AEGON UK Statement in Response to Today's FSA Notice Regarding Scottish Equitable plc

EDINBURGH, Scotland, December 16, 2010 - The FSA has today issued notice of a fine of GBP 2.8 million to Scottish
Equitable plc, due to systems and controls failings, some of which have led
to customer detriment. Scottish Equitable plc is the legal name for AEGON's
UK life and pensions business, which now trades under the AEGON brand.

AEGON brought the programme to the FSA's attention last year as part of
its ongoing dialogue with the regulator. It fully accepts the FSA's findings
and sincerely regrets that some customers have suffered financial loss or
inconvenience as a result. In May 2009, AEGON began to implement a programme
to identify and correct historical issues within its customer policy records.

The immediate priority of the programme has been to deal with issues that
resulted in financial detriment and to return affected customers, wherever
possible, to the financial position they would have been in had the issue not
occurred and, if not, to pay them appropriate compensation. Over GBP 30
million in customer redress has already been repaid. AEGON UK has reserved
GBP 60 million for redress purposes, however, the programme of determining
the full scope of redress continues.

AEGON is on target to resolve all five of the issues specifically
examined by the FSA by the end of April 2011 and expects the bulk of the
remainder of the programme to be completed by the end of 2011.

AEGON has co-operated fully with the FSA in its investigation. Moreover,
AEGON is committed to resolve all related issues, and has now put in place
stronger, more stringent controls to prevent similar issues occurring in the
future.

AEGON sincerely regrets that some customers have suffered financial
detriment or inconvenience. Its redress programme aims to resolve all the
issues as quickly as possible and is a top priority for the firm.

    Notes to Editors

    - AEGON acquired Scottish Equitable in 1994. It was rebranded
to AEGON in 2009. Scottish Equitable plc remains the legal name for the
life and pensions company.

    - On 22 June, AEGON announced plans to restructure and refocus its
UK business, reducing operating costs by 25% by end 2011. Neither the
redress programme nor the FSA fine will impact AEGON's restructure and
plans.

    - In the UK AEGON offers pensions, life insurance, asset
management and financial advice to around two million customers. AEGON UK
has assets under administration of GBP55.9 billion and employs
approximately 4,000 staff in its life and pensions business, of which
2,400 are based in Edinburgh.

    - As an international life insurance, pension and investment
company based in The Hague, AEGON has approximately 28 thousand employees
world wide and 40 million customers in the Americas, Europe and Asia.
AEGON's revenue generating investments totalled EUR 405 billion at 30
September 2010.

    For further information:

    Lesley McPherson - +44(0)131-549-3782/+44(0)7740-897541
    Margaret Robertson - +44(0)131-549-6798/+44(0)7740-897527
    Mark Locke - +44(0)131-549-3766/+44(0)7740-897986

For further information: Lesley McPherson - +44(0)131-549-3782/+44(0)7740-897541,
Margaret Robertson - +44(0)131-549-6798/+44(0)7740-897527, Mark Locke - +44(0)131-549-3766/+44(0)7740-897986