Transamerica Retirement Services Why us? Why Now? Kent G. Callahan President & CEO September 18, 2003 The Ritz-Carlton, Bachelor Gulch, Colorado September 17-19, 2003 1

AEGON NV A company connected in many ways United States Canada Spain United Kingdom The Netherlands Hungary Taiwan One of the largest life insurance groups in the world measured by premium income and one of the top five by market capitalization. Don Shepard Based in the Hague, the Netherlands 238 billion Euro in assets at 12/31/02 Major operations in U.S., Netherlands, U.K., Hungary, Spain & Canada Today 26,659 employees worldwide 2

Globalisation – International Potential Long Term Secular Trends Globalisation – International Potential Life & Pensions Premium Income % of GDP (penetration) Brazil Indonesia Mexico Poland China India USA The Netherlands UK Source SIGMA 3

1991 December 31, 2002 Share Price 9.50 Share Price 2.70 AEGON NV A snapshot in time 1991 December 31, 2002 Share Price 2.70 Market Cap 2.5 bln Assets 32.4 bln Net Income 0.4 bln Life Premiums 1.9 bln Gross Deposits 1.8 bln Employees 10,449 Share Price 9.50 Market Cap 13.7 bln Assets 238.2 bln Net Income 1.547 bln Life Premiums 17.7 bln Gross Deposits 318 bln Employees 26,659 Over the last 10 years we’ve become much larger, much more international, and much broader based in the life and pensions business in terms of both distribution and product offerings. Market Cap 17x, although this multiple looks somewhat different today after the horrible events in New York and Washington, but I am confident that we will return to normality soon. Assets 8x Net Income 6x Life Premiums 10x Gross Deposits 17x Employees 2.5x Throughout this 10-year period, our compound earnings growth has been 19% - tremendous for an insurance company. Amounts in Euros except employees 4

Pre-Tax Earnings Contribution AEGON NV Focused on multi-national growth Pre-Tax Earnings Contribution Full Year 1996 Full Year 2002 2% 7% 33% 3% 11% 56% 30% 58% Broadening AEGON’s reach outside of its historic Dutch roots has required us to make conscious changes to both our culture and operations. Multi-national expansion is not something that can successfully happen overnight or without planning. Changes made by AEGON have included adopting English as the corporate language - a really big deal in the mid-1980’s when this decision was made - and adding non-Dutch members to the Executive and Supervisory Boards. Becoming a multi-national company also, of course, involved major acquisitions of companies in other countries. In this chart, we’ve broken down AEGON’s earnings by country to highlight the shift in earnings since the 1997 acquisition of Providian and the 1999 acquisition of Transamerica in the US. You see that following these major acquisitions, the Americas is by far the largest contributor to earnings. However, AEGON is not becoming a US company. We merely take advantage of opportunities as they present themselves, making multi-national expansion a little uneven at times in terms of earnings contribution. In another 5 or 10 years, this pie will likely look very much different. Our acquisition strategy is fairly well-defined. Netherlands Americas United Kingdom Other Countries 5

1991 December 31, 2002 Assets 149.9 bln Assets 14.0 bln AEGON Americas Snapshot in time 1991 December 31, 2002 Assets 14.0 bln Net income .1 bln Life premiums .51 bln Gross deposits 2.0 bln Employees 3,430 Assets 149.9 bln Net income .916 bln* Life premiums 6.8 bln* Gross deposits 269 bln* Employees 12,318 Assets 10x Net income 14x Life premium 14x Deposits 12x Employees 3.8x Earnings growth averaged 25% Amounts in US dollars * latest 12 months 6

2002 year-end total admitted assets AEGON USA US Insurer Rankings 2002 net premiums written 2002 year-end total admitted assets In Millions In Billions 1 AIG 2 MetLife 3 AEGON USA 4 ING Group 5 Prudential 6 Hartford Life 7 New York Life 8 Nationwide 9 Mass Mutual 10 GE Fin Assurance $ 33,608 $ 28,239 $ 23,610 $ 22,680 $ 18,363 $ 15,337 $ 14,910 $ 13,501 $ 12,236 $ 12,107 1 Met Life 2 AIG 3 Prudential of America 4 TIAA Group 5 AEGON USA 6 Hartford Life 7 ING Group 8 New York Life 9 Northwestern 10 Nationwide Group $ 243.8 $ 233.6 $ 205.7 $ 144.5 $ 140.6 $ 136.8 $ 125.8 $ 121.9 $ 102.9 $ 87.4 Now it is not all just about numbers, but clearly size does make a difference. In 2000, in terms of premium written , we were No. 4 behind Met, ING and AIG. In terms of total admitted assets, again we were No. 4 chasing Hartford, although Met and Pru are going to be a little hard to catch. Source: 2002 A.M. Best Survey 7

Peer RBC Ratios - 2002 AEGON 348.8% Hartford 236.7% ING 341.7% Jackson National 277.7% Jefferson Pilot 315.3% John Hancock 305.3% Lincoln 335.0% Manulife 228.2% Met Life 280.3% Nationwide 325.5% Pacific Life 279.4% Prudential 316.0% Travelers 376.6% In most instances, the peer companies’ RBC ratio is the group’s single dominant life company. If there is not a single major company, the group’s weighted average ratio is calculated. AEGON’s RBC ratio is based on our consolidated statutory statements. Confidential 8

Peer Group Comparison Return on Equity Last Three Years Average Return on Shareholders’ Equity % 9 Source FactSet, Annual Reports

Future Looks Bright Defined Contribution Assets $1.31 T as of 12-31-95 Projected Defined Contribution $3.75 T Business as of 12-31-05 10

The Corporate D.C. Market by Segments (includes 401(k) Plans) As of Year-End 2003 # of Plans (000) # of Participants (000,000) Assets (000,000,000) By Assets <$1M $1M - $5M $5M - $10M $10M - $20M $20M - $50M $50M - $250M >$250M Total 551.0 132.0 18.2 8.4 5.2 2.6 .0 718.3 10.8 9.7 4.3 3.7 5.8 10.4 18.0 62.7 $ 150 $ 260 $ 110 $ 100 $ 295 $1,050 $2,115 *Includes actives, retirees and vested terminated participants. 11

The 401(k) Market by Segments As of Year-end 2002 # of Plans (000) # of Participants (000,000) Assets (000,000) By Assets <$1M $.5M - $1M $1M - $2.5M $2.5M - $5M $5M - $10M $10M - $20M Total of Segments 230.0 86.0 53.5 21.0 13.5 6.4 410.4 4.6 3.6 3.2 2.7 2.9 20.6 $ 40 $ 55 $ 90 $ 85 $ 80 $ 440 *Includes actives, retirees and vested terminated participants 12

Estimated Market Penetration of the TPA Service Model Segment TPA Interface Model* TPA Full-Service Model* <$.5M $.5M - $1M $1M - $2.5M $2.5M - $5M $5M - $10M $10M - $20M 40% 35% 28% 20% 13% 7% <5% 5% 7% 10% 12% 13% *TPA typically provides documents, compliance and administration **TPA provides full recordkeeping, compliance and administration 13

Projected Sales Opportunities in 2003 401(k) Book of Business Sales Opportunities Estimated Turnover Rate Plans (000) Assets (Billions) Plans (000) Assets (Billions) Segment <$.5M $.5M - $1M $1M - $2.5M $2.5M - $5M $5M - $10M $10M - $20M 230.0 86.0 53.5 21.0 13.5 6.4 $40 $55 $90 $85 $80 6.5% 8.0% 10.5% 12.0% 10.0% 9.0% 15.0 7.0 5.6 2.5 1.4 .6 $2.6 $4.3 $9.5 $10.2 $9.0 $7.2 14

Dimensions Serving 11,000+ small business owners 500,000+ participants* 300,000 defined contribution 150,000 terminal funding 66,000 defined benefit Top 10 provider of retirement plans** * As of 12/31/2002 **CFO Survey 4/2002 15

High Growth Strategy Sales Results 1996-2002 Growth % Case Count 1996 1997 1998 1999 2000 2001 2002 $166,289,620 532 $415,095,397 150% 815 $524,831,010 26 % 1,074 $729,469,958 39 % 1,305 $860,126,452 18 % 1,866 $713,716,442 -17 % 1,767 $1,018,000,000 43 % 1,724 35 % 11,0001 1 Total in force clients as of 12/31/02 16

TRS 2003 Channel Strategy 2003 Channel Strategy Broker-Dealer TPAs Payroll Firms Banks Insurance Agents 17

Transamerica Retirement Services Key Initiatives TPA Channel Dominate the less than $5M market place Drive product enhancements Service…service…service Technology 18

Service…Service…Service New Team  New Focus Darcy Hatton Mary Sanderson Jeff Barber Shelia Wales Leecea Johnson Susan Lotwin 19

No Stone Unturned! New AE goals Annual plan review PSAC Proactive vs. reactive SponsorConnect New educational seminars TAE relationship overhaul MAGIC training Client satisfaction surveys Client rating system 20

How do we know if we are getting the Job done? Number of visits to +$1M clients 864 90% of calls resolved @ SP on first call 75.7% SP YTD call volume 33,694 Client survey – post enrollment at > 2 rating 96% VRU and web site availability – all partners 99.4% Deposit processed on time and accurate 100% Case installation on-time % 90.2% +30 additional categories 21

Transamerica Retirement Services Build Team Build Bridges Honor Commitments Connect Dots Execute 22

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