## COMMITMENTS AND CONTINGENCIES 

AEGON N.V. has guaranteed and is severally liable for the following: 

Due and punctual payment of payables due under Letter of Credit Agreements applied for by AEGON N.V. as co-applicant with its subsidiary companies AEGON USA, Inc., Commonwealth General Corporation and Transamerica Corporation (EUR 1,8 billion). At December 31, 2003, the amount due and payable was nil. 

Due and punctual payment of payables by the consolidated group companies AEGON Funding Corp., AEGON Funding Corp. II and Transamerica Corporation with respect to bonds, capital trust pass-through securities and notes issued under commercial paper programs (EUR 5,031 million). 

Due and punctual payment of payables by the non-consolidated group company Transamerica Finance Corporation with respect to: 

a. debt securities issued under the following three indentures: the indenture with U.S. Bank National Association (successor in interest to Continental Illinois National Bank and Trust Company of Chicago) first dated March 15, 1981, as amended, and both indentures with BNY Midwest Trust Company (successor in interest to Harris Trust and Savings Bank) first dated July 1, 1982, and April 1, 1991, respectively, as amended (EUR 835 million); and 

b. contractual obligations towards NCC Key Company as Owner Participant and U.S. Bank National Association (successor in interest to State Street Bank and Trust Company of Connecticut National Association) as Owner Trustee under a Participation Agreement dated December 30, 1996, (EUR 42 million). 

With respect to the former subsidiary FGH BANK N.V. (sold to Hypo-Vereinsbank): 

a. payables due to all unsubordinated and non-privileged creditors of FGH BANK on account of deeds prior to February 27, 1987, and loans contracted by FGH BANK after February 27, 1987, up to March 30, 1998; and 

b. payables due by FGH BANK under guarantees rendered or several liabilities assumed prior to February 27, 1987. 

The sales agreement with Hypo-Vereinsbank includes recourse against that bank for liabilities emerging from the above guarantees. 

## THE HAGUE, MARCH 11, 2004 

## SUPERVISORY BOARD 

M. Tabaksblat 

H. de Ruiter 

D.G. Eustace 

O.J. Olcay 

T. Rembe 

W.F.C. Stevens 

K.J. Storm 

F.J. de Wit 

L.M. van Wijk 

## EXECUTIVE BOARD 

D.J. Shepard 

J.B.M. Streppel 

J.G. van der Werf 

A.R. Wynaendts 

