AEGON N.V.: Capital Reorganisation

The Hague, November 23, 2006

Transamerica Corporation buys back USD 281 million of debt in tender offer

Transamerica Corporation, a US subsidiary of AEGON N.V., announced today the
successful completion of the cash tender offer for outstanding legacy debt
securities issued by two affiliated trusts, Transamerica Capital II and
Transamerica Capital III. Debt securities with a total liquidation amount of
USD 281 million were purchased in the tender offer, which expired November 20,
2006 at 5 pm (EST).

The aggregate payment for the purchased securities, which will total USD 345
million (EUR 267 million), will be refinanced through funds provided by AEGON
N.V., Transamerica Corporation's parent company.

The transaction will allow AEGON N.V. to take advantage of the current
favorable interest rate environment to refinance the debt at a lower rate and
reduce annual interest expenses going forward.

The settlement of the tender offer has taken place on November 21, 2006.

CUSIP No.      Issuer         Title of      Amount      Amount      Purchase   
                              Security    Outstanding  Tendered   Price per USD
                                                                      1,000    
                                                                               
893472AA8 Transamerica      7.65% Capital     USD         USD     USD 1,210.97 
          Capital II (1)    Trust         225,000,000 137,535,000              
                            Pass-Through                                       
                            SecuritiesSM                                       
                            (TruPS)SM due                                      
                            December 1,                                        
                            2026                                               
                                                                               
893473AC2 Transamerica      7.625%            USD         USD     USD 1,244.44 
          Capital III (1)   Capital Trust 190,000,000 143,548,000              
                            Pass-Through                                       
                            SecuritiesSM                                       
                            (TruPS)SM due                                      
                            November 15,                                       
                            2037                                               
                                                                               
                                              USD         USD                  
                                          415,000,000 281,083,000              

(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.

This announcement is not an offer to purchase or the solicitation of an offer
to sell any securities.

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
may be 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 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.

CONTACT INFORMATION

Group Corporate Affairs & Investor Relations

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                   Netherlands                                                 
                                                                               
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Investors                                    410 576 45 77                     
                                                                               
Media              [phone]                                         
                                                                               
E-mail             [e-mail]          [e-mail]                   
                                                                               
Website            www.aegon.com                                               

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