1. Senior Vice President - National Sales Director
Ken Cochrane
Senior Vice President - National Sales Director
May , 2002

2. Purpose of RSU Help you sell retirement plans Network with peers
TRS wants your ideas
TRS products and resources

3. RSU Success 80% increased preferred producer status
12% have become Big Kahunas

4. RSU Producer Feedback NAV Product Lower MVE minimums
Asset Allocation Funds
SFD on Alliance Service business
More competitive contract asset charges on larger plans

5. Tom Schlossberg President May 9 - 10, 2002

6. AEGON

7. AEGON NV A multi-national company
Germany UK
Netherlands
Belgium
Canada
Japan
USA
Luxembourg
China
Taiwan
Hungary
Spain
Italy
Philippines
India

8. Consistent, Successful Strategy
AEGON NV
Consistent, Successful Strategy
Commitment to Core Business
Life Insurance, Pensions and Related Financial Products
Decentralized Organization
Local Management, Multi-channel Distribution, Multi-branding
Emphasis on Profitability
Autonomous Earnings Growth > 10% annually ROI > 12%; divest under performers
Low Cost Provider; Risk Management Discipline
International Expansion
Strategy: Boost Growth, Synergies, ROI > 11%

9. Top Ranked International Ins. Grp.
AEGON NV
Top Ranked International Ins. Grp.
Market Capitalization of Listed Insurers Worldwide 1.
American Intl Group $ 2.
Allianz
65.9 3.
ING
61.4 4.
AXA
44.2
5. AEGON 6.
Generali
36.1 7.
Allstate
29.9 8.
CGNU
26.6 9.
Met Life
24.3
10.
Prudential UK
22.2
In billion EURO; as of March 26, 2002

10. AEGON NV Snapshot in Time
1991
2001
Share Price
Market Cap bln
Assets bln
Net Income bln
Life Premiums 1.9 bln
Gross Deposits 1.8 bln
Employees ,090
Share Price
Market Cap 43.2 bln
Assets bln
Net Income bln *
Life Premiums bln *
Gross Deposits bln *
Employees ,663
* latest 12 months
Amounts in Euros except employees

11. AEGON NV 2001 Results Income before Tax 3,243 14% Net Income 2,397 16%
Increase over
Prior Year
Income before Tax 3, %
Net Income 2, %
Earnings per share %
Euro millions
(except for per share data)

12. Focused on multi-national growth
AEGON NV
Focused on multi-national growth
Pre-Tax Earnings Contribution
Full Year 1996
Full Year 2001 7%
33%
10% 2%
61% 3%
27%
58%

13. Institutional Products
AEGON Americas
Organizational Structure
Decentralized Organization
AEGON USA, Inc.
Institutional Products
And Services Group
Doug Kolsrud
Alternative Markets
Group
Pension Group
Tom Schlossberg
Agency Group
Pat Baird
Financial Markets
Group
Larry Norman
Close to Customer
Market Driven
Entrepreneurial
AEGON Institutional
Markets
Rudy Gernert
Special Markets
Group
Marilyn Carp
Diversified
Investment Advisors
Mark Mullin
Monumental
Division
Henry Hagan
Financial Markets
Division
Larry Norman
Transamerica
Reinsurance
Paul Rutledge
Long Term Care
Jan Soppe
Transamerica
Retirement Services
Tom Schlossberg
AEGON Financial
Partners
Transamerica
Capital
Dave Bullock
12 operating divisions in the Us & Investments.
Divisions serve a broad range of market segments.
Institutional Products & Services - two operating divisions - business to business TARe expertise in risk management, financial management and consulting services, one of the top 5 reinsurers in the country.
Alternative Markets - specializing by product type (LTC) or distribution channel - direct sales, financial institutions, worksite.
Pension Group - DIA & TRS retirement plans for small to large employer groups.
Agency Group - broad range of products, through over 100,000 insurance and investment professionals insurance agents, marketing companies, registered reps, relationships with clients.
Worksite Marketing
Alan Warrick
LIICA/ISI
Mike Kirby
Transamerica
Investment
Management
John Riazzi
Transamerica
Insurance
& Investment Group
Ron Wagley
World Financial
Group
Tim Stonehocker

14. AEGON USA US insurer rankings
2000 net premiums written
2000 year-end total admitted assets
In Millions
In Billions
1 MetLife
2 ING Group
3 AIG
4 AEGON USA
5 Hartford Life
6 Nationwide Group
7 CIGNA
8 Prudential of America
9 Principal Life
10 New York Life
$ 30,571
$ 23,999
$ 23,497
$ 23,044
$ 18,555
$ 18,192
$ 17,467
$ 16,957
$ 15,653
$ 13,538
1 Met Life
2 Prudential of America
3 Hartford Life
4 AEGON USA
5 TIAA Group
6 AIG
7 ING Group
8 American General
9 New York Life
10 Northwestern Mutual $ $ $ $ $ $ $ $ $ $
While we view it as more than adding up the numbers, with the addition of Transamerica’s businesses, AEGON has nearly doubled its size in the U.S. in terms of assets and revenues, and is a leading US insurer now ranked only behind Metropolitan Life.
More importantly, the core activity of both TA and AEGON USA is marketing life insurance and retirement savings products. We have complementary poroducts and are benefiting from each other’s respective distribution capabilities to market these products to a much broader group of consumers.
Through the acquisition of TA, we also added one of the most recognizable brands in the US financial services industry to our portfolio of brands. In this regard, we currently have a group comprised of representatives from both Transamerica and AEGON divisions that is working out the details of a brand strategy and will have an initial report out by the end of April.
Source: 2000 A.M. Best Survey

15. AEGON USA Strong Presence: Products & Distribution
Independent and Employee Agents
Direct Selling
Financial Institutions
Marketing Companies
Brokers
Third Party Administrators
Wirehouses
Credit Unions
Products
Traditional Life
Variable Universal Life
Fixed Annuities
Variable Annuities
Synthetic GICs
Traditional GICs
Long Term Care
Medicare Supplement
Mortgage Life
Reinsurance

16. AEGON Americas Pre-Tax Income
USD mm
$2,034
2,100
$1,870
1,800
$1,418
1,500
1,200
$1,019
900
$721
600
We are very proud of the shape of this graph as it reflects the success we have had since AEGON USA was formed in Over the 12 year period shown, our presence in the Americas expanded into Mexico and Canada and the earnings growth has averaged 30%.
Obviously, several key acquisitions have provided significant contributions - most evident in the past 6 years.
Let’s look at how well w are doing in a more difficult environment in 2001.
Please note that any reference to AEGON Americas includes only the insurance operations of AEGON USA, Canada and Mexico. It excludes Transamerica Finance Corporation.
$439
$304
$351
$281
300
$166
$231
$113
$138
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001

17. AEGON Americas Snapshot in Time
1991
December 31, 2001
Assets bln
Net Income bln
Life Premiums bln
Gross Deposits bln
Employees ,430
Assets bln
Net Income bln*
Life Premiums bln*
Gross Deposits bln*
Employees ,989
* latest 12 months

18. Earnings by Line of Business
AEGON Americas
Earnings by Line of Business
12/31/01
46%
19% 5%
11% 6% 4% 9%

19. AEGON Americas Strengths
Decentralization
Market presence
Diversification
Strong distribution
Excellent ALM risk controls

20. Senior Vice President - National Sales Director
Ken Cochrane
Senior Vice President - National Sales Director
May , 2002

21. Retirement Services University
Prelude

22. Opportunity
Shift from Defined Benefit Plans to Defined Contribution Plans - shift in responsibility
Increasing Life Spans
Social Security Under-funding

23. Opportunity Retirement Gap
80% of pre-retirement income is needed to maintain standard of living
73% expect to live comfortably in retirement
2.2% personal savings rate

24. Opportunity Decade of the Retirement Plan:
Baby Boomers
Favorable Legislative Environment
Lack of better alternatives

25. TRS: A High Growth Business
Maximize Strategic Position in 2002
Shift more Signature Service Sales to Alliance Service Sales
Change Product to be more profitable on small case and more competitive on large cases
Use additional profitability to increase competitiveness, and/or producer compensation to drive more sales

26. TRS: A High Growth Business
Alliance Services:
Set up Fee Waiver
Service Fee Discount
Working closely with the Alliance Partners to improve services

27. TRS: A High Growth Business
Director Series I Product
Launched February 2002
Tiered Structure -
Greater profitability in Tier 1 (< $75,000)
More competitive in Tier 3 (> $500,000)
Greater Fund Flexibility
Product Grows with the plan

28. TRS: A High Growth Business
Enhanced Broker Compensation
Comp Plus
$1000 every 3rd plan
$250 for every $250,000 of first year assets
Preferred Producer Program
Designed to help you grow your business

29. TRS: A High Growth Business
Additional Product Offerings:
TPA Series
Snap on Payroll
Multiple Employer Plan/PEO
Additional Services
ERISA Help Desk
Customer Direct
Internal Sales Desk
New Web Sites

30. Market Positioning Proprietary Funds - Best in Class
Plan Design - Best in Class
Proprietary Funds - Best in Class
Product Flexibility - Best in Class
Broker Support - Best in Class

31. Today’s Agenda Proprietary Funds Plan Design
ERISA Review and Training, NCP, Fiduciary Issues, Advanced Plan Design
Proprietary Funds
Chris Bonavico - Manager Transamerica Aggressive Growth and Small Company Funds

32. Friday’s Agenda Producer Feedback Broker Support Product
Review Products and Services
Broker Support
A Look Inside the Pyramid
Producer Feedback