## Composition of the Supervisory Board 

All members of the Supervisory Board are considered independent under the terms of the Dutch Corporate Governance Code, with the exception of Kornelis J. Storm. Mr. Storm is not regarded as independent within the definition of the Code since he served as Chairman of AEGON’s Executive Board prior to his retirement in April 2002. Mr. Storm joined the Supervisory Board in July 2002. In April 2010, shareholders reappointed Mr. Storm for a term of four years. 

In 2010, the mandate of Dudley G. Eustace expired. He was succeeded as Chairman of the Supervisory Board by Robert J. Routs in April 2010. The current terms of Mrs. Karla Peijs, Mr. Antony Burgmans and Mr. Leo van Wijk will expire in 2011. On advice from the Nominating Committee, the Supervisory Board has decided to nominate these persons for reappointment as members of the Board for further terms of four years each by the General Meeting of Shareholders. Their biographies will be provided with the agenda for the 2010 General Meeting of Shareholders. Taking into account the changes detailed above and the resignation of Mrs. Cecelia Kempler beginning 2011, the Supervisory Board will likely consist of ten members after the annual General Meeting of Shareholders on May 12, 2011. 

## Executive Board 

There were no changes in the composition of AEGON’s Executive Board. In compliance with the Dutch Corporate Governance Code, members of the Executive Board are appointed by shareholders for a term of four years, with the possibility of reappointment for subsequent four-year terms. 

The current term of Mr. Alex Wynaendts will expire in 2011. On advice of the Nominating Committee, the Supervisory Board has decided to nominate Mr. Wynaendts for reapointment as member of AEGON’s Executive Board for a term of four years. 

The retirement schedule members of the Executive Board is included in the company’s Executive Board Rules and posted on AEGON’s corporate website, www.aegon.com. 

## Annual accounts 

This Annual Report includes the annual accounts for 2010, prepared by the Executive Board, discussed by both the Audit Committee and the Supervisory Board, and submitted to shareholders for adoption. The Supervisory Board recommends that shareholders adopt these annual accounts. 

## Acknowledgement 

The year 2010 was a challenging period for AEGON, and we expect the coming years to be equally demanding. The members of the Supervisory Board would like to thank both the Executive and Management Boards and the company’s employees for their dedication and commitment in facing up to the challenges of the year and staying focused on AEGON’s customers. They are also grateful to AEGON’s customers for trusting the company with their business. The Supervisory Board is confident that management and employees are on the right track to execute AEGON’s strategic priorities and to guide the company towards renewed prosperity. 

The Hague, March 23, 2011 

Robert J. Routs Chairman of the Supervisory Board of AEGON N.V. 

## Resignation Cecelia Kempler 

In 2011, AEGON announced that Cecelia Kempler would be stepping down as a member of the Supervisory Board due to health reasons. Ms. Kempler, a US citizen, was elected to the Supervisory Board in 2008. Her term was due to expire in 2012. Ms. Kempler has been an outstanding member of AEGON’s Supervisory Board and AEGON has benefitted significantly from her in-depth knowledge of the insurance business in general and AEGON in particular. She has had a career-long involvement with leading industry organizations dedicated to the promotion of high ethical standards in the insurance sector. The Supervisory and Executive Boards would like to express their gratitude for her years of dedicated service to the company in several roles, and they extend their best wishes to her. 

