The coupons for the EUR 114 million 8% bonds are set at 8% until June 8, 2005. The coupons for the EUR 203 million 7$^{1}$⁄8% bonds are set at 7$^{1}$⁄8% until March 4, 2011, while the EUR 136 million 7$^{1}$⁄4% bonds are set at 7$^{1}$⁄4% until October 14, 2008. On these dates, and after every consecutive period of ten years, the coupons will be reset at the then prevailing yield of 9-10 year Dutch government bonds plus a surcharge of 0.85%. The coupons of the other four loans are fixed. The loans have the same subordination provisions as dated subordinated debt. In addition, the conditions of the loans contain certain provisions for interest deferral and for the availability of principal amounts to meet losses. Although the loans have no stated maturity, AEGON has the right to call the loans for redemption at par for the first time on the coupon date in the years as specified above. AEGON has the right to call the loans for redemption at par on every tenth year thereafter on the coupon date, with the exception of the EUR 700 million 6$^{7}$⁄8% bond. This bond is callable every year on the coupon date after the initial call date in 2005. The market value of these loans amounts to EUR 1,589 million (2002: EUR 1,573 million). Capital Trust Pass-through Securities (TRUPS) are securities through which the holders participate in a trust. The assets of these trusts consist of junior subordinated deferrable interest debentures of Transamerica Corporation. The trusts have been included in the consolidated financial statements. The TRUPS carry certain provisions with regard to deferral of distributions. Earlier redemption is possible for the USD 100 million 7$^{4}$⁄5% TRUPS on or after December 1, 2006. The market value of these loans amounts to EUR 509 million (2002: EUR 686 million). $^{1 }$Year of first call. These loans are subordinated to all other liabilities and borrowings. The interest rates vary from 6.51% to 8.25%. The market value of these loans amounts to EUR 495 million (2002: EUR 647 million). 13 SUBORDINATED LOANS Remaining terms between between over Total Total 1-3 years 4-5 years 5 years 2003 2002 EUR 227 million floating rate/fixed rate 158 — — 158 159 EUR 125 million 6$^{1}$⁄2% — — — — 98 USD 400 million 8% 209 — — 209 252 Other subordinated loans 51 — 34 85 107 TOTAL SUBORDINATED LOANS 418 0 34 452 616 2003 2002 TRUST PASS-THROUGH SECURITIES  This item comprises the following loans USD 100 million 7$^{4}$⁄5% Capital Trust Pass-through Securities 1996/2026 79 95 USD 225 million 7$^{13}$⁄20% Capital Trust Pass-through Securities 1996/2026 178 215 USD 190 million 7$^{5}$⁄8% Capital Trust Pass-through Securities 1997/2037 151 181 TOTAL  TRUST PASS-THROUGH SECURITIES 408 491 AEGON GROUP ANNUAL REPORT 2003 95 12 CAPITAL SECURITIES 2003 2002 Perpetual cumulative subordinated debenture loans 1,517 1,517 Trust Pass-through Securities 408 491 1,925 2,008 PERPETUAL CUMULATIVE SUBORDINATED DEBENTURE LOANS Year 1 Interest rate 8%, coupon date June 8 2005 114 114 Interest rate 7$^{7}$⁄8%, coupon date September 29 2005 114 114 Interest rate 7$^{3}$⁄4%, coupon date December 15 2005 136 136 Interest rate 7$^{1}$⁄8%, coupon date March 4 2011 203 203 Interest rate 7$^{5}$⁄8%, coupon date July 10 2008 114 114 Interest rate 7$^{1}$⁄4%, coupon date October 14 2008 136 136 Interest rate 6$^{7}$⁄8%, coupon date December 20 2005 700 700 TOTAL PERPETUAL CUMULATIVE SUBORDINATED  DEBENTURE  LOANS 1,517 1,517