 35.00% 340,099 0.0% 2 0.0% 5.01 33.6 79.5%

35.00% 40.00% 796,957 0.1% 3 0.0% 4.79 27.0 100.2%

40.00% 45.00% ------

45.00% 50.00% ------

50.00% 55.00% ------Weighted Average 0.4%

60.00% > ------Minimum 0.0%

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1% Maximum 37.1%

* This is defined as: Construction Deposit Amount / (Outstanding Principal Balance – Total Savings Amount)

Occupancy

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Economic region Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

Owner Occupied 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

* Occupancy information as of mortgage loan origination date 81 Portfolio stratification (cont’d)

Loan to income

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Borrowers Total Coupon Maturity CLTOMV

Unknown ------

< 0.5 ------

0.5 1.0 499,417 0.0% 7 0.1% 3.97 26.4 35.7%

1 1.5 6,200,639 0.4% 65 0.8% 4.47 30.7 47.8%

1.5 2.0 17,390,513 1.2% 149 1.9% 4.62 28.7 61.8%

2 2.5 52,371,870 3.5% 357 4.5% 4.79 30.4 78.8%

2.5 3.0 129,907,210 8.7% 763 9.5% 4.82 32.5 89.1%

3 3.5 266,651,062 17.8% 1,419 17.7% 4.86 34.5 94.7%

3.5 4.0 393,577,849 26.2% 2,029 25.3% 4.84 35.6 97.9%

4 4.5 461,812,406 30.8% 2,402 29.9% 4.84 36.3 97.6%

4.5 5.0 173,289,548 11.5% 839 10.5% 4.66 39.5 97.7%

5 5.5 ------

5.5 6.0 ------

6 6.5 ------

7 > ------

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1%

Weighted Average 3.76

Minimum 0.67

Maximum 4.99

* The Loan to Income Ratio is defined as: (Current Principal Balance – Total Savings Amount) / Total Income ** Total Income is defined as the sum of the income of the primary and secondary borrowers 82 *** Income information as of mortgage loan origination date

Portfolio stratification (cont’d)

Debt service to income

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Borrowers Total Coupon Maturity CLTOMV

Unknown ------

< 5% 2,664,808 0.2% 27 0.3% 2.78 30.1 46.7%

5.00% 10% 27,225,012 1.8% 225 2.8% 3.90 31.2 61.5%

10.00% 15% 174,737,824 11.6% 1,059 13.2% 4.49 32.1 87.5%

15.00% 20% 604,016,591 40.2% 3,145 39.2% 4.78 34.9 97.1%

20.00% 25% 619,043,790 41.2% 3,181 39.6% 4.94 37.2 97.0%

25.00% 30% 70,470,611 4.7% 372 4.6% 5.24 37.3 96.1%

30.00% 35% 3,160,634 0.2% 18 0.2% 5.19 29.6 86.7%

35.00% 40% 301,883 0.0% 2 0.0% 5.26 21.3 73.9%

40.00% 45% 79,362 0.0% 1 0.0% 5.84 11.8 54.1%

45.00% 50% ------

50.00% 55% ------

55.00% 60% ------

60.00% 65% ------

70.00% > ------

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1%

Weighted Average 19.2%

Minimum 2.1%

Maximum 44.1%

* The Debt Service to Income Ratio is defined as: (Debt Service Amount) / (Total Income / 12 months) ** Debt Service Amount is defined as the sum of the monthly scheduled interest and scheduled repayment amount to be paid by the Borrower. *** Total Income is defined as the sum of the income of the primary and secondary borrowers 83 **** Income information as of mortgage loan origination date

Portfolio stratification (cont’d)

Employment status borrower

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Description Not. Amount Total Loans Total Coupon Maturity CLTOMV

Employed 1,496,806,434 99.7% 7,990 99.5% 4.82 35.6 95.3%

Pensioner 4,894,080 0.3% 40 0.5% 3.70 28.4 53.9%

Total 1,501,700,514 100.0% 8,030 100.0% 4.81 35.5 95.1%

Loanpart payment frequency

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Description Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

Monthly 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

Guarantee type (NHG / non-NHG)

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Description Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

NHG Guarantee 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

* Employment status information as of mortgage loan origination date 84 Portfolio stratification (cont’d)

Originator

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Originator Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

AEGON Hypotheken B.V. 893,083,110 59.5% 8,920 57.0% 4.78 31.9 96.5%

AEGON Levensverzekering N.V. 608,617,404 40.5% 6,717 43.0% 4.87 40.8 93.1%

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

Servicer

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Servicer Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

AEGON Hypotheken B.V. 893,083,110 59.5% 8,920 57.0% 4.78 31.9 96.5%

AEGON Levensverzekering N.V. 608,617,404 40.5% 6,717 43.0% 4.87 40.8 93.1%

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

Capital insurance policy provider

Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Insurance Policy Provider Not. Amount Total Loanparts Total Coupon Maturity CLTOMV

AEGON Bank N.V. 496,005,903 33.0% 4,372 28.0% 4.93 26.9 97.9%

AEGON Levensverzekering N.V. 434,617,180 28.9% 4,052 25.9% 4.97 24.7 94.3%

No policy attached 571,077,431 38.0% 7,213 46.1% 4.59 51.3 93.4%

Total 1,501,700,514 100.0% 15,637 100.0% 4.81 35.5 95.1%

85 Appendix: Priority of Payments

86 Simplified interest priority of payments (prior to enforcement)1

Available Revenue Funds Mortgage Loan Interest + Senior Expenses and Servicing Fee Interest on Issuer Accounts + Cash Advance Facility Proceeds credit insurance (interest) = + Interest Rate Swap Payment Prepayment penalties Interest on Class A1 /A2 Notes pro + Net foreclosure proceeds of mortgage rata and pari passu receivables (relating to interest) Replenishment of Class A PDL + Cash Advance Facility drawings + Interest on Class B Notes Swap receivables + Replenishment of Class B PDL Reserve Account drawings, if any + Interest on Class C Notes Repurchase or sale proceeds (interest) Replenishment of Class C PDL + Post foreclosure proceeds, if any Replenishment Reserve Account

Repayment of Class D Notes2

Available Revenue Funds Subordinated Swap Payments

Gross up amounts under Cash Advance Facility

Deferred Purchase Price to Seller

1This is a simplified overview. Please refer to Preliminary Prospectus for full description of priority of payments and of the available revenue funds. 2After FORD only 87 Simplified principal priority of payments (prior to enforcement)1

Available Principal Funds Mortgage Loan Principal repayments and prepayments Purchase of Further Advance + Receivables2 Credit insurance proceeds (principal) + Principal on Class A1 Notes until Net foreclosure proceeds of mortgage = fully redeemed receivables (relating to principal) + Principal on Class A2 Notes until Repurchase / Sale of Mortgage Loans fully redeemed + Credits to PDL Principal on Class B Notes until + fully redeemed Participation Increase + Principal on Class C Notes until Switched Insurance Savings fully redeemed Participation (from Conversion to Savings) + Partial prepayments

Available Principal Funds

1This is a simplified overview. Please refer to Preliminary Prospectus for full description of priority of payments and of the available principal funds. 2Up to the FORD only and subject to specific criteria identified by the Additional Purchase Conditions including a [1]% cap of the aggregate outstanding 88 balance of portfolio mortgage loans Selected sources:

• Central Bureau of Statistics (Centraal Bureau voor de Statistiek, CBS) • Centraal Planbureau (CPB) • Debt Restructuring Act (Wet Schuldsanering Natuurlijke Personen, Wsnp (www.wsnp.rvr.org) • Dutch Banking Association (Nederlandse Vereniging van Banken, NVB) • Dutch Central Bank (De Nederlandsche Bank, DNB) • European Central Bank (ECB) • Eurostat • Fitch Research • Homeownership Guaranteed Fund (Waarborgfonds Eigen Woningen, WEW) • International Monetary Fund (IMF) • Land Registry (Kadaster) • Ministry of Housing, Spatial Planning and the Environment (Ministerie van Volkshuisvesting, Ruimtelijke Ordening en Milieu, VROM) • Moody‟s Analytics • National Credit Register (Bureau Krediet Registratie, BKR) • National Institute for Family Finance Information (Nationaal Instituut voor Budgetvoorlichting, NIBUD) • OECD • Preliminary prospectus • S&P Ratings Direct Economic Research • State of Affairs of Social Security (Ministerie van Sociale Zaken & Werkgelegenheid)

WWW.Aegon.COM For questions relating to SAECURE please contact:

Ed Beije Sibylla Bantema Senior Vice President of Corporate Treasury Director Mortgage Operations T: +31 70 344 8407 T: +31 58 244 3131 E: [email protected] E: [email protected]

Sander Maatman Niels Roek Bas Warmerdam Director Capital Management & Policies Manager Funding Corporate Treasury T: +31 70 344 7016 T: +31 58 244 3491 T: +31 70 344 8361 E: [email protected] E: [email protected] E: [email protected]

For questions relating to AEGON please contact:

AEGON Investor Relations T: +31 70 344 8305 E: [email protected]

WWW.Aegon.COM Thank you