In Control Statement

The Executive Board is responsible for designing, implementing and maintaining internal controls, including proper accounting records and other management information suitable for running the business.

Internal risk management and control systems

AEGON’s internal audit function assists the Executive Board in maintaining effective controls by independently and objectively evaluating the adequacy and effectiveness of the organization’s internal control and risk management systems. Criteria established under ‘Internal Control – Integrated Framework’, the Treadway Commission’s Committee of Sponsoring Organizations (COSO), are used by AEGON’s Internal Audit to analyze and make recommendations to the Executive Board concerning the effectiveness of internal controls over AEGON’s financial reporting process and the company’s internal control framework.

Based on risk assessments performed, the Executive Board, under supervision of the Supervisory Board and its Audit Committee, is responsible for determining the overall internal audit work and for monitoring the integrity of the financial statements of AEGON N.V.

In addition, the Executive Board is responsible for AEGON’s enterprise risk management framework under supervision of the Supervisory Board Risk Committee. AEGON’s risk management function monitors and controls AEGON’s solvency position and ensures that risk taking is within AEGON’s risk tolerance levels. The Executive Board is informed of any risks that threaten the economic/statutory solvency or operations of the Group.

The risk management function develops and executes risk policies and risk frameworks. This also involves the facilitation of risk identification (especially for operational and emerging risks) and reviewing risk assessments performed by operating units. The risk management function is responsible for identifying best risk management practices and working with management to ensure that AEGON adheres to these practices.

Finally, the compliance function plays a key role in monitoring the company’s adherence to external rules and regulations and internal policies. On the basis of the above, AEGON’s Executive Board makes the following statement regarding the Group’s financial reporting risks:

• AEGON’s risk management and control systems provide reasonable assurance that the Group’s financial reporting does not contain any material inaccuracies.
• AEGON’s risk management and controls systems functioned properly in 2008.
• There are no indications to suggest that AEGON’s risk management and control systems will not continue to function properly in 2009.

The risk management and control systems provide reasonable assurance regarding the reliability of financial reporting and the preparation and fair presentation of its published financial statements. However, they cannot provide absolute assurance that a misstatement of AEGON’s financial statements would be prevented or detected

Responsibilities in respect of the financial statements and the Annual Report
The Executive Board is responsible for preparing the financial statements and the Annual Report in accordance with Dutch law and those International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).

As required by section 5:25c of the Dutch Financial Supervision Act (Wet op het Financieel Toezicht), the Executive Board confirms that to the best of its knowledge, the financial statements prepared in accordance with applicable accounting standards give a true and fair view of the assets, liabilities, financial condition and profit or loss of the company and the undertakings included in the consolidation as a whole and that the report of the Executive Board includes a fair view of the development and performance of the business during the financial year and the position at balance sheet date of the company and the undertakings included in the consolidation as a whole, together with a description of the principal risks and uncertainties the company faces.

The Hague, March 11, 2009
The Executive Board