239 ANNUAL REPORT 2010 Perpetual cumulative  subordinated bonds Coupon rate Coupon date Year of next call 2010 2009 2008 EUR 203 million 7.125%  1,4 March 4 2011 203 203 203 EUR 114 million  4.156%  2,4 June 8 2015 114 114 114 EUR 136 million 5.185%  3,4 October 14 2018 136 136 136 AT DECEMBER 31 453 453 453 The bonds have the same subordination provisions as dated  subordinated debt. In addition, the conditions of the bonds  contain provisions for interest deferral and for the availability  of principal amounts to meet losses. Although the bonds have  no stated maturity, AEGON has the right to call the bonds for  redemption at par for the first time on the coupon date in the  years as specified.  1  The coupon of the EUR 203 million bonds is set at 7.125% until March 4, 2011. 2  The coupon of the EUR 114 million bonds was originally set at 8% until June 8, 2005. As of this date, the coupon is reset at 4.156% until 2015. 3  The coupon of the EUR 136 million bonds was originally set at 7.25% until October 14, 2008. As of this date, the coupon is reset at 5.185% until  October 14, 2018.  4  If the bonds are not called on the respective call dates and after consecutive period of ten years, the coupons will be reset at the then prevailing  effective yield of ten-year Dutch government securities plus a spread of 85 basis points. NOTE 12 LONG-TERM BORROWINGS 2010 2009 Remaining terms less than 1 year – 2 Remaining terms 1 - 5 years 2,452 2,023 Remaining terms 5 - 10 years 72 418 Remaining terms over 10 years 744 718 AT DECEMBER 31 3,268 3,161 The repayment periods of borrowings vary from within one  year up to a maximum of 29 years. The interest rates vary  from 4.125 to 9.000% per annum. The market value of the  long-term borrowings amounts to EUR 3,377 million  (2009: EUR 3,256 million). During Q2 2009 AEGON issued senior unsecured notes with  a nominal value of EUR 1 billion due April 29, 2012. The notes,  issued at a price of 99.673, carry a coupon of 7%.  During Q4 2009, AEGON issued USD 500 million senior  unsecured notes due December 1, 2015. These senior notes  are being offered under AEGON’s existing shelf registration  statement in the United States. The notes, issued at a price  of 99.74, carry a coupon of 4.625%. AEGON also issued  GBP 400 million in senior unsecured notes, due December 16,  2039. These notes were issued under the Company’s  USD 6 billion debt issuance program at a price of 98.87.  The notes carry a coupon of 6.625%. SHARPENING OUR FOCUS