183 ANNUAL REPORT 2010 SHARPENING OUR FOCUS The cumulative negative impact of AEGON’s credit spread,  based on observable market data, on income before tax  amounted to EUR 42 million (2009: EUR 36 million).  The difference between the contractually required payment  at maturity date and the carrying amount of the borrowing  amount to EUR 59 million (2009: EUR 43 million). Included in debentures and other loans is EUR 987 million  (2009: EUR 959 million) relating to borrowings measured at fair  value. Proceeds have been swapped to US dollar floating-rate.  For the year 2010, AEGON’s credit spread had a negative impact  of EUR 6 million on income before tax (2009: negative impact  of EUR 189 million) and a negative impact of EUR 4 million on  shareholders’ equity (2009: negative impact of EUR 132 million).  Bank overdrafts are largely part of cash pool agreements with  banks and matched by cash balances. IFRS does not permit net  presentation of these cash balances and bank overdrafts under  the current agreements with these banks. EUR 308 million of the debentures and other loans are pledged  as collateral (2009: nil). Debentures and other loans Coupon rate Coupon date Issue / Maturity 2010 2009 USD 133 million Zero Coupon Bonds  1 – – 1982 / 10 – 90 EUR 900 million ECB Facility  2, 4 1.00% July 1 2009 / 10 – 900 USD 200 million Zero Coupon Bonds  1 – – 1982 / 12 122 98 EUR 1.0 billion Senior Notes 7.00% April 29 2009 / 12 998 996 EUR 135 million Mortgage loan  3 Floating Quarterly 2010 / 12 135 – EUR 80 million Mortgage loan  3 Floating Quarterly 2010/ 12 80 – USD 750 million Senior Notes 4.75% Semi–annually 2003 / 13 561 521 EUR 500 million Medium-Term Notes 4.125% December 8 2004 / 14 521 507 USD 500 million Senior Unsecured Notes 4.625% Semi–annually 2009 / 15 372 345 EUR 1,018 million ‘SAECURE 7’ RMBS Note  2, 5 Floating Quarterly 2010 / 15 996 – GBP 35 million Note issue agreement  2, 6, 7 Floating Quarterly 2010 / 15 39 – EUR 842 million ‘SAECURE 9’ RMBS Note  2, 8 Floating Quarterly 2010 / 16 826 – EUR 75 million Medium-Term Notes 4.625% December 9 2004 / 19 72 73 USD 500 million Senior Notes  1 5.75% Semi–annually 2005 / 20 375 357 GBP 92 million Note issue agreement  2, 6, 7 Floating April 21 2007 / 21 19 22 USD 305 million Note issue agreement $^{2}$  5.54%/8.88% Quarterly 2002 / 22 106 111 GBP 250 million Note issue agreement  2, 6, 7 Floating April 21 2008 / 23 208 242 GBP 250 million Medium-Term Notes 6.125% December 15 1999 / 31 286 277 USD 1.54 billion Variable Funding Surplus Note  1,6 Floating Quarterly 2006 / 36 957 816 USD 1.5 billion Variable Funding Surplus Note  1,6 Floating Quarterly 2007 / 37 190 241 USD 550 million Floating Rate Guaranteed Note  2,6 Floating Quarterly 2007 / 37 355 382 GBP 400 million Senior Unsecured Notes 6.625% Semi–annually 2009 / 39 457 443 Other 68 91 AT DECEMBER 31 7,743 6,512 8  The first optional redemption date is March 2016; the legal maturity date is September 2092. Notes are fully collateralized by mortgage loans which are  part of AEGON’s general account investment. 6  Outstanding amounts can vary up to the maximum stated nominal amount. 7  Private Value-in-Force (ViF) securitization by AEGON UK to monetize a portion of future profits associated with an existing book of unit-linked business. 5  The first optional redemption date is August 2015; the legal maturity date is August 2093. Notes are fully collateralized by mortgage loans which are  part of AEGON’s general account investment. 4  Part of the Long Term Refinancing Operation (LTRO) program and fully collateralized. 3  Issued by a joint venture of AEGON Nederland N.V. 2  Issued by a subsidiary of AEGON N.V. 1  Issued by subsidiaries of, and guaranteed by AEGON N.V. 