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The Group uses underlying earnings before tax in its segment reporting as an important indicator of its financial performance. The reconciliation of this measure to the income before tax is shown below. Aegon believes that underlying earnings before tax, together with the other information included in this report, provides a meaningful measure for the investing public to evaluate Aegon’s business relative to the businesses of its peers. 

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Including a fair value adjusment of EUR 10 million (2012: EUR (1) million; 2011: EUR (85) million). 

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