Document:

Exhibit 4.10

 Exhibit 4.10 
 Senior Loan Agreement between Vereniging AEGON, The State of the Netherlands and AEGON N.V. dated December 1, 2008. 
 SENIOR LOAN AGREEMENT 
 For 

 VERENIGING AEGON 
 with 
 THE STATE OF THE NETHERLANDS 
 as Lender 
 and 
 AEGON NV 
 EUR 3,000,000,000 
 LOAN AGREEMENT 
  
  
  
 

 
 Allen & Overy LLP 

 CONTENTS 
  

					
	 Clause
	  	Page
	 1.
	  	Definitions and Interpretation	  	343
	 2.
	  	The Facility	  	354
	 3.
	  	Purpose	  	354
	 4.
	  	Conditions of Utilisation	  	354
	 5.
	  	Utilisation	  	354
	 6.
	  	Mandatory Prepayment, Voluntary Prepayment	  	355
	 7.
	  	Restrictions	  	358
	 8.
	  	Interest	  	358
	 9.
	  	Tax and Indemnities	  	359
	 10.
	  	Costs and expenses	  	360
	 11.
	  	Representations	  	361
	 12.
	  	Information Undertakings	  	368
	 13.
	  	General Undertakings	  	369
	 14.
	  	Events of Default	  	375
	 15.
	  	Release of Security	  	379
	 16.
	  	Assignments and Transfers	  	380
	 17.
	  	Payment Mechanics	  	381
	 18.
	  	Set-Off	  	383
	 19.
	  	Notices	  	383
	 20.
	  	Calculations and Certificates	  	384
	 21.
	  	Partial Invalidity	  	385
	 22.
	  	Remedies and Waivers	  	385
	 23.
	  	Amendments and Waivers	  	385
	 24.
	  	Confidentiality	  	386
	 25.
	  	Counterparts	  	386
	 26.
	  	Governing Law	  	386
	 27.
	  	Enforcement	  	386

 Schedule 
  

					
	 1.
	  	Conditions Precedent	  	387
	 2.
	  	Utilisation Request	  	389
	 3.
	  	Agreed Security Principles	  	390
	 4.
	  	Form of Transfer Certificate	  	392
	 5.
	  	Form of Assignment Agreement	  	394
		
	 Signatories
	  	397

 THIS AGREEMENT is dated 1 December 2008 and made 
 BETWEEN: 
  

	(1)	VERENIGING AEGON, an association (vereniging) incorporated by notarial deed and duly established in accordance with the laws of The Netherlands, with offices at
AEGONplein 50, 2591 TV, The Hague, The Netherlands (the Association); 

  

	(2)	THE STATE OF THE NETHERLANDS, an entity under public law, acting through the Ministry of Finance, with address at the Korte Voorhout 7, 2511 CW, The Hague, as lender (the
Lender); and 

  

	(3)	AEGON N.V., a public limited liability company (naamloze vennootschap) duly incorporated under the laws of The Netherlands, with its registered seat in The Hague, the
Netherlands and address at AEGONplein 50, 2591 TV, The Hague, The Netherlands (“AEGON”). 

 IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 
 Accounting Principles means generally accepted accounting principles in The Netherlands, including IFRS. 
 AEGON Ordinary Shares means the ordinary shares in the share capital of AEGON. 
 AEGON Preference Shares means the A and B preference shares issued by AEGON to the Association pursuant to the terms and conditions set out in the
articles of association of AEGON. 
 AEGON Securities means the “securities” under and as defined in the Subscription
Agreement, issued or to be issued by AEGON to the Association pursuant to the Subscription Agreement. 
 AEGON Securities Pledge
Agreement means the Dutch law governed first ranking pledge agreement on the AEGON Securities between the Association, the Lender and AEGON dated on or about the date of this Agreement. 
 Affiliate means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding
Company. 
 Agreed Security Principles means the principles set out in Schedule 3 (Agreed Security Principles). 
 Annual Financial Statements means the financial statements for a Financial Year delivered pursuant to paragraph (a) of Subclause 12.1
(Financial statements). 
 Assignment Agreement means an assignment agreement substantially in the form set out in Schedule 5 (Form of
Assignment Agreement) or any other form satisfactory to the Lender. 
  

 343 

 Auditors means one of PricewaterhouseCoopers, Ernst & Young, KPMG or Deloitte &
Touche or such other firm approved in advance by the Lender (such approval not to be unreasonably withheld or delayed). 
 Authorisation means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration. 
 Availability Period means the period from and including the date of this Agreement to and including 1 December 2008. 
 Bank Facility Agreement means the EUR 1,650,000,000 Revolving Repo Back-Up Facility Agreement dated 28 April 2005 between (among others) the Association and ABN AMRO Bank N.V. as facility agent and security agent. 
 Bank Finance Documents means: 
  

	 	(a)	the Bank Facility Agreement; 

  

	 	(b)	the Bank Repo Facility Agreement; 

  

	 	(c)	the Bank Hedging Documents; 

  

	 	(d)	the Bank Security Documents; 

  

	 	(e)	any amendment, restatement, extension, replacement or refinancing of the financing under the documents listed in paragraphs (a) to (d) above; and 

 

	 	(f)	any other “finance document” designated as such in the documents listed in paragraphs (a) to (e) above. 

 Bank Hedging Documents means any master agreement, confirmation, schedule or other agreement between the Association and a hedge counterparty for
the purposes of hedging interest rate liabilities in relation to the facilities described in the Bank Facility Agreement (and any amendment, restatement, extension, replacement or refinancing of the Bank Facility Agreement). 
 Bank Lenders has the meaning given to “lenders”, “agent” or “finance parties” in the Bank Finance Documents from time
to time. 
 Bank Repo Facility Agreement means the TMBA/ISMA Global Master Repurchase Agreement (Version 2000) together with the
annexes to it, dated 28 April 2005 between (among others) the Association as seller and ABN AMRO Bank N.V. as repo agent. 
 Bank
Security Documents means documents entered into by the Association by which the following Security is provided to the Bank Lenders to secure the obligations of the Association under the Bank Finance Documents: 
  

	 	(a)	a first ranking right of pledge over the bank accounts of the Association; and 

  

	 	(b)	a first ranking right of pledge of all rights in respect of future dividends or other distributions declared but not paid in respect of certain preference shares in AEGON held by
the Association as further detailed in the Bank Facility Agreement. 

  

 344 

 Business Day means a day (other than a Saturday or Sunday) on which banks are open for general
business in Amsterdam and (in relation to any date for payment or purchase of euro) which is a TARGET Day. 
 Calculation Agent means
AEGON or such other Calculation Agent in respect of the Securities for the time being as may have been appointed as such by the Issuer or the Holders in accordance with the Subscription Agreement. 
 Charged Property means all of the assets of the Association which from time to time are, or are expressed to be, the subject of the Transaction
Security. 
 Closing Date shall mean 11.00 a.m. (Amsterdam time) on 1 December 2008 or such other time and/or date as the AEGON
and the Association may agree with the prior written approval of the Lender. 
 Commitment means EUR 3,000,000,000, to the extent not
cancelled or reduced under this Agreement. 
 Confidential Information means all information relating to the Association, AEGON, the
Group, the Transaction Documents or the Facility in respect of which a Party becomes aware in its capacity as a Party or which is received by a Party in relation to the Transaction Documents or the Facility from any other Party, any member of the
Group or any of its advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but
excludes information that: 
  

	 	(a)	is or becomes public information other than as a direct or indirect result of any breach by that Party of Clause 24 (Confidentiality); or 

  

	 	(b)	is identified in writing at the time of delivery as non-confidential by a Party or any member of the Group or any of its advisers; or 

  

	 	(c)	is known by a Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Party after that
date, from a source which is, as far as that Party is aware, unconnected with the other Parties or the Group and which, in either case, as far as that Party is aware, has not been obtained in breach of, and is not otherwise subject to, any
obligation of confidentiality. 

 Constitutional Documents means, 
  

	 	(a)	in respect of the Association, 

  

	 	(i)	its articles of association (statuten); and 

  

	 	(ii)	an extract (uittreksel) from the trade register held with the relevant Dutch Chamber of Commerce (Handelsregister); 

  

	 	(b)	in respect of AEGON, 

  

	 	(i)	its articles of association (statuten); 

  

	 	(ii)	its shareholders register (aandeelhoudersregister); and 

  

 345 

	 	(iii)	an extract (uittreksel) from the trade register held with the relevant Dutch Chamber of Commerce (Handelsregister); 

 Default means an Event of Default or any event or circumstance specified in Clause 14 (Events of Default) which would (with the expiry of a
grace period, the giving of notice, the making of any determination under the Transaction Documents or any combination of any of the foregoing) be an Event of Default. 
 Disruption Event means either or both of: 
  

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in
connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or 

  

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any
other Party: 

  

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

 and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 
 Event of Default means any event or circumstance specified as such in Clause 14 (Events of Default). 
 Facility means the loan facility made available under this Agreement as described in Clause 2 (The Facility). 
 Finance Document means this Agreement, any Transaction Security Document, any Utilisation Request and any other document designated as a
“Finance Document” by the Parties. 
 Financial Indebtedness means any indebtedness for or in respect of: 
  

	 	(a)	moneys borrowed and debit balances at banks or other financial institutions; 

  

	 	(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent); 

  

	 	(c)	any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

  

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with the Accounting Principles, be treated as a finance or capital lease;

  

 346 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for de-recognition under the Accounting
Principles); 

  

	 	(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to market value (or, if any actual amount is due as a result of the
termination or close-out of that Treasury Transaction, that amount) shall be taken into account); 

  

	 	(g)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial
institution; 

  

	 	(h)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before all amounts outstanding under the Facility are repaid or
prepaid (as relevant) or are otherwise classified as borrowings under the Accounting Principles); 

  

	 	(i)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance or to
finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets and services and payment is due more than 45 days after the date of supply; 

  

	 	(j)	any arrangement pursuant to which an asset sold or otherwise disposed of by that person may be reacquired by a member of the Group (whether following the exercise of an option or
otherwise); 

  

	 	(k)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a
borrowing or otherwise classified as borrowings under the Accounting Principles; and 

  

	 	(l)	the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (k) above. 

 Financial Year means the annual accounting period of the Group ending on or about 31 December in each year. 
 First Year Repurchase Compensation has the meaning given to such term in clause 4(b)(ii) of the Securities Terms and Conditions. 
 Governance Agreement means the agreement on governance and certain other matters between the Lender, the Association and AEGON entered into on or
about the date of this Agreement. 
 Group means the Association, AEGON and each of AEGON’s Subsidiaries for the time being.

 Holder means the registered holder of any Security. 
 Holding Company means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary. 
  

 347 

 IFRS means international accounting standards within the meaning of IAS Regulation 1606/2002 to
the extent applicable to the relevant financial statements. 
 Interest Period means, in relation to the Loan, each period that
corresponds to a Securities Interest Period. 
 Issue means the issue of the AEGON Securities in accordance with the Subscription
Agreement. 
 Issue Date means the date on which the Issue occurs. 
 Issue Price means EUR 4 for each of the AEGON Securities. 
 Issuer means AEGON. 
 Joint Venture means any joint venture entity, whether a company,
unincorporated firm, undertaking, association, joint venture or partnership or any other entity. 
 Legal Opinion means any legal
opinion delivered to the Lenders under Subclause 4.1 (Initial conditions precedent). 
 Legal Reservations means: 
  

	 	(a)	the principle that remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws
generally affecting the rights of creditors; 

  

	 	(b)	the time barring of claims under limitation provisions of any applicable law, and defences of set-off or counterclaim; and 

  

	 	(c)	any other matters which are set out as qualifications or reservations as to matters of law of general application in the Legal Opinions. 

 Loan means the loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan. 
 Material Adverse Effect means a material adverse effect on: 
  

	 	(a)	the business, operations, property, condition (financial or otherwise) or prospects of, as applicable, the Association or AEGON; or 

  

	 	(b)	the ability of each of the Association and AEGON to perform its obligations under the Transaction Documents; or 

  

	 	(c)	the validity or enforceability of, or the effectiveness or ranking of any Security granted or purporting to be granted pursuant to any of, the Transaction Documents or the rights or
remedies of the Lender under any of the Transaction Documents, 

 it being understood that in case of (a) and (b), the
value or changes in the value of AEGON on any stock exchange will in itself not constitute a Material Adverse Effect under those paragraphs. 
 Month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that: 
  

 348 

	 	(a)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or
if there is not, on the immediately preceding Business Day; and 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month.

 The above rules will only apply to the last Month of any period. “Monthly” shall be construed accordingly.

 Original Financial Statements means: 
  

	 	(a)	in relation to the Association, its audited financial statements for the financial year ending 31 December 2007; 

  

	 	(b)	in relation to AEGON its consolidated audited financial statements for its Financial Year ended 31 December 2007. 

 Party means a party to this Agreement. 
 Quasi-Security has the meaning given to that term in Subclause 13.8 (Negative pledge). 
 Refund Claim has the meaning
given to that term in Subclause 9.3 (Assignment of Refund Claim). 
 Register means the register or registers maintained by the
Registrar in respect of the Securities pursuant to the Subscription Agreement. 
 Registrar means AEGON or such other Registrar in
respect of the Securities for the time being as may have been appointed as such by the Issuer or the Holders in accordance with the Subscription Agreement. 
 Relevant Interbank Market means the European interbank market. 
 Relevant Jurisdiction means,
in relation to the Association and AEGON: 
  

	 	(a)	its jurisdiction of incorporation; 

  

	 	(b)	any jurisdiction where any asset subject to or intended to be subject to the Transaction Security to be created by it is situated; 

  

	 	(c)	any jurisdiction where it conducts its business; and 

  

	 	(d)	the jurisdiction whose laws govern the perfection of any of the Transaction Security Documents entered into by it. 

 Repeating Representations means each of the representations set out in Subclause 11.2 (Status) to Subclause 11.7 (Governing law and enforcement),
Subclause 11.11 (No default), Subclause 11.13 (Original Financial Statements), Subclause 11.18 (Ranking) to Subclause 11.20 (Ownership) and Subclause 11.22 (Centre of main interests and establishments). 
 Security means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or
arrangement having a similar effect. 
  

 349 

 Securities Cash Interest means, for a Securities Interest Date, if AEGON has declared an annual or
interim dividend payable in cash in respect of the AEGON Ordinary Shares, an amount equal to the “coupon amount” payable in cash on that Securities Interest Date under and as defined in the Securities Terms and Conditions. 
 Securities Deed means the deed of issue and placement of the Securities, substantially in the form set out in schedule 2 of the Subscription
Agreement. 
 Securities Default Interest means any default interest due by AEGON to the Association for an overdue amount under clause
3(i) of the Securities Terms and Conditions. 
 Securities Interest means Securities Cash Interest or Securities Scrip Interest.

 Securities Interest Date means a date on which Securities Interest is paid (or deemed to be paid) by AEGON to (or at the direction
of) the Association as required under the Securities Terms and Conditions. 
 Securities Interest Period means a period during which
Securities Interest accrues in accordance with the Securities Terms and Conditions. 
 Securities Scrip Interest means, in respect of a
Securities Interest Date, if AEGON has declared an annual or interim dividend in scrip in respect of the AEGON Ordinary Shares, the Stock Dividends (as defined in the Securities Terms and Conditions) to be issued to the Lender on that Securities
Interest Date under and as defined in the Securities Terms and Conditions. 
 Securities Terms and Conditions means the terms and
conditions of the AEGON Securities as set out in schedule 1 of the Subscription Agreement. 
 Subscription Agreement means the
subscription agreement dated on or about the date of this Agreement relating to the AEGON Securities and made between the Association, AEGON and the Lender. 
 Subscription Documents means the Subscription Agreement, the Securities Terms and Conditions, the Securities Deed and any other document designated as a “Subscription Document” by the Parties.

 Subsidiary means: 
  

	 	(a)	in relation of any company or corporation, a company or corporation: 

  

	 	(i)	(which is controlled directly or indirectly, by the first mentioned company or corporation; 

  

	 	(ii)	more than half the issued share capital of which is beneficially owned, directly or indirectly by the first mentioned company or corporation; 

  

	 	(iii)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation, 

 and for this purpose a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its
affairs and / or control the composition of its board of directors or equivalent body; and 
  

 350 

	 	(b)	in relation to a legal person incorporated in The Netherlands, a subsidiary as defined in section 2:24a CC and in relation to financial statements of the Group, a group company
(groepsmaatschappij) as defined in section 2:24b of the Dutch CC. 

 TARGET means the Trans-European Automated
Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007. 
 TARGET Day means any day on which TARGET is open for the settlement of payments in euro. 
 Tax means any tax, levy,
impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 
 Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Transaction Document. 
 Term Sheet means the term sheet dated 28 October 2008 in respect of the issuance of the AEGON Securities and the Loan and entered into between
the Association, the Lender and AEGON. 
 Transaction Documents means the Finance Documents, the Subscription Documents, the Governance
Agreement and any other document designated as a “Transaction Document” by the Parties. 
 Transaction Security means the
Security created or expressed to be created in favour of the Lender pursuant to the Transaction Security Documents. 
 Transaction Security
Documents means each of the documents listed as being a Transaction Security Document in paragraph 3(b) of Schedule 1 (Conditions Precedent) together with any other document entered into by the Association creating or expressed to create any
Security over all or any part of its assets in respect of the obligations of the Association and AEGON to the Lender under any of the Transaction Documents. 
 Transfer Certificate means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form satisfactory to the Lender. 
 Transfer Date means, in relation to an assignment or transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and 

  

	 	(b)	the date on which the Lender and the other Parties (if required) have executed the relevant Assignment Agreement or Transfer Certificate. 

 Treasury Transactions means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate
or price. 
 Unpaid Sum means any sum due and payable but unpaid by the Association or AEGON under the Transaction Documents.

 Utilisation Date means the date on which the Loan is made. 
  

 351 

 Utilisation Request means a notice substantially in the relevant form set out in Schedule 2
(Utilisation Request). 
  

	1.2	Construction 

  

	(a)	Unless a contrary indication appears, a reference in this Agreement to: 

  

	 	(i)	the Lender, the Association, AEGON, any Party or any other person shall be construed so as to include its successors in title, permitted assigns and
permitted transferees; 

  

	 	(ii)	a document in agreed form is a document which is previously agreed in writing by or on behalf of the Association and the Lender or, if not so agreed, is in the form specified
by the Lender; 

  

	 	(iii)	assets includes present and future properties, revenues and rights of every description; 

  

	 	(iv)	“determination”, “approval”, “designation”, “consent” or similar term means a determination, approval,
designation, consent or similar term made or given by the person making or giving it acting reasonably (and “determine”, “approve”, “designate”, “consent” and similar terms shall be
construed accordingly); 

  

	 	(v)	a “director”, in relation to the Association or AEGON, means a managing director (bestuurder) and “board of directors” means its managing
board (bestuur); 

  

	 	(vi)	a Finance Document, the Governance Agreement, a Bank Finance Document or a Transaction Document or any other agreement or instrument is a reference to
that Finance Document, the Governance Agreement, that Bank Finance Document or that Transaction Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

  

	 	(vii)	guarantee means any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase
or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its
indebtedness; 

  

	 	(viii)	indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;

  

	 	(ix)	a person includes any person, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether
or not having separate legal personality) of two or more of the foregoing; 

  

	 	(x)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or
supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  

	 	(xi)	a provision of law is a reference to that provision as amended or re-enacted; and 

  

 352 

	 	(xii)	a time of day is a reference to time in The Hague. 

  

	(b)	Section, Clause, Subclause and Schedule headings are for ease of reference only. 

  

	(c)	Unless a contrary indication appears, a term used in any other Transaction Document or in any notice given under or in connection with any Transaction Document has the same meaning
in that Transaction Document or notice as in this Agreement. 

  

	(d)	A Default (other than an Event of Default) is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has
not been remedied or waived. 

  

	1.3	Third party rights 

 Except where this agreement
specifically provides otherwise, a person who is not a Party has no right under section 6:253 CC to enforce or to enjoy the benefit of any term of this Agreement. 
  

	1.4	Dutch terms 

 In this Agreement, a reference to:

  

	 	(a)	gross negligence means grove schuld; 

  

	 	(b)	negligence means schuld; 

  

	 	(c)	a security interest includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht),
right of retention (retentie recht), right to reclaim goods (recht van reclame), and, in general any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);

  

	 	(d)	wilful misconduct means opzet; 

  

	 	(e)  (i)	a winding-up, administration or dissolution (and any of those terms) includes a Dutch entity being declared bankrupt (failliet verklaard) or dissolved (ontbonden);

  

	 	      (ii)	a moratorium includes surséance van betaling and granted a moratorium includes surséance verleend; 

  

	 	      (iii)	any step or procedure taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under section 36 of the Tax Collection Act of the Netherlands
(Invorderingswet 1990) or Section 16d of the Social Insurance Coordination Act of the Netherlands (Coördinatiewet Sociale Verzekeringen); 

  

	 	(f)	a trustee in bankruptcy includes a curator; 

  

	 	(g)	an administrator includes a bewindvoerder; 

  

	 	(h)	a receiver or an administrative receiver does not include a curator or bewindvoerder; and 

  

	 	(i)	an attachment includes a beslag. 

  

 353 

	2.	THE FACILITY 

 Subject to the terms of this
Agreement, the Lender makes available a euro loan in an aggregate amount equal to the Commitment. 
  

	3.	PURPOSE 

  

	3.1	Purpose 

 The Association shall apply all amounts
borrowed by it under the Facility exclusively for the purpose of financing the subscription price for the AEGON Securities (to be) issued on 1 December 2008 in accordance with the Subscription Agreement. 
  

	3.2	Monitoring 

 The Lender is not bound to monitor or
verify the application of any amount borrowed pursuant to this Agreement. 
  

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial conditions precedent 

 The Lender will only
be obliged to comply with Subclause 5.3 (Lender’s participation) in relation to the Loan if on or before the Utilisation Date for the Loan, the Lender has received all of the documents and other evidence listed in Schedule 1 (Conditions
Precedent) in form and substance satisfactory to it. The Lender shall notify the Association promptly upon being so satisfied. 
  

	4.2	Further conditions precedent 

 Subject to Subclause
4.1 (Initial Conditions Precedent), the Lender will only be obliged to comply with Subclause 5.3 (Lender's participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: 
  

	 	(a)	no Default is continuing or would result from the proposed Loan; and 

  

	 	(b)	all the representations and warranties in Clause 11 (Representations) are true. 

  

	5.	UTILISATION 

  

	5.1	Delivery of Utilisation Request 

 The Association
may utilise the Facility by delivery to the Lender of a duly completed Utilisation Request not later than 11.00 am on the proposed Utilisation Date. 
  

	5.2	Completion of a Utilisation Request 

  

	 	(a)	The Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(i)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	 	(ii)	the amount of the Loan requested is EUR 3,000,000,000; 

  

 354 

	 	(iii)	the Association directs the proceeds to be payable to AEGON in accordance with the purpose of the Facility as provided in Subclause 3.1 (Purpose); and 

  

	 	(iv)	the Utilisation Request complies with the requirements of paragraph (b) below. 

  

	 	(b)	Only one Utilisation Request may be given, and only one Loan may be requested in the Utilisation Request. 

  

	5.3	Lender’s participation 

 If the conditions set
out in this Agreement have been met, the Lender shall make the Loan available by the Utilisation Date at the account details requested in the Utilisation Request. 
  

	6.	MANDATORY PREPAYMENT, VOLUNTARY PREPAYMENT 

  

	6.1	Definitions 

 For the purpose of Clauses 6 through
8, 
 (i) terms defined in the Securities Terms and Conditions shall, unless the context suggests otherwise, have the same meaning when used
in this Clause 6; and 
 (ii) the following terms shall have the meanings ascribed thereto below: 
 Conversion means a conversion of all or some of the AEGON Securities in accordance with clause 6 of the Securities Terms and Conditions.

 Conversion Amount means, on a Conversion Date, the amount calculated by multiplying the Issue Price by the number of Converted
Securities for that Conversion Date. 
 Conversion Date means the date on which a Conversion occurs in accordance with the Securities
Terms and Conditions. 
 Conversion Make-up Interest means, in connection with a Conversion on a Conversion Date, the amount of any
additional interest payment, as calculated in accordance with clause 3(h) of the Securities Terms and Conditions. 
 Converted
Securities means, on a Conversion Date, the AEGON Securities the subject of a Conversion on that Conversion Date. 
 Converted
Shares means, on a Conversion Date, the AEGON Ordinary Shares that have been converted from the Converted Securities on that Conversion Date. 
 Repurchase means a repurchase of all or some of the AEGON Securities in accordance with either clause 4(b) or 4(c) of the Securities Terms and Conditions. 
 Repurchase Date means the date on which a Repurchase is effectuated in accordance with the Securities Terms and Conditions. 
 Repurchase Make-up Interest means, in connection with a Repurchase on a Repurchase Date, any additional interest payment, as calculated in accordance with clause 3(h) of the Securities Terms and Conditions.

  

 355 

 Repurchase Principal means, for a Repurchase Date, the amount calculated by multiplying the Issue
Price by the number of Repurchase Securities for that Repurchase Date. 
 Repurchase Proceeds means all cash proceeds (including any
amount attributable to Securities Interest and (if applicable) to the First Year Repurchase Compensation, and which are due and calculated in accordance with the Securities Terms and Conditions) payable on a Repurchase Date to the Association by the
Issuer in connection with a Repurchase. 
 Repurchase Securities means, on a Repurchase Date, the AEGON Securities the subject of a
Repurchase on that Repurchase Date. 
  

	6.2	Repurchase 

 On each Repurchase Date: 
  

	 	(a)	the Association shall pay to the Lender an amount equal to the amount of the Repurchase Proceeds received by it on that Repurchase Date; 

  

	 	(b)	the principal amount of the Loan shall be irrevocably reduced by the amount of the Repurchase Principal for that Repurchase Date; and 

  

	 	(c)	subject to the payment required by paragraph (a) being made and received by the Lender, the payment obligations of the Association under or pursuant to the Finance Documents in
respect of the Loan (including in relation to any accrued and unpaid interest and other amounts payable) and relating to those Repurchase Securities on such Repurchase Date, shall be deemed to be satisfied in full. 

 If after a Repurchase Date the Association is to receive any Repurchase Make-up Interest from the Issuer in cash pursuant to the Securities Terms and
Conditions, the Issuer shall transfer to the Lender the amount of any such Repurchase Make-up Interest on the date that such Repurchase Make-up Interest is received by it under the Securities Terms and Conditions. If and to the extent that any
Repurchase Make-up Interest to be received by the Association from AEGON pursuant to the Securities Terms and Conditions is received in the form of Securities Scrip Interest rather than in cash, the Association shall pay or transfer to the Lender
such Securities Scrip Interest. 
 If a Tax Deduction is required to be made by AEGON in respect of Repurchase Proceeds or Repurchase Make-up
Interest paid to the Association under the Securities Terms and Conditions and such Tax Deduction is made, then (a) the Association shall pay to the Lender the amount actually received by it from AEGON net of such Tax Deduction, and
(b) the Association shall assign to the Lender its refund claim in respect of such Tax Deduction in accordance with the provisions of Subclause 9.3 (Assignment of Refund Claim).  
  

	6.3	Conversion 

  

	(a)	On each Conversion Date: 

  

	 	(i)	the Association shall transfer to the Lender the Converted Shares received by it on that Conversion Date; 

  

	 	(ii)	the principal amount of the Loan shall be irrevocably reduced by the Conversion Amount for that Conversion Date; 

  

 356 

	 	(iii)	subject to the transfer required by subparagraph (a)(i) being made, the payment obligations of the Association under or pursuant to the Finance Documents in respect of the Loan
(including in relation to any accrued and unpaid interest and other amounts payable) in relation to those Converted Shares on such Conversion Date, shall be deemed to be satisfied in full. 

 If after a Conversion Date the Association receives any Conversion Make-up Interest from the Issuer pursuant to the Securities Terms and Conditions, the
Association shall transfer to the Lender the amount of any such Conversion Make-up Interest if and as soon as received. If and to the extent that any Conversion Make-up Interest received by the Association from AEGON pursuant to the Securities Terms
and Conditions is received in the form of Securities Scrip Interest rather than in cash, such Securities Scrip Interest shall be transferred by the Association to the Lender hereunder if and as soon as received. If a Tax Deduction is required to be
made by AEGON in respect of Conversion Make-up Interest paid to the Association under the Securities Terms and Conditions and such Tax Deduction is made, then (a) the Association shall pay to the Lender the amount actually received by it from
AEGON net of such Tax Deduction, and (b) the Association shall assign to the Lender its refund claim in respect of such Tax Deduction in accordance with the provisions of 9.3 (Assignment of Refund Claim). 
  

	(b)	Any sale or transfer by the Lender of Converted Shares shall occur after consultation with AEGON. 

  

	6.4	Transfer 

  

	(a)	The Association may at any time transfer all of the AEGON Securities outstanding at that time and held by it to the Lender on a date not earlier than 5 Business Days after the
Association has given notice to the Lender of its intention to do so, such notice to specify the contemplated transfer date. Upon such notice having been provided, the Association and the Lender shall each promptly take such action (including the
entering into of a deed of assignment and notification substantially in the form of Annex III to the Subscription Agreement) as is necessary to be taken by it to ensure the transfer of ownership of the AEGON Securities to the Lender pursuant to this
Clause on the contemplated transfer date. 

  

	(b)	As of the date of the completion of the transfer of the AEGON Securities contemplated by paragraph (a) above (the Transfer Date), the Loan together with any accrued and
unpaid interest and any other amounts payable in connection with the Loan (the Other Amounts) shall be deemed to be prepaid and paid in full and all other obligations of the Association under or pursuant to the Finance Documents (the Other
Obligations) shall be deemed to be satisfied in full. 

  

	(c)	To the extent immediately prior to the deemed prepayment and payment in full of the Other Amounts and the deemed satisfaction in full of the Other Obligations of the Association
under to paragraph (b) above, any Other Amounts or Other Obligations were payable by the Association, then AEGON undertakes vis-à-vis the Lender, to be liable for, or bound by, an amount equal to the Other Amounts and liable for
obligations equivalent to the Other Obligations as of the Transfer Date. 

  

 357 

	7.	RESTRICTIONS 

  

	7.1	Notice of Prepayment 

 Any notice of prepayment,
authorisation or other election given by any Party under Subclause 6.4 (Mandatory Prepayment, Voluntary Prepayment) shall (subject to the terms of such Subclause) be irrevocable and, unless a contrary indication appears in this Agreement, any such
notice shall specify the date or dates upon which the relevant prepayment, conversion or transfer is to be made. 
  

	7.2	No reborrowing of Facility 

 The Association shall
not reborrow any part of the Facility which is prepaid. 
  

	7.3	Prepayment in accordance with Agreement 

 The
Association shall not repay or prepay all or any part of the Loan or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. 
  

	8.	INTEREST 

  

	8.1	Calculation of interest 

 The amount and type of
interest on the Loan shall be equal to, and the same as, the amount and type, respectively, of Securities Interest payable by AEGON to the Association under the Subscription Documents. 
  

	8.2	Selection type of Securities Interest 

 Whenever the
Association has the right to choose the type of Securities Interest, it must opt for Security Cash Interest. 
  

	8.3	Payment of interest 

 On each Securities Interest
Date, the Association shall 
  

	 	(a)	pay to the Lender the amount of any Securities Cash Interest, together with any Securities Default Interest, received by it pursuant to the Securities Terms and Conditions;

  

	 	(b)	transfer to the Lender any Securities Scrip Interest issued to it pursuant to the Securities Terms and Conditions; and 

  

	 	(c)	pay to the Lender the amount of any cash component of any Securities Scrip Interest, together with any Securities Default Interest, received by it pursuant to clause 3(c)(iii) of
the Securities Terms and Conditions. 

 If a Tax Deduction is required to be made by AEGON in respect of any Securities Cash
Interest, Securities Scrip Interest or cash component of any Scrip Securities Interest paid to the Association under the Securities Terms and Conditions and such Tax Deduction is made, then (a) the Association shall pay to the Lender the
relevant amount actually received by it from AEGON net of such Tax Deduction, and (b) the Association shall assign to the Lender 

  

 358 

 
its refund claim in respect of such Tax Deduction in accordance with the provisions of Subclause 9.3 (Assignment of Refund Claim). 
  

	8.4	Default interest 

  

	(a)	If the Association fails to pay any amount payable by it under a Transaction Document and such amount is not paid by AEGON, in each case, on its due date, interest shall accrue on
the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is 1% per annum above the interest otherwise payable hereunder. Any interest accruing under this Subclause 8.4 shall be
immediately payable by the Association to the Lender and AEGON shall pay such amounts to the Lender at those times that the Association is required to make those payments under this Agreement. 

  

	(b)	Default interest (if unpaid) arising on an overdue amount under this Agreement will be compounded with the overdue amount at the end of each Securities Interest Period applicable to
that overdue amount but will remain immediately due and payable. 

  

	9.	TAX AND INDEMNITIES 

  

	9.1	Definition 

 Unless a contrary indication appears,
in this Clause 9 a reference to determines or determined means a determination made in the reasonable discretion of the person making the determination. 
  

	9.2	Tax 

  

	(a)	The Association shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by the law applicable to it. 

  

	(b)	The Association shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Lender
accordingly. Similarly, the Lender shall notify the Association on becoming so aware in respect of a payment payable to the Lender. 

  

	(c)	If a Tax Deduction is required by law to be made by the Association, the Association shall not be obliged to increase the amount of payment due from the Association to an amount
which (after making the Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	(d)	If the Association is required to make a Tax Deduction, the Association shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time
allowed and in the minimum amount required by the law applicable to it. 

  

	9.3	Assignment of Refund Claim 

  

	(a)	The Association shall upon payment by AEGON of any amounts under the Securities Terms and Conditions on which a Tax Deduction is applied, submit a claim (in each case, a Refund
Claim) for a refund from the Dutch revenue service for any Tax withheld by AEGON. 

  

	(b)	 The Association shall assign in advance to the Lender any and all (present and future) Refund Claims owing to it at any time, and the parties shall execute an
assignment deed to that effect at the date of this Agreement. The obligation of the Association to pay to the 

  

 359 

	 	 
Lender an amount equal to a Refund Claim each time that such Refund Claim arises shall be deemed to be satisfied in full upon the Association obtaining
approval of the tax authorities in respect of the assignment of such Refund Claim as envisaged by article 24(5) of the Collection of State Taxes Act 1990 (Invorderingswet 1990). 

  

	9.4	Conversion 

 Following a Conversion, the Lender,
AEGON and the Association shall enter into discussions with a view to agreeing on a tax efficient method for payment of any Tax attributable to that Conversion. Each Party shall use its reasonable commercial efforts to agree to such method within a
reasonable time but not later than within 1 months after such Conversion. 
  

	9.5	Indemnities 

  

	(a)	AEGON shall, within three Business Days of demand, indemnify the Lender against any cost, loss or liability incurred by it as a result of: 

  

	 	(i)	the occurrence of any Event of Default; 

  

	 	(ii)	a failure by the Association or AEGON to pay any amount due under a Transaction Document on its due date; 

  

	 	(iii)	funding, or making arrangements to fund, the Loan but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or
negligence by the Lender alone); 

  

	 	(iv)	the Loan (or part thereof) not being prepaid in accordance with any notice given by the Association or AEGON as a result of which a prepayment of the Loan is to occur;

  

	(b)	investigating any event which it reasonably believes is a Default; 

  

	(c)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; 

  

	(d)	the taking, holding, protection or enforcement of the Transaction Security; 

  

	(e)	the exercise of any of the rights, powers, discretions and remedies vested in the Lender by the Transaction Documents or by law; or 

  

	(f)	any default by the Association or AEGON in the performance of any of the obligations expressed to be assumed by it in the Transaction Documents. 

  

	10.	COSTS AND EXPENSES 

  

	10.1	Transaction expenses 

 AEGON shall promptly on
demand pay the Lender the amount of all costs and expenses (including legal fees) incurred by it in connection with the negotiation, preparation, printing, execution, syndication and perfection of: 
  

	 	(a)	the Term Sheet, Transaction Documents and any other documents referred to in this Agreement and the Transaction Security; and 

  

 360 

	 	(b)	any other Finance Document executed after the date of this Agreement. 

  

	10.2	Amendment costs 

 If: 
  

	 	(a)	the Association or AEGON requests an amendment, waiver or consent by the Lender; or 

  

	 	(b)	the Lender incurs costs (including, but not limited to, legal fees)directly relating to paragraph 16.2(b) (Conditions of assignment or transfer by the Lender),

 AEGON shall, within three Business Days of demand, reimburse (or cause to be reimbursed to) each of the Lender for the amount
of all costs and expenses (including legal fees) incurred by the Lender: 
  

	 	(i)	in responding to, evaluating, negotiating or complying with that request or requirement; or 

  

	 	(ii)	in connection with the amendments to the Finance Document referred to in paragraph 16.2(b) (Conditions of assignment or transfer by the Lender), 

 as the case may be. 
  

	10.3	Enforcement and preservation costs 

 AEGON shall,
within three Business Days of demand, pay (or cause to be paid) to the Lender the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement of or the preservation of any rights under the Term Sheet,
any Transaction Document and the Transaction Security and any proceedings instituted by or against the Lender as a consequence of taking or holding the Transaction Security or enforcing these rights. 
  

	11.	REPRESENTATIONS 

  

	11.1	General 

 Unless otherwise provided in this Clause
11: 
  

	 	(a)	the Association makes to the Lender in respect of itself, the representations and warranties set out in: 

  

	 	(i)	paragraph 11.2(a) and 11.2(c) Status; 

  

	 	(ii)	Subclause 11.3 (Binding obligations) to Subclause 11.7 (Governing law and enforcement); 

  

	 	(iii)	Subclause 11.8 (Insolvency), but only to the extent the clauses referred to therein apply to the Association; 

  

	 	(iv)	Subclause 11.9 (No filing or stamp taxes) to Subclause 11.11 (No default); 

  

	 	(v)	Subclause 11.12 (No misleading information), but only to the extent to information by or on behalf of the Association; 

  

 361 

	 	(vi)	Subclause 11.13 (Original Financial Statements), but only in respect of the financial statements of the Association; 

  

	 	(vii)	Subclause 11.14 (No proceedings pending or threatened) to Subclause 11.25 (Security). 

  

	 	(b)	AEGON represents and warrants to the Lender that the representations given by the Association in this Clause 11 are correct, and AEGON further gives the representations and
warranties contained in this Clause 11 where such representations and warranties relate to AEGON rather than the Association. 

  

	11.2	Status 

  

	 	(a)	The Association is an association (vereniging), duly established and validly existing under the laws of The Netherlands; 

  

	 	(b)	AEGON is a limited liability company (naamloze vennootschap), duly incorporated and validly existing under Dutch law; and 

  

	 	(c)	It has the power to own its assets and carry on its business as it is being conducted. 

  

	11.3	Binding obligations 

  

	 	(a)	Without prejudice to paragraph (b) below and subject to the Legal Reservations, the obligations expressed to be assumed by it in each Transaction Document to which it is a
party are legal, valid, binding and enforceable obligations; and 

  

	 	(b)	Each Transaction Security Document to which it is a party creates the security interests which that Transaction Security Document purports to create and those security interests are
valid and effective. 

  

	11.4	Non-conflict with other obligations 

 The entry into
and performance by it of, and the transactions contemplated by, the Transaction Documents and the granting of the Transaction Security pursuant to the Agreed Security Principles do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its Constitutional Documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or instrument.

  

	11.5	Power and authority 

  

	 	(a)	It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Transaction Documents to which
it is or will be a party and the transactions contemplated by those Transaction Documents. 

  

	 	(b)	No limit on its powers will be exceeded as a result of the borrowing, grant of security or giving of guarantees or indemnities contemplated by the Transaction Documents to which it
is a party. 

  

 362 

	11.6	Validity and admissibility in evidence 

  

	 	(a)	All Authorisations required or desirable: 

  

	 	(i)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party; and 

  

	 	(ii)	to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdiction, 

 have been obtained or effected and are in full force and effect. 
  

	 	(b)	All Authorisations necessary for the conduct of its business and other of its ordinary activities have been obtained or effected and are in full force and effect, if failure to
obtain or effect those Authorisations has or is reasonably likely to have a Material Adverse Effect. 

  

	11.7	Governing law and enforcement 

  

	 	(a)	The choice of Dutch law as the governing law of the Transaction Documents to which it is a party will be recognised and enforced in its Relevant Jurisdiction.

  

	 	(b)	Any judgment obtained in relation to a Transaction Document to which it is a party in The Netherlands will be recognised and enforced in its Relevant Jurisdiction.

  

	11.8	Insolvency 

 No: 
  

	 	(a)	corporate action, legal proceeding or other procedure or step described in paragraph (a) of Subclause 14.6 (Insolvency proceedings); or 

  

	 	(b)	creditors’ process described in Subclause 14.7 (Creditors’ process), 

 has been taken or threatened in relation to it and none of the circumstances described in Subclause 14.5 (Insolvency) applies to it. 
  

	11.9	No filing or stamp taxes 

 Under the laws of its
Relevant Jurisdiction it is not necessary that the Transaction Documents to which it is a party be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees
be paid on or in relation to the Transaction Documents or the transactions contemplated by the Transaction Documents. 
  

	11.10 Deduction	of Tax 

 Other than as specified in Clause 9
(Taxes and Indemnities), it is not required to make any deduction for or on account of Tax from any payment it may make under any Transaction Document to the Lender. 
  

	11.11 	No default 

  

	 	(a)	 No Event of Default, and on the date of this Agreement and on the Utilisation Date, no Default is continuing or is reasonably likely to result from the making of
the Loan or the 

  

 363 

	 	 
entry into, the performance of, or any transaction contemplated by, any Transaction Document. 

  

	 	(b)	No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination or any combination of
any of the foregoing, would constitute) a default or termination event (however described) under any other agreement or instrument which is binding on it or to which its assets are subject which has or is reasonably likely to have a Material Adverse
Effect. 

 11.12 No misleading information 
 Save as disclosed in writing to the Lender prior to the date of this Agreement, 
  

	 	(a)	any factual information contained in any documents provided to the Lender by the Association or AEGON for the purposes of entering into the Transaction Documents (the
“Information Documents”) was true and accurate in all material respects as at the date of the Information Document or (as the case may be) as at the date the information is expressed to be given; 

  

	 	(b)	the written expressions of opinion or intention provided by or on behalf of the Association or AEGON for the purposes of the Information Documents were made after careful
consideration and (as at the date of the relevant report or document containing the expression of opinion or intention) were fair and based on reasonable grounds; 

  

	 	(c)	no event or circumstance has occurred or arisen and no information has been omitted from the Information Documents and no information has been given or withheld that results in the
information contained in the Information Documents being untrue or misleading in any material respect; 

  

	 	(d)	all material written information provided to the Lender by or on behalf of the Association or AEGON for the purposes of entering into the Transaction Documents and the financial
condition of the Group on or before the date of this Agreement and, in each case, not superseded before that date is accurate and not misleading in any material respect and all written financial information provided to the Lender on or before the
date of this Agreement for the purposes of entering into the Transaction Documents have been prepared in good faith on the basis of assumptions which were considered reasonable at the time at which they were prepared and supplied.

 11.13 Original Financial Statements 
  

	 	(a)	Its Original Financial Statements were prepared in accordance with the Accounting Principles consistently applied. 

  

	 	(b)	Its Original Financial Statements fairly represent its financial condition and results of operations for the relevant financial year. 

  

	 	(c)	Its audited Original Financial Statements give a true and fair view of its financial condition and results of operations during the relevant financial year.

  

	 	(d)	There has been no material adverse change in its assets, business or financial condition since the date of the Original Financial Statements, other than as has been disclosed to the
Lender prior to the date of this Agreement. 

  

 364 

	 	(e)	The Original Financial Statements of AEGON do not consolidate the results, assets or liabilities of any person or business which does not form part of the Group.

  

	 	(f)	Its Annual Financial Statements fairly represent its financial condition and results of operations for the relevant financial year. 

  

	 	(g)	Its most recent financial statements delivered pursuant to Subclause 12.1 (Financial statements): 

  

	 	(i)	have been prepared in accordance with the Accounting Principles as applied to the Original Financial Statements; and 

  

	 	(ii)	give a true and fair view of (if audited) or fairly present (if unaudited) its consolidated financial condition as at the end of, and consolidated results of operations for, the
period to which they relate. 

  

	 	(h)	Since the date of the most recent financial statements delivered pursuant to Subclause 12.1 (Financial statements) there has been no material adverse change in its business,
assets or financial condition, other than as has been disclosed to the Lender prior to the date of this Agreement. 

 11.14 No
proceedings pending or threatened 
 No litigation, arbitration or administrative proceedings or investigations of, or before, any court,
arbitral body or agency which, if adversely determined, are reasonably likely to have a Material Adverse Effect have been started or threatened against it, other than as disclosed to the Lender in writing prior to the date of this Agreement.

 11.15 No breach of laws 
 It has
not breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect. 
  

	11.16 Taxation	

 Save as disclosed in writing to the Lender prior
to the date of this Agreement, 
  

	 	(a)	it is not materially overdue in the filing of any Tax returns and it is not overdue in the payment of any amount in respect of Tax in excess of €10,000,000 (in case of AEGON)
or €100,000 (in case of the Association) (or their equivalent in any other currency), except to the extent that such payment, is being contested in good faith, it has maintained adequate reserves for those Taxes and payment can be lawfully
withheld; 

  

	 	(b)	no claims or investigations are being, or are reasonably likely to be, made or conducted against it with respect to Taxes such that a liability of, or claim against, it in excess of
€10,000,000 (in case of AEGON) or €100,000 (in case of the Association) (or their equivalent in any other currency) or more is reasonably likely to arise; and 

  

	 	(c)	it is resident for Tax purposes only in The Netherlands. 

  

 365 

	11.17 	Security and Financial Indebtedness 

 In respect of
the Association only, 
  

	 	(a)	no Security or Quasi-Security exists over all or any of its present or future assets other than as permitted by this Agreement; and 

  

	 	(b)	at the date of this Agreement, all its assets which are capable of being encumbered by Security are encumbered by Security under the Bank Finance Documents, except for:

  

	 	(i)	its AEGON Securities; 

  

	 	(ii)	its AEGON Preference Shares; and 

  

	 	(iii)	its other assets of which the aggregate value at any time does not exceed €250,000. 

  

	 	(c)	It has no Financial Indebtedness outstanding other than as permitted by this Agreement. 

  

	11.18 	Ranking 

 In respect of the Association only, the
Transaction Security has or will have the ranking in priority which it is expressed to have in the Transaction Security Documents. 
  

	11.19 	Good title to assets 

 In respect of the Association
only, it has a good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted. 
  

	11.20 	Ownership 

 In respect of the Association only, it
is the sole legal and beneficial owner of the assets over which it purports to grant Security. 
  

	11.21 	AEGON Securities 

  

	 	(a)	In respect of the Association only, 

  

	 	(i)	On the Issue Date, the AEGON Securities are fully paid and not subject to any option to purchase or similar rights other than as contemplated by the Subscription Documents.

  

	 	(ii)	The Constitutional Documents of AEGON do not restrict or inhibit any transfer of the AEGON Securities on creation or enforcement of the Transaction Security.

  

	 	(iii)	Except as provided in the Transaction Documents, there are no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or
allotment of, any of the AEGON Securities (including any option or right of pre-emption or conversion). 

  

 366 

	 	(b)	In respect of AEGON only, all consents and approvals of any court, government department or other regulatory body required by AEGON for the issue and distribution of the Securities
and the performance of the terms of the Securities have been obtained. 

  

	11.22 	Centre of main interests and establishments 

 In
respect of the Association only, for the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the Regulation), its centre of main interest (as that term is used in Article 3(1) of the
Regulation) is situated in The Netherlands and it has no “establishment” (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction. 
  

	11.23	 No Immunity 

 In respect of the Association
only, in any proceedings taken in its Relevant Jurisdiction in relation to any Transaction Document, it will not be entitled to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process. 
  

	11.24 	Insurance 

 In respect of the Association only, it
maintains insurances on and in relation to its business and assets with reputable underwrites or insurance companies against those risk and to the extent (if any) as it usual for an entity carrying on the same or substantially similar business.

  

	11.25 	Security 

 In respect of the Association only,

  

	 	(a)	no Security exists over all or any of its present and future assets other than any Security permitted under Subclause 13.8 (Negative pledge); and 

  

	 	(b)	each Transaction Security Document validly creates the Security which is expressed to be created by that Transaction Security Document and evidences the Security it is expressed to
evidence. 

  

	11.26 	Times when representations made 

  

	 	(a)	All the representations and warranties in this Clause 11 are, unless otherwise indicated in this Clause 11 made on the date of this Agreement and on the Utilisation Date.

  

	 	(b)	The representations and warranties in Clause 11.12 (No misleading information) are deemed to be made by each of the Association and AEGON on the date that the Lender transfers all
or parts of its rights and obligations under the Finance Documents to a third party. 

  

	 	(c)	The Repeating Representations are deemed to be made on the date of the Utilisation Request, on the first day of each Interest Period and on each date that a payment is made under
this Agreement in accordance with Clause 6 (Mandatory Prepayment, Voluntary Prepayment) (except that those contained in paragraphs (a) - (e) of Subclause 11.13 (Original Financial Statements) will cease to be so made once subsequent financial
statements have been delivered under this Agreement). 

  

 367 

	 	(d)	Each representation or warranty deemed to be made after the date of this Agreement shall be deemed to be made by reference to the facts and circumstances existing at the date the
representation or warranty is deemed to be made. 

  

	12.	INFORMATION UNDERTAKINGS 

 The undertakings in this
Clause 12 remain in force from the date of this Agreement for so long as any amount is outstanding under the Transaction Documents or any Commitment is in force. 
 In this Clause 12: 
 Half Year Financial Statements means the financial statements delivered pursuant
to paragraph (b) of Subclause 11.1 (Financial statements). 
  

	12.1	Financial statements 

 The Association shall supply
to the Lender: 
  

	 	(a)	as soon as they are available, but in any event within 120 days after the end of each of its Financial Years, its audited financial statements for that Financial Year; and

  

	 	(b)	as soon as they are available, but in any event within 60 days after the end of each half of each of its Financial Years its consolidated financial statements for that financial
half year. 

  

	12.2	Requirements as to financial statements 

  

	 	(a)	The Association shall procure that each set of financial statements delivered pursuant to Subclause 12.1 (Financial statements): 

  

	 	(i)	includes a balance sheet, profit and loss account and cashflow statement; 

  

	 	(ii)	is certified by the Association as giving a true and fair view of (in the case of Annual Financial Statements for any Financial Year), or fairly representing (in other cases), its
financial condition and operations as at the date as at which those financial statements were drawn up and, in the case of the Annual Financial Statements, shall be accompanied by any cover letter addressed to the management of the Association by
the Auditors and accompanying those Annual Financial Statements; 

  

	 	(iii)	shall be prepared using the Accounting Principles, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial
Statements, unless, in relation to any set of financial statements, the Association notifies the Lender that there has been a change in the Accounting Principles or the accounting practices and its Auditors deliver to the Lender:

  

	 	(A)	a description of any change necessary for those financial statements to reflect the Accounting Principles or accounting practices upon which the Original Financial Statements were
prepared; and 

  

	 	(B)	sufficient information, in form and substance as may be reasonably required by the Lender, to enable the Lender to make an accurate comparison between the financial position
indicated in those financial statements and the Original Financial Statements. 

  

 368 

	 	(b)	In addition the Association shall procure that each set of Annual Financial Statements shall be audited by the Auditors. 

  

	 	(c)	If the Lender (acting reasonably) wishes to discuss the financial position of AEGON or the Association with the Auditors, the Lender may notify the Association and AEGON, stating
the questions or issues which that Lender wishes to discuss with the Auditors. In this event, the Association and AEGON must ensure that the Auditors are authorised (at the expense of the Association and AEGON) to discuss their financial position
with the Lender on reasonable request from the Lender. 

  

	 	(d)	Any such discussions under paragraph (c) above shall be held in the presence of AEGON and the Association and AEGON and the Association shall be entitled to participate in such
discussions. 

  

	 	(e)	Any reference in this Agreement to any financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original
Financial Statements were prepared. 

  

	12.3	Information: miscellaneous 

 The Association and
AEGON shall supply to the Lender (each of them in respect of itself only): 
  

	 	(a)	at the same time as they are dispatched, copies of all documents dispatched by AEGON to its shareholders generally (or any class of them) and by the Association to its members
generally or dispatched by any of the Association and AEGON to its creditors generally (or any class of them); 

  

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against the Association or
AEGON, and which, if adversely determined, are reasonably likely to have a Material Adverse Effect; 

  

	 	(c)	promptly, such information as the Lender may reasonably require about the Charged Property and compliance of the Association and AEGON with the terms of any Transaction Security
Documents; and 

  

	 	(d)	promptly on request, such information regarding its financial condition, assets and operations of the Association and AEGON as the Lender may reasonably request.

  

	12.4	Notification of default 

  

	 	(a)	Each of the Association and AEGON shall notify the Lender of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence.

  

	 	(b)	Promptly upon a request by the Lender, the Association and AEGON shall supply to the Lender a duly executed certificate certifying that no Default is continuing (or if a Default is
continuing, specifying the Default and the steps, if any, being taken to remedy it). 

  

	13.	GENERAL UNDERTAKINGS 

 The undertakings in this
Clause 13 remain in force from the date of this Agreement for so long as any amount is outstanding under the Transaction Documents or any Commitment is in force. 
  

 369 

	13.1	Authorisations 

 The Association shall promptly:

  

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Lender, of 

 any
Authorisation required under the law or regulation of a Relevant Jurisdiction to: 
  

	 	(i)	enable it to perform its obligations under the Transaction Documents; 

  

	 	(ii)	ensure the legality, validity, enforceability or admissibility in evidence of any Transaction Document; and 

  

	 	(iii)	carry on its business, 

 in each case, where failure to do
so has or is reasonably likely to have a Material Adverse Effect. 
  

	13.2	Compliance with laws 

 The Association shall comply
in all respects with all laws to which it may be subject, if failure so to comply has or is reasonably likely to have a Material Adverse Effect. 
  

	13.3	Taxation 

  

	 	(a)	The Association shall pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:

  

	 	(i)	such payment is being contested in good faith; 

  

	 	(ii)	adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered to the Lender
under Subclause 12.1 (Financial statements); and 

  

	 	(iii)	such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely to have a Material Adverse Effect. 

  

	 	(b)	The Association may not change its residence for Tax purposes. 

  

	13.4	Merger 

 The Association shall not enter into any
amalgamation, demerger, merger, consolidation or corporate reconstruction. 
  

	13.5	Acquisitions 

  

	 	(a)	Except as permitted under paragraph (b) below or with the prior consent of the Lender, the Association shall not: 

  

	 	(i)	acquire any assets, company or any shares or securities or a business or undertaking (or, in each case, any interest in any of them); 

  

 370 

	 	(ii)	incorporate a company; or 

  

	 	(iii)	enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture. 

  

	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	the acquisition of any AEGON Ordinary Shares, AEGON Preference Shares or AEGON Securities; 

  

	 	(ii)	the acquisition of any asset as required by any Transaction Document; or 

  

	 	(iii)	the acquisition of any asset pursuant to any Bank Finance Document. 

  

	13.6	Business 

  

	 	(a)	(The Association shall not trade, carry on any business, own any assets or incur any liabilities except for: 

  

	 	(i)	any business or other activities carried on prior to and/or at the date of this Agreement; 

  

	 	(ii)	ownership of the AEGON Ordinary Shares, AEGON Preference Shares, AEGON Securities, credit balances in bank accounts, cash and cash equivalent investments; and

  

	 	(iii)	any assets and liabilities under the Transaction Documents and the Bank Finance Documents to which it is a party and professional fees and administration costs in the ordinary
course of business as a shareholding entity. 

  

	13.7	Pari passu ranking 

 The Association shall ensure
that at all times any unsecured and unsubordinated claims of the Lender against it under the Transaction Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose
claims are mandatorily preferred by laws of general application to entities such as the Association. 
  

	13.8	Negative pledge 

 In this Subclause 13.8,
Quasi-Security means a transaction described in paragraph (b) below. 
 Except as permitted under paragraph (c) below or with
the prior consent of the Lender: 
  

	 	(a)	the Association shall not create or permit to subsist any Security over any of its assets. 

  

	 	(b)	the Association shall not: 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by it; 

  

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

 371 

	 	(iii)	enter into any other preferential arrangement having an effect similar to the granting of Security, 

 in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the
acquisition of an asset. 
  

	 	(c)	AEGON shall not create or permit to subsist any Security over any of its shares in its Subsidiaries which are incorporated in The Netherlands. 

  

	 	(d)	Paragraphs (a) and (b) above do not apply to: 

  

	 	(i)	any Security or Quasi-Security arising under clauses 18, 19 and 20 of the general terms and conditions (algemene bank voorwaarden) of any member of the Dutch Bankers’
Association (Nederlandse Vereniging van Banken) in connection with the account referred to in sub-paragraph (b)(i) of Subclause 13.11 (Financial indebtedness); 

  

	 	(ii)	any transaction, or Security or Quasi-Security contemplated by the Transaction Documents; or 

  

	 	(iii)	any Security or Quasi-Security contemplated pursuant to the Bank Finance Documents but only if, and to the extent that, failure to create, permit or subsist such Security or
Quasi-Security would prejudice a continuation, an extension or refinancing of the arrangements under the Bank Financing Documents. 

  

	13.9	Disposals 

  

	 	(a)	Except as permitted under paragraph (b) below or with the prior consent of the Lender, the Association shall not: 

  

	 	(i)	enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset;
or 

  

	 	(ii)	transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations of a Joint Venture or maintain the solvency of or provide working capital
to any Joint Venture (or agree to do any of the foregoing). 

  

	 	(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal: 

  

	 	(i)	pursuant to and in accordance with any Transaction Document; or 

  

	 	(ii)	pursuant to and in accordance with any Bank Finance Document. 

  

	13.10	 Loans, credit or guarantee 

  

	 	(a)	Except as permitted under paragraph (b) below or with the prior consent of the Lender, the Association shall not be a creditor in respect of any Financial Indebtedness, and
shall not incur or allow to remain outstanding any guarantee in respect of any obligation of any person. 

  

	 	(b)	Paragraph (a) above does not apply to any Financial Indebtedness made, or any guarantee: 

  

 372 

	 	(i)	required under any Transaction Document; or 

  

	 	(ii)	required under any Bank Finance Document. 

  

	13.11 	Financial Indebtedness 

  

	 	(a)	Except as permitted under paragraph (b) below or with the prior consent of the Lender, the Association shall not incur or allow to remain outstanding any Financial
Indebtedness. 

  

	 	(b)	Paragraph (a) above does not apply to Financial Indebtedness which is incurred or outstanding: 

  

	 	(i)	under an account held by the Association with a financial institution in The Netherlands, provided that any Financial Indebtedness in connection with that account is incurred or is
outstanding in connection with operational expenses of the Association and does not exceed €2,000,000 at any time; 

  

	 	(ii)	under the Transaction Documents; or 

  

	 	(iii)	under the Bank Finance Documents. 

  

	13.12	 Treasury Transactions 

 The Association shall
not enter into any Treasury Transaction, other than: 
  

	 	(a)	any Treasury Transaction entered into under the Bank Finance Documents; or 

  

	 	(b)	any Treasury Transaction in the ordinary course of its business and on non-speculative terms. 

  

	13.13	 Access 

 If a Default is continuing or the
Lender reasonably suspects a Default is continuing or may occur, each of the Association and AEGON shall permit the Lender and/or accountants or other professional advisers of the Lender free access at all reasonable times and on reasonable notice
to (i) its premises, assets, books, accounts and records and (ii) meet and discuss with the management, unless to do so would cause the Association or AEGON to be in breach of any applicable laws or regulations, stock exchange rules or any
confidentiality undertakings that the Association or AEGON is subject to. 
  

	13.14	 Insurance 

 The Association shall maintain
insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks and to the extent (if any) as is usual for an entity carrying on the same or substantially similar business. 

 

	13.15	 Amendments 

 Neither the Association nor AEGON
shall amend, vary, novate, supplement, supersede, waive or terminate any term of a Transaction Document or its Constitutional Documents or any other document delivered to the Lender pursuant to Subclause 4.1 (Initial conditions precedent) except in
writing: 
  

 373 

	 	(a)	prior to or on the Closing Date or if so provided under this Agreement, with the prior written consent of the Lender; or 

  

	 	(b)	after the Closing Date, in a way which: 

  

	 	(i)	could not be reasonably expected materially and adversely to affect the interests of the Lender; 

  

	 	(ii)	would not change the date, amount or method of payment of interest or principal on the AEGON Securities other than as contemplated by the Subscription Documents.

 The Association shall promptly supply to the Lender a copy of any document relating to any of the matters referred to in
paragraphs (a) and (b) above. 
  

	13.16	 Further assurance and Security 

  

	 	(a)	Subject to the Agreed Security Principles, the Association shall promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges,
notices and instructions) as the Lender may specify (and in such form as the Lender may require) to perfect the Security created or intended to be created under or evidenced by the Transaction Security Documents or for the exercise of any rights,
powers and remedies of the Lender provided by or pursuant to the Transaction Documents or by law. 

  

	 	(b)	If and when any Security extended in favour of the Bank Lenders (or a security agent acting for the benefit of the Bank Lenders) is finally released by such Bank Lenders (or by such
security agent) or terminates by operation of law and the Association, and for so long as there are any amounts outstanding under the Bank Financing Documents, if and when it is not restricted under the Bank Finance Documents to grant Security over
its assets, the Association shall, and AEGON shall procure that the Association will, establish additional Security on standard commercial terms on its assets as requested by the Lender in a form and substance satisfactory to the Lender. For the
avoidance of doubt, the provision of this sub-clause (b) will not apply to: 

  

	 	(i)	assets that are transferred and re-transferred under the Bank Repo Facility; 

  

	 	(ii)	assets that are required to be encumbered in order to extend or to refinance the indebtedness under the Bank Finance Documents (in which case, for the avoidance of doubt, the
provision of Security on such assets is permitted); 

  

	 	(iii)	any AEGON Preference Shares held by the Association (but excluding, for the avoidance of doubt, any distributions on those AEGON Preference Shares which shall, subject to
subparagraph (ii) above, be subject to Security in favour of the Lender if and when this is required under the first sentence of this Subclause 13.16(b); and 

  

	 	(iv)	any other assets of the Association of which the aggregate value at any time does not exceed €250,000. 

  

	13.17	 Conditions subsequent 

  

	 	(a)	The Association must use all reasonable endeavours lawfully available to avoid or mitigate the constraints on the provision of Security provided for in the Agreed Security
Principles. 

  

 374 

	 	(b)	AEGON must as soon as possible after the date of this Agreement provide to the Lender a copy of the written pages of its shareholders’ register. 

  

	13.18	 Conversion 

 If AEGON intends to exercise its
right to realise a Conversion and as a result of that Conversion and Clause 6 (Mandatory Prepayment, Voluntary Prepayment), the Lender would hold more than 29.9% of the voting rights on shares in AEGON, AEGON, the Association and the Lender will
consult with each other with a view to their taking such action as will prevent that the Lender is required to make a mandatory public offer for AEGON. 
  

	13.19	 Exercise of voting rights on shareholding 

 The Association shall exercise its full voting rights on shares in AEGON held by it at any general or other shareholder meeting of AEGON in such a manner required to give full effect to the performance of any obligation or transaction
contemplated by the Transaction Documents. 
  

	13.20	 Public offer and similar situations 

 The
provisions of this Clause 13 shall not be interpreted or applied so as to restrict the Association in any manner in exercising its voting rights on shares in AEGON held by it or in accepting or rejecting any offer for any shares in AEGON held by it
or in tendering or refusing to tender any shares in AEGON held by it, in the context of a public offer for AEGON or a contemplated merger or acquisition of AEGON. 
  

	13.21	 Assistance AEGON to Association 

  

	 	(a)	AEGON shall use its best efforts to: 

  

	 	(i)	enable the Association to comply with its obligations vis-à-vis the Lender under this Agreement; 

  

	 	(ii)	refrain from any actions that may frustrate, hinder, jeopardise or delay the performance by the Association of the implementation by the Association of the transactions contemplated
by the Term Sheet. 

  

	 	(b)	For the avoidance of doubt, the undertakings of AEGON in paragraph (a) above do not constitute, nor should be construed to constitute, a guarantee by AEGON of any financial
obligations of the Association vis-à-vis the Lender. 

  

	14.	EVENTS OF DEFAULT 

 Each of the events or
circumstances set out in this Clause 14 is an Event of Default (save for Subclause 14.15 (Acceleration)). 
  

	14.1	Non-payment 

 The Association or AEGON does not pay
on the due date any amount payable pursuant to a Transaction Document at the place at and in the currency in which it is expressed to be payable unless: 
  

	 	(a)	its failure to pay is caused by: 

  

 375 

	 	(i)	administrative or technical error; or 

  

	 	(ii)	a Disruption Event; and 

  

	 	(b)	payment is made within 3 Business Days of its due date. 

  

	14.2	Other obligations 

  

	 	(a)	The Association or AEGON does not comply with any provision of the Transaction Documents (other than those referred to in Subclause 14.1 (Non-payment)). 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 10 Business Days of the earlier of (i) the
Lender giving notice to the Association and AEGON and (ii) the Association or AEGON becoming aware of the failure to comply. 

  

	14.3	Misrepresentation 

  

	 	(a)	Any representation or statement made or deemed to be made by the Association or AEGON in the Transaction Documents or any other document delivered by or on behalf of the Association
or AEGON under or in connection with any Transaction Document is or proves to have been incorrect or misleading when made or deemed to be made. 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if the circumstances giving rise to the misrepresentation are capable of remedy and are remedied within 10 Business
Days of the earlier of: 

  

	 	(i)	the Lender giving notice to the Association; and 

  

	 	(ii)	the Association becoming aware of the circumstances giving rise to the misrepresentations. 

  

	14.4	Cross default 

  

	 	(a)	Any Financial Indebtedness of the Association is not paid when due nor within any originally applicable grace period. 

  

	 	(b)	Any Financial Indebtedness of the Association is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however
described). 

  

	 	(c)	Any commitment for any Financial Indebtedness of the Association is cancelled or suspended by a creditor of the Association as a result of an event of default (however described).

  

	 	(d)	Any creditor of the Association becomes entitled to declare any Financial Indebtedness of the Association due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	 	(e)	No Event of Default will occur under this Subclause 14.4 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs
(a) to (d) above is less than €15,000,000 (or its equivalent in any other currency or currencies). 

  

 376 

	14.5	Insolvency 

  

	 	(a)	The Association or AEGON is unable or admits inability to pay its debts as they fall due or is deemed to or declared to be unable to pay its debts under applicable law, suspends or
threatens to suspend making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness.

  

	 	(b)	A moratorium is declared in respect of any indebtedness of the Association or AEGON. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused
by that moratorium. 

  

	14.6	Insolvency proceedings 

  

	 	(a)	Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	 	(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or
otherwise) of the Association or AEGON; 

  

	 	(ii)	a composition, compromise, assignment or arrangement with any creditor of the Association or AEGON; 

  

	 	(iii)	the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of the Association or AEGON or, in each
case, any of its assets; or 

  

	 	(iv)	enforcement of any Security over any assets of the Association or AEGON, 

 or any analogous procedure or step is taken in any jurisdiction. 
  

	 	(b)	Paragraph (a) shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 15 Business Days of commencement or, if
earlier, the date on which it is advertised. 

  

	14.7	Creditors’ process 

 Any expropriation,
attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of the Association having, in each case, an aggregate value of €15,000,000 and is not discharged within 15 days.

  

	14.8	Unlawfulness and invalidity 

  

	 	(a)	It is or becomes unlawful for the Association to perform any of its obligations under the Transaction Documents or any Transaction Security created or expressed to be created or
evidenced by the Transaction Security Documents ceases to be effective. 

  

	 	(b)	Any obligation or obligations of the Association under any Transaction Documents are not (subject to the Legal Reservations) or cease to be legal, valid, binding or enforceable and
the cessation individually or cumulatively materially and adversely affects the interests of the Lender under the Transaction Documents. 

  

 377 

	 	(c)	Any Transaction Document ceases to be in full force and effect or any Transaction Security ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to
it (other than the Lender) to be ineffective. 

  

	14.9	Cessation of business 

 The Association suspends or
ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business except as a result of a disposal permitted under Subclause 13.9 (Disposals) or with the Lender’s consent. 
  

	14.10 	Audit qualification 

 The Auditors of the
Association make a qualification in their audit opinion (verklaring pursuant to Section 2:393, paragraph 5 of the Dutch Civil Code) in relation to any annual financial statements of the Association, respectively, required to be delivered
pursuant to Subclause 12.1 (Financial Statements), other than any qualification of a minor or technical nature relating to the manner of presentation of the financial statements or the detailed disclosures to those statements, provided such
disclosure would not have altered the numbers on the face of the profit and loss account, the balance sheet, the cashflow statement, the statement of total recognised gains or any note or contingent liabilities. 
  

	14.11	 Repudiation and rescission of agreements 

  

	 	(a)	The Association rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document or any of the Transaction Security or evidences an intention to rescind
or repudiate a Transaction Document or any Transaction Security. 

  

	 	(b)	Any party to the Transaction Documents rescinds or purports to rescind or repudiates or purports to repudiate any of those agreements or instruments in whole or in part where to do
so has or is, in the reasonable opinion of the Lender, likely to have a material adverse effect on the interests of the Lender under the Transaction Documents. 

  

	14.12	 Litigation 

 Any litigation, arbitration,
administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened against the Association in relation to the Transaction Documents or the transactions contemplated in the Transaction Documents or
against the Association, or in each case, any of its assets which has or is reasonably likely to have a Material Adverse Effect. 
  

	14.13	 Material Adverse Change 

 Any event or
circumstance occurs which has or is reasonably likely to have a Material Adverse Effect. 
  

	14.14	 Termination Event 

 The Association acts in a
fraudulent manner, wilfully misconducts its business or activities or provides information to the Lender which is misleading, in each case, in a material respect and under or in connection with the Transaction Documents. 
  

 378 

	14.15	 Acceleration 

  

	 	(a)	On and at any time after the occurrence of an Event of Default which is continuing the Lender may, by notice to the Association and AEGON: 

  

	 	(i)	cancel the Commitments at which time they shall immediately be cancelled; 

  

	 	(ii)	declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Transaction Documents be immediately due and payable, at
which time they shall become immediately due and payable; 

  

	 	(iii)	direct that all of the AEGON Securities are transferred to the Lender; and/or 

  

	 	(iv)	exercise any or all of its rights, remedies, powers or discretions under the Transaction Documents. 

  

	 	(b)	Immediately after receipt of notice from the Lender in accordance with sub-paragraph (iii) above, the Association shall promptly take all necessary steps to transfer the AEGON
Securities to the Lender in accordance with clause 6 of the Securities Terms and Conditions. To this effect, the Association, AEGON and the Lender shall on the date hereof enter into an assignment agreement by virtue of which the Association will
assign to the Lender the AEGON Securities held by it at the time that assignment becomes effective, such assignment to become effective if and when and as of the date upon which: 

  

	 	(i)	an Event of Default has occurred which is continuing; and 

  

	 	(ii)	the Lender has sent a notice to the Association under paragraph (a) above, with a copy to AEGON; provided that 

  

	 	(iii)	the Association or AEGON has not contested the occurrence of an Event of Default within 3 Business Days after the date of receipt by the Association and AEGON of the notice from the
Lender referred to in subparagraph (ii) above. 

  

	 	(c)	Upon the date of the completion of the transfer of the AEGON Securities to the Lender in accordance with this Subclause (the Transfer Date), the Loan together with any
accrued and unpaid interest and any other amounts payable in connection with the Loan (the Other Amounts) shall be deemed to be prepaid and paid in full and all other obligations of the Association under or pursuant to the Finance Documents
(the Other Obligations) shall be deemed to be satisfied in full. 

  

	 	(d)	To the extent immediately prior to the deemed prepayment and payment in full of the Other Amounts and the deemed satisfaction in full of the Other Obligations of the Association
under paragraph (c) above, any Other Amounts or Other Obligations were payable by the Association, then AEGON undertakes vis-à-vis the Lender, to be liable for, or bound by, an amount equal to the Other Amounts and liable for obligations
equivalent to the Other Obligations as of the Transfer Date. 

  

	15.	RELEASE OF SECURITY 

 Promptly upon: 
  

 379 

	 	(a)	a Repurchase, Conversion or transfer of the AEGON Securities made pursuant to Clauses 6 (Mandatory prepayment, voluntary prepayment), 14.15 (Acceleration) or otherwise in accordance
with the Transaction Documents; or 

  

	 	(b)	the satisfaction in full of the obligations of the Association to the Lender pursuant to the Transaction Documents, 

 the Lender shall take all steps necessary to release the Transaction Security over the applicable AEGON Securities the subject of the Repurchase,
Conversion or transfer (as relevant), and in the case of paragraph (b) above, over the other assets of the Association (if any) subject to the Transaction Security, if such Transaction Security has not already terminated by operation of law.

  

	16.	ASSIGNMENTS AND TRANSFERS 

  

	16.1	Assignments and transfers by the Lender 

 Subject to
Subclause 16.2 (Conditions of assignment or transfer by the Lender), on the Transfer Date the Lender may by executing: 
  

	 	(a)	a Transfer Certificate, transfer by way of transfer of contract all or a proportional part of any of its rights and obligations or 

  

	 	(b)	an Assignment Agreement assign all or part of its rights, 

 in each case, (a Transfer) under any Finance Document to another person (a Transferee). 
  

	16.2	Conditions of assignment or transfer by the Lender 

  

	 	(a)	The Lender must obtain the consent of AEGON in respect of a Transfer which consent may only be withheld if the Transfer materially affects the permanent capital treatment of AEGON.
In addition, the provisions of clause 10.2 of the Governance Agreement shall apply. 

  

	 	(b)	If the State of the Netherlands (which is a lender at the date of this Agreement) assigns or transfers all or part of its rights under the Finance Documents, AEGON, the Association
and the State of the Netherlands shall prior to any such assignment or transfer enter into an amendment of the Finance Documents: 

  

	 	(i)	in order to ensure that the Transferee will not have any rights or entitlements that are extended to the State of the Netherlands hereunder and that would not have been extended to
the State of the Netherlands if the Loan were originally extended by one or more financial institutions on usual commercial terms then prevailing in the market; and 

  

	 	(ii)	if, the Transfer is by way of part of the rights of the State of the Netherlands hereunder, in order to reflect the administration of multiple lenders under the Finance Documents

  

	 	(c)	If the State of the Netherlands (which is a lender at the date of this Agreement) assigns or transfers all or part of its rights under the Finance Documents, the Association has the
right to: 

  

 380 

	 	(i)	in relation to a Transfer (either full or partial) stipulate in respect of any Transferee that any provisions in the Governance Agreement for the benefit of such lender shall cease
to apply; and 

  

	 	(ii)	in relation to a full Transfer, stipulate in respect of any Transferee and DNB that any provisions providing for any consultation or approval rights for DNB included in any Finance
Document shall cease to apply. 

  

	16.3	Assignment and transfers by the Association 

 Neither the Association nor AEGON may assign any of its rights or transfer any of its rights or obligations under the Transaction Documents without the prior written consent of the Lender. 
  

	16.4	Transfer of Securities 

 For so long as any
obligations of the Association or AEGON to the Lender under this Agreement remain unsatisfied, the AEGON Securities may be transferred only with the prior written consent of the Lender and AEGON (which consent by AEGON may not be unreasonably
withheld), except for: 
  

	 	(a)	a transfer of the AEGON Securities by AEGON or the Association to the Lender; or 

  

	 	(b)	the enforcement by the Lender of the AEGON Securities Pledge Agreement. 

 No approval of the Lender is required for the transfer of any AEGON Securities if the Lender is the Holder (as defined in the Securities Terms and Conditions) of those AEGON Securities. 
  

	17.	PAYMENT MECHANICS 

  

	17.1	Payments 

  

	(a)	Subject to paragraph (b) below, all payments by a Party under the Transaction Documents shall be made to the relevant Party to its account at such office or bank as it may
notify to the other Party for this purpose by not less than five Business Days’ prior notice. 

  

	(b)	Notwithstanding any terms of this Agreement, it is agreed between the Parties that if any obligation under this Agreement (whether to pay monies, transfer assets or otherwise) is to
be fulfilled by the Association to the Lender and the Issuer is obliged to fulfil the same corresponding obligation to the Association under the Securities Terms and Conditions or the Subscription Agreement, then the Issuer shall fulfil that
obligation directly to and in favour of the Lender, and such fulfilment, if and to the extent made, shall (i) discharge the Issuer from that obligation towards the Association under the Security Terms and Conditions, and (ii) discharge the
Association from the same corresponding obligation towards the Lender under this Agreement. 

  

	(c)	 For the avoidance of doubt, for so long as there are any obligations outstanding under the Transaction Documents, the Association shall not have the right to
require the Issuer to discharge any of its obligations directly towards the Association under the Subscription Agreement and the Securities Terms and Conditions in any manner other than as stated in paragraph (b) above directly to and in favour
of the Lender. In respect of the obligations of the Issuer as set forth in paragraph (b) above (including the obligations of the Issuer to pay all amounts and perform all obligations of the Issuer vis-a-vis the Association directly to the
Lender), the Lender shall have a direct right against the Issuer with respect to such obligations 

  

 381 

	 	 
and shall have the right to enforce performance of these obligations directly to it to the fullest extent. This proviso will however not be construed so as
to constitute a guarantee by or several or joint liability of the Issuer in respect of the obligations of the Association in favour of the Lender. 

  

	(d)	Payment of the Utilisation by the Lender under this Agreement shall be made directly to the account notified to it by AEGON in accordance with paragraph (a) in satisfaction of
the obligation of the Association under the Subscription Documents to pay the subscription price for the AEGON Securities. 

  

	17.2	No set-off or suspension by the Association or AEGON 

  

	(a)	All payments to be made by the Association or AEGON to the Lender under the Transaction Documents shall be calculated and be made without (and free and clear of any deduction for)
set-off or counterclaim. 

  

	(b)	Neither AEGON nor the Association may suspend (opschorten) the performance of any of its obligations towards the Lender under the Transaction Documents.

  

	17.3	Business Days 

  

	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business
Day (if there is not). 

  

	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the
original due date. 

  

	17.4	Currency of account 

 Euros are the currency of
account and payment for any sum due from the Association or AEGON under any Transaction Document. 
  

	17.5	Change of currency 

  

	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that
country, then: 

  

	 	(i)	any reference in the Transaction Documents to, and any obligations arising under the Transaction Documents in, the currency of that country shall be translated into, or paid in, the
currency or currency unit of that country designated by the Lender (after consultation with the Association); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or
currency unit into the other, rounded up or down by the Lender (acting reasonably). 

  

	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Lender (acting reasonably and after consultation with the Association) specifies to be
necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. 

  

 382 

	18.	SET-OFF 

 The Lender may set off any matured
obligation due from the Association or AEGON under the Transaction Documents against any matured obligation owed by the Lender to the Association or AEGON, respectively, regardless of the place of payment, booking branch or currency of either
obligation. If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 
  

	19.	NOTICES 

  

	19.1	Communications in writing 

 Any communication to be
made under or in connection with the Transaction Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	19.2	Addresses 

 The address and fax number (and the
department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Transaction Documents is: 
  

	 	(a)	in the case of the Association, that identified with its name below; 

  

	 	(b)	in the case of AEGON, that identified with its name below; 

  

	 	(c)	in the case of the Lender, that identified with its name below, 

 or any substitute address, fax number or department or officer as the Party may notify to the other Party by not less than five Business Days’ notice. 
  

	19.3	Delivery 

  

	(a)	Any communication or document made or delivered by one person to another under or in connection with the Transaction Documents will only be effective: 

  

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that
address, 

 and, if a particular department or officer is specified as part of its address details provided under Subclause 19.2
(Addresses), if addressed to that department or officer. 
  

	(b)	Any communication or document to be made or delivered to the Lender will be effective only when actually received by the Lender and then only if it is expressly marked for the
attention of the department or officer identified with each Lender’s signatures below (or any substitute department or officer as the Lender shall specify for this purpose). 

  

	(c)	All notices from or to the Association shall be sent through and (except of the notice is from AEGON itself) with a copy to AEGON. 

  

 383 

	(d)	All notices between AEGON and the Association under this Agreement must be sent with a copy to the Lender. 

  

	19.4	Electronic communication 

 Any communication to be
made between the Parties under or in connection with the Transaction Documents may be made by electronic mail or other electronic means, on the following terms: 
  

	 	(a)	each Party agrees that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(b)	each Party notifies the other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	(c)	each Party notifies the other of any change to their address or any other such information supplied by them. 

  

	19.5	English language 

  

	(a)	Any notice given under or in connection with any Transaction Document must be in English. 

  

	(b)	All other documents provided under or in connection with any Transaction Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Lender, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a
constitutional, statutory or other official document. 

  

	20.	CALCULATIONS AND CERTIFICATES 

  

	20.1	Accounts 

 In any litigation or arbitration
proceedings arising out of or in connection with a Transaction Document, the entries made in the accounts maintained by the Lender are prima facie evidence of the matters to which they relate. 
  

	20.2	Certificates and determinations 

 Any certification
or determination by the Lender of a rate or amount under any Transaction Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	20.3	Day count convention 

 Any interest, commission or
fee accruing under a Transaction Document will accrue from day to day and is calculated on the basis a 360-day year of twelve 30-day months. 
  

 384 

	21.	PARTIAL INVALIDITY 

 If, at any time, any provision
of the Transaction Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability
of such provision under the law of any other jurisdiction will in any way be affected or impaired. 
  

	22.	REMEDIES AND WAIVERS 

 No failure to exercise, nor
any delay in exercising, on the part of the Lender, any right or remedy under the Transaction Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise
of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	23.	AMENDMENTS AND WAIVERS 

  

	(a)	Subject to paragraph (b) below, any term of the Transaction Documents may be amended or waived only with the consent of the Lender and the Association and AEGON.

  

	(b)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	an extension to the date of payment of any amount under the Transaction Documents; 

  

	 	(ii)	a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(iii)	an increase in or an extension of any Commitment; 

  

	 	(iv)	Clause 6 (Mandatory Prepayment, Voluntary Prepayment), Clause 16 (Assignments and Transfers) or this Clause 23; 

  

	 	(v)	(other than as expressly permitted by the provisions of any Transaction Document) the nature or scope of: 

  

	 	(A)	the Charged Property; or 

  

	 	(B)	the manner in which the proceeds of enforcement of the Transaction Security are distributed, 

 (except insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly
permitted under this Agreement or any other Transaction Document); 
  

	 	(vi)	the release of any Transaction Security unless permitted under this Agreement or any other Transaction Document or relating to a sale or disposal of an asset which is the subject of
the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Transaction Document; or 

  

	 	(vii)	any amendment to the order of priority or any subordination under this Agreement; 

 shall not be made without the prior consent of the Lender. 
  

 385 

	24.	CONFIDENTIALITY 

 Subclauses 3.15 through 3.19
(Confidentiality) of the Governance Agreements apply to Confidential Information available to any party under this Agreement as if set out herein in full. 
  

	25.	COUNTERPARTS 

 Each Transaction Document may be
executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Transaction Document. 
  

	26.	GOVERNING LAW 

 This Agreement, and any obligations
arising out of or in connection with it, is governed by, and shall be construed in accordance with Dutch law. 
  

	27.	ENFORCEMENT 

  

	27.1	Jurisdiction of Dutch courts 

  

	(a)	This Agreement, and any non-contractual obligations arising out of or in connection with it, is governed by, and shall be construed in accordance with, Dutch law.

  

	(b)	Each of the parties hereto agrees that the courts of Amsterdam, The Netherlands are to have jurisdiction to settle any disputes which may arise out of or in connection with this
Agreement and accordingly submit to the jurisdiction of such courts (with the exception of cassation (cassatie)). 

 THIS
AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 
  

 386 

 SCHEDULE 1 
 CONDITIONS PRECEDENT 
  

	1.	Each of the Association and AEGON 

  

	 	(a)	A copy of its Constitutional Documents. 

  

	 	(b)	A copy of a resolution of its the board of directors: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Transaction Documents to which it is a party and resolving that it execute, deliver and perform the Transaction
Documents to which it is a party; 

  

	 	(ii)	authorising a specified person or persons to execute the Transaction Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or
despatched by it under or in connection with the Finance Documents to which it is a party. 

  

	 	(c)	A copy of a certificate from the company secretary of AEGON confirming that each member of the supervisory board of AEGON has approved the entering into the Term Sheet and the
transactions envisaged thereby and has accepted the governance arrangements as set out in the Term Sheet and as further elaborated upon in the Governance Agreement. 

  

	 	(d)	A certificate of an authorised signatory including incumbency wording and certifying that: 

  

	 	(i)	each copy document relating to it specified in Schedule 1 (Conditions Precedent) is correct, complete and in full force and effect and has not been amended or superseded as at a
date no earlier than the date of this Agreement; and 

  

	 	(ii)	confirming that the Loan would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded. 

  

	2.	Transaction Documents 

  

	 	(a)	A copy of each of the Subscription Documents executed by the parties to those documents. 

  

	 	(b)	A copy of the Governance Agreement executed by AEGON. 

  

	3.	Finance Documents 

  

	 	(a)	This Agreement executed by the Association. 

  

	 	(b)	At least two originals of the AEGON Securities Pledge Agreement executed by the Association and AEGON. 

  

 387 

	4.	Legal opinions 

 A legal opinion of Allen &
Overy LLP, legal advisers to AEGON as to Dutch law, addressed to the Lender and substantially in the form distributed to the Lender prior to signing this Agreement. 
  

	5.	Other documents and evidence 

  

	 	(a)	A copy, certified by an authorised signatory of the Association to be a true copy, of the Original Financial Statements. 

  

	 	(b)	A copy of the consent and waiver to the transactions contemplated by the Transaction Documents by the facility agent on behalf of the lenders under the Bank Finance Documents.

  

	 	(c)	A copy of any other authorisation or other document, opinion or assurance which the Lender acting reasonably considers to be necessary or desirable (if it has notified the
Association accordingly) in connection with the entry into and performance of the transactions contemplated by any Transaction Document or for the validity and enforceability of any Transaction Document. 

  

 388 

 SCHEDULE 2 
 UTILISATION REQUEST 
  

			
		
	From:	  	VERENIGING AEGON
		
	To:	  	THE STATE OF THE NETHERLANDS
		
	Dated:	  	1 December 2008

 Dear Sirs 
 VERENIGING AEGON – EUR 3,000,000,000 senior loan agreement dated 1 December 2008 (the Senior Loan Agreement) 
  

	1.	We refer to the Senior Loan Agreement. This is a Utilisation Request. Terms defined in the Senior Loan Agreement have the same meaning in this Utilisation Request unless given a
different meaning in this Utilisation Request. 

  

	2.	We wish to borrow the Loan on the following terms: 

  

	 	(a)	Proposed Utilisation Date: 1 December 2008 (or, if that is not a Business Day, the next Business Day) 

  

	 	(b)	Amount: EUR 3,000,000,000 

  

	3.	We confirm that each condition specified in Subclause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request. 

  

	4.	The proceeds of this Loan should be credited to 

 AEGON

 [account details to be provided]. 
  

	5.	This Utilisation Request is irrevocable. 

 Yours faithfully 
  

	
	
	  
	authorised signatory for

 VERENIGING AEGON 
  

 389 

 SCHEDULE 3 
 AGREED SECURITY PRINCIPLES 
  

	1.	Considerations 

 In determining what Security will
be provided in support of the Facility the following matters will be taken into account. Security shall not be created or perfected to the extent that it would: 
  

	 	(a)	result in any breach of corporate benefit, financial assistance, fraudulent preference or thin capitalisation laws or regulations (or analogous restrictions) of any applicable
jurisdiction; 

  

	 	(b)	result in a significant risk to the officers of the relevant grantor of Security of contravention of their fiduciary duties and/or of civil or criminal liability; or

  

	 	(c)	result in costs that, in the opinion of the Lender, are disproportionate to the benefit obtained by the beneficiaries of that Security. 

 For the avoidance of doubt, in these Agreed Security Principles, "cost" includes, but is not limited to, income tax cost, registration taxes payable on
the creation or enforcement or for the continuance of any Security, stamp duties, out-of-pocket expenses, and other fees and expenses directly incurred by the relevant grantor of Security or any of its direct or indirect owners, subsidiaries or
Affiliates. 
  

	2.	Obligations to be Secured 

  

	(a)	Subject to 1 (Considerations) and to paragraph 2 above, the obligations to be secured are the Secured Liabilities (as defined below). The Security is to be granted in favour of the
Lender. 

 For ease of reference, the following definitions should, to the extent legally possible, be incorporated into each
Transaction Security Document: 
 Secured Liabilities means all present and future obligations and liabilities (whether actual or
contingent and whether owed jointly or severally or in any other capacity whatsoever) of the Association and AEGON to the Lender under each or any of the Transaction Documents together with all costs, charges and expenses incurred by the Lender in
connection with the protection, preservation or enforcement of its respective rights under the Transaction Documents. 
  

	(b)	The secured obligations will be limited: 

  

	 	(i)	to avoid any breach of corporate benefit, financial assistance, fraudulent preference, thin capitalisation rules or the laws or regulations (or analogous restrictions) of any
applicable jurisdiction; and 

  

	 	(ii)	to avoid any risk to officers of the Association of contravention of their fiduciary duties and/or civil or criminal or personal liability. 

  

 390 

	3.	General 

 Where appropriate, defined terms in the
Transaction Security Documents should mirror those in this Agreement. 
 The parties to this Agreement agree to negotiate the form of each
Transaction Security Document in good faith and will ensure that all documentation required to be entered into as a condition precedent to first drawdown under this Agreement is in a finally agreed form as soon as reasonably practicable after the
date of this Agreement. 
 The Security shall, to the extent possible under law, be enforceable only in accordance with Subclause 14.15(b)
(Acceleration). 
  

	4.	Undertakings/Representations and Warranties 

 Any
representations, warranties or undertakings which are required to be included in any Transaction Security Document shall reflect (to the extent to which the subject matter of such representation, warranty and undertaking is the same as the
corresponding representation, warranty and undertaking in this Agreement) the commercial deal set out in this Agreement in order to protect or preserve the Security granted to the Lender). 
  

 391 

 SCHEDULE 4 
 FORM OF TRANSFER CERTIFICATE 
  

			
	To:	  	VERENIGING AEGON (the Association) and AEGON N.V. (AEGON)
		
	From:	  	[EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New Lender)
		
	Date:	  	[            ]

 VERENIGING AEGON - €3,000,000,000 Senior Loan Agreement 
 dated 1 December 2008 (the Agreement) 
  

	1.	We refer to the Agreement. This is a Transfer Certificate. 

  

	2.	Terms defined in the Agreement have the same meaning in this transfer. 

  

	3.	The Existing Lender transfers by way of transfer of contract to the New Lender the Existing Lender’s rights and obligations in the proportion referred to in the Schedule below
in accordance with the terms of the Agreement. 

  

	4.	The proposed Transfer Date is [    ]. 

  

	5.	The address, fax number and attention details for notices of the New Lender for the purposes of Subclause 19.2 (Addresses) are set out in the Schedule. 

  

	6.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer
Certificate. 

  

	7.	This Transfer Certificate is governed by Dutch law. 

  

									
	[Existing Lender]	 		 	[New Lender]
					
	By:	 		 		 	By:	 	

  

	Note:	Seek Dutch advice if the amount being transferred is for an amount equal to or less than €50,000 (or its equivalent). 

  

 392 

 THE SCHEDULE 
 Commitment/rights and obligations to be transferred 
 [Insert relevant details] 
 Administrative details of the New Lender 
 [Insert address, fax number and attention details for notices and account details for payments, etc.] 
 This Transfer Certificate is
accepted by the Association and AEGON and the Transfer Date is the date of the last execution of this Transfer Certificate by any of the relevant parties. 
  

			
	The Association
	
	 VERENIGING AEGON

		
	 BY:
	 	
		
	 DATE:
	 	
	
	AEGON
	
	 AEGON N.V.

		
	 BY:
	 	
		
	 DATE:
	 	

  

 393 

 SCHEDULE 5 
 FORM OF ASSIGNMENT AGREEMENT 
  

			
		
	To:	  	VERENIGING AEGON (the Association) and AEGON N.V. (AEGON)
		
	From:	  	[EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New Lender)
		
	Date:	  	[            ]

 VERENIGING AEGON - €3,000,000,000 Senior Loan Agreement 
 dated 1 December 2008 (the Agreement) 
  

	1.	We refer to the Agreement. This is an Assignment Agreement. 

  

	2.	Terms defined in the Agreement have the same meaning in this Assignment Agreement. 

  

	3.	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement and the other Finance Documents which correspond to that portion
of the Existing Lender’s commitments and participations in the Loan under the Agreement as specified in the Schedule; 

  

	4.	The proposed Transfer Date is [    ]. 

  

	5.	The address, fax number and attention details for notices of the New Lender for the purposes of Subclause 19.2 (Addresses) are set out in the Schedule. 

  

	6.	This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this
Assignment Agreement. 

  

	7.	This Assignment Agreement is governed by Dutch law. 

  

	8.	This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement. 

  

									
	[Existing Lender]	 		 	[New Lender]
					
	By:	 		 		 	By:	 	

  

 394 

	Note:	Seek Dutch advice if the amount being transferred is for an amount equal to or less than €50,000 (or its equivalent). 

  

 395 

 THE SCHEDULE 
 Rights to be assigned by assignment 
 [Insert relevant details] 
 Administrative details of the New Lender 
 [Insert address, fax number and attention details for notices and account details for payments, etc.] 
 Signature of this Assignment
Agreement by the Association and AEGON constitutes confirmation by each of them of receipt of notice of the assignment referred to herein. 
  

			
	The Association
	
	 VERENIGING AEGON

		
	 BY:
	 	
		
	 DATE:
	 	
	
	AEGON
	
	 AEGON N.V.

		
	 BY:
	 	
		
	 DATE:
	 	

  

 396 

 SIGNATORIES 
  

			
	THE ASSOCIATION
	
	VERENIGING AEGON
		
	By:	 	/s/ Dr. W.M. van den Goorbergh
		
	Address:	 	
		
	Email:	 	
		
	Fax:	 	
	
	THE LENDER
	
	THE STATE OF THE NETHERLANDS
		
	By:	 	/s/ State of the Netherlands
		
	Address:	 	
		
	Email:	 	
		
	Fax:	 	
	
	AEGON
	
	AEGON N.V.
		
	By:	 	/s/ Mr.J.G.A.Struycken
		
	Address:	 	
		
	Email:	 	
		
	Fax:	 	

  

 397Exhibit 4.11

 Exhibit 4.11 
 Subscription Agreement between Vereniging AEGON, The State of the Netherlands and AEGON N.V. dated December 1, 2008 
 SUBSCRIPTION AGREEMENT 
 DATED
1 DECEMBER 2008 
 EUR 3,000,000,000 Non-Voting Convertible Capital Securities 
 AEGON N.V. 
 and 
 VERENIGING AEGON 
 and

 THE STATE OF THE NETHERLANDS 
  
  
  
 

 
 Allen & Overy LLP 
  

 398 

 CONTENTS 
  

					
	 	  	Page
	 Clause
	  	
			
	 1.
	  	Subscription	  	400
	 2.
	  	Closing	  	400
	 3.
	  	Undertakings	  	401
	 4.
	  	Expenses	  	401
	 5.
	  	Representations and Warranties of the Issuer	  	401
	 6.
	  	Conditions Precedent	  	402
	 7.
	  	Subscriber’s Representations, Warranties and Undertakings	  	402
	 8.
	  	Register and Registrar	  	403
	 9.
	  	Calculation Agent	  	405
	 10.
	  	Consultation with DNB	  	406
	 11.
	  	Notices	  	406
	 12.
	  	Governing Law and Jurisdiction	  	406
	 13.
	  	Miscellaneous	  	406
		
	Schedule	  	
			
	 1.
	  	Securities Terms and Conditions	  	407
	 2.
	  	Form of Deed of Issue and Placement of Non-Voting Convertible Capital Securities	  	427
		
	 Signatories
	  	435

  

 399 

 THIS SUBSCRIPTION AGREEMENT is made on 1 December 2008 BETWEEN:

  

	(1)	AEGON N.V., a public company with limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands with offices at AEGONplein 50, 2591 TV The
Hague, The Netherlands (the Issuer); 

  

	(2)	VERENIGING AEGON, an association (vereniging) incorporated under the laws of the Netherlands with offices at AEGONplein 50, 2591 TV The Hague, The Netherlands (the
Subscriber); and 

  

	(3)	THE STATE OF THE NETHERLANDS, an entity under public law, acting through the Ministry of Finance, with address at the Korte Voorhout 7, 2511 CW, The Hague, The Netherlands
(the State, and together with the Issuer and the Subscriber, the Parties). 

 WHEREAS: 
  

	(A)	The Issuer proposes to issue the Securities, with the specifics as set out in the Securities Terms and Conditions. The Securities will be in registered form in the denomination of
EUR 4.00 each and will be issued pursuant to the Securities Deed. 

  

	(B)	Pursuant to the Term Sheet, the State will lend up to EUR 3,000,000,000 to the Subscriber under the Senior Loan Agreement, which amount the Subscriber shall use to subscribe for the
Securities. The parties to the Term Sheet have agreed that all payments in respect of the Securities shall be made directly to the State, in discharge of the Subscriber's payment obligations to the State under the Senior Loan Agreement.

  

	(C)	In this Subscription Agreement, the Issuer, the Subscriber and the State wish to lay down the agreement for the Subscriber to subscribe for the Securities. 

 

	(D)	The expression Agreement shall herein mean this Subscription Agreement, including its Schedules. 

  

	(E)	Capitalised terms used in this Agreement, unless otherwise defined herein in which case they have the meaning ascribed thereto herein, shall have the meaning ascribed to such terms
in the Securities Terms and Conditions or in the Senior Loan Agreement. In case of any inconsistencies between the terms defined or used in the Senior Loan Agreement and the Securities Terms and Conditions, the terms used or defined in the Senior
Loan Agreement shall prevail. 

 IT IS AGREED as follows: 
  

	1.	SUBSCRIPTION 

 Subject to the terms and conditions
of this Agreement, the Issuer agrees to issue the Securities and the Subscriber agrees to subscribe and pay for the principal amount of each Security on the Closing Date (as defined below) at the Issue Price, at the time and in the manner set out in
Clause 2.1 below. 
  

	2.	CLOSING 

  

	2.1	On the Closing Date, the Issuer, the Registrar and the Subscriber will enter into the Securities Deed. 

  

	2.2	Against execution between the parties thereto of the Securities Deed, the Subscriber will, on the Closing Date, request a Loan and arrange for the proceeds of such Loan to be paid
by the State immediately to the Issuer on the Closing Date of the aggregate net subscription amount for the Securities, namely an amount equal to EUR 3,000,000,000, less fees and expenses payable to the State in accordance with clause 10.1 of the
Senior Loan Agreement. 

  

 400 

	3.	UNDERTAKINGS 

  

	3.1	The Issuer undertakes with the Subscriber and the State that it will on or before the Closing Date enter into the Transaction Documents. 

  

	3.2	The Issuer undertakes with the Subscriber and the State that, for so long as the Subscriber is the holder of any Securities outstanding, if any payments (in whatever form under and
in accordance with the Securities Terms and Conditions) are to be made by the Issuer to the Subscriber in respect of the Securities held by the Subscriber which the Subscriber is obliged under the Senior Loan Agreement to on-pay to the State upon
receipt thereof, such payments will be paid directly by the Issuer to the State and the Subscriber will be notified of such payment by the Issuer. Any such direct payment, or issue of Stock Dividend as the case may be, made by the Issuer to the
State will to the extent of the amount thereof discharge (a) the Issuer’s relevant payment obligation to the Subscriber under the Securities Terms and Conditions, and (b) the Subscriber’s relevant payment obligation to the State
under, and in accordance with, the terms and conditions of the Senior Loan Agreement. 

 For the avoidance of doubt, for so long
as there are any obligations outstanding under the Transaction Documents (as defined in the Senior Loan Agreement), the Subscriber shall not have the right to require the Issuer to discharge any of its obligations directly towards the Subscriber
under this Agreement and the Securities Terms and Conditions in any manner other than as stated above directly to and in favour of the State. In respect of the obligations of the Issuer as set forth in this Clause 3.2 (including the obligations of
the Issuer to pay all amounts and perform all obligations of the Issuer vis-a-vis the Subscriber directly to the State), the State shall have a direct right against the Issuer with respect to such obligations and shall have the right to enforce
performance of these obligations directly to it to the fullest extent. This proviso will however not be construed so as to constitute a guarantee by or several or joint liability of Issuer in respect of the obligations of the Subscriber in favour of
the State. 
  

	4.	EXPENSES 

 The Issuer shall bear and pay all costs
and expenses (together with any value added tax, if applicable) incidental to the performance of its obligations hereunder, including: 
  

	 	(a)	any initial and ongoing fees and expenses of the Calculation Agent and the Registrar; and 

  

	 	(b)	the fees of the legal advisers of the Subscriber and the State. 

  

	5.	REPRESENTATIONS AND WARRANTIES OF THE ISSUER 

  

	5.1	The Issuer undertakes with the Subscriber and the State that it will forthwith notify the Subscriber and the State of any change affecting any of the representations and warranties
set out in clause 11 (Representations) of the Senior Loan Agreement made by it (assuming and deeming them to have been repeated at the time of the change) at any time before payment is made to the Issuer on the Closing Date and that it will take
those steps reasonably necessary and, in any case, as may be requested by the Subscriber or the State to remedy and/or publicise the change or event. Upon any, in the opinion of the State, breach of any of such representations and warranties or any
change rendering any of such representations and warranties, in the opinion of the State, inaccurate or any such event coming to the notice of the Subscriber or the State before payment being made to the Issuer on the Closing Date, the Subscriber
shall be entitled (and upon request by the State thereto, bound) to give notice to the Issuer of its election to treat such breach or change or event as (except as otherwise specifically provided) releasing and discharging the Subscriber from its
obligations under this Agreement. 

  

 401 

	5.2	The representations and warranties set out in clause 11 (Representations) of the Senior Loan Agreement made by the Issuer shall continue in full force and effect in relation to each
of the Subscriber and the State notwithstanding its actual knowledge with respect to any of the matters referred to in such representations and warranties, the completion of the arrangements set out in this Agreement for the subscription and issue
of the Securities or the termination of this Agreement pursuant to Clause 5.1 and 6. 

  

	6.	CONDITIONS PRECEDENT 

  

	6.1	This Agreement and the respective rights and obligations of the parties to this Agreement are conditional upon: 

  

	 	(a)	there having been, as at the Closing Date no event making any of the representations and warranties contained in clause 11 (Representations) of the Senior Loan Agreement made
by it untrue or incorrect on the Closing Date as though they had been given and made on such date and the Issuer having performed all the obligations to be performed by it under this Agreement on or before the Closing Date; 

 

	 	(b)	the delivery to the Subscriber and the State on or before the Closing Date of: a legal opinion dated the Closing Date in such form and with such contents as the Subscriber and the
State may reasonably require from Allen & Overy LLP, Amsterdam, the legal advisers to the Issuer; 

  

	 	(c)	the execution of the Governance Agreement by the parties thereto on or before the Closing Date; and 

  

	 	(d)	the execution of the Senior Loan Agreement on or before the Closing Date, the fulfilment, save if and to the extent waived in writing by the State, of the conditions precedent under
the Senior Loan Agreement and Utilisation of the entire amount of the Loan, subject to the terms and conditions of the Senior Loan Agreement. 

  

	6.2	In the event that any of the conditions set out in Clause 33.1 is not satisfied on or before the Closing Date, this Agreement shall (subject as mentioned below) terminate and the
parties hereto shall (except for the liability of the Issuer in relation to expenses as provided under, or under any arrangements referred to in, Clause 31 and except for any liability arising before or in relation to such termination) be under
no further liability arising out of this Agreement, provided that the Subscriber (upon approval by the State) and the State may in its discretion and by notice to the Issuer waive satisfaction of any of the above conditions or of any part of them.

  

	7.	SUBSCRIBER’S REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

  

	7.1	No action has been taken by the Issuer or the Subscriber that would, or is intended to, permit a public offer of the Securities or any offering or publicity material relating to the
Securities in any country or jurisdiction where any such action for that purpose is required. Accordingly, the Subscriber undertakes that it will not, directly or indirectly, offer or sell any Securities or have in its possession, distribute or
publish any offering circular, prospectus, form of application, advertisement or other document or information in any country or jurisdiction except if this is mandatorily required under any laws and regulations applicable to it and all offers and
sales of Securities by it will be made on the same terms. 

  

	7.2	Subject to Clause 7.1 above, the Subscriber agrees that it will obtain any consent, approval or permission which is required for the offer, purchase or sale by it of Securities
under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such offers, purchases or sales and it will comply with all such laws and regulations. 

  

 402 

	7.3	The Subscriber undertakes to indemnify the State and, only after full payment to the State in respect of this indemnification provision, the Issuer, and, in each case, the
State’s directors, officers, employees and controlling persons against any liability, damages, cost, loss or expense (including, without limitation, legal fees, costs and expenses) (a Loss) which any of them may incur, or which may be
made against any of them, as a result of or in relation to any failure by the Subscriber to observe any of the restrictions or requirements set out in Clause 7.1 and 7.2 above, provided that the Subscriber shall not be liable for any Loss arising
from the sale of any Securities to any person believed in good faith by the Subscriber, on reasonable grounds and after making due investigations, to be a person to whom the Securities could legally and in accordance with this Agreement be sold or
to whom any publicity material could lawfully be given subject to the restrictions and requirements set out in Clause 7.1 and 7.2 above. 

  

	7.4	The Subscriber undertakes, as long as both the State and the Subscriber are Holders of the Securities, to follow any instruction of the State in respect of any actions to be taken
or rights to be exercised by the Subscriber in its capacity as Holder of Securities in respect of the Issuer, the Calculation Agent and the Registrar. 

  

	8.	REGISTER AND REGISTRAR 

  

	8.1	The Issuer covenants with the Subscriber and the State that it shall at all times maintain or cause to be maintained at the office of the Registrar located in The Netherlands the
Register which shall, without limitation, (a) immediately record the identity of the Holders and the issuance of the Securities, their respective addresses, any redemption or conversion of the Securities and any other relevant information in
respect thereof that any Holder may from time to time reasonably require and all information necessary for the Securities to be sufficiently identifiable (including, without limitation, the Issue Price, the Issue Date, and the number of each
Security) and (b) immediately register transfers of the Securities or any security rights encumbering the Securities at any time. The Register may be closed by the Issuer for such periods as are specified in the Securities Terms and Conditions.

  

	8.2	The entries in the Register shall be conclusive evidence of title to the Securities in the absence of manifest error, and the Issuer and the Registrar shall be entitled to treat the
Holder whose identity is recorded in the Register as the holder of the related Security, notwithstanding notice to the contrary. 

  

	8.3	The Issuer shall procure that the Register shall be available for inspection by any Holder, or any third party on behalf of any Holder, at any time during the normal business hours
of the Registrar upon prior notice to the Issuer. 

  

	8.4	The Registrar shall provide copies of the Register in respect of any Security held by it (x) within one Business Day, if the Holder requests electronic copies, (y) within
five Business Days if the Holder requests original copies by post and the Issuer and/or Registrar shall certify that such documents so provided are true, accurate and fully and duly completed. Upon registration of the Securities in the Register
after the Closing Date, the Registrar shall provide a copy of the Register to the Dutch State Treasury Agency (Agentschap van het Ministerie van Financiën). 

  

	8.5	Any failure to record or any error in recording any of these matters shall not adversely affect the right of the Holders to receive payment (in whatever form under and in accordance
with the Securities Terms and Conditions) in respect of any Security and, in respect of a Holder which is not either the Subscriber or the State, to the extent that there is sufficient evidence of such Holder’s entitlement thereto otherwise
available. 

  

	8.6	The Issuer hereby appoints AEGON N.V. as Registrar to act in such capacity as its agent in relation to the registration, transfer and encumbrance of Securities.

  

 403 

	8.7	The Registrar accepts its appointment as agent of the Issuer pursuant to Clause 8.6 in relation to the registration, transfer and encumbrance of the Securities and agrees to
maintain the Register in accordance with the this Agreement and to comply with the provisions of the Securities Terms and Conditions and this Agreement. 

  

	8.8	The Registrar may, in connection with its services hereunder rely upon the terms of any notice, communication or other document provided to it by the Issuer or the Holders and
reasonably believed by it to be genuine, true and correct. 

  

	8.9	The Registrar shall comply with the terms and conditions set out in this Agreement and in the Securities Terms and Conditions with respect to the registration, transfer and
encumbrance of the Securities and such other duties as are necessarily incidental thereto. The Registrar shall not be under any fiduciary duty towards any person other than the Issuer, and, except in the case of the Registrar’s gross negligence
(grove nalatigheid) or wilful misconduct (opzet), shall not be responsible for or liable in respect of any act or omission of any other person or be under any obligation towards any person other than the Issuer. For as long as the
Registrar acts as registrar pursuant to this Agreement, any obligations of the Registrar under or pursuant to this Agreement are guaranteed by the Issuer. 

  

	8.10	Subject to the satisfaction of conditions of transfer or encumbrance, the Registrar shall promptly record each agreement to transfer, encumber and any requested change of ownership
in the Register in accordance with the Securities Terms and Conditions upon receiving a duly executed Deed of Assignment and Notification, substantially in the form as set out in Schedule 2, Annex III hereto or executed Notification of Pledge,
substantially in the form as set out in Schedule 2, Annex IV hereto. 

  

	8.11	The Issuer shall give to the Registrar such further information as may reasonably be required by it for the proper carrying out of its duties under this Agreement.

  

	8.12	The Registrar may resign its appointment as Registrar in respect of the Securities upon not less than thirty (30) days’ notice in writing to the Issuer, provided always
that so long as any of the Securities are outstanding, no such resignation shall take effect until a replacement registrar in respect of the Securities shall have been appointed. For as long as (i) the State or the Subscriber is a Holder of
Securities or (ii) any amounts payable by the Subscriber to the State under the Loan are outstanding, any replacement registrar shall only be appointed in accordance with this Clause 8.12, subject to prior consultation with the State.

  

	8.13	The Holders representing not less than 75% of the nominal value of the Securities outstanding may by giving not less than thirty (30) days’ notice dismiss the Registrar if
the Registrar fails, or threatens to fail, to comply with its obligations hereunder in its capacity of registrar of the Securities and such failure is not remedied by the Registrar within thirty (30) days after the earlier of (i) written
notice of failure is given by such Holders to the Registrar and (ii) the Issuer becoming aware of such failure; provided always that so long as any of the Securities are outstanding, no such dismissal shall take effect until a replacement
registrar in respect of the Securities shall have been appointed. Until a replacement registrar is appointed due to failure of the Registrar as provided in this Clause 8.13, the Registrar shall comply with any instructions given by the Holders with
respect to the fulfilment of the Registrar’s obligations under this Agreement. 

  

	8.14	 If the Registrar gives notice of its resignation in accordance with Clause 8.12 or the Registrar is dismissed in accordance with Clause 8:13 and by the tenth day
before the expiry of such notice given in accordance with Clause 8.12 or upon the effective date of dismissal in accordance with Clause 8:13, a successor has not been duly appointed by the Issuer, the Holders may appoint as successor registrar any,
in the opinion of the Holders, reputable and experienced financial institution and give notice of such appointment to the Issuer, whereupon the Issuer and such successor registrar shall 

  

 404 

	 	 
acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement on the terms specified in this
Agreement. 

  

	8.15	Upon any resignation or revocation taking effect under Clause 8.12 or 8.13, the Registrar shall: 

  

	 	(i)	subject to paragraphs (ii) and (iii) below, be released and discharged from its obligations under this Agreement, other than its liability due pursuant to its gross
negligence (grove nalatigheid) or wilful misconduct (opzet) as provided in Clause 8.9; 

  

	 	(ii)	deliver the Register to the Issuer or to the successor registrar, as the Registrar may be instructed by the Issuer and after approval by the Holders; and 

 

	 	(iii)	upon reasonable notice, provide reasonable assistance to its successor for the discharge of its duties and responsibilities hereunder. 

  

	9.	CALCULATION AGENT 

  

	9.1	The Issuer hereby appoints AEGON N.V. as Calculation Agent to act in such capacity as its agent in relation to the calculation of amounts in relation to the Securities.

  

	9.2	The Calculation Agent accepts its appointment as agent of the Issuer pursuant to Clause 9.1 and shall in relation to the Securities perform all the functions and duties imposed on
the Calculation Agent by the Securities Terms and Conditions. 

  

	9.3	In acting hereunder and in connection with the Securities, the Calculation Agent shall not act as agent of the Issuer and shall not thereby assume any obligations towards or
relationship of agency or trust for or with any of the owners or holders of the Securities. 

  

	9.4	The Calculation Agent shall be protected and shall incur no liability for or in respect of any action taken, omitted or suffered in reliance upon any instruction, request or order
from the Issuer or any notice, resolution, direction, consent, certificate, affidavit, statement, cable, telex or other paper or document which it reasonably believes to be genuine and to have been delivered, signed or sent by the proper party or
parties or upon written instructions from the Issuer, except in the case of the Calculation Agent’s gross negligence (grove nalatigheid) or wilful misconduct (opzet). 

  

	9.5	The Calculation Agent may resign its appointment as Calculation Agent in respect of the Securities upon not less than thirty (30) days’ notice in writing to the Issuer,
provided always that so long as any of the Securities are outstanding, no such resignation shall take effect until a replacement calculation agent in respect of the Securities shall have been appointed. For as long as (i) the State or the
Subscriber is a Holder of Securities or (ii) any amounts payable by the Subscriber to the State under the Loan are outstanding, any replacement calculation agent shall only be appointed in accordance with this Clause 9.5, subject to prior
consultation with the State. 

  

	9.6	The Holders representing not less than 75% of the nominal value of the Securities outstanding may, by giving not less than thirty (30) days’ notice, dismiss the
Calculation Agent if the Calculation Agent fails, or threatens to fail, to comply with its obligations hereunder in its capacity of calculation agent in respect of the Securities and such failure is not remedied by the Calculation Agent within
thirty (30) days after the earlier of (i) written notice of failure is given by such Holders to the Calculation Agent and (ii) the Issuer becoming aware of such failure; provided always that so long as any of the Securities are
outstanding, no such dismissal shall take effect until a replacement calculation agent in respect of the Securities shall have been appointed. Until a replacement calculation agent is appointed due to failure of the Calculation Agent as provided in
this Clause 9.6, the Calculation Agent shall comply with any instructions given by the Holders with respect to the fulfilment of the Calculation Agent’s obligations under this Agreement. 

  

 405 

	9.7	If the Calculation Agent gives notice of its resignation in accordance with Clause 9.5 or the Calculation Agent is dismissed in accordance with Clause 9.6 and by the tenth day
before the expiry of such notice given in accordance with Clause 9.5 or upon the effective date of dismissal in accordance with Clause 9.6, a successor has not been duly appointed by the Issuer, the Holders may appoint as successor calculation agent
any, in the Holders’ opinion, reputable and experienced financial institution and give notice of such appointment to the Issuer, whereupon the Issuer and such successor calculation agent shall acquire and become subject to the same rights and
obligations between themselves as if they had entered into an agreement on the terms specified in this Agreement. 

  

	9.8	Upon any resignation or dismissal taking effect under Clause 9.5 or 9.6, the Calculation Agent shall: 

  

	 	(i)	Subject to paragraph (ii) below, be released and discharged from its obligations under this Agreement, other than its liability due pursuant to its gross negligence (grove
nalatigheid) or wilful misconduct (opzet) under Clause 9.4; 

  

	 	(ii)	upon reasonable notice, provide reasonable assistance to its successor for the discharge of its duties and responsibilities hereunder. 

  

	10.	CONSULTATION WITH DNB 

 Where in the Transaction
Documents the Issuer is required to consult with DNB, such consultation will be governed by a further agreement to be entered into by the Issuer and DNB (after having been discussed with the State) within two weeks after the Issue Date. Such
agreement will specify that the intended decision for which the consultation is sought will not proceed until both the Issuer and DNB, acting reasonably, conclude that the consultation has successfully been finalized and the State has been so
informed. 
  

	11.	NOTICES 

 Any notice or notification in any form to
be given by the Parties to this Agreement must be delivered in accordance with clause 19 (Notices) of the Senior Loan Agreement. 
  

	12.	GOVERNING LAW AND JURISDICTION 

  

	12.1	This Agreement, and any non-contractual obligations arising out of or in connection with it, is governed by, and shall be construed in accordance with, Dutch law.

  

	12.2	Each of the parties hereto agrees that the courts of Amsterdam, The Netherlands are to have jurisdiction to settle any disputes which may arise out of or in connection with this
Agreement and accordingly submit to the jurisdiction of such courts (with the exception of cassation (cassatie)). 

  

	13.	MISCELLANEOUS 

  

	13.1	The heading to each clause is included for convenience only and shall not affect the construction of this Agreement. 

  

	13.2	This Agreement may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same agreement and any party may enter into this Agreement
by executing a counterpart. 

 IN WITNESS WHEREOF the parties have caused this Agreement to be executed
the day and year first before written 
  

 406 

 SCHEDULE 1 
 SECURITIES TERMS AND CONDITIONS 
 The following, subject to alteration as approved by the Holders from time to
time, are the terms and conditions of the Securities which will be endorsed on the Securities Deed (the Conditions): 
 The issue of
the Securities was authorised pursuant to resolutions of the Executive Board of the Issuer passed on 1 December 2008. 
  

	1.	Form, Denomination and Title 

  

	(a)	Form, Denomination and Maturity 

 The Securities are
in registered form (vorderingen op naam) and shall be in denominations of EUR 4.00 each. The Securities will be issued pursuant to a deed of issue and placement (akte van uitgifte en plaatsing) to be dated 1 December 2008 (the
Securities Deed) in the aggregate principal amount of EUR 3,000,000,000. 
 The Securities are perpetual securities in respect of which
there is no fixed redemption date. The Securities may only be redeemed, repurchased or converted in accordance with these Conditions. 
  

	(b)	Register 

 The Registrar will maintain a register
(the Register) in respect of the Securities in accordance with the provisions of the Subscription Agreement. In these Conditions, the Holder of a Security means the person in whose name such Security is for the time being registered in
the Register (or, in the case of a joint holding, the first named therein). No certificates will be issued in respect of the Securities. 
  

	(c)	Title and Transfer 

 Title to the Securities may be
acquired: 
  

	 	(i)	upon issue of the Securities by the Issuer in accordance with these Conditions; 

  

	 	(ii)	upon transfer of the Securities by a Holder pursuant to (x) due execution of a written instrument (akte van cessie) substantially in the form attached to the Securities
Deed and (y) delivery thereof to the Registrar (which delivery will constitute notification (mededeling) thereof to the Issuer for the purposes of section 3:94 of the Dutch Civil Code). 

 The Issuer shall, forthwith but no later than within 5 Business Days of request thereto by a Holder, cause the Registrar to provide a certified copy of
the Register evidencing such Holder’s interest to such Holder (without disclosing the identity or interests of other Holders). 
 No
transfer will be effective during the period of 5 calendar days immediately prior to the date elected for Conversion to occur pursuant to Condition 6.2. 
  

 407 

 For so long as there are any amounts outstanding under the Senior Loan Agreement, (A) the Securities
are transferable only with the prior written consent of the Lender and the Issuer (which consent may not be unreasonably withheld by the Issuer), provided however that no consent is required in the case of (i) a transfer of any Securities by
the Association to the Lender, and (ii) enforcement by the Lender of any security right it holds over the Securities, (B) any Securities which are held by a Holder other than the Lender, may only be encumbered with any security rights with
the prior written consent of the Lender. In the case the Lender is a Holder, no consent for the transfer of Securities by it is required. 
  

	2.	Status 

  

	(a)	Status and Subordination of the Securities 

 The
Securities constitute direct, unsecured, subordinated obligations of the Issuer and rank pari passu without any preference among themselves. The Securities will rank pari passu with the Common Shares of the Issuer (except that the
Securities do not carry voting rights) and will be subordinated to the Senior Claims (as defined below). 
 For the purposes of this
paragraph: 
 subordinated to the Senior Claims means and has the effect that any claims or rights that a Holder has under the
Securities against the Issuer (the Junior Claims) are subordinated in right of payment (including any prepayment, repayment, distribution, set-off or recovery, whether in cash or in kind) in respect of all claims that any creditor of the
Issuer has at any time against the Issuer (the Senior Claims). If (in the event of a winding-up, dissolution, or otherwise) the amount of payments to be made under the Junior Claims is to be calculated: (i) first it shall
be calculated the amount to be paid on the Senior Claims and the Junior Claims based on their statutory ranking; (ii) second the amount to be paid towards the Junior Claims based on their statutory ranking shall be paid instead
towards the Senior Claims until such Senior Claims are paid in full, and the remaining amount, if any, shall be shared among the Holders and the holders of Common Shares as set out in the following paragraph. 
 rank pari passu with the Common Shares means and has the effect that any proceeds remaining after payment of the Senior Claims
and payments on the AEGON Preference Shares (the Excess Proceeds) shall be applied towards payment of amounts due under the Common Shares and the Junior Claims on a pro rata basis (the Attributed Amount). The Holders shall not have any
rights to and, shall, to the extent necessary (upon acquiring any Securities) waive their rights to, receive payment of the Excess Proceeds which they may be entitled to receive on the basis of the statutory ranking of Junior Claims vis-à-vis
the Common Shares in excess of the Attributed Amount in respect of the Securities. 
  

 408 

	(b)	Set-off; Suspension 

 Subject to applicable law, no
Holder (other than the Lender) may exercise or claim any right of set-off in respect of any amount owed to it by the Issuer arising under or in connection with the Securities and each Holder (other than the Lender) shall, by virtue of being the
holder of any Security, be deemed to have waived all such rights of set-off. The Issuer shall not be entitled to suspend (opschorten) the performance of any of its obligations towards the Association and the Lender in respect of the
Securities. 
  

	3.	Coupon Payments 

  

	(a)	Coupon Payment Dates 

 The Securities bear interest
at the Coupon Rate during the term thereof starting as of (and including) the Issue Date. Such interest will be payable annually in arrear on each Coupon Payment Date on a non-cumulative basis. 
 Interest on the Securities shall only become due and payable if and to the extent dividend in respect of the Common Shares is declared over the
Issuer’s Financial Year ending in such Coupon Period (for the avoidance of doubt, with the Issuer’s Financial Year 2008 ending in the First Coupon Period, and each consecutive Issuer’s Financial Year ending in the relevant Coupon
Period to be construed accordingly) and such interest will only be paid to the Holders after the Issuer having verified with DNB that the Issuer will, after such payment of dividend on the Common Shares and of the relevant Coupon Amount, remain
adequately capitalised in accordance with the then current Capital Adequacy Regulations. 
 The term verified in the previous sentence
means that if the Issuer intends to declare a (final or interim) dividend, the Issuer will consult with DNB as to whether after such dividend is declared and paid (and corresponding interest is paid in respect of the Securities hereunder), the
Issuer will remain adequately capitalised as aforesaid, and no dividend will be declared or paid unless and until such verification has taken place. In the case any interim dividend is declared on the Common Shares, an advance Coupon Payment per
Security shall be payable on the Interim Coupon Payment Date (the Advance Coupon Payment) in an amount equal to the value of such interim dividend paid per Common Share. Any Advance Coupon Payment paid on an Interim Coupon Payment Date, shall
be deducted from the Coupon Payment payable on the Coupon Payment Date immediately following such Interim Coupon Payment Date. 
  

	(b)	Coupon Rate - Cash 

 If dividend on the Common
Shares is paid in cash, the Issuer will discharge its payment obligation in respect of interest on the Securities on the relevant Coupon Payment Date by cash payments to the Holders. In such case, the Coupon Rate per annum payable from time to time
in respect of the Securities will be determined on the basis of the following provisions: 
  

	 	(i)	The Coupon Rate for the Coupon Period starting on the Issue Date shall be 8.50 per cent. per annum (the First Coupon Period); and 

  

 409 

	 	(ii)	In respect of each consecutive Coupon Period after the First Coupon Period, the Coupon Rate in respect of each Security shall be the higher of (i) EUR 0.34 or 8.50 per
cent. per annum and (ii) in relation to the relevant Coupon Period: 

  

	 	(a)	ending on the Coupon Payment Date in 2010, a percentage of the nominal value of the Securities equal to the value of 110 per cent. of the dividend paid per Common Share for the
Issuer’s Financial Year ending on 31 December 2009; 

  

	 	(b)	ending on the Coupon Payment Date in 2011, a percentage of the nominal value of the Securities equal to the value of 120 per cent. of the dividend paid per Common Share for the
Issuer’s Financial Year ending on 31 December 2010; and 

  

	 	(c)	ending on the Coupon Payment Date in 2012, a percentage of the nominal value of the Securities equal to the value of 125 per cent. of the dividend paid per Common Share for the
Issuer’s Financial Year ending on 31 December 2011, and in respect of each Coupon Period thereafter, a percentage of the nominal value of the Securities equal to the value of 125 per cent. of the dividend paid per Common Share in the
Issuer’s Financial Year ending in such Coupon Period. 

  

	(c)	Coupon Rate - Stock Dividend 

 If dividend on the
Common Shares is paid in Stock Dividend, the Issuer will discharge its payment obligation in respect of interest on the Securities on the relevant Coupon Payment Date by issuing corresponding Stock Dividends to the Holders in lieu of interest. In
such case, the Coupon Amount from time to time in respect of the Securities will be determined on the basis of the following provisions: 
  

	 	(i)	In respect of the First Coupon Period, the value of Stock Dividend per Security to be issued to the Holders shall constitute the same value as Stock Dividend received per Common
Share by the holders thereof expressed in a percentage of the nominal value per Security, provided however that if the value of the Stock Dividend would be less than 8.50 per cent. per annum of the Issue Price per Security, an additional amount
in cash will be paid in respect of each Security which would correspond to such shortfall up to 8.50 per cent. 

  

	 	(ii)	Thereafter the Stock Dividend for Holders shall be in relation to the relevant Coupon Period be: 

  

	 	(a)	ending on the Coupon Payment Date in 2010, a percentage of the nominal value of the Securities equal to the value of 110 per cent. of the Stock Dividend paid per Common Share
for the Issuer’s Financial Year ending on 31 December 2009; 

  

 410 

	 	(b)	ending on the Coupon Payment Date in 2011, a percentage of the nominal value of the Securities equal to the value of 120 per cent. of the Stock Dividend paid per Common Share
for the Issuer’s Financial Year of the Issuer ending on 31 December 2010; and 

  

	 	(c)	ending on the Coupon Payment Date in 2012, a percentage of the nominal value of the Securities equal to the value of 125 per cent. of the Stock Dividend paid per Common Share
per Common Share for the Issuer’s Financial Year ending on 31 December 2011, and in respect of each Coupon Period thereafter, a percentage of the nominal value of the Securities equal to the value of 125 per cent. of the Stock
Dividend paid per Common Share paid in the Issuer’s Financial Year ending in such Coupon Period. 

 If the value of the
Stock Dividend per Security divided by the nominal value of the Security would be less than 8.50 per cent., an additional amount per Security will be paid in cash in order to make up such shortfall up to 8.50 per cent. 
  

	 	(iii)	Subject to Condition 3(e), the value of all Stock Dividend shall be calculated by the Calculation Agent, based upon the average share price, being the sum of the daily low value and
high value divided by two, of the Common Shares on the Relevant Stock Exchange calculated over the same period as the one following the publicly announced election period for cash or stock option for any dividend on Common Shares, which is five
trading days on the Relevant Stock Exchange. 

 Any remaining fractions of Stock Dividends shall be paid to the Holders in cash.

  

	(d)	Coupon Rate - Optional dividend 

 If dividend on the
Common Shares is at the option of the holders of such Common Shares payable either in cash or Stock Dividends, each Holder will be deemed to have elected Coupon Amounts to be paid in cash, and this Condition 3 shall be applied accordingly.

  

	(e)	Determination and Publication of Coupon Rate and Coupon Amounts 

 The Calculation Agent will, upon the determination of each Coupon Rate pursuant to Condition 3(a) or 3(b) and 3(c), calculate the Coupon Amount and notify, or cause the calculation, the Coupon Rate and each Coupon
Amount payable in respect of a Coupon Period, to be notified to the Holders not later than five Business Days prior to the payment of any such Coupon Amount. 
 The amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months. 
  

 411 

	(f)	Determination or Calculation by Holders 

 If the
Calculation Agent does not at any time for any reason (i) determine the Coupon Rate or (ii) calculate, or cause the calculation of, a Coupon Amount, in all cases in accordance with the provisions of this Condition 3, the Holders or an
agent on their behalf shall do so and such determination or calculation shall be deemed to have been made by the Calculation Agent. In doing so, the Holders or such agent shall apply the foregoing provisions of this Condition 3(f). All
determinations or calculations made or obtained for the purposes of the provisions of this Condition 3(f) by or on behalf of the Holders, shall (in the absence of wilful default, fraud or manifest error) be binding on the Issuer and the Calculation
Agent and (in the absence of wilful default or fraud) no Holder shall be held liable in connection with the exercise or non-exercise by it of its powers, duties and discretions pursuant to this Condition 3(f). All determinations and calculations so
made by or on behalf of the Holders shall forthwith be notified by or on behalf of the Holders in writing to the Issuer and the Calculation Agent. If the Issuer believes that any determination or calculation so made contains a manifest error, it
shall forthwith convene a meeting with the Holders (and, if applicable, their agent) in order to arrive at a mutually agreed correction, such meeting to be held no later than on the Business Day immediately following the date of receipt of such
notification. If no correction can be agreed within a period of two Business Days after the date of receipt of such notification, such correction shall be made as soon as practicable thereafter by an independent leading Dutch bank acceptable to both
the Issuer and the simple majority of the Holders. The fees of such Dutch bank shall be borne by the Issuer. 
  

	(g)	Market Disruption 

 In case dividend on Common
Shares is to be paid in the form of Stock Dividend and a Market Disruption Event exists at the time upon which pursuant to the provisions of this Condition 3 the number is to be calculated of the Common Shares to be issued on the Coupon Payment Date
in the Coupon Period in respect of which payment of dividend in the form of Stock Dividend has been declared as envisaged in Condition 3(c), then the Issuer or the Calculation Agent may give a notice to the Holders promptly after the Market
Disruption Event has arisen or occurred, whereupon the relevant payment of interest on the Securities in the form of Stock Dividend shall be deferred until such time as the Market Disruption Event no longer exists. 
 Any such deferred payment on the Securities or part thereof will be satisfied as soon as practicable following such time as the Market Disruption Event no
longer exists but in any event on the same date as payment of Stock Dividend on the Common Shares which was deferred in respect of the same period is paid. Interest shall not accrue on such deferred payment or part thereof. 
  

	(h)	Interest payment adjustment following conversion or repurchase 

 If Securities are repurchased or converted in accordance with these Conditions on a date which is not a Coupon Payment Date and it appears subsequently that any interest payment made on the Conversion Date or the
Repurchase Date is a lower amount than the interest payment that would have been due on the Coupon Payment Date immediately following such conversion or repurchase (the Relevant Coupon Payment Date) had the Securities not so been repurchased
or converted, as the case may be, the Issuer shall on the date which would have been the Relevant Coupon Payment Date pay an amount 

  

 412 

 
to the relevant (ex) Holders equal to the difference between any interest amount paid upon repurchase or conversion and the interest amount that would have
been paid on the Relevant Coupon Payment Date based on the Coupon Rate that would have applied if no repurchase or conversion would have taken place, plus interest compensation at a rate per annum equal to EURIBOR as at the relevant Repurchase Date
or Conversion Date, calculated over the period from and including such Repurchase Date or Conversion Date and ending on and excluding the date of payment. If dividend is paid in Stock Dividend rather than in cash, the adjustment shall be determined
on the basis of the value of that Stock Dividend as calculated (subject to Condition 3(f)) by the Calculation Agent in the manner set out in the final paragraph of Condition 3(c)(iii). 
  

	(i)	Default interest 

 If the Issuer fails to pay any
amount due under the Securities on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at the prevailing Coupon Rate increased with 1 per cent. per annum.

  

	(j)	Adjustment in nominal value of Common Shares 

 If
after the Issue Date the nominal value of the Common Shares is adjusted, the Coupon Amount, for the avoidance of doubt including any Advance Coupon Payment and whether paid in cash or Stock Dividend, per Security calculated in accordance with this
Condition 3 shall be adjusted in order for the effective Coupon Rate per annum paid per Security to remain unaffected by the adjustment to the nominal value per Common Share. 
  

	4.	Repurchases 

  

	(a)	No fixed redemption date 

 The Issuer has (subject
to the provisions of Condition 2 and without prejudice to the provisions of Condition 9) only the right, but not the obligation, to repurchase the Securities in accordance with the following provisions of this Condition 4. 
  

	(b)	Repurchases at the option of the Issuer 

  

	 	(i)	Subject to prior consultation with DNB, the Issuer may elect to repurchase all, or some only, of the Securities (a Repurchase) on a date (the Repurchase Date) not
earlier than 30 days after the Issuer has given written notice thereto to the Holders in accordance with Condition 11, which notice shall be irrevocable, at a purchase price equal to (i) EUR 6.00 per Security plus
(ii) any Coupon Amounts payable in respect of the then current Coupon Period and accrued until the Repurchase Date, to be calculated and paid in accordance with the provisions of Condition 3(h). 

  

 413 

	 	(ii)	Notwithstanding the provisions of Condition 4(b)(i), the Issuer may, by observing the notice period and the notice formalities as referred to in Condition 4(b)(i) and subject to the
Repurchase taking place within the period from the Issue Date until but excluding the date of the first anniversary of such Issue Date, elect to repurchase up to EUR 1,000,000,000 of principal amount of Securities at a purchase price equal to
(i) EUR 4.00 per Security plus (i) the higher of (a) the interest of 8.50 per cent. per annum payable in respect of the then current Coupon Period as accrued up to but excluding the 

 Repurchase Date (for the purposes of this Repurchase, the First Year Repurchase Date) or (b) the interest payable in respect of the then
current Coupon Period up to but excluding the Repurchase Date and calculated in accordance with Condition 3(b)(ii) plus (ii) a repurchase fee of up to EUR 130,000,000 calculated in accordance with the formula set out in Condition
4(b)(iii) below (the First Year Repurchase Compensation), and subject to any additional payments to which the Holders are entitled in accordance with Condition 3(h). 
  

	 	(iii)	The First Year Repurchase Compensation shall be calculated by the Calculation Agent in accordance with the following formula: 

 (EUR 130,000,000 * (number of Securities repurchased/250,000,000) * ((Days from Issue)/365) * (Prevailing Price – EUR 4.00)). 
 Where: 
 Days from Issue means (First
Year Repurchase Date – Issue Date); and 
 Prevailing Price means: 
 If the Market Price is higher than or equal to EUR 5.00, EUR 5.00; 
 If the Market Price is lower than or equal to EUR 4.00, EUR 4.00; 
 If Market Price is higher than EUR 4.00,
but lower than EUR 5.00, the Market Price; 
 Where: 
 Market Price means the Volume Weighted Average Price of the Common Shares during the five (5) Business Days prior to the First Year Repurchase Date as determined based on the Bloomberg Page <AGN NA
Equity VWAP>. 
  

	 	(iv)	If after the Issue Date the nominal value of the Common Shares is adjusted, the formula with regard to the calculation of the First Year Repurchase Compensation set out in Condition
4(b)(iii) shall be adjusted in order for any dilutive effect such changes in the nominal value of the Common Shares may have with regard to the First Year Repurchase Compensation to be corrected. 

  

 414 

	(c)	Repurchase at the option of the Holders 

 If the
Issuer has exercised its Conversion Right pursuant to Condition 6 (but for the avoidance of doubt not in any other circumstances), then, within 5 Business Days after having received a Conversion Notice, a Holder has the right to require the Issuer
to redeem in full on the proposed Conversion Date the Securities held by that Holder and which are subject to a Conversion Notice at their principal amount outstanding. An amount of interest to the extent accrued from and including the immediately
preceding Coupon Payment Date until but excluding the Conversion Date will be due and payable in accordance with Condition 3(h). 
  

	(d)	Cancellation 

 Any Securities held by the Issuer)
may be cancelled by reduction in the principal amount of the applicable Securities Deed and such cancelled Securities may not be reissued or resold. Securities repurchased by the Issuer may be held, reissued, resold or, at the option of the Issuer,
be cancelled by decreasing the number of Securities represented by the Securities Deed by an equal number. The obligations of the Issuer in respect of any such Securities shall be discharged. 
  

	5.	Payments 

 Payments of principal and Coupon Amounts and all other
payments on or in respect of the Securities will be in euro and will be calculated, or caused to be calculated, by the Calculation Agent and shall be paid in a manner as directed by the Holders. 
  

	6.	Conversion rights 

  

	6.1	General 

  

	6.1.1 	Subject to Condition 6.1.2 and 6.1.3, not earlier than as of the third anniversary of the Issue Date the Issuer has the right (the Conversion Right) to convert all or some of
the Securities into Common Shares, each credited as fully paid (a Conversion). The conversion shall take place by converting each Security into one Common Share, subject to adjustment as provided in Condition 6.4 below (the Conversion
Price). For the avoidance of doubt, the Conversion Right may be exercised by the Issuer more than once. 

  

	6.1.2 	If the Issuer establishes that as a result of a Conversion and clause 6.3 (Conversion) of the Senior Loan Agreement, the Lender will hold more than 29.9 per cent of the voting
rights on shares in AEGON held by it, the Association and the Lender will consult with each other prior to such intended Conversion with a view to their taking such action as will prevent that the Lender is required to make a mandatory public offer
for AEGON. 

  

	6.1.3 	Each Conversion Right shall only be exercised after consultation with DNB. 

  

	6.2	Procedure for exercise Conversion Right 

 The Issuer
may exercise the Conversion Right on a date (a Conversion Date) being not later than 5 calendar days after notice thereto has been given (a Conversion Notice) to the Holders and the Lender in accordance with Condition 11, subject to
the Holders not electing to exercise their rights 

  

 415 

 
under Condition 4(c) in respect of Securities held by them which are subject to a Conversion Notice. Once received by the Holders a Conversion Notice is
irrevocable. 
  

	6.3	Delivery of Common Shares 

  

	6.3.1 	Conversion Formula 

 The Issuer shall on each
Conversion Date cause to be delivered to each Holder, by crediting the account with the financial institution specified by such Holder pursuant to the following sentence, the number of Common Shares equal to the number of Securities then held by
such Holder. Forthwith upon request of the Issuer, each Holder shall provide sufficient details about the account and the financial institution concerned to permit the Issuer to make or to cause to be made such delivery of the relevant Common Shares
by credit to such account. 
 Any Common Shares tendered for delivery in this manner will be fully paid and non-assessable on the Conversion
Date. 
  

	6.3.2 	Settlement Disruption Event 

 If on the Conversion
Date the book-entry transfer of the Common Shares cannot be settled by the relevant central securities depository due to an event outside the control of the Issuer (a Settlement Disruption Event), then solely for the purposes of this
Condition 6.3 the Conversion Date shall be postponed until the first succeeding calendar day on which delivery of the Common Shares can take place trough a national or international settlement system or in any other commercially reasonable manner,
in each case, in the best interest of the Holders and without adversely affecting their rights under these Conditions. 
  

	6.3.3 	No payment or adjustment for Accrued Dividends 

 Common Shares delivered to Holders on exercise of Conversion Rights will rank pari passu in all respects with the fully paid Common Shares in issue on the relevant Conversion Date, except that Holders will not be entitled to receive
any dividend or other distribution declared payable to holders of record of Common Shares as of a date prior to the date such Holders became holders of record of the Common Shares pursuant to Condition 6.3.4 below. 
  

	6.3.4 	Ranking 

 A Holder shall be deemed to be a holder of
record of the Common Shares on the Conversion Date and shall be entitled to all dividends, distributions and other entitlements determined by reference to a record date on or after the Conversion Date. 
  

	6.4	Adjustment of the Conversion Price  

  

	6.4.1 	Non-Merger Events 

 The Conversion Price will be
adjusted as follows under the following circumstances: 
  

	 	(i)	Stock split or consolidation 

  

 416 

 If there shall have occurred a subdivision or consolidation of the Common Shares (except for a Merger
Event (as defined below) into a greater or lesser number of Common Shares, the Conversion Price will be adjusted as of the date on which such event occurred by multiplying the Conversion Price then in effect by Formula 1 in Condition 6.4.2 below.

  

	 	(ii)	Granting of rights or warrants for Common Shares 

 If the
Issuer grants or causes to be granted a right, warrant or other security to existing holders of Common Shares as a class by way of rights giving them the right to purchase or subscribe for additional Common Shares, the Conversion Price will be
adjusted as of the ex-dividend date of such grant by multiplying the Conversion Price then in effect by Formula 2 in Condition 6.4.2 below. 
  

	 	(iii)	Sale of Common Shares at a substantial discount 

 If the
Issuer sells Common Shares or causes Common Shares to be sold for a sale price that is less than 95 per cent. of the market price of the Common Shares immediately preceding the announcement of the sale of the Common Shares, the Conversion Price
will be adjusted immediately following such pricing by multiplying the Conversion Price then in effect by Formula 3 in Condition 6.4.2 below. 
  

	 	(iv)	Distribution of an equity-linked security 

 If the Issuer
makes or causes to be made a free distribution or dividend of securities that are convertible, exchangeable or otherwise exercisable into the Common Shares to existing holders of the Common Shares, the Conversion Price will be adjusted as of the
ex-dividend date of such free distribution or dividend by multiplying the Conversion Price in effect by Formula 2 in Condition 6.4.2 below. 
  

	 	(v)	Granting rights or warrants for an equity-linked security 

 If the Issuer grants or causes to be granted a right, warrant or other security to existing holders of Common Shares as a class by way of rights giving them the right to purchase or subscribe for securities that are convertible,
exchangeable or otherwise exercisable into Common Shares, the Conversion Price will be adjusted as of the ex-date of such grant by multiplying the Conversion Price then in effect by Formula 2 in Condition 6.4.2 below. 
  

	 	(vi)	Issuance of equity-linked securities, rights and options at a substantial discount 

 If the Issuer issues and sells, or causes to be issued and sold, securities that are convertible, exchangeable or otherwise exercisable into, or grants rights or options to purchase or subscribe, Common Shares and the
sale price per equity-linked security together with any other consideration received or receivable by the Issuer, in respect of such equity-linked security or rights or options together with the consideration receivable on conversion or exchange or
other exercise of such securities or on exercise of such rights or options received or receivable by the Issuer, per Conversion Security, is less than 95 per cent. of the market price of the Common Shares immediately preceding the announcement
of the issue of such newly issued securities, rights or options, the Conversion Price will be adjusted immediately following the pricing of such securities, 

  

 417 

 
rights or options by multiplying the Conversion Price then in effect by Formula 3 in Condition 6.4.2 below. 
  

	 	(vii)	Free distribution or dividend of or granting rights or warranties for other property 

 If the Issuer makes or causes to be made a free distribution or dividend, of, or grants a right, warrant or other security giving the right o purchase at less than a fair market value, any other property (not covered
by another section of this Condition 6.4.1) to existing holders of Common Shares, the Conversion Price will be adjusted as of the ex-date of such free distribution, dividend or grant by multiplying the Conversion price then in effect by Formula 2 of
Condition 6.4.2 below. 
  

	 	(viii)	Share buy backs above market 

 If the Issuer or any of its
subsidiaries commences a tender or exchange offer for the Common Shares and the Fair Market Value of the cash and other consideration offered per Common Share (as determined in good faith by the Issuer exceeds 105 per cent. of the value of
“P” in Formula 4 in Condition 6.4.2 below, the Conversion Price will be adjusted retroactively with effect from the opening of business on the Conversion Business Day immediately following the Expiration Time (as defined below) by
multiplying the Conversion Priced then in effect by the fraction (which shall not be greater than one) expressed by Formula 4 in Condition 6.4.2 below. 
  

	6.4.2	  Adjustment Formulae 

 The formulae to be
applied in Condition 6.4.1 to adjust the Conversion Price are: 
 Formula 1: 
 X/Y 
 where: 
 X = the number of Common Shares outstanding immediately prior to the occurrence of the relevant event; and 
 Y = the number of Common Shares outstanding immediately after the occurrence of the relevant event. 
 Formula 2: 
 (P-d)/P 
 where: 
 P = the arithmetic mean of the daily
Closing Prices of the Common Shares during the 8 Business Day period ending on the Business Day immediately preceding the first day on which the Common Shares are traded on the Relevant Stock Exchange ex the relevant distribution, dividend, rights,
warrants or other securities; and 
 d = the Fair Market Value of the distribution, dividend, rights, warrants or securities or other property
the subject of the relevant grant, as the case may be. 
  

 418 

 Formula 3: 
 X + (Z x c/P) 
 X + Z 
 where 
 X = the number of Common Shares outstanding immediately prior to the occurrence of such event.

 Z = the number of (i) Common Shares to be sold or (ii) Common Shares into which such other securities to be sold or issued are
convertible, exchangeable or otherwise exercisable. 
 c = (i) the sale price per security of the Common Shares to be sold or
(ii) the sale price of the securities to be sold or issued that are convertible, exchangeable or otherwise exercisable into the Common Shares, together with any other consideration received or receivable in respect of such securities.

 P= (i) the Fair Market Value per security of the Common Shares to be sold or (ii) the Fair Market Value of the securities to be
sold or issued that are convertible, exchangeable or otherwise exercisable into the Common Shares, together with any other consideration received or receivable in respect of such securities. 
 Formula 4: 
 (N1xP)/(A+(N2xP))

 Where: 
 N1 = the number of
Common Shares outstanding at the last time (the Expiration Time) tenders or exchanges may be made pursuant to such tender or exchange offer (as amended), inclusive of all Common Shares validly tendered or exchanged and not withdrawn as of the
Expiration Time (the Purchased Shares). 
 N2 = the number of Common Shares outstanding at the Expiration Time, exclusive of Purchased
Shares. 
 P = the market price of a Common Share at the close of business the Business Day prior to the announcement of the tender or
exchange offer. 
 A = the Fair Market Value of the aggregate consideration payable to holders of Common Shares based on the acceptance (up to
any maximum specified in the terms of the tender or exchange offer) of the Purchased Shares. 
  

	6.4.3	 Merger Events 

 If, in respect of a
Merger Event (as defined below) the consideration for the Common Shares consists (or, at the option of the holder of the Common Shares, may consist) of New Securities, Other Consideration or Combined Consideration (all as defined below) then on or
after the Merger Date, each Security shall be convertible into the number of New Securities, the amount of Other Consideration or the amount of Combined Consideration, as the case may be, to which a holder of 

  

 419 

 
the number of Common Shares which would have been required to be delivered had such Securities been converted immediately prior to the Merger Event would be
entitled upon consummation of the Merger Event. Where pursuant to the foregoing the Securities will be convertible into property including or comprising New Securities, the initial Conversion Price in respect of such New Securities shall be
calculated by dividing the principal amount of each Security by the number of such New Securities (determined as provided above). 
 Combined Consideration means New Securities in combination with Other Consideration. 
 Merger Date means, in respect
of any Merger Event, the date on which all holders of the Common Shares (other than, in the case of a takeover offer, any Common Shares owned or controlled by the offeror) have agreed or irrevocably become obligated to transfer their Common Shares.

 Merger Event means any consolidation, amalgamation or merger of the Issuer with or into another entity (other than a consolidation,
amalgamation or merger where the Issuer is the continuing entity). 
 New Securities means equity securities (whether of the Issuer or
a third party) which are publicly traded on a recognised exchange. 
 Other Consideration means cash, securities other than New
Securities of other property (whether of the Issuer or a third party. 
  

	6.4.4	Other adjustments 

 If one or more events or
circumstances not referred to above in this Condition 6.4 occur which have or are expected to have an adverse effect on the economic interests of the Holders, including but not limited to a distribution of securities of an issuer other than the
Issuer (spin-off securities) or subdivision of Common Shares into classes) the Issuer shall either at its own instigation or at the request of a Holder, request two investment banks of international repute selected by the Issuer to determine as soon
as practicable, inter alia taking into account the then current market practice of convertible securities and precedents, what adjustment (if any) to the Conversion Price is fair and reasonable to take account of such events or circumstances
and the date on which such adjustment should take effect. Upon such determination, such adjustment (if any) shall be made and shall take effect in accordance with such determination. 
  

	6.4.5	Calculations, procedures 

 Except as otherwise
provided, the Issuer will make all adjustments to the Conversion Price pursuant to Conditions 6.4.1 and 6.4.3, a calculation and determination made by the Issuer is binding for the Holders, unless a Holder has demonstrated the incorrectness of or
has made a reasonable objection to such calculation or determination within 5 local Business Days after such Holder has received notice of the calculation or determination. If in such case no agreement can be reached by the parties, they shall
select an independent investment bank of international repute for the purpose of making the calculation or determination, which calculation or determination will be binding on the Issuer and the relevant Holder(s) and shall supersede and replace the
calculation or determination made by the Issuer. 
  

 420 

 All references in the foregoing provisions to the number of Common Shares outstanding shall exclude
Common Shares held by or on behalf of the Issuer. 
 The Conversion Price resulting from any adjustment will be rounded to the nearest
ten-thousandth, with five hundred thousandths being rounded upward. 
  

	6.4.6	De minimis Exception 

 No adjustment to the
Conversion Price will be made if the adjustment would result in a change in the Conversion Price of less than 1 per cent., provided that any adjustment that would otherwise be required to be made and any amount by which the Conversion Price has
been rounded down pursuant to Condition 6.4.5 will be carried forward and taken into account in any subsequent adjustment. 
  

	6.4.7	Notices of adjustments 

 The Issuer shall give
notice to the Holders in accordance with Condition 11 of any change (or, at the Issuer's discretion) prospective change) to the Conversion Price as soon as reasonably practicable following such change or, if the notice is given in respect of a
prospective change, at such time as the Issuer shall determine. 
  

	6.4.8	Miscellaneous 

  

	 	(a)	Documentary taxes or duties 

 Each Holder of Securities in
respect of which the Issuer has exercised its Conversion Right will be responsible for paying any and all stamp, transfer, registration or other taxes or duties of a documentary nature (if any) arising on the exercise of the Conversion Right and on
the transfer, delivery or other disposition of Common Shares by the Issuer. 
  

	 	(b)	Termination of Conversion Period 

 If any Securities have
been called for repurchase by the Issuer pursuant to Condition 4(b)(i), the Conversion Period in respect of such Securities will terminate on the date on which the Issuer has notified the Holders of its intention to exercise its repurchase right.

  

	7.	Taxation 

  

	(a)	No payments by the Issuer under or in relation to the Securities (including but not limited to) of principal or Coupon Amounts in respect of the Securities or any other payments in
relation to a Repurchase or delivery of Common Shares upon a Conversion will be made subject to withholding of or deduction for, or on any account of, any present or future taxes, duties, assessments or governmental charges of whatsoever nature
imposed or levied by or on behalf of the Netherlands or any political subdivision thereof or by any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is
required by law. In no event shall the Issuer be obliged to pay any additional amounts to gross up any amounts so withheld or deducted. 

  

 421 

	(b)	The Issuer agrees and each Holder by acquiring a Security shall be deemed to agree that the Securities will function at all times as equity within the meaning of article 10
paragraph 1 sub d Dutch Corporate Tax Act 1969 (Wet op de vennootschapsbelasting 1969) (or any statutory replacement of such article) and that accordingly any amounts due by the Issuer in relation to the Securities shall not be tax deductible
by the Issuer. 

  

	8.	Prescription 

 Claims for payment in relation to Securities will
become void unless exercised within a period of 5 years from the Relevant Date. 
  

	9.	Replacement of the Securities 

 Should any Securities Deed be lost,
stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Registrar upon payment by the claimant of the expenses incurred in connection therewith and on such terms as to evidence and indemnity and/or as the Issuer
may reasonably require. Any mutilated or defaced Securities Deed must be surrendered before any replacement Securities Deed will be issued. 
  

	10.	Amendment of the Terms and Conditions; Exercise of rights under Securities 

  

	(a)	Any modification to these Terms and Conditions shall be agreed in writing between the Issuer and the Holders subject to prior approval of the Lender. No Holder (except in the case
that such Holder is a Lender) may exercise any rights under, and in respect of, any Security without the prior consent of the Lender so long as there are any amounts outstanding under the Senior Loan Agreement or the Lender is a Holder of
Securities. 

  

	(b)	By accepting these Terms and Conditions, the Holders consent in advance to (i) the amendment of these Terms and Conditions, including but not limited to in respect of meetings
of Holders, modification, waiver, substitution and the appointment of a trustee in respect of the Securities, provided that this paragraph shall only apply in the event that neither the Association nor the Lender are holder (legally or beneficially)
of the Securities, and (ii) the restrictions in respect of the exercise of their rights as provided in paragraph (a). 

  

	11.	Notices 

 Any notice or other communication required to be issued or
delivered by the Issuer to the Holders or vice versa shall be issued or delivered in accordance with clause 19 of the Senior Loan Agreement. 
  

	12.	Calculation Agent and Registrar 

 The Issuer will procure that there
shall at all times be a Calculation Agent and a Registrar so long as any Security is outstanding. If either the Calculation Agent or the Registrar is unable or unwilling to act as such or if it fails to make a determination or calculation or
otherwise fails to perform its duties under these Terms and Conditions, as appropriate, the Holders representing not less than 75% of the nominal value of the Securities outstanding shall appoint, on terms acceptable to the such Holders, an
independent investment bank acceptable to such Holders to act as such in its place. Neither the termination of the appointment of a Calculation Agent or the Registrar nor the resignation of either will be effective without a successor having been
appointed. 
  

 422 

 All calculations and determinations made by the Calculation Agent or the Registrar in relation to the Securities shall
(save in the case of manifest error, wilful misconduct or fraud and) subject to the provisions of the Subscription Agreement and these Conditions, be final and binding on the Issuer and the Holders. 
 None of the Issuer, the Registrar or the Calculation Agent shall have any responsibility to any person for any errors or omissions in any determination or calculation
carried out by the Registrar or the Calculation Agent save only if and to the extent of any gross negligence (grove nalatigheid) or wilful misconduct (opzet) on the part of the Registrar or the Calculation Agent, as the case may be.

  

	13.	Fulfilment of obligations directly to the Lender 

 If any obligation
under these Conditions is to be fulfilled by the Issuer to any Holder and such Holder is obliged to fulfil the same corresponding obligation to the Lender under the terms of the Senior Loan Agreement, then the Issuer shall fulfil that obligation
directly to and in favour of the Lender, and such fulfilment, if and to the extent made, shall (i) discharge the Issuer from that obligation towards that Holder under these Conditions, and (ii) discharge that Holder from the same
corresponding obligation towards the Lender under the Senior Loan Agreement. 
 For the avoidance of doubt, for so long as there are any obligations
outstanding under the Transaction Documents (as defined in the Senior Loan Agreement), the Holders shall not have the right to require the Issuer to discharge any of its obligations directly towards the Holders under these Conditions in any manner
other than as stated above directly to and in favour of the Lender. In respect of the obligations of the Issuer as set forth in this Condition 13 (including the obligations of the Issuer to pay all amounts and perform all obligations of the Issuer
vis-a-vis the Holders directly to the Lender), the Lender shall have a direct right against the Issuer with respect to such obligations and shall have the right to enforce performance of these obligations directly to it to the fullest extent. This
proviso will however not be construed so as to constitute a guarantee by or several or joint liability of Issuer in respect of the obligations of any Holder in favour of the State. 
  

	14.	Non-Payment when Due; Limitation of Remedies 

 Notwithstanding
any of the provisions below in this Condition 14, the right to institute bankruptcy proceedings is limited to circumstances where payment has become due. Pursuant to Condition 3, no interest will be due by the Issuer if the Issuer has not paid any
dividend on ordinary shares in its capital over the financial year preceding the relevant Coupon Payment Date, either on an interim or a final dividend basis. Pursuant to Condition 3, no principal, interest or any other payment will be due by the
Issuer unless the Issuer has verified with DNB that the Issuer will remain adequately capitalised and after payment. 
  

	(a)	If the Issuer shall not make a payment in respect of the Securities for a period of 14 days or more after the date on which such payment is due, the Issuer shall be deemed to be in
default under the Securities, and any Holder may, notwithstanding the provisions of paragraph (b) of this Condition 14, institute proceedings in the Netherlands (but not elsewhere) for the bankruptcy (faillissement) of the Issuer and/or
prove (indienen ter verificatie) in such bankruptcy; 

  

	(b)	 Subject as provided in this Condition 14, the Holder may at its discretion and without further notice institute such proceedings against the Issuer as it may think
fit to enforce any term or condition binding on the Issuer under the Securities (other than for the payment of any principal or satisfaction 

  

 423 

	 	 
of interest or any other payments in respect of the Securities) provided that the Issuer shall not by virtue of the institution of any such proceedings be
obliged to pay any sum or sums, in cash or otherwise, sooner than the same would otherwise have been payable by it; 

  

	(c)	No remedy against the Issuer shall be available to any Holder (i) for the recovery of amounts owing in respect of the Securities, other than the institution of proceedings in
the Netherlands (but not elsewhere) for the bankruptcy (faillissement) of the Issuer and/or proving (indienen ter verificatie) in such bankruptcy (faillissement) and (ii) for the breach of any other term under the
Securities other than as provided in paragraph (b) above. 

  

	(d)	Any rights of the Holders to dissolve (ontbinden) or annul (vernietigen) these Conditions are excluded. 

  

	15.	Consultation with DNB 

 Where in these Conditions the Issuer is
required to consult with DNB, such consultation will be governed by a further agreement to be entered into by the Issuer and DNB (after having been discussed with the Lender) within two weeks after the Issue Date. Such agreement will specify that
the intended decision for which the consultation is sought will not proceed until both the Issuer and DNB, acting reasonably, conclude that the consultation has successfully been finalized and the Lender has been so informed. 
  

	16.	Governing Law and Jurisdiction 

  

	(a)	The Securities, and any non-contractual obligations arising out of or in connection with them, are governed by, and shall be construed in accordance with, Dutch law.

  

	(b)	The Issuer agrees and each Holder by acquiring a Security shall be deemed to agree that the courts of Amsterdam, The Netherlands are to have jurisdiction to settle any disputes
which may arise out of or in connection with the Securities, and submit to the jurisdiction of such courts (with the exception of cassation (cassatie)). 

  

	17.	Definitions 

 In these Terms and Conditions the following terms will
have the following meanings (unless the context otherwise dictates), and capitalised terms used herein but not defined herein shall have the meanings ascribed thereto in clause 1 of the Senior Loan Agreement: 
 Association means Vereniging AEGON; 
 AEGON Preference Shares
means the A and B preference shares issued by AEGON to the Association pursuant to the terms and conditions set out in the articles of association of AEGON; 
 Borrower means the Association as borrower under the Senior Loan Agreement; 
 Business Day means a day (other than a Saturday or
Sunday) on which banks are open for general business in Amsterdam and (in relation to any date for payment or purchase of euro) any TARGET Day; 
 Calculation Agent means AEGON N.V., as calculation agent in relation to the Securities, or its successor or successors for the time being; 
  

 424 

 Capital Adequacy Regulations means at any time the regulations or decrees imposing obligations on the Issuer with
respect to the maintenance of minimum levels of solvency margins and/or capital adequacy ratios and/or comparable margins or ratios if and to the extent such regulations or decrees are applicable to the Issuer; 
 Closing Price means, (i) with respect to the Common Shares, for a Conversion Business Day, the market price per such Common Share quoted at the close of
business on the Relevant Stock Exchange on such day or (ii) with respect to any right, warrant or other security, for any Business Day, the market price per right, warrant or other security quoted at the close of business on the principal
exchange on which such right, warrant or other security is traded on such day; 
 Common Shares means the ordinary shares (gewone aandelen) of
the Issuer; 
 Conversion has the meaning ascribed thereto in Condition 6.2; 
 Conversion Business Day means any calendar day other than a Saturday or Sunday that is (or, but for the occurrence of a Market Disruption Event, would have been) a trading day on the Relevant Stock Exchange
other than a calendar day on which trading is scheduled to close prior to the regular weekday closing time; 
 Coupon Amount means in respect of a
Coupon Payment, the amount of interest payable on a Security for the relevant Coupon Period in accordance with Condition 3; 
 Coupon Payment means,
in respect of a Coupon Payment Date, the aggregate Coupon Amounts for the Coupon Period ending on such Coupon Payment Date; 
 Coupon Payment Date
means in each year, the date on which the annual dividend is paid to the holders of Common Shares, starting in 2009; 
 Coupon Period means the
period commencing on (and including) the Issue Date and ending on (but excluding) the first Coupon Payment Date and each successive period commencing on (and including) a Coupon Payment Date and ending on (but excluding) the next succeeding Coupon
Payment Date; 
 Coupon Rate has the meaning ascribed to that term in Condition 3(b); 
 DNB means De Nederlandsche Bank N.V.; 
 EURIBOR means for an amount during a specific period of time, the rate
quoted to the facility agent to the Bank Lenders under the Bank Finance Documents (as such terms are defined in the Senior Loan Agreement) by leading banks in the European interbank market as of 11.00 a.m. (Amsterdam time) on the date 2
Business Days prior to the first day of that period for the offering of deposits to other such leading banks in euro in that amount for that period; 
 Fair Market Value means (a) with respect to a cash dividend or other cash amount, the amount of such cash and (b) with respect to any property on any date, the fair market value of that property determined by an independent
investment bank of international repute selected by the Issuer; 
 Holder means the registered holder of any Security; 
  

 425 

 Interest shall, where appropriate, include Coupon Amounts; 
 Interim Coupon Payment Date means each date on which an interim dividend is paid to the holders of Common Shares; 
 Issue Date means 1 December 2008, being the date of initial issue of the Securities; 
 Issuer means AEGON N.V.; 
 Issuer’s Financial Year means the annual accounting period of the Issuer
ending on or about 31 December in each year; 
 Lender means the State of the Netherlands as lender under the Senior Loan Agreement (but, for the
avoidance of doubt, the term Lender shall not included any permitted transferee or assignee of the Lender under any of the Transaction Documents); 
 Loan
has the meaning ascribed to it in the Senior Loan Agreement; 
 Market Disruption Event means the occurrence or existence of any suspension of or
limitation imposed on trading (by reason of movements in price exceeding limits permitted by Euronext Amsterdam N.V.) or on settlement procedures for transactions in the Common Shares on Euronext Amsterdam N.V. if, in any such case, that suspension
or limitation is, in the reasonable determination of the Issuer material in the context of the issue of the Common Shares; 
 Relevant Date means
(i) in respect of any payment other than a Winding-Up Claim, the date on which such payment first becomes due and payable but, if the full amount of the moneys payable on such date has not been received by the Holders on or prior to such date,
the Relevant Date means the date on which such moneys shall have been so received and notice to that effect shall have been given to the Holders in accordance with Condition 12, and (ii) in respect of a Winding-Up Claim, the date which
is one day prior to the commencement of the winding-up (faillissement of vereffening na ontbinding); 
 Relevant Stock Exchange means Euronext
Amsterdam N.V. (or any other stock exchange or securities market on which the Common Shares may then be listed or quoted or dealt in); 
 Repurchase
has the meaning ascribed thereto in Condition 4; 
 Securities means the 750,000,000 Non-Voting Convertible Capital Securities in aggregate principal
amount of EUR 3,000,000,000 and each of them, a Security; 
 Senior Loan Agreement means the senior loan agreement entered into between the
State of the Netherlands, as Lender, Vereniging AEGON as Borrower and the Issuer on 1 December 2008; 
 Stock Dividends means dividends paid out
in kind by way of issuing by the Issuer to the Holders of additional Common Shares; 
 Subscription Agreement means the subscription agreement entered
into between the Issuer, Vereniging AEGON and the State of the Netherlands on 1 December 2008; 
 TARGET means the Trans-European Automated
Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007; and 
 TARGET Day means any day on which TARGET is open for the settlement of payments in euro. 
  

 426 

 SCHEDULE 2 
 FORM OF DEED OF ISSUE AND PLACEMENT OF NON-VOTING CONVERTIBLE CAPITAL SECURITIES 
 AEGON N.V. 

 (the Issuer) 
 (incorporated with limited liability under the laws of the Netherlands and having its corporate seat in The Hague) 
 750,000,000 Non-Voting Convertible Capital Securities of the Issuer in aggregate principal 
 amount of EUR 3,000,000,000

  

	1.	INTRODUCTION 

 This deed (the Deed)
constitutes a deed of issue and delivery (akte van uitgifte en plaatsing) in respect of a duly authorised issue of 750,000,000 Non-Voting Convertible Capital Securities of the Issuer in aggregate principal amount of EUR 3,000,000,000 (the
Securities) in the denomination of EUR 4.00 each and having the provisions specified in the Conditions, a copy of which is annexed hereto as Annex I. The Securities are issued through the execution of this Deed. 
  

	2.	INTERPRETATION 

  

	2.1	References to Conditions 

 Any reference herein to
the Conditions is to the Securities Terms and Conditions. 
  

	2.2	Definitions 

 In this Deed, unless otherwise defined
herein or the context requires otherwise, words and expressions have the meanings and constructions ascribed to them in the Conditions. 
  

	3.	ISSUE (UITGIFTE) 

 The Issuer,
for value received, hereby issues (geeft uit) to Vereniging AEGON, the Securities, which issue Vereniging AEGON hereby accepts. No certificates or other evidence will be delivered in respect of such issue. 
  

	4.	PROMISE TO PAY 

  

	4.1	The Issuer promises to pay to Vereniging AEGON and/or such other person or persons (or their legal successors or assigns) listed in Annex II hereto such amounts as may from time to
time become due and payable subject to and in accordance with the Conditions. 

  

	4.2	Each Security shall constitute a registered claim (vordering op naam) of the relevant Holder against the Issuer. By counter-execution of this Deed, Vereniging AEGON has
accepted the Securities. 

  

	4.3	Each Security shall only be transferable by the relevant Holder in accordance with the Conditions and by a duly executed assignment deed substantially in the form of Annex III
hereto and notification thereof to the Issuer. 

  

 427 

	4.4	Each Security may be pledged (verpand) by the relevant Holder in accordance with the Conditions and upon such pledge the Registrar shall be notified thereof by a duly
executed notification letter substantially in the form of Annex IV hereto. 

  

	5.	PAYMENTS 

  

	5.1	Upon any payment of principal being made in respect of the Securities, the principal amount of the Securities shall be reduced by the principal amount so paid.

  

	5.2	Payments due in respect of Securities shall be made to the relevant person entitled thereto (or to any person pursuant to a written instruction thereto by a Holder to the Issuer)
pursuant to the Conditions and each payment so made will discharge the Issuer's obligations in respect thereof. Any failure to make the entries in respect of such payments in the Register shall not affect such discharge. 

  

	6.	GOVERNING LAW 

  

	6.1	This Deed, and any non-contractual obligations arising out of or in connection with it, is governed by, and shall be construed in accordance with, Dutch law.

  

	6.2	Each of the parties hereto agrees that the courts of Amsterdam, The Netherlands are to have jurisdiction to settle any disputes which may arise out of or in connection with this
Deed and accordingly submit to the jurisdiction of such courts (with the exception of cassation (cassatie)). 

 ISSUED on
1 December 2008 
  

 428 

			
	 AEGON N.V.
 as Issuer

	
	 
		
	 By:
	 	 
	 Its:
	 	
	
	 AEGON N.V.
 as Registrar

	
	 
		
	 By:
	 	 
	 Its:
	 	
	
	VERENIGING AEGON
	
	 
		
	 By:
	 	 
	 Its:
	 	

  

 429 

 Annex I 
 Securities Terms and Conditions 
 [hard copy attached] 
  

 430 

 Annex II 
 Details of the holder(s) of Securities 
 Name 
 Address 
 Address for notices 
 Number of Securities 
 Bank account details 
 Name 
 Address 
 Address for notices 
 Number of Securities 
 Bank account details 
  

 431 

 Annex III 
 Form Of Deed of Assignment and Notification 
 BY REGISTERED MAIL WITH NOTIFICATION OF RECEIPT 
 To: 
  

	(1)	AEGON N.V., as Issuer 

 AEGONplein 50

 2591 TV The Hague 
 The
Netherlands 
  

	(2)	AEGON N.V. as Registrar 

 AEGONplein 50

 2591 TV The Hague 
 The
Netherlands 
 FOR VALUE RECEIVED [name transferor], being the holder of [number] Securities (as defined below) issued pursuant to the
attached Deed, hereby: 
  

	(a)	assigns (cedeert) in accordance with article 3:94(1) of the Dutch Civil Code to: 

 Name: 
 Address: 
 [amount] in principal amount of the Securities, issued by AEGON N.V. (the Issuer) under a Deed of Issue and Placement of Non-Voting Convertible Capital Securities dated 1 December 2008 (the Deed
of Issue and Placement); 
  

	(b)	notifies the Issuer and the Registrar of such assignment; and 

  

	(c)	irrevocably and unconditionally requests and authorises the Registrar in its capacity as registrar in relation to the Securities to: 

  

	 	(i)	to the extent necessary forward a copy of this notification to any third party for the purpose of perfecting the assignment as contemplated by this deed or if this has been agreed
between the transferor and the Registrar; and 

  

	 	(ii)	make appropriate corresponding entries in the Register. 

 Defined terms
not otherwise defined herein shall have the same meaning as given thereto in the terms and conditions applicable to the Securities. 
 This Deed, and any
non-contractual obligations arising out of or in connection with it, is governed by, and shall be construed in accordance with, Dutch law. 
 Each of the
parties hereto agrees that the courts of Amsterdam, The Netherlands are to have jurisdiction to settle any disputes which may arise out of or in connection with this Deed and accordingly submit to the jurisdiction of such courts (with the exception
of cassation (cassatie)). 
  

 432 

									
	Name: [name transferor]	 		 	Name: [name transferee]
					
	Date:	 	 	 		 	Date:	 	 
					
	By:	 	 	 		 	By:	 	 

 By countersigning this Deed of Assignment and Notification each of the Issuer and the Registrar acknowledges the
assignment of rights as contemplated herein. 
  

									
	Name: Issuer	 		 	Name: Registrar
					
	Date:	 	 	 		 	Date:	 	 
					
	By:	 	 	 		 	By:	 	 

 Attachment: Deed of Issue and Placement  
  

 433 

 Annex IV 
 Form Of Notification of Pledge 
 BY REGISTERED MAIL WITH NOTIFICATION OF RECEIPT 
 To: 
 AEGON N.V., as Registrar 
 AEGONplein 50 
 2591 TV The Hague 
 The Netherlands 
 FOR VALUE RECEIVED [name pledgor], being the
holder of [number] Securities (as defined below) issued pursuant to the attached Deed, hereby: 
  

	(d)	notifies the Registrar of the pledge (verpanding) of [amount] in principal amount of the Securities with number [include relevant numbers], issued by AEGON N.V.
(the Issuer) under a Deed of Issue and Placement of Non-Voting Convertible Capital Securities dated 1 December 2008, which Securities have been encumbered with a first ranking right of pledge for the benefit of the State of the
Netherlands pursuant to a deed of pledge dated 1 December 2008; and 

  

	(e)	irrevocably and unconditionally requests and authorises the Registrar in its capacity as registrar in relation to the Securities to make appropriate corresponding entries in the
Register. 

 Defined terms not otherwise defined herein shall have the same meaning as given thereto in the terms and conditions applicable to
the Securities. 
 This letter, and any non-contractual obligations arising out of or in connection with it, is governed by, and shall be construed in
accordance with, Dutch law. 
 Each of the parties hereto agrees that the courts of Amsterdam, The Netherlands are to have jurisdiction to settle any
disputes which may arise out of or in connection with this letter and accordingly submit to the jurisdiction of such courts (with the exception of cassation (cassatie)). 
  

			
	 Name: [name pledgor]

		
	 Date:
	 	 
		
	 By:
	 	 

 By countersigning this letter the Registrar acknowledges the pledge (verpanding) of rights as notified
herein. 
  

			
	 Name: Registrar

		
	 Date:
	 	 
		
	 By:
	 	 

 Attachment: Deed of Issue and Placement 
  

 434 

 SIGNATORIES 
  

			
	AEGON N.V.
		
	Signed by:	 	 /s/ Mr. J.G.A. Struycken

	
	VERENIGING AEGON
		
	Signed by:	 	 /s/ Dr. W.M. van den Goorbergh

	
	THE STATE OF THE NETHERLANDS
		
	Signed by:	 	 /s/ State of the Netherlands

  

 435

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