1. Transamerica Retirement Services Why us. Why Now. Kent G
Transamerica Retirement Services Why us? Why Now? Kent G. Callahan President & CEO September 29, 2003
The Ritz-Carlton, Pasadena, Ca
September 29-October 1, 2003 1

2. 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

3. 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

4. 1991 December 31, 2002 Share Price 9.50 Share Price 2.70
AEGON NV
A snapshot in time
1991
December 31, 2002
Share Price
Market Cap bln
Assets bln
Net Income bln
Life Premiums bln
Gross Deposits 1.8 bln
Employees ,449
Share Price 9.50
Market Cap bln
Assets bln
Net Income 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

5. 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

6. 1991 December 31, 2002 Assets 149.9 bln Assets 14.0 bln
AEGON Americas
Snapshot in time
1991
December 31, 2002
Assets bln
Net income bln
Life premiums bln
Gross deposits bln
Employees ,430
Assets bln
Net income 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

7. 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 $ $ $ $ $ $ $ $ $ $
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

8. Peer RBC Ratios - 2002 AEGON 348.8% Hartford 236.7% ING 341.7%
Jackson National %
Jefferson Pilot %
John Hancock %
Lincoln %
Manulife %
Met Life %
Nationwide %
Pacific Life %
Prudential %
Travelers %
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. By doing this, our ratio benefits from the aggregation of certain variables relative to company size.
Confidential

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

10. Future Looks Bright Defined Contribution Assets $1.31T as of 12-31-03
Projected Defined Contribution $3.75T
Business as of

11. 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.

12. 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

13. 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

14. 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

15. Dimensions Serving 12,000+ 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

16. High Growth Strategy Sales Results 1996-2002 Growth % Case Count 1996
1997
1998
1999
2000
2001
2002
$166,289,
$415,095, % 815
$524,831, % 1,074
$729,469, % 1,305
$860,126, % 1,866
$713,716, % 1,767
$1,018,000, % 1,724
35 % 11,0001
1 Total in force clients as of 12/31/02

17. TRS 2003 Channel Strategy 2003 Channel Strategy Broker-Dealer
Wire Houses
Payroll Firms
Banks
Insurance Agents

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

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

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

21. How do we know if we are getting the Job done?
Number of visits to +$1M clients
90% of calls SP on first call %
SP YTD call volume ,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 % %
+30 additional categories

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