Notice to the Holders

AEGON N.V. | USD 500,000,000 Perpetual Capital Securities (ISIN: NL0000116168)

Notice to the Holders (as defined in the Terms and Conditions of the above referenced securities (the "Securities")).

Notice is hereby given by Amsterdamsch Trustee's Kantoor B.V. (the "Trustee") that it has reached agreement with ABN AMRO Bank N.V. (the "Calculation Agent") on the application of Condition 5(c)(ii) of the Terms and Conditions of the Securities in response to recent developments.

IFR Markets page TGM42276, on which page the USD 10 year swap rate used for determining the USD Coupon Rate for the Securities was published, has been discontinued for compliance and regulatory reasons by Thomson Reuters on 21 July 2016. The fall back method described in Condition 5(c)(ii) for the situation that such rate does not appear on the Telerate Page 42276, cannot be pursued due to the circumstances that Reference Banks so requested no longer provide the relevant rates for compliance and regulatory reasons.

For the above reasons, the Calculation Agent will as of 13 October 2016 apply the following alternative to establish "USD-CMS-10 year": the 10 years ICE USD swap rate, published by ICE at 11:00 New York time (the "ICE USD Swap Rate"). The determination of the ICE USD Swap Rate is equivalent to the description in Condition 5(c)(ii). As of 13 October 2016, the Calculation Agent will use this ICE USD Swap Rate to determine the fixing of the USD coupon rate of the Securities.

In the opinion of the Trustee this application of Condition 5(c)(ii) will not in any way be materially prejudicial to the interest of the Holders.