AEGON

Transamerica Corporation launches offer
to purchase USD 415 million of debt

The Hague, November 10, 2006

Transamerica Corporation, a US subsidiary of AEGON N.V., today launched a cash tender offer for up to USD 415 million (EUR 325 million) in outstanding legacy debt securities issued by two affiliated trusts, Transamerica Capital II and Transamerica Capital III.




The transaction is consistent with AEGON's capital management policy and the active management of its capital base. The transaction will reduce AEGON's funding cost and will offer investors an early exit option from securities with low liquidity.





The tender offer is being made by Transamerica Corporation for any and all of the following securities:

CUSIP No. Issuer Title of Security Principal
Amount Outstanding
(USD) Fixed Spread
(basis points) Reference U.S.
Treasury Security
893472AA8 Transamerica Capital II (1) 7.65% Capital Trust Pass-Through SecuritiesSM (TruPS)SM due December 1, 2026 $225,000,000 115 4.500% due February 2036 893473AC2 Transamerica Capital III (1) 7.625% Capital Trust Pass-Through SecuritiesSM (TruPS)SM due November 15, 2037 $190,000,000 120 4.500% due February 2036

(1) ) Each of Transamerica Capital II and Transamerica Capital III are statutory business trusts established under the laws of the State of Delaware by Transamerica Corporation, as sponsor.

The purchase price for each USD 1,000 liquidation amount will be calculated based on a fixed spread over the yield based on the bid-side price of the applicable reference security as indicated in the table above, plus accrued and unpaid distributions. (See the Offer to Purchase document, Schedule B for example pricing calculations.) The tender offer will expire at 5 p.m. New York time on November 20, 2006, unless extended by Transamerica Corporation. The settlement is expected on the first business day after the expiration of the tender offer.

Transamerica Corporation plans to finance the tender offer through funds provided by AEGON N.V., its parent company. The impact of the transaction on the earnings of AEGON N.V. will depend on general market circumstances as well as the percentage of securities tendered and accepted in the tender offer. Final details on the impact will be announced after the expiration of the tender offer.

Information on the tender offer is available via J.P. Morgan Securities Inc., the Dealer Manager, at +1-866-834-4666 (toll free). Requests for documents may be directed to the Information Agent, Global Bondholder Services Corporation, at +1-866-470-4500 (toll free).

This announcement is not an offer to purchase or the solicitation of an offer to sell any securities. The tender offer for the securities is only being made pursuant to the Offer to Purchase dated November 10, 2006 and the related Letter of Transmittal.

The Offer to Purchase has not been filed with or reviewed by any federal or state securities commission or regulatory authority of any country, nor has any such commission or authority passed judgment upon the accuracy or adequacy of the Offer to Purchase. Any representation to the contrary is unlawful and may be a criminal offense.

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 and rapidly changing 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, acts of war and pandemics;
* 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;
* The impact on our reported financial results and financial condition as a result of our adoption of International Financial Reporting Standards. About AEGON
AEGON is one of the world's largest life insurance and pension companies, and a strong provider of investment products. We empower our local business units to identify and provide products and services that meet the evolving needs of our customers, using distribution channels best suited to their local markets. We take pride in balancing a local approach with the power of an expanding global operation.

With headquarters in The Hague, the Netherlands, AEGON companies employ approximately 27,000 people. AEGON's three major markets are the United States, the Netherlands and the United Kingdom. In addition, the Group is present in a number of other countries including Canada, China, Czech Republic, Hungary, Poland, Slovakia, Spain and Taiwan.

Respect, quality, transparency and trust constitute AEGON's core values as the company continually strives to meet the expectations of customers, shareholders, employees and business partners. AEGON is driven to deliver new thinking and our ambition is to be the best in the industry.


----------

AEGON N.V.
Group Corporate Affairs & Investor Relations

The Hague, the Netherlands
Analysts & investors +31 70 344 83 05
Media +31 70 344 83 44
e-mail gca-iraegon.com

Baltimore, the United States
Analysts & investors +1 877 548 9668 (Toll free) /
+1 410 576 4577
Media +1 410 576 4526
e-mail iraegonusa.com