Transamerica Retirement Services Why us? Why Now?

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Transamerica Retirement ServicesWhy us? Why
Now?
Kent G. CallahanPresident CEOSeptember 18,
2003
The Ritz-Carlton, Bachelor Gulch,
Colorado September 17-19, 2003
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AEGON NV
A company connected in many ways
United States
Canada
Spain
United Kingdom
The Netherlands
Hungary
Taiwan
Based in the Hague, the Netherlands 238 billion
Euro in assets at 12/31/02 Major operations in
U.S., Netherlands, U.K., Hungary, Spain
Canada Today 26,659 employees worldwide
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Long Term Secular Trends
Globalisation International Potential
Brazil
Indonesia
Mexico
Poland
China
India
USA
The Netherlands
UK
Source SIGMA
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AEGON NV
A snapshot in time
December 31, 2002
1991
Share Price 9.50 Market Cap 13.7
bln Assets 238.2 bln Net Income 1.547 bln Life
Premiums 17.7 bln Gross Deposits 318
bln Employees 26,659
Share Price 2.70 Market Cap
2.5 bln Assets 32.4 bln Net Income
0.4 bln Life Premiums 1.9 bln Gross
Deposits 1.8 bln Employees 10,449
Amounts in Euros except employees
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AEGON NV
Focused on multi-national growth
Pre-Tax Earnings Contribution
Full Year 1996
Full Year 2002
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3
7
33
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56
30
58
Netherlands Americas United
Kingdom Other Countries
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AEGON Americas
Snapshot in time
December 31, 2002
1991
Assets 149.9 bln Net income .916 bln Life
premiums 6.8 bln Gross deposits 269
bln Employees 12,318
Assets 14.0 bln Net income
.1 bln Life premiums .51 bln Gross
deposits 2.0 bln Employees
3,430
Amounts in US dollars
latest 12 months
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AEGON USA
US Insurer Rankings
2002 net premiums written
2002 year-end total admitted assets
In Millions
In Billions
1 AIG 2 MetLife 3 AEGON USA 4 ING
Group 5 Prudential 6 Hartford Life 7
New York Life 8 Nationwide
9 Mass Mutual 10 GE Fin Assurance
1 Met Life 2 AIG 3 Prudential of
America 4 TIAA Group 5 AEGON USA 6
Hartford Life 7 ING Group 8 New York Life
9 Northwestern 10 Nationwide Group
243.8 233.6 205.7 144.5
140.6 136.8 125.8 121.9 102.9
87.4
33,608 28,239 23,610 22,680
18,363 15,337 14,910 13,501
12,236 12,107
Source 2002 A.M. Best Survey
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Peer RBC Ratios - 2002

• AEGON 348.8
• Hartford 236.7
• ING 341.7
• Jackson National 277.7
• Jefferson Pilot 315.3
• John Hancock 305.3
• Lincoln 335.0
• Manulife 228.2
• Met Life 280.3
• Nationwide 325.5
• Pacific Life 279.4
• Prudential 316.0
• Travelers 376.6
• In most instances, the peer companies RBC ratio
  is the groups single dominant life company. If
  there is not a single major company, the groups
  weighted average ratio is calculated. AEGONs
  RBC ratio is based on our consolidated statutory
  statements.

Confidential
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Peer Group Comparison
Return on Equity
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Source FactSet, Annual Reports
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Future Looks Bright

• Defined Contribution Assets 1.31 T
• as of 12-31-95
• Projected Defined Contribution 3.75 T
• Business as of 12-31-05

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The Corporate D.C. Market by Segments
(includes 401(k) Plans) As of Year-End 2003
of Plans (000)
Assets (000,000,000)
of Participants (000,000)
By Assets
551.0 132.0 18.2 8.4 5.2 2.6 .0 718.3

10.8 9.7 4.3 3.7 5.8 10.4 18.0 62.7

lt1M 1M - 5M 5M - 10M 10M - 20M 20M -
50M 50M - 250M gt250M Total
150 260 110 100 150
295 1,050 2,115
Includes actives, retirees and vested terminated
participants.
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The 401(k) Market by Segments As of Year-end 2002
of Plans (000)
Assets (000,000)
of Participants (000,000)
By Assets
4.6 3.6 3.2 2.7 3.6 2.9 20.6
lt1M .5M - 1M 1M - 2.5M 2.5M - 5M 5M -
10M 10M - 20M Total of Segments
230.0 86.0 53.5 21.0 13.5 6.4 410.4

40 55 90 85 90 80 440
Includes actives, retirees and vested terminated
participants
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Estimated Market Penetration of the TPA Service
Model
TPA Interface Model
Segment
TPA Full-Service Model
40 35 28 20 13 7
lt5 5 7 10 12 13
lt.5M .5M - 1M 1M - 2.5M 2.5M - 5M 5M
- 10M 10M - 20M
TPA typically provides documents, compliance
and administration TPA provides full
recordkeeping, compliance and administration
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Projected Sales Opportunities in 2003 401(k)
Book of Business
Sales Opportunities
Estimated Turnover Rate
Plans (000)
Assets (Billions)
Assets (Billions)
Plans (000)
Segment
15.0 7.0 5.6 2.5 1.4 .6
2.6 4.3 9.5 10.2 9.0 7.2
lt.5M .5M - 1M 1M - 2.5M 2.5M - 5M 5M
- 10M 10M - 20M
230.0 86.0 53.5 21.0 13.5 6.4
40 55 90 85 90 80
6.5 8.0 10.5 12.0 10.0 9.0
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Dimensions

• Serving 11,000 small business owners
• 500,000 participants
• 300,000 defined contribution
• 150,000 terminal funding
• 66,000 defined benefit
• Top 10 provider of retirement plans

As of 12/31/2002 CFO Survey 4/2002
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High Growth Strategy
Case Count
Growth
Sales Results
1996-2002
166,289,620 532 415,095,397 150 815 524,8
31,010 26 1,074 729,469,958 39
1,305 860,126,452 18 1,866 713,716,442
-17 1,767 1,018,000,000 43
1,724 35 11,0001
1996 1997 1998 1999 2000 2001 2002
1 Total in force clients as of 12/31/02
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TRS 2003 Channel Strategy
2003 Channel Strategy
Broker-Dealer
TPAs
Payroll Firms
Insurance Agents
Banks
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Transamerica Retirement ServicesKey Initiatives

• TPA Channel
• Dominate the less than 5M market place
• Drive product enhancements
• Serviceserviceservice
• Technology

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ServiceServiceService
New Team ? New Focus

• Darcy Hatton
• Mary Sanderson
• Jeff Barber

• Shelia Wales
• Leecea Johnson
• Susan Lotwin

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No Stone Unturned!

• New AE goals
• Annual plan review
• PSAC
• Proactive vs. reactive
• SponsorConnect
• New educational seminars
• TAE relationship overhaul
• MAGIC training
• Client satisfaction surveys
• Client rating system

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How do we know if we are getting the Job done?

• Number of visits to 1M clients 864
• 90 of calls resolved _at_ SP on first call 75.7
• SP YTD call volume 33,694
• Client survey post enrollment at gt 2
  rating 96
• VRU and web site availability all
  partners 99.4
• Deposit processed on time and accurate 100
• Case installation on-time 90.2
• 30 additional categories

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Transamerica Retirement Services

• Build Team
• Build Bridges
• Honor Commitments
• Connect Dots
• Execute

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