Notes to the consolidated financial statements of Aegon N.V.  Note 4 198 Market risk concentrations – shares Americas The  Netherlands United  Kingdom New Markets Total 2013  1) Of which  impaired  assets Communication 34 1 - - 36 - Consumer 15 3 - - 29 2 Financials 1,373 1 1 - 1,390 33 Funds - 429 54 40 523 161 Industries 20 3 - 2 30 - Other 13 10 - 3 29 8 At December 31 1,456 447 55 45 2,036 203 1  Includes investments of Holding and other activities. Market risk concentrations – shares Americas The  Netherlands United  Kingdom New Markets Total 2012  1) Of which  impaired  assets Communication 37 1 - - 38 - Consumer 36 3 - - 39 33 Financials 1,274 3 7 - 1,284 161 Funds - 395 44 12 451 139 Industries 19 2 - 1 22 - Other 24 8 - 3 33 14 At December 31 1,390 412 51 16 1,867 347 1  Includes investments of Holding and other activities. The table that follows sets forth the closing levels of certain major indices at the end of the last five years. 2013 2012 2011 2010 2009 S&P 500 1,848 1,426 1,258 1,258 1,115 Nasdaq 4,177 3,020 2,605 2,653 2,269 FTSE 100 6,749 5,898 5,572 5,900 5,413 AEX 402 343 312 355 335 The sensitivity analysis of net income and shareholders’ equity to changes in equity prices is presented in the table below.  The sensitivity of shareholders’ equity and net income to changes in equity markets reflects changes in the market value of  Aegon’s portfolio, changes in DPAC amortization, contributions to pension plans for Aegon’s employees and the strengthening of  the guaranteed minimum benefits, when applicable. The results of equity sensitivity tests are non-linear. The main reason for this is due  to equity options sold to clients that are embedded in some of these products and that more severe scenarios could cause accelerated  DPAC amortization and guaranteed minimum benefits provisioning, while moderate scenarios may not. Aegon generally has positive  income benefits from equity market increases and negative impacts from equity market declines as it earns fees on policyholder  account balances and provides minimum guarantees for account values. Aegon added out-of-money options in its portfolio to provide  additional protection for equity market declines.  Annual Report 2013