241 Net cash flows from investing activities reduced by EUR 416 million to a EUR 237 million inflow (2011: EUR 653 million inflow).  The inflow in 2012 is mainly a result of the proceeds of EUR 102 million on the sale of Aegon's interest in Prisma and the proceeds  of EUR 190 million received from the exit from the partnership with Banca Civica, partly ofset by the aquisition of Liberbank and  purchases of software. In 2011, the inflow was a result of cash received from the divestment of Transamerica Reinsurance and the sale  of Guardian life in the United Kingdom.  Net cash flows from financing activities improved by EUR 2,885 million to EUR 2,511 million inflow (2011: EUR 374 million outflow).  The improvement is mainly a result of additional borrowings and the issuance of 8.00% non-cumulative subordinated borrowings which  provided USD 525 million.  Issued share capital and reserves attributable to shareholders of Aegon N.V. On February 15, 2013, Aegon N.V. and Vereniging Aegon entered into an agreement to simplify the capital structure of Aegon and to  cancel all of Aegon’s preferred shares, of which Vereniging Aegon was the sole owner. The execution of this agreement was subject  to the approval of the General Meeting of Shareholders of Aegon N.V. This approval was granted at the Annual General Meeting of  Shareholders on May 15, 2013. For details refer to the 'major shareholders' section included in the 'other information' to the financial  statements of Aegon N.V. The simplified capital structure entailed, but was not limited to, the amendment of the articles of association of Aegon N.V.,  including the conversion of all outstanding 329,773,000 preferred shares a and B, with a nominal value of EUR 0.25 each, into  120,713,389 common shares and 566,313,694 common shares B, with a nominal value of EUR 0.12 each. The financial rights  attached to a common share B were determined at 1/40th of the financial rights attached to a common share.  The simplified capital structure also included an amendment to the Amended 1983 Merger Agreement between Aegon N.V. and  Vereniging Aegon. Following this 2013 amendment, Vereniging Aegon’s call option relates to common shares B. Vereniging Aegon may  exercise its call option to keep or restore its total stake at 32.6%, irrespective of the circumstances which cause the total shareholding  to be or become lower than 32.6%.  In 2013, Aegon issued 19,668,540 and 19,047,386 common shares with a par value of EUR 0.12 in respect of the final dividend for  2012 which was paid in June 2013 and the interim dividend paid in September 2013, respectively.  In July 2013, Vereniging Aegon exercised its option right to purchase 13 million common shares B for EUR 0.1275 to mitigate  the dilution caused by the issuance of shares issuance of shares on May 1, 2013 and May 16, 2013 in connection with the Long Term  Incentive Plans for senior management and the issuance of shares on June 14, 2013, being the final dividend 2012 in the form of  stock-dividend.  In 2012, Aegon issued 33,203,150 and 29,172,394 common shares with a par value of EUR 0.12 in respect of the final dividend for  2011 which was paid in May 2012 and the interim dividend paid in September 2012, respectively.  32 Shareholders’ equity Note 2013 2012 2011 Share capital – par value 32.1 325 319 310 Share premium 32.2 8,375 8,780 8,787 Total share capital 8,701 9,099 9,097 Retained earnings 11,042 10,689 9,670 Treasury shares 32.3 (292) (243) (252) Total retained earnings 10,750 10,446 9,418 Revaluation reserves 32.4 2,998 6,073 3,464 Remeasurement of defined benefit plans 32.5 (706) (1,085) (979) Other reserves 32.6 (1,777) (1,045) (964) Total shareholders' equity 19,966 23,488 20,036 Net cash flows from investing activities Net cash flows from financing activities