Document:

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                                                                     EXHIBIT 4.1

ARTICLES OF INCORPORATION OF:

AEGON N.V.
having its official seat in `s-Gravenhage.

Dated 26 May 2003.

This document contains a fair English translation of the complete text of the
articles of incorporation of AEGON N.V., as they read after execution of the
deed of amendment of the articles of incorporation on 26 May 2003 before Chr.M.
Stokkermans, civil law notary in Amsterdam, with respect to which amendment a
ministerial Statement of No Objections was granted on 24 May 2003, under number
NV 101780.

In preparing this document, an attempt has been made to translate as literally
as possible without jeopardising the overall continuity of the text. Inevitably,
however, differences may occur in translation, and if they do, the Dutch text
will by law govern.

In this document, Dutch legal concepts are expressed in English terms and not in
their original Dutch terms; the concepts concerned may not be identical to
concepts described by the English terms as such terms may be understood under
the laws of other jurisdictions.

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ARTICLES OF INCORPORATION

CHAPTER I.

Article 1.  Definitions.

1.1  In these Articles of Incorporation, the following terms shall have the
following meanings:

     "Share" means a share in the capital of the Company. Unless the contrary is
       apparent, this shall include each Common Share and each Preferred Share.

     "Shareholder" means a holder of one or more Shares.

     "General Meeting" or "General Meeting of Shareholders" means the body of
       the Company consisting of the Shareholders or (as the case may be) a
       meeting of Shareholders (or their representatives) and other persons
       entitled to attend such meetings.

     "Subsidiary" means a subsidiary of the Company as referred to in Section
       2:24a of the Dutch Civil Code.

     "Common Share" means a common share in the capital of the Company.

     "Preferred Share" means a preferred share in the capital of the Company.
       Unless the contrary is apparent, this shall include each class A
       Preferred Share and each class B Preferred Share.

     "Executive Board" means the management board of the Company.

     "Supervisory Board" means the supervisory board of the Company.

     "in writing" means by letter, telecopier, e-mail or by message which is
       transmitted via any other current means of communication, and which can
       be received in the written form.

     "Company" means the company the internal organization of which is governed
       by these Articles of Incorporation.

1.2  References in these Articles of Incorporation to the meeting of holders of
     Shares of a particular class shall be understood to mean the body of the
     Company consisting of the holders of Shares of the relevant class or (as
     the case may be) a meeting of holders of Shares of the relevant class (or
     their representatives) and other persons entitled to attend such meetings.

1.3  References to "Articles" refer to articles which are part of these Articles
     of Incorporation, except where expressly indicated otherwise.

CHAPTER II.    NAME, OFFICIAL SEAT AND OBJECTS.

Article 2.  Name and Official Seat.

2.1  The Company's name is:
     AEGON N.V.

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2.2  The official seat of the Company is in The Hague.

Article 3.  Objects.

3.1  The objects of the Company are to incorporate, acquire and alienate shares
     and interests in, to finance and grant security for commitments of, to
     enter into general business relationships with, and to manage and grant
     services to, legal entities and other entities, in particular those
     involved in the insurance business, and to do all that is connected
     therewith or which may be conducive thereto, all to be interpreted in the
     broadest sense.

3.2  In achieving the aforesaid objects due regard shall be taken, within the
     scope of sound business operations, to provide fair safeguards for the
     interests of all the parties directly or indirectly involved in the
     Company.

CHAPTER III.  AUTHORIZED CAPITAL, SHARES, SHARE CERTIFICATES AND REGISTER OF
              SHAREHOLDERS.

Article 4.  Authorized Capital and Shares.

4.1  The authorized capital of the Company amounts to six hundred and ten
     million euro (EUR 610,000,000).

4.2  The authorized capital is divided into four billion (4,000,000,000) Shares,
     divided into classes as follows:

     -    three billion (3,000,000,000) Common Shares, having a nominal value of
          twelve eurocents (EUR 0.12) each; and

     -    one billion (1,000,000,000) Preferred Shares, having a nominal value
          of twenty-five eurocents (EUR 0.25) each, of which five hundred
          million (500,000,000) are class A Preferred Shares and five hundred
          million (500,000,000) are class B Preferred Shares.

4.3  Common Shares shall, at the election of the Shareholder, be in either
     registered form or bearer form. Subject to the approval of the Supervisory
     Board, the Executive Board may decide that, in the event of a request for
     or conversion of bearer Shares into registered Common Shares for which no
     Share certificates are in circulation, a minimum limit may be placed on the
     number of Common Shares in order to become eligible for registration.

4.4  Preferred Shares shall be registered Shares only.

Article 5.  Share Certificates.

5.1  For Shares to bearer the Company shall issue Share certificates of such
     numbers of Shares as the Executive Board shall determine.

5.2  The Executive Board may, at the Shareholder's option, provide that, instead
     of certificates of Common Shares to bearer provided with a dividend sheet
     consisting of separate dividend coupons (K-certificates), certificates of
     Common Shares to bearer provided with a dividend sheet not consisting of
     separate dividend coupons (CF-certificates) shall be issued. Such dividend
     sheets of

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     CF-certificates shall, on behalf of the holders of Common Shares to bearer
     to which they relate, be handed over to, and remain permanently in the
     custody of, a custodian, to be appointed in accordance with the provisions
     of Article 5.3.

5.3  The Executive Board shall appoint as custodians of the dividend sheets of
     CF-certificates individuals or legal entities whose business is the custody
     of dividend sheets, and who already have dividend sheets in their custody
     administered by an institution designated for this purpose by the Executive
     Board and independent of the Company. If there are CF-certificates they may
     always be exchanged for K-certificates and vice versa. The Company shall
     charge no costs to a Shareholder who has requested such exchange.

5.4  The Company has the right to set further rules with respect to the issuance
     of K-certificates and CF-certificates.

5.5  The Executive Board may resolve that Share certificates shall be made
     available for registered Common Shares and/or Preferred Shares.

5.6  The Share certificates of registered Shares shall not be provided with
     dividend sheets. They shall be made available for such numbers of
     registered Shares as the Executive Board shall determine.

5.7  The Executive Board shall determine the form and contents of the Share
     certificates with due observance of the provisions of these Articles of
     Incorporation.

5.8  Each Share certificate shall bear information identifying it as a Share
     certificate of a Common Share or of a Preferred Share, and allowing it to
     be distinguished from other Share certificates. Share certificates shall be
     signed by an Executive Board member and a Supervisory Board member, whose
     signatures may be in facsimile.

5.9  The Executive Board can provide that certificates of registered Shares
     shall also be signed by one or more persons designated for this purpose by
     the Executive Board.

Article 6.  Conversion of Shares; Exchange of Share Certificates.

6.1  At the request of the Shareholder:

     (a)  Shares to bearer will be exchanged for registered Shares and vice
          versa;

     (b)  bearer Share certificates will be exchanged for bearer Share
          certificates of different values whose total will together be the same
          as the bearer Shares of the same kind;

     (c)  certificates for registered Shares will be exchanged for certificates
          for registered Shares of different values whose total will together be
          the same as the registered Shares of the same kind; and

     (d)  certificates of registered Shares will be issued or taken back by the
          Company, the original entry in the register being maintained,

     all of this being subject to the provisions in these Articles of
     Incorporation.

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6.2  The Executive Board may provide that the request must be made by the
     completing and signing of a form to be made available by the Company.

6.3  For the transactions mentioned in Article 6.1 under (a) and (d), the
     Company shall only charge costs which must be paid by the Shareholder who
     requested the transaction, before the request will be complied with; other
     transactions mentioned in Article 6.1 shall be performed free of charge.

6.4  The transactions mentioned in Article 6.1 shall not be performed until the
     Share certificates to be surrendered or exchanged, as the case may be, have
     been returned, with any appurtenant documents relating to such Share
     certificates.

Article 7.  Duplicates of Share Certificates and Dividend Sheets.

7.1  If one or more Share certificates, talons or dividend sheets are lost or
     have been damaged, stolen or destroyed, the Executive Board may, in
     accordance with conditions to be stipulated by it, issue duplicates of
     Share certificates, talons or dividend sheets.

7.2  The issue of such duplicates shall render the corresponding original
     documents null and void in respect of the Company.

Article 8.  Register of Shareholders.

8.1  A register of registered Shares shall be kept by or on behalf of the
     Company. The register may consist of various parts which may be kept in
     different places and each may be kept in more than one copy and in more
     than one place as determined by the Executive Board. The register shall be
     kept up to date. In the register shall be entered the names and the
     addresses referred to in Article 8.2 of all the holders of registered
     Shares, the amount paid on each Share and such other particulars as the
     Executive Board may determine. The entries in the register, as well as the
     amendments thereof, shall be certified in a manner to be prescribed by the
     Executive Board. Article 2:85 of the Dutch Civil Code shall apply to the
     register of Shareholders.

8.2  Every holder of a registered Share as well as each usufructuary and each
     pledgee of such a Share is obliged to furnish its name and address to the
     Company in writing.

8.3  The Executive Board shall set rules with respect to the signing of
     registrations and entries in the register of Shareholders.

8.4  The Executive Board provides any holder of a registered Share as well as
     any usufructuary and pledgee of such a Share, at its own request and free
     of charge, with an extract from the register of Shareholders showing its
     right to such registered Share.

CHAPTER IV.   ISSUANCE OF SHARES.

Article 9.  Resolution to Issue; Conditions of Issuance.

9.1  Shares may be issued pursuant to a resolution of the General Meeting. This
     competence shall concern all non-issued Shares of the Company's authorized
     capital, except insofar as the competence to issue Shares accrues to the
     Executive Board in accordance with Article 9.2 hereof.

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9.2  Shares may be issued pursuant to a resolution of the Executive Board, if
     and insofar as that board is designated competent to do so by the General
     Meeting. Such designation can be made each time for a maximum period of
     five years and can be extended each time for a maximum period of five
     years. A resolution to make such designation must stipulate the aggregate
     nominal value up to which Shares may be issued pursuant to a resolution of
     the Executive Board. A resolution to make such designation must also
     stipulate how many shares of each class may be issued. A resolution of the
     General Meeting to designate the Executive Board as a body of the Company
     competent to issue Shares can only be withdrawn at the proposal of the
     Executive Board which is approved by the Supervisory Board, unless provided
     otherwise in the resolution to make the designation.

9.3  A resolution of the General Meeting to issue Shares or to designate the
     Executive Board as a body of the Company competent to do so can only take
     place at the proposal of the Executive Board which is approved by the
     Supervisory Board.

9.4  A resolution of the Executive Board to issue Shares requires the approval
     of the Supervisory Board.

9.5  If the Executive Board has been designated according to Article 9.2 by the
     General Meeting of Shareholders as body of the Company competent to issue
     Preferred Shares, a General Meeting of Shareholders shall be held within
     thirty days after such Shares have been issued, in which General Meeting of
     Shareholders a statement concerning the reason(s) for such issue will be
     made by the Executive Board, unless such statement had already been made
     before at a meeting of Shareholders.

9.6  The foregoing provisions of this Article 9 shall apply by analogy to the
     granting of rights to subscribe for Shares, but shall not apply to the
     issuance of Shares to a person exercising a right to subscribe for Shares
     previously granted.

9.7  The body of the Company resolving to issue Shares shall stipulate the issue
     price and the other conditions of issuance in the resolution to issue.

9.8  The Executive Board is authorized, with the approval of the Supervisory
     Board, within the scope of a merger of a Subsidiary, to issue Common Shares
     at the expense of a reserve insofar as the Executive Board has been
     designated by the General Meeting of Shareholders in accordance with
     Articles 9.2 and 10.2.

9.9  Without prejudice to the previous provisions of this Article 9 and the
     provisions of Article 2:96 subsection 2 of the Dutch Civil Code, the
     issuance of Preferred Shares of a class shall be subject to the prior
     approval of the meeting of holders of Preferred Shares of that class.

9.10 Article 9.9 shall not apply in the event that Preferred Shares of a class
     are issued to a person holding all the outstanding Preferred Shares of the
     class concerned.

Article 10. Pre-emptive Rights.

10.1 Upon the issuance of Common Shares, each holder of Common Shares shall have
     pre-emptive rights in proportion to the aggregate nominal value of his
     Common Shares. A Shareholder shall not have a pre-emptive right in respect
     of Shares issued against a non-cash contribution. He shall also not have a
     pre-emptive right in respect of Shares issued to employees of the Company
     or of an affiliate within the meaning of Section 2:24b of the Dutch Civil
     Code.

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10.2 Prior to each individual issuance, the pre-emptive rights may be restricted
     or excluded by a resolution of the General Meeting. However, with respect
     to an issue of Shares pursuant to a resolution of the Executive Board, the
     pre-emptive rights can be restricted or excluded pursuant to a resolution
     of the Executive Board if and insofar as that board is designated competent
     to do so by the General Meeting. The provisions of Articles 9.1, 9.2 and
     9.4 of these Articles of Incorporation shall apply by analogy.

10.3 A resolution of the General Meeting to restrict or exclude the pre-emptive
     rights or to designate the Executive Board as a body of the Company
     competent to do so can only be adopted at the proposal of the Executive
     Board which is approved by the Supervisory Board.

10.4 If a proposal is made to the General Meeting to restrict or exclude the
     pre-emptive rights, the reason for such proposal and the choice of the
     intended issue price must be set forth in the proposal in writing.

10.5 A resolution of the General Meeting to restrict or exclude the pre-emptive
     rights or to designate the Executive Board as a body of the Company
     competent to do so shall require a majority of not less than two-thirds of
     the votes cast, if less than one-half of the Company's issued capital is
     represented at the meeting.

10.6 When rights are granted to subscribe for Shares, the Shareholders shall
     have pre-emptive rights in respect thereof; the foregoing provisions of
     this Article 10 shall apply by analogy. Shareholders shall have no
     pre-emptive rights in respect of Shares issued to a person exercising a
     right to subscribe for Shares previously granted.

Article 11. Payment on Shares.

11.1 Upon issuance of a Share, the full nominal value thereof must be paid-up,
     as well as the difference between the two amounts if the Share is
     subscribed for at a higher price, without prejudice to the provisions of
     Section 2:80 subsection 2 of the Dutch Civil Code.

11.2 Payment for a Share must be made in cash insofar as no non-cash
     contribution has been agreed on.

11.3 The Executive Board shall be allowed to enter into legal acts relating to
     non-cash contributions and the other legal acts referred to in Section 2:94
     of the Dutch Civil Code without the prior approval of the General Meeting,
     but with the approval of the Supervisory Board.

11.4 Payments for Shares and non-cash contributions shall furthermore be subject
     to the provisions of Sections 2:80, 2:80a, 2:80b and 2:94b of the Dutch
     Civil Code.

CHAPTER V.     OWN SHARES; REDUCTION OF THE ISSUED CAPITAL.

Article 12. Own Shares.

12.1 When issuing Shares, the Company may not subscribe for its own Shares.

12.2 The Company shall be entitled to acquire its own fully paid-up Shares, or
     depositary receipts therefor, provided either that no valuable
     consideration is given or that:

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     (a)  the Company's equity, after the deduction of the acquisition price, is
          not less than the sum of the paid-up and called-up part of the issued
          capital and the reserves which must be maintained by virtue of the
          law; and

     (b)  the nominal value of the Shares which the Company acquires, holds,
          holds in pledge or which are held by a Subsidiary, does not exceed
          one-tenth of the Company's issued capital.

     For the purpose of applying provision (a), the amount of equity shown in
     the last adopted balance sheet, reduced by the acquisition price of Shares
     or depositary receipts therefor and further reduced by distributions of
     profits or at the expense of reserves to others, which have become due from
     the Company and its Subsidiaries after the balance sheet date, shall be
     decisive. An acquisition in accordance with this Article 12.2 shall not be
     permitted if more than six months have elapsed after the end of a financial
     year without the annual accounts having been adopted.

12.3 Acquisition for valuable consideration shall be permitted only if the
     General Meeting has authorized the Executive Board to do so. Such
     authorization shall be valid for a period not exceeding eighteen months.
     The General Meeting shall stipulate in the authorization the number of
     Shares or depositary receipts therefor which may be acquired, the manner in
     which they may be acquired and the limits within which the price must be
     set. In addition, the approval of the Supervisory Board shall be required
     for any such acquisition.

12.4 The Company may, without authorization by the General Meeting, acquire its
     own Shares for the purpose of transferring such Shares to employees of the
     Company or of an affiliate within the meaning of Section 2:24b of the Dutch
     Civil Code under a scheme applicable to such employees, provided such
     Shares are quoted on the price list of a stock exchange.

12.5 Articles 12.2 and 12.3 do not apply to Shares or depositary receipts
     thereof which the Company acquires by universal succession in title.

12.6 No voting rights may be exercised in the General Meeting with respect to
     any Share held by the Company or by a Subsidiary, or any Share for which
     the Company or a Subsidiary holds the depositary receipts.

12.7 No payments shall be made on Shares which the Company holds in its own
     Share capital.

12.8 The Executive Board shall be authorized to alienate Shares held by the
     Company or depositary receipts therefor, but only with the approval of the
     Supervisory Board.

12.9 Own Shares and depositary receipts therefor shall furthermore be subject to
     the provisions of Sections 2:89a, 2:95, 2:98, 2:98a, 2:98b, 2:98c, 2:98d
     and 2:118 of the Dutch Civil Code.

Article 13. Reduction of the Issued Capital.

13.1 The General Meeting may, but only at the proposal of the Executive Board
     which is approved by the Supervisory Board, resolve to reduce the Company's
     issued capital:

     (a)  by cancellation of Shares; or

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     (b)  by reducing the nominal value of Shares by amendment of the Articles
          of Incorporation.

     The Shares in respect of which such resolution is passed must be designated
     therein and provisions for the implementation of such resolution must be
     made therein.

13.2 A resolution to cancel Shares may relate to Shares held by the Company
     itself or for which it holds the depositary receipts, or all class A
     Preferred Shares and/or all class B Preferred Shares.

13.3 Reduction of the nominal value or cancellation of Preferred Shares of a
     specific class can be effected only with the approval of the meeting of
     holders of Preferred Shares of such class. Cancellation of Preferred Shares
     shall be effected against repayment of the amounts paid on these Preferred
     Shares.

13.4 A reduction of the issued capital of the Company shall furthermore be
     subject to the provisions of Sections 2:99 and 2:100 of the Dutch Civil
     Code.

CHAPTER VI.   TRANSFER OF REGISTERED SHARES; USUFRUCT IN SHARES AND PLEDGING OF
              SHARES; DEPOSITARY RECEIPTS FOR SHARES.

Article 14. Transfer of Registered Shares.

14.1 The transfer of a registered Share shall require an instrument intended for
     such purpose and, save when the Company itself is a party to such legal
     act, the written acknowledgement by the Company of the transfer. The
     acknowledgement shall be made in the instrument or by a dated statement of
     acknowledgement on the instrument or on a copy or extract thereof and
     signed as a true copy by a civil law notary or the transferor. Official
     service of such instrument or such copy or extract on the Company shall be
     considered to have the same effect as an acknowledgement.

14.2 Except for the provisions of Article 14.3, any transfer of registered
     Shares may only take place with the prior consent of the Supervisory Board.
     This consent may be so conditioned as the Supervisory Board deems desirable
     or necessary.

14.3 The consent referred to in Article 14.2 shall not be required in the case
     of:

     (a)  a transfer of registered Shares for which no Share certificates are
          outstanding; and

     (b)  a transfer of registered Shares for which Share certificates are
          outstanding, provided the deed designated for a transfer as shown on
          the back of the Share certificate(s) - or a separate deed
          corresponding to the text thereof - has been filled in and has been
          signed by or on behalf of the transferor.

14.4 Without prejudice to the provisions of Article 14.1, the transfer of
     registered Shares for which Share certificates are outstanding can only
     take place if the Share certificate(s) is/are surrendered to the Company at
     the same time. As proof of the acknowledgement of the transfer, the
     acknowledgement shall be noted on that/those document(s) or that/those
     document(s) shall be replaced with one or more Share certificates in the
     name of the acquirer, all by or on behalf of the Company.

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14.5 The provisions of Article 14.1 also apply to the transfer of a registered
     Share in the event of a sale by execution as well as to the allotment of a
     registered Share due to partition of communal property.

Article 15. Usufruct in Shares and Pledging of Shares; Depositary Receipts for
            Shares.

15.1 The provisions of Article 14.1 and Article 14.4, first sentence, of these
     Articles of Incorporation shall apply by analogy to the creation or
     transfer of a usufruct in and to the pledging of registered Shares. If a
     Share certificate has been issued, the acknowledgement may only take place
     by a statement to this effect on the document. Registered Shares may also
     be pledged without acknowledgement by or service on the Company. In such
     case, Section 3:239 of the Dutch Civil Code shall apply by analogy,
     substituting acknowledgement by or service on the Company for the
     notification referred to in subsection 3 of said statutory provision.

15.2 For Shares which have been pledged no voting rights shall accrue to the
     pledgee.

15.3 The rights of holders of depositary receipts issued with the cooperation of
     the Company and of usufructuaries and pledgees of Shares holding
     corresponding rights shall be as stated in the statutory provisions
     concerned.

CHAPTER VII.   THE EXECUTIVE BOARD.

Article 16. Executive Board Members.

16.1 The number of Executive Board members shall be determined by the
     Supervisory Board after consultation with the Executive Board.

16.2 The Supervisory Board appoints a chairman and may grant him the title of
     president and, if deemed necessary, a vice-chairman and grant him the title
     of vice-president, from among the Executive Board members.

16.3 The terms of employment of the Executive Board members shall be determined
     by the Supervisory Board.

Article 17. Appointment, suspension and removal of Executive Board members.

17.1 Executive Board members shall be appointed by the General Meeting of
     Shareholders.

17.2 The Supervisory Board shall nominate one or more candidates for each vacant
     seat and, if no Executive Board members are in office, it will do so as
     soon as reasonably possible.

17.3 A nomination or notification to appoint an Executive Board member shall
     state the candidate's age and the positions he holds or has held, insofar
     as these are relevant for the performance of the duties of an Executive
     Board member. The nomination and notification must state the reasons on
     which they are based.

17.4 If the nomination by the Supervisory Board with respect to a vacant seat
     consists of a list of two or more candidates, such list shall be binding
     and the vacant seat must be filled by election of a person from the binding
     list of candidates. However, the General Meeting of Shareholders may, at
     any

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     time, by a resolution passed with a majority of at least two-thirds of the
     votes cast representing more than one-half of the Company's issued capital,
     resolve that such list shall not be binding. A resolution of the General
     Meeting of Shareholders to appoint an Executive Board member other than in
     accordance with a binding or non-binding nomination by the Supervisory
     Board shall require at least two-thirds of the votes cast representing more
     than one-half of the Company's issued capital.

17.5 At a General Meeting of Shareholders, votes in respect of the appointment
     of an Executive Board member, can only be cast for candidates named in the
     agenda of the meeting or explanatory notes thereto. If none of the
     candidates nominated by the Supervisory Board is appointed, the Supervisory
     Board shall retain the right to make a new binding or non-binding
     nomination at a next meeting.

17.6 Each Executive Board member may be suspended or removed by the General
     Meeting of Shareholders at any time. A resolution of the General Meeting of
     Shareholders to suspend or remove an Executive Board member, other than
     pursuant to a proposal by the Supervisory Board, shall require at least
     two-thirds of the votes cast representing more than one-half of the
     Company's issued capital. An Executive Board member may also be suspended
     by the Supervisory Board. A suspension by the Supervisory Board may, at any
     time, be discontinued by the General Meeting of Shareholders.

17.7 Any suspension may be extended one or more times, but may not last longer
     than three months in aggregate. If, at the end of that period, no decision
     has been taken on termination of the suspension or on removal, the
     suspension shall end.

Article 18. Duties, Decision-making Process and Allocation of Duties.

18.1 The Executive Board shall be entrusted with the management of the Company.

18.2 The Executive Board may establish rules regarding its decision-making
     process and working methods. In this context, the Executive Board may also
     determine the duties for which each Executive Board member shall be
     particularly responsible. The Supervisory Board may decide that such rules
     and allocation of duties be set forth in writing and that such rules and
     allocation of duties shall be subject to its approval.

18.3 Executive Board resolutions at all times may be adopted in writing,
     provided the proposal concerned is submitted to all Executive Board members
     then in office and none of them objects to this manner of adopting
     resolutions. Adoption of resolutions in writing shall be effected by
     written statements from all Executive Board members then in office.

Article 19. Representation; Conflicts of Interest.

19.1 The Executive Board is authorized to represent the Company. Each Executive
     Board member individually is also authorized to represent the Company.

19.2 In the event of a conflict of interest between the Company and an Executive
     Board member, the Company shall be represented by an Executive Board member
     or a Supervisory Board member appointed for that purpose by the Supervisory
     Board. The General Meeting shall be authorized at all times to appoint one
     or more other persons to represent the Company in the event of a conflict

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     of interest with an Executive Board member.

Article 20. Approval of Executive Board Resolutions.

20.1 The Executive Board shall need the approval of the Supervisory Board for
     resolutions concerning:

     (a)  the issuance and acquisition of Shares of the Company and debentures
          chargeable to the Company and of debentures chargeable to a limited
          partnership or general partnership in which the Company is a fully
          liable partner;

     (b)  cooperation in the issuance of depositary receipts;

     (c)  the application for quotation or cancellation of quotation of the
          securities under (a) and (b) above on the official list of any stock
          exchange;

     (d)  entering into or terminating a long term cooperation between the
          Company or a Subsidiary and another legal entity or company or as a
          fully liable partner in a limited partnership or general partnership,
          if such cooperation or termination is of fundamental importance for
          the Company;

     (e)  participation by the Company or a Subsidiary in the capital of another
          company if the value of such participation is at least one quarter of
          the amount of the issued capital plus reserves of the Company
          according to its balance sheet and explanatory notes, as well as
          significantly increasing or reducing such participation on the
          Company's balance sheet thereto;

     (f)  investments in an amount equal to at least one quarter of the issued
          capital plus reserves of the Company according to its balance sheet
          and explanatory notes;

     (g)  a proposal for an amendment of these Articles of Incorporation;

     (h)  a proposal for the dissolution of the Company;

     (i)  a petition in bankruptcy and a petition for a moratorium on the
          payment of indebtedness;

     (j)  the termination of service of a substantial number of employees of the
          Company or of a Subsidiary at the same time or within a short period
          of time;

     (k)  a significant change in the employment terms of a substantial number
          of employees of the Company or of a Subsidiary; and

     (l)  a proposal for a legal merger of demerger.

20.2 The Supervisory Board is entitled to require further resolutions of the
     Executive Board to be subject to its approval. Such further resolutions
     shall be clearly specified and notified to the Executive Board in writing.

20.3 The absence of approval by the Supervisory Board of a resolution as
     referred to in Article 20.1 (except for Article 20.1 under (l)), or Article
     20.2 shall not affect the authority of the Executive Board or the Executive
     Board members to represent the Company.

<PAGE>

Article 21. Vacancy or Inability to Act.

21.1 If a seat on the Executive Board is vacant or an Executive Board member is
     unable to perform his duties, the remaining Executive Board member or
     members shall be temporarily entrusted with the management of the Company.

21.2 If all seats on the Executive Board are vacant or all Executive Board
     members, are unable to perform their duties, the management of the Company
     shall be temporarily entrusted to the Supervisory Board, which shall have
     the authority to temporarily entrust the management of the Company to one
     or more Supervisory Board members and/or one or more other persons.

CHAPTER VIII.  THE SUPERVISORY BOARD.

Article 22. Supervisory Board Members; Eligibility.

22.1 The Company shall have a Supervisory Board.

22.2 The number of Supervisory Board members shall be determined by the
     Supervisory Board and shall be at least seven. If the number of Supervisory
     Board members is less than seven, the Supervisory Board shall take measures
     forthwith to increase the number of members, with due observance of the
     provisions of Article 23.

22.3 In the year in which a person reaches the age of seventy years or over,
     he/she shall no longer be eligible for appointment as Supervisory Board
     member, unless the Supervisory Board has decided otherwise with respect to
     the person concerned.

22.4 The remuneration of each Supervisory Board member shall be fixed by the
     General Meeting of Shareholders and shall not be dependent upon the profit
     of the Company.

Article 23. Appointment, suspension and removal of Supervisory Board members.

23.1 Supervisory Board members shall be appointed by the General Meeting of
     Shareholders.

23.2 The Supervisory Board shall nominate one or more candidates for each vacant
     seat.

23.3 If the nomination by the Supervisory Board with respect to a vacant seat
     consists of a list of two or more candidates, such list shall be binding
     and the vacant seat must be filled by election of a person from the binding
     list of candidates. However, the General Meeting of Shareholders may, at
     any time, by a resolution passed with a majority of at least two-thirds of
     the votes cast representing more than one-half of the Company's issued
     capital, resolve that such list shall not be binding. A resolution of the
     General Meeting of Shareholders to appoint a Supervisory Board member other
     than in accordance with a binding or non-binding nomination by the
     Supervisory Board shall require at least two-thirds of the votes cast
     representing more than one-half of the Company's issued capital.

23.4 At a General Meeting of Shareholders, votes in respect of the appointment
     of a Supervisory Board member can only be cast for candidates named in the
     agenda of the meeting or the explanatory notes thereto. If none of the
     candidates nominated by the Supervisory Board is appointed, the

<PAGE>

Supervisory Board shall retain the right to make a new binding or non-binding
nomination at a next meeting.

23.5 A nomination or recommendation to appoint a Supervisory Board member shall
     state the candidate's age, his profession, the number of shares he holds in
     the capital of the Company and the positions he holds or has held, insofar
     as these are relevant for the performance of the duties of a Supervisory
     Board member. Furthermore, the names of the legal entities of which he is
     also a member of their supervisory boards shall be indicated; if those
     include legal entities which belong to the same group, a reference to that
     group will be sufficient. The nomination or recommendation must state the
     reasons on which it is based.

23.6 Each Supervisory Board member may be suspended or removed by the General
     Meeting of Shareholders at any time. A resolution of the General Meeting of
     Shareholders to suspend or remove a Supervisory Board member other than
     pursuant to a proposal by the Supervisory Board shall require at least
     two-thirds of the votes cast representing more than one-half of the
     Company's issued capital.

23.7 Any suspension may be extended one or more times, but may not last longer
     than three months in the aggregate. If, at the end of that period, no
     decision has been taken on termination of the suspension or on removal, the
     suspension shall end.

Article 24. Retirement of Supervisory Board members.

The Supervisory Board members shall retire periodically in accordance with a
rotation plan to be drawn up by the Supervisory Board. However, a Supervisory
Board member shall retire not later than the day on which the annual General
Meeting of Shareholders is held in the fourth calendar year after the calendar
year in which such member was last appointed. A Supervisory Board member who
retires in accordance with the previous provision is immediately eligible for
reappointment, except as provided under Article 22.3.

Article 25. Duties and powers.

25.1 It shall be the duty of the Supervisory Board to supervise the management
     of the Executive Board and the general course of affairs of the Company and
     the business connected with it. The Supervisory Board shall assist the
     Executive Board by giving advice. In performing their duties, the
     Supervisory Board members shall act in accordance with the interests of the
     Company and its business.

25.2 The Supervisory Board may provide that one or more of its members, whether
     or not accompanied by an expert as mentioned in Article 25.3, shall have
     access to the Company's premises and be authorized to inspect its books,
     correspondence and other documents, and take cognizance of the acts and
     operations that have taken place.

     The Supervisory Board may also decide that only certain of the rights set
     forth in the preceding sentence may be exercised.

25.3 In the accomplishment of its duties, the Supervisory Board may call upon
     the assistance or advice of one or more experts to be appointed by it for a
     fee to be agreed upon with the Supervisory Board, which fee shall be
     chargeable to the Company.

<PAGE>

Article 26. Chairman and Vice-Chairman.

26.1 The Supervisory Board shall elect a chairman and a vice-chairman from among
     its members.

26.2 If the chairman and the vice-chairman are absent or prevented from
     attending a meeting, one of the other Supervisory Board members, to be
     designated by the Supervisory Board, shall act as chairman.

Article 27. Meetings; Decision-making Process.

27.1 The Supervisory Board shall meet whenever the chairman or at least two
     members shall deem it desirable. The chairman or his substitute shall
     preside over the meeting and minutes shall be kept of the proceedings. The
     Executive Board members shall attend the meetings unless the Supervisory
     Board expresses its wish to meet separately.

27.2 At the meeting of the Supervisory Board, resolutions shall be adopted by an
     absolute majority of the votes cast at the meeting.

27.3 At a meeting, the Supervisory Board may only pass valid resolutions if at
     least half of the Supervisory Board members then in office are present or
     represented.

27.4 In the event of a tie in voting the chairman shall have a deciding vote,
     but only if more than two Supervisory Board members are present.

27.5 The Supervisory Board may adopt a resolution by written consent without a
     meeting, provided that the proposed resolution has been submitted to all
     the Supervisory Board members, none of them opposes this manner of adopting
     a resolution and the majority of the members have voted in favour of the
     proposed resolution.

27.6 At the first meeting of the Supervisory Board, held after the members
     adopted a resolution without a meeting set forth in Article 27.5, the
     chairman of that meeting shall communicate the result of the voting.

27.7 A resolution of the Supervisory Board shall be evidenced by a document
     setting forth such resolution and signed by the chairman or, if he is
     absent or prevented from attending the meeting or if there is no chairman,
     by one of the other Supervisory Board members.

Article 28. Committees.

28.1 The Supervisory Board may, without prejudice to its responsibilities,
     designate one or more committees from among its members, which shall have
     the responsibilities specified by the Supervisory Board.

28.2 The composition of any such committee shall be determined by the
     Supervisory Board.

28.3 The General Meeting of Shareholders may grant additional compensation to
     the members of the committee(s) for their service on the committee(s).

<PAGE>

CHAPTER IX.    FINANCIAL YEAR AND ANNUAL ACCOUNTS; CERTIFIED PUBLIC ACCOUNTANT;
               PROFITS AND DISTRIBUTIONS.

Article 29. Financial Year and Annual Accounts.

29.1 The Company's financial year shall be the calendar year.

29.2 Annually, not later than five months after the end of the financial year,
     unless by reason of special circumstances this period is extended by the
     General Meeting by not more than six months, the Executive Board shall
     prepare annual accounts, and shall deposit the same for inspection by the
     Shareholders at the Company's office. Within the same period, the Executive
     Board shall also deposit the annual report for inspection by the
     Shareholders.

29.3 The annual accounts shall consist of a balance sheet, a profit and loss
     account and explanatory notes.

29.4 The annual accounts shall be signed by the Executive Board members and the
     Supervisory Board members. If the signature of one or more of them is
     missing, this shall be stated and reasons for this omission shall be given.

29.5 Annually, the Supervisory Board shall prepare a report, which shall be
     enclosed with the annual accounts and the annual report.

29.6 The Company shall ensure that the annual accounts, the annual report, the
     report of the Supervisory Board and the information to be added by virtue
     of the law are kept at its office as of the day on which notice of the
     annual General Meeting of Shareholders is given. Shareholders may inspect
     the documents at that place and obtain a copy free of charge.

29.7 The annual accounts, the annual report and the information to be added by
     virtue of the law shall furthermore be subject to the provisions of Book 2,
     Title 9, of the Dutch Civil Code.

Article 30. Certified public accountant.

30.1 The General Meeting of Shareholders shall commission a certified public
     accountant or an organization in which certified public accountants
     cooperate, as referred to in Section 2:393 subsection 1 of the Dutch Civil
     Code (both hereafter referred to as the accountant) to examine the annual
     accounts drawn up by the Executive Board in accordance with the provisions
     of Section 2:393 subsection 3 of the Dutch Civil Code.

30.2 The accountant shall be entitled to inspect all of the Company's books and
     documents and shall be prohibited from divulging anything shown or
     communicated to him regarding the Company's affairs except insofar as
     required to fulfill his mandate. His fee shall be chargeable to the
     Company.

30.3 The accountant shall deliver the report on his examination to the
     Supervisory Board and to the Executive Board. He shall mention at a minimum
     his findings concerning the reliability and continuity of the automated
     data processing system.

     The accountant shall report on the results of his examination, in an
     auditor's statement, regarding the accuracy of the annual accounts.

<PAGE>

30.4 The annual accounts cannot be adopted if the General Meeting of
     Shareholders has not been able to review the auditor's statement from the
     accountant, which statement should have been added to the annual accounts,
     unless the particulars to be added state a legal reason why the statement
     has not been provided.

Article 31. Adoption of the Annual Accounts and Release from Liability.

31.1 The General Meeting shall adopt the annual accounts.

31.2 At the General Meeting of Shareholders at which it is resolved to adopt the
     annual accounts, it shall be separately proposed that the Executive Board
     members and the Supervisory Board members be released from liability for
     their respective duties, insofar as the exercise of such duties is
     reflected in the annual accounts or otherwise disclosed to the General
     Meeting prior to the adoption of the annual accounts.

Article 32. Profits and Distributions.

32.1 If the adopted profit and loss account shows a profit, the Supervisory
     Board may decide, upon the proposal of the Executive Board, to set aside
     part of the profit to augment and/or form reserves.

32.2 Distributions may be made only insofar as the Company's equity exceeds the
     amount of the paid in and called up part of the issued capital, increased
     by the reserves which must be kept by virtue of the law or these Articles
     of Incorporation.

32.3 From the net profit, as reflected in the profit and loss account, if it is
     sufficient to this end after a part of the profit has been set aside for
     augmenting or forming reserves in accordance with Article 32.1, first of
     all the holders of Preferred Shares shall receive, on the amount paid on
     their Preferred Shares, a dividend the percentage of which, on an annual
     basis, shall be equal to the European Central Bank's fixed interest
     percentage for basic refinancing transactions, to be increased by one point
     seven five (1.75) percentage points, all applicable to the first day of
     trading on Euronext Amsterdam in the financial year to which the dividend
     relates.

     Apart from this, no other dividend is to be paid on the Preferred Shares.

32.4 The remaining profit shall be put at the disposal of the General Meeting of
     Shareholders.

32.5 Provided it appears from an interim statement of assets signed by the
     Executive Board that the requirement mentioned in Article 32.2 concerning
     the position of the Company's assets has been fulfilled, the Executive
     Board may, subject to the approval of the Supervisory Board, make one or
     more interim distributions to the holders of Common Shares and/or to the
     holders of Preferred Shares, with regard to Preferred Shares, however,
     subject to the maximum dividend amount set forth in Article 32.3.

32.6 The Executive Board may, subject to the approval of the Supervisory Board,
     decide that a distribution on Common Shares shall not take place as a cash
     payment but as a payment in Common Shares, or to decide that holders of
     Common Shares shall have the option to receive a distribution as a cash
     payment and/or as a payment in Common Shares, in all cases out of the
     profit and/or at the expense of reserves, provided that the Executive Board
     is designated by the General

<PAGE>

     Meeting pursuant to Articles 9.2 and 9.3. Subject to the approval of the
     Supervisory Board, the Executive Board shall also determine the conditions
     applicable the aforementioned choices.

Article 33. Dividend payments; Entitlement.

33.1 A distribution shall be declared and paid as of a day designated to this
     end by the Executive Board. Different days may be designated for this
     purpose for Shares to bearer for which K-certificates have been issued, for
     Shares to bearer for which CF-certificates have been issued, for registered
     Shares for which certificates of Share have been issued and for registered
     Shares for which no Share certificates have been issued. In addition,
     different payment days may be set for Common Shares and Preferred Shares.
     Each day which has been so designated shall be announced in accordance with
     regulations applicable to the Company.

33.2 For a distribution on a Share for which a CF-certificate has been issued,
     such party shall be entitled as a holder of the Share on a record date set
     by the Executive Board. In order to exercise the right to a distribution
     referred to in the preceding sentence, the rightful claimant must ensure
     that the dividend sheet is, at the appointed time, in the custody of the
     custodian referred to in Article 5.3. For any distribution under this
     Article 33.2, the Company shall be discharged of all obligations towards
     the rightful claimants upon payment to the institution mentioned in Article
     5.3 or to one or more third parties designated by such institution and the
     Company, in favour of those in whose names the dividend sheets are in the
     custodians' custody at the appointed time.

33.3 A party in whose name the Share is registered in the register of
     Shareholders, on the record date set by the Executive Board, shall be
     entitled to a distribution on a registered Share for which no Share
     certificate has been issued, or on a registered Share for which a Share
     certificate has been issued.

33.4 The Executive Board may decide, subject to the approval of the Supervisory
     Board, that the payment of a distribution in cash on registered Common
     Shares for which Share certificates have been issued and which are traded
     on an exchange or similar institution in a country other than the
     Netherlands with the cooperation of the Company, shall take place in the
     currency of that country unless the Company cannot do so owing to
     government measures or other circumstances beyond its control. If, in
     accordance with the provisions of the preceding sentence, a distribution is
     paid in a foreign currency, it shall to this end be converted at the
     exchange rate current on the exchange in Amsterdam on a day, designated and
     announced by the Executive Board, which day shall not fall before the day
     on which the distribution is approved, nor after the payment day set for
     the Shares in question in accordance with the provisions of Article 33.1.

33.5 Dividends and other distributions which have not been claimed within five
     years of the first day upon which they were made payable shall revert to
     the Company.

CHAPTER X.     THE GENERAL MEETING.

Article 34. Annual General Meeting of Shareholders.

34.1 Each year, though not later than in the month of June, a General Meeting of
     Shareholders shall be held.

34.2 The agenda of such meeting shall contain, inter alia, the following
     subjects for discussion:

<PAGE>

     (a)  discussion of the annual report;

     (b)  discussion and adoption of the annual accounts;

     (c)  release from liability of the Executive Board members and of the
          Supervisory Board members;

     (d)  appointment of an accountant;

     (e)  other subjects presented for discussion by the Supervisory Board or
          the Executive Board and announced with due observance of the
          provisions of these Articles of Incorporation, as for instance with
          respect to the designation of a body of the Company competent to issue
          Shares and with respect to the authority of the Executive Board to
          cause the Company to acquire own Shares or depositary receipts
          therefor.

Article 35. Extraordinary General Meeting of Shareholders.

Other General Meetings of Shareholders shall be held whenever the Supervisory
Board or the Executive Board deems such to be necessary, without prejudice to
the provisions of Sections 2:108a, 2:110, 2:111 and 2:112 of the Dutch Civil
Code.

Article 36. Notice and agenda of meetings.

36.1 Notice of General Meetings of Shareholders shall be given by the
     Supervisory Board or the Executive Board.

36.2 Notice of the meeting shall be given no later than the fifteenth day prior
     to the date of the meeting.

36.3 The announcement shall mention the subjects to be dealt with or shall
     mention that the Shareholders may look at them at the offices of the
     Company. It will furthermore mention that the documents pertaining to the
     agenda are available to the Shareholders free of charge at the offices of
     the Company in The Hague and at an admitted institution as defined in the
     Listing Rules of Euronext Amsterdam.

36.4 Requests to add subjects to the agenda of the General Meeting of
     Shareholders, made by Shareholders who, solely or jointly, represent at
     least one-tenth percent (0.1%) of the issued Common Shares, will be
     honoured if these are presented in writing at the Company's registered
     office, at least two and at a maximum of three months prior to the day on
     which the meeting will be held, unless in the opinion of the Supervisory
     Board and the Executive Board there are important Company interests which
     would oppose the adding of such subjects to the agenda.

36.5 The notice shall state the requirements for admittance to the meeting as
     described in Articles 40.2, 40.3 and 40.4.

36.6 The notice shall be given in the manner stated in Article 43.

Article 37. Venue of Meetings.

<PAGE>

General Meetings of Shareholders shall be held in The Hague, Leidschendam,
Rijswijk (ZH) or Voorburg, at the discretion of the body of the Company calling
the meeting.

Article 38. Chairman of the Meeting.

38.1 The General Meetings of Shareholders shall be presided over by the chairman
     of the Supervisory Board or his replacement. However, the Supervisory Board
     may also appoint another chairman to preside over the meeting.

38.2 If the chairmanship of the meeting is not provided for in accordance with
     Article 38.1, the meeting shall itself elect a chairman, provided that so
     long as such election has not taken place, the chairmanship shall be held
     by an Executive Board member designated for that purpose by the Executive
     Board members present at the meeting.

Article 39. Minutes.

39.1 Minutes shall be kept of the proceedings at the General Meeting of
     Shareholders by a secretary to be appointed by the chairman, which minutes
     shall be adopted by the chairman and the secretary and shall be signed by
     them as evidence thereof.

39.2 However, the chairman may determine that notarial minutes shall be prepared
     of the proceedings of the meeting. In that case the co-signature of the
     chairman shall be sufficient.

Article 40. Rights at Meetings and Admittance.

40.1 Each Shareholder is entitled to attend the General Meeting of Shareholders
     and to speak and vote in the meeting, either in person or by a proxy
     granted in writing.

40.2 When convening a General Meeting of Shareholders, the Executive Board is
     authorized to determine that those entitled to attend and vote at said
     General Meeting, in accordance with the provisions of Section 2:117
     subsections 1 and 2 of the Dutch Civil Code, shall be determined on the
     basis of the names of the persons who, on a specified date which may not be
     earlier than provided for by statutory provisions, are listed as being the
     holders of Shares in a register to be designated by the Executive Board,
     irrespective of whether or not they are the rightful owners of such Shares
     on the date of the General Meeting.

40.3 Holders of bearer Shares or their proxies shall only be admitted to the
     meeting on production of evidence that such Shares are held by them, which
     evidence is obtained in the manner stated in the notice of the meeting and
     on the date determined in accordance with the provisions of Article 40.2,
     or, if no such date has been determined, on the date of the General
     Meeting. The proxy shall also be required to produce written evidence of
     his mandate.

40.4 Holders of registered Shares or their proxies, as the case may be, shall
     only be admitted to the meeting if they have notified the Company of their
     intention to attend the meeting, in writing, at the address and, by the
     date specified in the notice of meeting.

     Insofar as certificates have been issued for their Shares, holders must
     state the distinctive number(s) of their Share certificate(s). In respect
     of their registered Shares, they will only be admitted to the

<PAGE>

     meeting if the Shares in question are registered in their name on the date
     determined in accordance with Article 40.3.

40.5 The Supervisory Board members and Executive Board members shall have the
     right to attend the General Meeting of Shareholders in person and to
     address the meeting. They shall have the right to give advice in the
     meeting.

40.6 The chairman of the meeting shall decide upon the admittance to the meeting
     of persons other than those mentioned in Articles 40.1 and 40.5.

40.7 Each person entitled to vote or his proxy must sign the attendance list.
     The chairman of the meeting may decide that the attendance list must also
     be signed by other persons present at the meeting.

Article 41. Adoption of Resolutions and voting power.

41.1 Each Share confers the right to cast one vote.

     However, a holder of Preferred Shares shall be entitled, instead of casting
     one vote per Preferred Share, to cast such number of votes as shall equal
     the number of Preferred Shares it holds multiplied by twenty-five-twelfths
     (25/12), provided that any resulting fraction of a vote shall be
     disregarded. Each holder of Preferred Shares shall file a written statement
     setting forth its policy for exercising the full voting rights attached to
     the Preferred Shares, and any subsequent change to such policy, at the
     offices of the Company and shall give notice of such filing in the manner
     set forth in Article 43. If, with respect to a particular vote at a General
     Meeting of Shareholders, a holder of Preferred Shares intends to exercise
     the full voting rights attached to its Preferred Shares, it will inform the
     meeting of such intention prior to the vote being taken.

41.2 At the General Meeting of Shareholders, all resolutions shall be adopted by
     an absolute majority of the valid votes cast, except in those cases in
     which the law or these Articles of Incorporation require a greater
     majority.

41.3 Blank votes shall be regarded as not having been cast.

41.4 For resolutions not concerning persons, the vote shall be viva voce. For
     resolutions concerning persons, the vote shall be by means of folded ballot
     papers, unless none of the persons present demands a vote by head count.

41.5 If in the election of persons no absolute majority of the valid votes cast
     at the meeting is obtained, a new vote shall be taken after an intermediate
     vote, if necessary, on the two persons who received the greatest and the
     next greatest number of votes in the first such meeting. The person who
     receives the greatest number of votes at the new vote shall be elected. If
     there is an equality of votes in this case, lots shall be drawn.

41.6 In the case of a voting tie regarding resolutions not concerning persons
     the proposal shall be rejected.

41.7 When determining how many votes are cast by Shareholders, how many
     Shareholders are present or represented, or what portion of the Company's
     issued capital is represented, no account shall be taken of Shares for
     which no votes can be cast by law. Furthermore, in so far as permitted by
     law,

<PAGE>

     Preferred Shares are only taken into account so far as the voting rights
     attached thereto are actually exercisable, excluding for this purpose votes
     not permitted to be cast pursuant to an agreement with the Company.

Article 42. Meetings of Holders of Shares of a particular Class.

42.1 Meetings of holders of Shares of a particular class shall be held whenever
     the Executive Board or the Supervisory Board calls such meetings. The
     provisions of Articles 36 through 41 shall apply by analogy.

42.2 A meeting of holders of Preferred Shares of a class at which all
     outstanding Preferred Shares of such class are represented may, only
     pursuant to a proposal by the Executive Board and subject to the approval
     of the Supervisory Board, also if the provisions of Article 42.1 have not
     been observed, pass valid resolutions, provided they are passed
     unanimously.

Article 43. Notices and Announcements.

All notices of General Meetings of Shareholders shall be made by advertisement
in one or more nationally distributed daily newspapers and in the Official Price
List of Euronext Amsterdam or any publication that has taken its place.

CHAPTER XI.    AMENDMENT OF THE ARTICLES OF INCORPORATION AND DISSOLUTION.

Article 44. Resolution to Amend of Articles of Incorporation and Dissolution.

44.1 The General Meeting of Shareholders may pass a resolution, proposed by the
     Executive Board, and approved by the Supervisory Board, to amend the
     Articles of Incorporation or to dissolve the Company, with an absolute
     majority of the votes cast.

     Any such proposal must be stated in the notice of the General Meeting of
     Shareholders.

44.2 In the event of a proposal to the General Meeting of Shareholders to amend
     the Articles of Incorporation, a copy of such proposal containing the
     verbatim text of the proposed amendment shall be deposited at the Company's
     office in The Hague and at the office of an "admitted institution" within
     the meaning of the Listing Rules of Euronext Amsterdam, for inspection by
     any Shareholder, until the end of the meeting. Furthermore, a copy of the
     proposal shall be made available free of charge to any Shareholder from the
     day it was deposited until the day of the meeting.

44.3 A resolution of the General Meeting of Shareholders to amend these Articles
     of Incorporation which has the effect of reducing the rights attributable
     to holders of Shares of a particular class, shall be subject to approval of
     the meeting of holders of Shares of that class.

Article 45. Liquidation.

45.1 In the event of the dissolution of the Company by resolution of the General
     Meeting of Shareholders, the Executive Board members shall be charged with
     effecting the liquidation of the business of the Company, and the
     Supervisory Board members with the supervision thereof.

<PAGE>

45.2 The provisions of these Articles of Incorporation shall remain in force to
     the extent possible during liquidation.

45.3 In the resolution for dissolution, the General Meeting of Shareholders
     shall fix the remuneration of the liquidators and the Supervisory Board
     members.

45.4 If upon liquidation, after settlement of all debts, including the costs of
     liquidation, a credit balance remains, it shall be distributed as follows:

     First, on the class A Preferred Shares and the class B Preferred Shares,
     the average amount paid in on the Preferred Shares of the class concerned
     (nominal and, where applicable, as share premium), shall be distributed,
     insofar as possible. The amount remaining after such payment shall be
     distributed to the holders of Common Shares.

     The liquidators are authorized to make a distribution in advance, if the
     state of the assets gives reason to do so.

45.5 The liquidation shall otherwise be subject to the provisions of Title 1,
     Book 2 of the Dutch Civil Code.<PAGE>

                                                                     EXHIBIT 4.2

                     AMENDMENT OF THE 1983 MERGER AGREEMENT

THIS AMENDMENT AGREEMENT (together with the annex attached hereto: the
"Agreement") is dated 26 May 2003 and entered into by and between:

1.   AEGON N.V., a public company, having its seat in The Hague and its office
     address at AEGONplein 50, 2591 TV The Hague (the "Company"); and

2.   Vereniging AEGON, an association, having its seat in The Hague and its
     office address at AEGONplein 50, 2591 TV The Hague (the "Association").

The parties referred to in 1 and 2 above shall be jointly referred to herein as
the "Parties" and each as a "Party".

RECITALS:

(A)  On 18 October 1983 the Parties in their names at that time, being
     Vereniging AGO (currently Vereniging AEGON) and Ennia N.V. (currently AEGON
     N.V.), together with AEGON Nederland N.V., entered into a Merger Agreement
     (the "1983 Merger Agreement") which subsequently has been amended several
     times. The 1983 Merger Agreement and all amendments thereto have over time
     ceased to be effective, except for clause 10 (as amended). This clause 10
     now exists as an agreement between the Association and the Company; AEGON
     Nederland N.V. is no longer is a party to the 1983 Merger Agreement
     pursuant to an agreement to amend the 1983 Merger Agreement dated 14 August
     1995, which agreement is co-signed for that purpose by AEGON Nederland N.V.

(B)  Pursuant to clause 10 of the 1983 Merger Agreement as amended, the
     Association holds conditional option rights to have additional preferred
     shares in the capital of the Company issued to it, which provides the
     Association under certain circumstances with protection against dilution of
     its interest in the voting share capital of the Company to 50% or less.

(C)  By effecting certain transactions under a Recapitalization Agreement
     between the Company and the Association dated 23 September 2002 (the
     "Recapitalization Agreement") the shareholding of the Association was
     reduced such that since that, as of 23 September, 2002, the Association
     beneficially owns approximately 33% of the Company's voting share capital.
     In accordance with clause 4.4 of the Recapitalization Agreement, the
     Parties now wish to

<PAGE>

     limit the anti-dilution protection provided by clause 10 of the 1983 Merger
     Agreement to a level not to exceed 33%.

(D)  The Parties further intend to have the option rights granted under the 1983
     Merger Agreement relate to new class B preferred shares in the capital of
     the Company, which shares have been created in the articles of association
     of the Company in view of this Agreement by a deed of amendment of the
     articles of association executed on 26 May 2003 pursuant to a resolution of
     the general meeting of shareholders of the Company dated 9 May 2003.

(E)  In addition, the Parties wish to put in writing certain provisions
     regarding the right of the Association to alienate or encumber any
     preferred shares it holds in the capital of the Company (irrespective of
     the class thereof), on the basis of regulations regarding the
     transferability of preferred shares as currently implied in the legal
     relationship between the Company and the Association.

(F)  Except as stated above and as connected to the implementation of the
     foregoing, the Parties intend that clause 10 of the 1983 Merger Agreement
     shall remain unaltered.

NOW THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

1.   AMENDMENT OF THE 1983 MERGER AGREEMENT

With effect from the date of this Agreement, clause 10 of the 1983 Merger
Agreement shall be amended and shall read as set forth in the attached Annex.

2.   GOVERNING LAW; RESOLUTION OF DISPUTES

2.1  This Agreement shall be governed and construed in accordance with the laws
     of the Netherlands (without regard to Dutch rules relating to conflicts of
     laws).

2.2  The Parties shall use their best endeavors to settle any dispute with
     respect to or arising under this Agreement in an amicable way. In the event
     conciliation fails, all disputes in connection with this Agreement or any
     further agreements with respect to the subject matter hereof shall be
     submitted to the exclusive jurisdiction of a competent court of the
     Netherlands.

3.   MISCELLANEOUS

<PAGE>

3.1  This Agreement may be amended only by a written instrument signed by all
     Parties. No provisions of this Agreement may be extended or waived orally,
     but only by a written instrument signed by the Party against whom
     enforcement of such extension or waiver is sought.

3.2  The governing language of this Agreement shall be the Dutch language and
     all notices and other communications hereunder shall be in Dutch.

3.3  If any one or more of the provisions of this Agreement or any portion
     thereof shall be held to be invalid, illegal or unenforceable in any
     respect, such invalidity, illegality or unenforceability shall not affect
     or impair the validity, legality and enforceability of any other provision
     contained herein. The Parties agree that each of them shall negotiate in
     good faith to replace any such invalid, illegal or unenforceable
     provision(s) (or such portions thereof) with such valid, legal and
     enforceable provision(s) that preserve as closely as possible the economic
     effect intended by the invalid, illegal or unenforceable provision(s).

                                       * *
                                        *

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed
on the date indicated in the heading of the Agreement.

(Signatures)

/s/ J.B.M. Streppel                       /s/ P.P. Kohnstamm
---------------------------------         --------------------------------
AEGON N.V.                                Vereniging AEGON
Signed by: J.B.M. Streppel                Signed by: P.P. Kohnstamm

<PAGE>

ANNEX TO "AMENDMENT OF THE 1983 MERGER AGREEMENT"

Clause 10. Shareholding of Vereniging AEGON

10.1   Each time AEGON N.V. will issue shares and as a result thereof the
       percentage voting power of Vereniging AEGON will dilute, Vereniging AEGON
       will have the right to have so many class B preferred shares in the
       capital of AEGON N.V. issued to it as shall enable Vereniging AEGON to
       prevent or correct such dilution. These option rights of Vereniging AEGON
       will, however, not apply if and insofar as Vereniging AEGON, as a result
       of exercising these option rights, would acquire or increase a percentage
       of the total voting power of the share capital of AEGON N.V. of more than
       33%. For the purpose of the foregoing, the percentage voting power of
       Vereniging AEGON at a particular time shall be calculated as the part of
       the voting rights attached to all shares in the capital of AEGON N.V.
       which at that time are legally and/or beneficially owned by Vereniging
       AEGON, compared to the voting rights attached to all shares in the
       capital of AEGON N.V. then outstanding. For the purpose of computing the
       percentage voting power of Vereniging AEGON at any time, class A and
       class B preferred shares shall be taken into account for the full voting
       rights attached thereto pursuant to Article 41.1 of AEGON N.V.'s articles
       of association. Class B preferred shares issued pursuant to this Article
       10 will be issued at nominal value; AEGON N.V. and Vereniging AEGON may,
       however, from time to time, agree to apply a higher issue price.

10.2   The option rights of Vereniging AEGON referred to in clause 10.1 shall
       apply at maximum to the non-issued part of the class B preferred shares
       included from time to time in AEGON N.V.'s authorised capital and shall
       apply irrespective of whether Vereniging AEGON with respect to any
       issuance of shares has, exercises or can exercise any pre-emptive rights.

10.3   For the purpose of clause 10.1, shares in the capital of AEGON N.V. which
       on 9 May 2003 are held by AEGON N.V. itself will be deemed to be not in
       issue as long as they are held by AEGON itself and any transfer or
       re-issuance of such shares shall be treated as an issuance of shares.

10.4   Vereniging AEGON shall retain the option rights described in this clause
       10 for so long as Vereniging AEGON does not amend its objects as stated
       in its articles of association (as they read on 26 May 2003) and does not
       alienate any shares it holds in the capital of AEGON N.V., unless such
       alienation occurs with the approval of AEGON N.V.'s supervisory board.
       For the purpose of the immediately preceding sentence, "alienation" does
       not include either (i) any alienation of less than 10% of its interest in
       the voting share capital of AEGON N.V. that Vereniging AEGON holds
       immediately prior to such alienation or (ii) any alienation of

<PAGE>

       common or preferred shares by Vereniging AEGON to a company of which
       Vereniging AEGON holds all or practically all of the voting shares, for
       so long as Vereniging AEGON continues to hold all or practically all of
       the voting shares of such company.

10.5   Vereniging AEGON shall not voluntarily alienate or encumber any of the
       class A and/or class B preferred shares in the capital of AEGON N.V. it
       holds from time to time, except with the prior approval of the
       supervisory board of AEGON N.V. If Vereniging AEGON is reasonably forced
       to alienate any such preferred shares, Vereniging AEGON will timely
       inform AEGON N.V. thereof and grant the supervisory board a reasonable
       period of time to designate a party to purchase the relevant preferred
       shares at fair value and against immediate payment in cash. If it
       concerns class A preferred shares, the supervisory board may require that
       Vereniging AEGON, prior to effecting the share transfer, first give the
       general meeting of shareholders of AEGON N.V. the opportunity to reduce
       the nominal value of those shares without repayment to the same nominal
       value as that of the common shares in the capital of AEGON N.V. (or to
       such other amount as Vereniging AEGON and the supervisory board will
       determine, if appropriate, to take account of a stock split or
       combination of common shares or change to the nominal value of common
       shares, if any); if the supervisory board makes such request, Vereniging
       AEGON and the executive board of AEGON N.V. will cooperate fully with
       such reduction of the nominal value of the class A preferred shares. If
       the required transfer by Vereniging AEGON concerns class B preferred
       shares, the supervisory board may request that they be transferred at a
       price not to exceed the average amount paid on the class B preferred
       shares plus an amount corresponding to any accrued but unpaid dividend on
       the class B preferred shares concerned.

10.6   If, pursuant to clause 10.5, preferred shares are sold to an interested
       party designated by the supervisory board of AEGON N.V., the fair value
       of the preferred shares concerned will be determined by Vereniging AEGON
       and the interested party concerned in joint consultation, or by one or
       more experts designated by them. In determining the fair value of the
       preferred shares the provisions in the last two sentences of clause 10.5
       shall be duly taken into account.

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