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Amounts in EUR millions 

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Unrealized gains and losses on investments are due to changes in stock exchange quotations and reappraisal of real estate of all activities. 

The indirect income is released from this revaluation account if and as far as each of the individual balances for shares and real estate are positive. Impairments of shares are charged to the realized part of the revaluation account. At December 31, 2003, the minimum reserves as required by law include EUR 876 million for shares and EUR 517 million for real estate. In 2004, these amounts will be kept in the revaluation account. The realized portion, amounting to EUR 1,281 million, will be transferred to the other surplus fund at January 1, 2004. 

## OTHER SURPLUS FUND 

By virtue of acquisitions in accordance with article 98, paragraph 5 of Book 2 of the Dutch Civil Code, on the balance sheet date AEGON kept 27,429,342 of its own common shares with a face value of EUR 0.12 each. The shares have been purchased to hedge stock appreciation rights and stock options granted to executives and employees. 

Movements in the numbers of repurchased own shares were as follows: 

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The purchase and sale value of the related shares have been deducted from respectively added to the other surplus fund. 

Goodwill is the difference between acquisition price and net asset value, based on AEGON accounting principles. The calculated amount is charged to shareholders’ equity in the year of acquisition or at first time consolidation. 

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Redemptions are included in long-term liabilities. 

The repayment periods of borrowings vary from in excess of one year up to a maximum of 27 years. The interest rates vary from 1.49% to 9.00% per annum. 

The market value of the long-term liabilities amounts to EUR 2,896 million (2002: EUR 1,552 million). 

