122 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 4 and limits are placed on the total exposure at both group level  and for individual country units. AEGON operates a Currency Risk Policy under which direct  currency speculation or program trading by country units is not  allowed unless explicit approval has been granted by the Group  Risk and Capital Committee. Assets should be held in the  functional currency of the business written or hedged back to  that currency. Where this is not possible or practical, remaining  currency exposure is subject to documentation requirements  Information on AEGON’s 3-year historical net income / (loss)  and shareholders’ equity in functional currency are shown in  the table below: AEGON Group companies’ foreign currency exposure from  monetary assets and liabilities denominated in foreign  currencies is not material.  The estimated approximate effects on net income and  shareholders’ equity of movements in the exchange rates of  AEGON’s non-euro currencies relative to the euro as included  in the table below are due to the translation of subsidiaries  and joint-ventures in the consolidated financial statements. The exchange rates for US dollar and UK pound per euro for  each of the last five year-ends are set forth in the table below: Closing rates 2010 2009 2008 2007 2006 USD 1.34 1.44 1.39 1.47 1.32 GBP 0.86 0.89 0.95 0.73 0.67 2010 2009 2008 Net income (loss) AEGON Americas (in USD) 1,494 697 (2,022) AEGON The Netherlands (in EUR) 711 241 94 United Kingdom (in GBP) 72 8 84 New Markets (in EUR) 91 (289) (34) Equity in functional currency AEGON Americas (in USD) 21,335 17,586 10,617 AEGON The Netherlands (in EUR) 4,080 3,544 2,954 United Kingdom (in GBP) 2,469 2,168 1,200 New Markets (in EUR) 1,853 1,778 2,008