/SECOND AND FINAL ADD -- PHW019 -- AEGON Reports on First Quarter 2004 Results/ Americas reconciliation amounts in millions USD GICs and Life for Traditional Fixed funding account of First Quarter 2003 life annuities agreements policyholders Income before tax as reported 174 64 44 24 Indirect income on shares and real estate, before tax 0 0 0 0 SOP 03-1 (12) 0 0 (3) Comparable income before realized gains and losses on shares and real estate 162 64 44 21 Comparable income before realized gains and losses on shares and real estate (EUR) 151 60 41 19 Realized gains and losses on shares and real estate Corporation tax Comparable net income USD Accident and Variable Fee health First Quarter 2003 annuities business insurance Income before tax as reported (4) 4 50 Indirect income on shares and real estate, before tax 0 0 0 SOP 03-1 0 0 0 Comparable income before realized gains and losses on shares and real estate (4) 4 50 Comparable income before realized gains and losses on shares and real estate (EUR) (4) 4 47 Realized gains and losses on shares and real estate Corporation tax Comparable net income USD EUR First Quarter 2003 Total Total Income before tax as reported 356 332 Indirect income on shares and real estate, before tax 0 0 SOP 03-1 (15) (14) Comparable income before realized gains and losses on shares and real estate 341 318 Comparable income before realized gains and losses on shares and real estate (EUR) 318 Realized gains and losses on shares and real estate (10) (9) Corporation tax (102) (96) Comparable net income 229 213 USD GICs and Life for Traditional Fixed funding account of Second Quarter 2003 life annuities agreements policyholders Income before tax as reported 170 63 62 26 Indirect income on shares and real estate, before tax (17) (19) (24) (1) SOP 03-1 (12) 0 0 (3) Comparable income before realized gains and losses on shares and real estate 141 44 38 22 Comparable income before realized gains and losses on shares and real estate (EUR) 123 38 33 21 Realized gains and losses on shares and real estate Corporation tax Comparable net income Accident and Variable Fee health Second Quarter 2003 annuities business insurance Income before tax as reported 12 6 57 Indirect income on shares and real estate, before tax (1) 0 (3) SOP 03-1 0 0 0 Comparable income before realized gains and losses on shares and real estate 11 6 54 Comparable income before realized gains and losses on shares and real estate (EUR) 10 5 47 Realized gains and losses on shares and real estate Corporation tax Comparable net income USD EUR Second Quarter 2003 Total Total Income before tax as reported 396 349 Indirect income on shares and real estate, before tax (65) (59) SOP 03-1 (15) (13) Comparable income before realized gains and losses on shares and real estate 316 277 Comparable income before realized gains and losses on shares and real estate (EUR) 277 Realized gains and losses on shares and real estate (19) (17) Corporation tax (80) (70) Comparable net income 217 190 USD GICs and Life for Traditional Fixed funding account of Third Quarter 2003 life annuities agreements policyholders Income before tax as reported 165 112 83 23 Indirect income on shares and real estate, before tax (14) (16) (11) 0 SOP 03-1 (12) 0 0 (3) Comparable income before realized gains and losses on shares and real estate 139 96 72 20 Comparable income before realized gains and losses on shares and real estate (EUR) 124 86 64 17 Realized gains and losses on shares and real estate Corporation tax Comparable net income USD Accident and Variable Fee health Third Quarter 2003 annuities business insurance Income before tax as reported 15 1 74 Indirect income on shares and real estate, before tax (1) (1) (3) SOP 03-1 0 0 0 Comparable income before realized gains and losses on shares and real estate 14 0 71 Comparable income before realized gains and losses on shares and real estate (EUR) 13 0 64 Realized gains and losses on shares and real estate Corporation tax Comparable net income USD EUR Third Quarter 2003 Total Total Income before tax as reported 473 422 Indirect income on shares and real estate, before tax (46) (41) SOP 03-1 (15) (13) Comparable income before realized gains and losses on shares and real estate 412 368 Comparable income before realized gains and losses on shares and real estate (EUR) 368 Realized gains and losses on shares and real estate 13 12 Corporation tax (113) (101) Comparable net income 312 279 USD GICs and Life for Traditional Fixed funding account of Fourth Quarter 2003 life annuities agreements policyholders Income before tax as reported 215 139 52 9 Indirect income on shares and real estate, before tax (20) (23) (21) (1) SOP 03-1 (12) 0 0 (3) Comparable income before realized gains and losses on shares and real estate 183 116 31 5 Comparable income before realized gains and losses on shares and real estate (EUR) 155 98 26 3 Realized gains and losses on shares and real estate Corporation tax Comparable net income USD Accident and Variable Fee health Fourth Quarter 2003 annuities business insurance Income before tax as reported 48 (30) 82 Indirect income on shares and real estate, before tax (2) 0 (3) SOP 03-1 0 0 0 Comparable income before realized gains and losses on shares and real estate 46 (30) 79 Comparable income before realized gains and losses on shares and real estate (EUR) 41 (27) 66 Realized gains and losses on shares and real estate Corporation tax Comparable net income USD EUR Fourth Quarter 2003 Total Total Income before tax as reported 515 435 Indirect income on shares and real estate, before tax (70) (60) SOP 03-1 (15) (13) Comparable income before realized gains and losses on shares and real estate 430 362 Comparable income before realized gains and losses on shares and real estate (EUR) 362 Realized gains and losses on shares and real estate (58) (51) Corporation tax (95) (79) Comparable net income 277 232 USD GICs and Life for Traditional Fixed funding account of Full Year 2003 life annuities agreements policyholders Income before tax as reported 724 378 241 82 Indirect income on shares and real estate, before tax (51) (59) (56) (2) SOP 03-1 (48) 0 0 (12) Comparable income before realized gains and losses on shares and real estate 625 319 185 68 Comparable income before realized gains and losses on shares and real estate (EUR) 553 282 164 60 Realized gains and losses on shares and real estate Corporation tax Comparable net income USD Accident and Variable Fee health Full Year 2003 annuities business insurance Income before tax as reported 71 (19) 263 Indirect income on shares and real estate, before tax (3) (1) (9) SOP 03-1 0 0 0 Comparable income before realized gains and losses on shares and real estate 68 (20) 254 Comparable income before realized gains and losses on shares and real estate (EUR) 60 (18) 224 Realized gains and losses on shares and real estate Corporation tax Comparable net income USD EUR Full Year 2003 Total Total Income before tax as reported 1,740 1,538 Indirect income on shares and real estate, before tax (181) (160) SOP 03-1 (60) (53) Comparable income before realized gains and losses on shares and real estate 1,499 1,325 Comparable income before realized gains and losses on shares and real estate (EUR) 1,325 Realized gains and losses on shares and real estate (74) (65) Corporation tax (391) (346) Comparable net income 1,034 914 The Netherlands reconciliation amounts in millions EUR Life for account of Accident and Traditional policy- health First Quarter 2003 life holders(1) Fee business insurance Income before tax as reported 133 25 0 6 Indirect income on shares and real estate, before tax (95) (31) 0 0 Meeus consolidation - - 5 - Comparable income before realized gains and losses on shares and real estate 38 (6) 5 6 Realized gains and losses on shares and real estate Corporation tax Comparable net income First Quarter 2003 General insurance Banking Total Income before tax as reported 5 0 169 Indirect income on shares and real estate, before tax 0 0 (126) Meeus consolidation - - 5 Comparable income before realized gains and losses on shares and real estate 5 0 48 Realized gains and losses on shares and real estate (104) Corporation tax (8) Comparable net income (64) Life for account of Accident and Traditional policy- health Second Quarter 2003 life holders(1) Fee business insurance Income before tax as reported 145 21 10 2 Indirect income on shares and real estate, before tax (93) (31) 0 0 Meeus consolidation - - (5) - Comparable income before realized gains and losses on shares and real estate 52 (10) 5 2 Realized gains and losses on shares and real estate Corporation tax Comparable net income Second Quarter 2003 General insurance Banking Total Income before tax as reported 12 2 192 Indirect income on shares and real estate, before tax 0 0 (124) Meeus consolidation - - (5) Comparable income before realized gains and losses on shares and real estate 12 2 63 Realized gains and losses on shares and real estate (145) Corporation tax (19) Comparable net income (101) Life for account of Accident and Traditional policy- health Third Quarter 2003 life holders(1) Fee business insurance Income before tax as reported 120 46 6 11 Indirect income on shares and real estate, before tax (85) (30) 0 0 Meeus consolidation - - 0 - Comparable income before realized gains and losses on shares and real estate 35 16 6 11 Realized gains and losses on shares and real estate Corporation tax Comparable net income Third Quarter 2003 General insurance Banking Total Income before tax as reported 7 9 199 Indirect income on shares and real estate, before tax 0 0 (115) Meeus consolidation - - 0 Comparable income before realized gains and losses on shares and real estate 7 9 84 Realized gains and losses on shares and real estate 88 Corporation tax (27) Comparable net income 145 Life for account of Accident and Traditional policy- health Fourth Quarter 2003 life holders(1) Fee business insurance Income before tax as reported 150 43 (3) 25 Indirect income on shares and real estate, before tax (78) (25) 0 0 Meeus consolidation - - 0 - Comparable income before realized gains and losses on shares and real estate 72 18 (3) 25 Realized gains and losses on shares and real estate Corporation tax Comparable net income Fourth Quarter 2003 General insurance Banking Total Income before tax as reported (13) 9 211 Indirect income on shares and real estate, before tax 0 0 (103) Meeus consolidation - - 0 Comparable income before realized gains and losses on shares and real estate (13) 9 108 Realized gains and losses on shares and real estate (30) Corporation tax (33) Comparable net income 45 Life for account of Accident and Traditional policy- health Full Year 2003 life holders(1) Fee business insurance Income before tax as reported 548 135 13 44 Indirect income on shares and real estate, before tax (351) (117) 0 0 Meeus consolidation - - 0 - Comparable income before realized gains and losses on shares and real estate 197 18 13 44 Realized gains and losses on shares and real estate Corporation tax Comparable net income Full Year 2003 General insurance Banking Total Income before tax as reported 11 20 771 Indirect income on shares and real estate, before tax 0 0 (468) Meeus consolidation - - 0 Comparable income before realized gains and losses on shares and real estate 11 20 303 Realized gains and losses on shares and real estate (191) Corporation tax (87) Comparable net income 25 (1) Reclassification from traditional life as part of indirect income is allocated to life for account of policyholders United Kingdom reconciliation amounts in millions GBP GBP EUR Life for account of Traditional policy- Fee First Quarter 2003 life holders business Total Total Income before tax as reported (1) 32 (2) 29 43 Indirect income on shares and real estate, before tax 0 0 0 0 0 Comparable income before realized gains and losses on shares and real estate (1) 32 (2) 29 43 Comparable income before realized gains and losses (EUR) on shares and real estate (2) 48 (3) 43 Realized gains and losses on shares and real estate (4) (5) Corporation tax (7) (11) Comparable net income 18 27 Life for account of Traditional policy- Fee Second Quarter 2003 life holders business Total Total Income before tax as reported 0 29 0 29 42 Indirect income on shares and real estate, before tax 0 0 0 0 0 Comparable income before realized gains and losses on shares and real estate 0 29 0 29 42 Comparable income before realized gains and losses (EUR) on shares and real estate 1 41 0 42 Realized gains and losses on shares and real estate 0 (1) Corporation tax (9) (12) Comparable net income 20 29 Life for account of Traditional policy- Fee Third Quarter 2003 life holders business Total Total Income before tax as reported 2 32 0 34 49 Indirect income on shares and real estate, before tax 0 0 0 0 0 Comparable income before realized gains and losses on shares and real estate 2 32 0 34 49 Comparable income before realized gains and losses (EUR) on shares and real estate 3 46 0 49 Realized gains and losses on shares and real estate 0 0 Corporation tax (9) (13) Comparable net income 25 36 Life for account of Traditional policy- Fee Fourth Quarter 2003 life holders business Total Total Income before tax as reported 0 35 3 38 54 Indirect income on shares and real estate, before tax 0 0 0 0 0 Comparable income before realized gains and losses on shares and real estate 0 35 3 38 54 Comparable income before realized gains and losses (EUR) on shares and real estate 0 49 5 54 Realized gains and losses on shares and real estate (6) (9) Corporation tax (9) (13) Comparable net income 23 32 Life for account of Traditional policy- Fee Full Year 2003 life holders business Total Total Income before tax as reported 1 128 1 130 188 Indirect income on shares and real estate, before tax 0 0 0 0 0 Comparable income before realized gains and losses on shares and real estate 1 128 1 130 188 Comparable income before realized gains and losses (EUR) on shares and real estate 2 184 2 188 Realized gains and losses on shares and real estate (10) (15) Corporation tax (34) (49) Comparable net income 86 124 Other countries reconciliation amounts in millions EUR Life for Accident First Tradit- account of and Quarter ional policy- Fee health General 2003 life holders business insurance insurance Total Income before tax as reported 7 (2) 2 2 10 19 Indirect income on shares and real estate, before tax 0 0 0 0 0 0 Comparable income before realized gains and losses on shares and real estate 7 (2) 2 2 10 19 Realized gains and losses on shares and real estate (6) Corporation tax (3) Comparable net income 10 Life for Accident Second Tradit- account of and Quarter ional policy- Fee health General 2003 life holders business insurance insurance Total Income before tax as reported 7 (5) 2 1 16 21 Indirect income on shares and real estate, before tax (1) 0 0 0 0 (1) Comparable income before realized gains and losses on shares and real estate 6 (5) 2 1 16 20 Realized gains and losses on shares and real estate 4 Corporation tax (7) Comparable net income 17 Life for Accident Third Tradit- account of and Quarter ional policy- Fee health General 2003 life holders business insurance insurance Total Income before tax as reported 7 0 3 3 10 23 Indirect income on shares and real estate, before tax 0 0 0 0 (1) (1) Comparable income before realized gains and losses on shares and real estate 7 0 3 3 9 22 Realized gains and losses on shares and real estate 1 Corporation tax (5) Comparable net income 18 Life for Accident Fourth Tradit- account of and Quarter ional policy- Fee health General 2003 life holders business insurance insurance Total Income before tax as reported 7 (7) 1 1 14 16 Indirect income on shares and real estate, before tax (1) 0 0 0 0 (1) Comparable income before realized gains and losses on shares and real estate 6 (7) 1 1 14 15 Realized gains and losses on shares and real estate 2 Corporation tax (5) Comparable net income 12 Life for Accident Full Tradit- account of and Year ional policy- Fee health General 2003 life holders business insurance insurance Total Income before tax as reported 28 (14) 8 7 50 79 Indirect income on shares and real estate, before tax (2) 0 0 0 (1) (3) Comparable income before realized gains and losses on shares and real estate 26 (14) 8 7 49 76 Realized gains and losses on shares and real estate 1 Corporation tax (20) Comparable net income 57 Cautionary note regarding Regulation G (non-GAAP measure) This press release includes a non-GAAP financial measure: Net income before realized gains and losses on shares and real estate. The reconciliation of this measure to the most comparable GAAP measure is shown below in accordance with Regulation G. AEGON believes the non-GAAP measure shown herein, together with the GAAP information, provides a meaningful measure for the investing public to evaluate AEGON's business relative to the businesses of our peers. First quarter 2003 First quarter 2004 as adjusted In EUR Per common In EUR Per common million share million share Net income before realized gains and losses on shares and real estate 284 0.18 286 0.18 Realized gains and losses on shares and real estate 89 (124) Corporation tax on realized gains and losses on shares and real estate (19) 8 Net income 354 0.22 170 0.10 Cautionary note regarding the use of local currencies and constant currency exchange rates This press release contains certain information about our results and financial condition in USD for the Americas and in GBP for the United Kingdom because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about us presented in euro, which is the currency of our primary financial statements. Cautionary note regarding forward-looking statements The statements contained in this press release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "intend," "may," "expect," "anticipate," "predict," "project," "counting on," "plan," "continue," "want," "forecast," "should," "would," "is confident" and "will" and similar expressions as they relate to us are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. We undertake no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations, including, but not limited to, the following: -- Changes in general economic conditions, particularly in the United States, the Netherlands and the United Kingdom; -- Changes in the performance of financial markets, including emerging markets, including: -- The frequency and severity of defaults by issuers in our fixed income investment portfolios; and -- The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in value of equity and debt securities we hold; -- The frequency and severity of insured loss events; -- Changes affecting mortality, morbidity and other factors that may affect the profitability of our insurance products; -- Changes affecting interest rate levels and continuing low interest rate levels; -- Changes affecting currency exchange rates, including the EUR/USD and EUR/GBP exchange rates; -- Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets; -- Changes in laws and regulations, particularly those affecting our operations, the products we sell and the attractiveness of certain products to our consumers; -- Regulatory changes relating to the insurance industry in the jurisdictions in which we operate; -- Acts of God, acts of terrorism and acts of war; -- Changes in the policies of central banks and/or foreign governments; -- Litigation or regulatory action that could require us to pay significant damages or change the way we do business; -- Customer responsiveness to both new products and distribution channels; -- Competitive, legal, regulatory, or tax changes that affect the distribution cost of or demand for our products; -- Our failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost-saving initiatives. AEGON N.V. Group Corporate Affairs & Investor Relations The Hague, the Netherlands Analysts & Investors +31 (0)70 344 83 05 Media +31 (0)70 344 83 44 Email Baltimore, the United States Analysts & Investors +1 410 576 4577 Media +1 410 576 4542 Email Web site: http://www.aegon.com/ Analyst and investor conference call An analyst and investor conference call on the first quarter 2004 earnings will be held today at 15:00 CET (14:00 BST; 09:00 a.m. ET). The phone numbers to listen to the conference call are as follows: +31 (0) 45 6316901 (the Netherlands) +44 (0) 208 4006308 (United Kingdom) +1 303 2622130 (United States and Canada) PRNewswire -- May 12 END SECOND AND FINAL ADD DATASOURCE: AEGON Web site: http://www.aegon.com/

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