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The four Committees are the: 

■ Audit Committee; 

■ Risk Committee; 

■ Nominating Committee; 

■ Compensation Committee. 

As per December 31, 2013, the composition of the Committees is as follows: 

Audit Committee:  Shemaya Levy (Chair); Antony Burgmans; Ben van der Veer; Dirk P.M. Verbeek; Dona D. Young. 

Risk Committee:  Irving W. Bailey, II (Chair); Kornelis J. Storm; Ben van der Veer; Dirk P.M. Verbeek; Dona D. Young. 

Nominating Committee:  Robert J. Routs (Chair); Shemaya Levy; Kornelis J. Storm; Leo M. van Wijk. 

Compensation Committee:  Leo M. van Wijk (Chair); Irving W. Bailey II; Robert J. Routs. 

Committees meetings are open to all members of the Board, regardless of membership of the Committees. The Chairman attends all meetings in whole or in part. 

## The Audit Committee 

The Audit Committee held seven meetings in 2013, one of which was a combined meeting with the Risk Committee of the Supervisory Board. A meeting held at the headquarters of Aegon United Kingdom in Edinburgh focused on the United Kingdom insurance market, and Aegon’s position and financial performance in that market. Aegon business leaders reviewed industry developments and the response of Aegon’s United Kingdom businesses, principally the adoption of online platform technology. 

The Audit Committee meetings were attended by Aegon’s CFO, the Corporate Controller, the Chief Risk Officer and the Internal Auditor. Representatives from Aegon’s external auditor EY also attended these meetings. Members of Aegon’s Group Risk, Group Legal and actuarial departments were present at some of these meetings. 

In 2013, Audit Committee discussions focused on the quarterly results, the annual accounts and the audit process, actuarial analyses, accounting principles defined by IFRS, financial reports filed with the Securities and Exchange Commission, capital updates, internal control systems and compliance, the external auditor’s engagement letter and the audit plan for 2013, tax matters, and information technology. The latter two topics were discussed in the aforementioned combined meeting of the Risk and Audit committees. Throughout 2013, business unit managers provided various topic updates to the Audit Committee. At various meetings the Audit Committee and the full Board also reviewed the proposed changes to Aegon’s 

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accounting policies related to deferred policy acquisition costs and longevity reserves as part of the execution of the financial strategy, as announced in January 2014, together with the redemption of USD 550 million in perpetual capital securities. 

As announced at the Annual General Meeting of Shareholders in 2012, the audit of Aegon’s accounts from 2014 was put to tender in 2012. In February 2013, after a thorough process the Audit Committee and the Board decided to propose to shareholders to appoint EY as the company’s independent auditor for the annual accounts of 2013 and PwC as the company’s independent auditor for the annual accounts of 2014 through 2016. These proposals were approved at the Annual General Meeting of Shareholders on May 15, 2013. 

The internal auditor attended the meetings of the Audit Committee in 2013 and provided quarterly updates on the activities of the internal audit function and provided details of progress on internal audits. The Audit Committee approved the internal audit plan. The Audit Committee also held private sessions with the internal auditor and the external auditor to discuss the findings. Members of the Executive Board were not present at these sessions. 

The Audit Committee also discussed Aegon’s compliance with the Sarbanes Oxley Act of the United States, regular reports from the Group Compliance Officer on operational risk issues such as fraud and general compliance issues. In addition, the Committee reviewed quarterly legal updates. 

The Committee confirmed that Mr. Shemaya Levy and Mr. Ben van der Veer qualify as financial experts within the terms and conditions of both the Dutch Corporate Governance Code and the Sarbanes Oxley Act in the United States. 

## The Risk Committee 

The Risk Committee assists the Supervisory Board and Audit Committee in overseeing the activities of Aegon’s Enterprise Risk Management (ERM) framework. The Committee also advises the Supervisory Board on the company’s risk management strategy and policies. Consequently, the Committee regularly reviews the company’s ERM framework, risk exposures and compliance with company risk policies. 

In 2013 the Risk Committee convened five times, including one meeting in Washington with the Chief Risk Officer of Aegon Americas. The company’s Chief Risk Officer attended all meetings, while the members of Aegon’s Executive Board attended most of the meetings. Representatives of other businesses or functional areas presented on specific topics. For example, Aegon Asset Management provided insight into developments in Aegon’s general account investment portfolio. Recurring items on the agenda in 2013 were the quarterly risk dashboard and the Board risk list. The Risk Committee also discussed risk priorities for 2013 and Aegon’s risk strategy 

