Aegon Ltd. · EURONEXT:AGN

Aegon — Merger or Acquisition (September 2015)

5 slides from Aegon's merger presentation, Sep 25, 2015

1. Slide 1: Further strengthening Transamerica's leading position in US retirement sector

   “Further strengthening Transamerica’s leading position in US retirement sector” September 25, 2015 Acquisition of Mercer’s US defined contribution record-keeping business

2. Slide 2: Overview of business acquired

   Overview of business acquired Mercer HR Services at a glance  Subsidiary of Marsh & McLennan Companies  Large-market US defined contribution (DC) administration business ► 917,000 retirement plan participants ► 148 corporate clients and 298 DC plans ► USD 71 billion assets under administration  P

3. Slide 3: Appealing strategic rationale for acquisition

   Appealing strategic rationale for acquisition  Mercer’s expertise in the large corporate segment complements existing proposition Complements current retirement services  Strengthens Transamerica’s leading position in US retirement sector proposition  Expertise and broad capability to serve every

4. Slide 4: Defined contribution rankings – Transamerica enters top-10

   Defined contribution rankings – Transamerica enters top-10 2014 Assets (USD in billions) 2014 Participants (in 000’s) Rank Provider Assets Rank Provider Participants 1 Fidelity Investments 1,445.60 1 Fidelity Investments 17,610 2 TIAA – CREF 429.8 2 Empower Retirement 7,073 3 Empower Retirement 416.

5. Slide 5: For questions please contact Investor Relations

   For questions please contact Investor Relations at +31 70 344 8305 or [email protected]

Aegon — Merger or Acquisition (September 2015) on 6ix