1

Analysts meetingDelta Lloyd Nuts Ohra Group

Niek HoekChairman Designate8 December 2000

2

Agenda

! 13.30 hr Direct division by R. Hillebrand (chairman OHRA Insurance)

! 14.30 hr Asset Accumulation by L. Keemink (chairman banking division Delta Lloyd/OHRA)

! 15.30 hr Investment policy by J. Aardoom (general manager OHRA Asset Management)

! 10.00 hr Introduction by N. Hoek (Chairman Designate)! 11.30 hr Intermediary Division by G. Kullberg (chairman Delta Lloyd Insurance)

! 12.30 hr Lunch

! 16.00 hr Drinks

3

Contents

! Dutch Insurance market

! Structure and strategy Delta Lloyd Nuts Ohra

! Highlights

! Integration/Reorganisation Plans

! E-business

4

Major drivers of change

" Ageing population

" Individualization

" Assertive customer

" Better educated

" Spending power

" Internet technology

" Customer RelationshipManagement (CRM)

" Tax plans 21st century

" Insurance agency andbroking act changes

" Social Security &Health: privatisation

1999DistributionIntermediary 60%

Direct writing 20%

Banks 16%

Internet 4%

200555%

Market forcesTechnologicaladvancesConsumer

199566%

16%

15%

3%

21%

18%6%

Source:IG&H

5

439

497

604

895

1.042

1.204

1.643

3.213

947

619

AXA

Zwitser Leven

ASR

SNS Reaal

Fortis

Delta Lloyd/OHRA

Interpolis

Achmea

Aegon

ING

Dutch Gross Written Premium life companies (1999) in £ mln

Source: VVP magazine August 2000

Market position Netherlands Life

Nuts Ohra is included for the full year

6Source: VVP magazine August 2000

Market position Netherlands GI+Health

Dutch Gross Written Premium GI+Health companies (1999) in £ mln

320

345

366

581

620

1,134

1,152

772

203

346

448

SNS Reaal

AXA

Royal

Aegon

Unive

Fortis

Interpolis

ASR

Delta Lloyd/OHRA

ING

Achmea

Nuts Ohra is included for the full year

7

Dutch market

! Attractive Life market- profitable- economic and capital growth- growing demand for financial services- flexibilisation pension market (Witteveen)- changes in legislation- tax reform plans 21st century

! Developing Health market- withdrawing government- initiatives for a ‘base insurance’- platform for cross- and upselling

! Mature General Insurance Market

8

Overall positioning Delta Lloyd and OHRAin the Netherlands

! Sales (GWP)

No. 4 Overall insurer No. 3 Pensions No. 3 General Insurance and Health No. 4 Investment Funds No. 1 Performance world wide investment funds

! Distribution

No. 2 Direct No. 3 Intermediary

9

Delta Lloyd 3.8 m

Nuts/Ohra 1.7 mPolicies

Number of clientsPolicies per client

Customer base almost a quarterof Dutch population

Total5.5 m

Leverage cross selling opportunities from integration

2.2 m 1.7

1.4 m1.2

3.6 m1.5

10

Contents

! Dutch Insurance market

! Structure and strategy Delta Lloyd Nuts Ohra

! Highlights

! Integration/Reorganisation Plan

! E-business

11

Mission

In order to become a major Northwest Europeanfinancial services providers within five years, a completerange of Life/Savings/Asset Accumulation products andselected Health and General Insurance products isoffered.

7-2-7

12

7 Pillar Strategy : Focus on Life& Asset Accumulation

1. Strengthening of the intermediary organisation- Delta Lloyd Life- Delta Lloyd General Insurance- Delta Lloyd Health- Integrated Marketing and Sales- Complete EB offering

2. Multi-channel distribution- Intermediary- Direct- Banking/Asset Accumulation- E-Business

13

7 Pillar Strategy : Focus on Life& Asset Accumulation (2)

3. Top ten position retail banking activities- Delta Lloyd Retail (incl. mortgages)- Delta Lloyd Private Bankers- Delta Lloyd Securities- Delta Lloyd Bankunie- OHRA Bank (retail & E-)

4. Asset Management as key activity“Best in class” asset managers with the Delta Lloyd and OHRA brands

14

7 Pillar Strategy : Focus on Life& Asset Accumulation (3)

5. Think and operate in target groups- Home-owners- Pleasure crafts owners- Employers (EB concepts)- Small and medium sized businesses- Directors / Owners and self employed without staff

6. Stringing pearlsFocus on Life and Asset Accumulation

15

7 Pillar Strategy: Focus on Life& Asset Accumulation (4)

7. International group

- The Netherlands Life, GI, Health, Asset Accumulation

- Germany- Belgium Life and Asset Accumulation- Luxembourg }

}

16

2 Brands

Delta Lloyd - Main brand

- Focus on intermediary distribution / asset accumulation (The Netherlands, Germany, Belgium and Luxembourg)

OHRA - Main brand

- Focus on direct distribution (incl.direct banking) The Netherlands

17

7 Values

! Client oriented

! Integrity

! Entrepreneurial

! Open communication

! Teamspirit

! Flexibility

! Commitment and responsibility

18

Corporate Objectives

! Premium and profit growth 15% p.a. (10% auton. + 5% acq.)

! Premium growth exceeds expense growth > 2%

! Net return on average shareholders’ funds > 10% real p.a.

! Profitable new business

! Long-term organic new business growth > 10% p.a.

! Special attention E-Business development

! Cost savings DLNO merger > £ 30 m (£ 10 m annual)

after 3 years; back office integration

! Top 10 position North West European market within 5 years

19

DL AssetManagement

Amsterdam

Organisational structure(decentralised and distribution driven)

Delta LloydNuts Ohra

OHRANSFLife

GeneralInsurance

HealthOHRA ASSETManagementArnhem

Intermediarydivision

Direct division AssetManagement

AssetAccumulation

DL Belgium

International

DL Germany

Other

Delta Lloyd

LifeGeneral

InsuranceHealth

DL BankDL SecuritiesOhra Retail

Prefs +subordinated loans

Stichting Nuts Ohra (SNO)CGNUPublic Health

20

Share Delta Lloyd Nuts Ohra inCGNU figures

Operating result

D LNO14%

C G NU (excl

D LNO )86%

P ublic HealthP ublic HealthP ublic Health

Embedded value life business(The Netherlands)

DLNO17%

CGNU (excl

DLNO)83%

(first 9 months 2000)

21

Contents

! Dutch Insurance market

! Structure and strategy Delta Lloyd Nuts Ohra

! Highlights

! Integration/Reorganisation Plans

! E-Business

22

Keyfigures 9M 2000Dutch GAAP

! Result after tax £ 120m (+24%)

! Total Revenues £ 2.75bn (+58%)

! Gross Written Premium £ 1.7bn (+57%)

! Investment Income £ 1.0bn (+53%)

! Permanent staff 5,664 (+5%)

! New money investment funds £ 986m

23

Delta Lloyd Nuts Ohra GWPGeographical coverage 9M 2000 (£ m)

Germany

236

The Netherlands1,366

Belgium 49

24

Revenues Delta Lloyd Nuts Ohra

£ m

LifeGeneral Insurance.HealthTotal

Investment incomeOther incomeTotal revenues

99-00in %

EUR basis21.4%37.8%

n.m.57.2%

9M00

976375341

1,692

99558

2,745

53.1%288.5%57.7%

GWP

25

Result Delta Lloyd Nuts Ohra

Dutch GAAP£ m

LifeGeneral InsuranceHealthBankHolding and otherResult before tax

TaxationMinority interestResult after tax

9M00

126.7(10.5)

4.114.214.0

148.4

(27.5)(0.8)

120.2

99-00in %

EUR basis

20.6%

23.5%

26

Assets under management own risk 30September 2000

Real estate

9%

Shares26%

Fixed-interest

65%

9

7298

185

66

387

214

0

50

100

150

200

250

300

350

400

450

1994 1995 1996 1997 1998 1999 9M00

CAGR 1994-1999: 109%

27

Delta Lloyd Total Achieved Profits (£ m)

28

Potential profit for shareholders

Total Life reserves £ 8 billionProfit for policyholderGroup Segregated funds28%

Unit-Linked/Un. Life8%

36% of life reserves

Excess profit for shareholderGroup Non-linked 26%

Individual Non-Linked 20%

Annuities 7%

53% of life reserves

OtherCoass.8%

Other5%

11%

Considerable upside potential from investment returns

29

Example: Potential on traditionalbusiness from higher investment returns

10-

5-

0

5

10

15

20

4% 5% 6% 7% 8% 9%

Inves tm ent R eturn

E V - N etherlands

E V -UK

• 5% guaranteed return• solvency margin • excess profit to shareholder (NL)• 90% excess profit to with profit policy- holders (UK)

(excl. NU)

30

New Business Cost of Capital

Life FundReserves

valued asDiscountedCash Flow

(DCF) at RDR

Free assets within LifeFund valued as DCF

Shareholder assets

Valued at Marketvalue

Shareholder assets

Valued at Marketvalue

DUTCH LIFE COMPANY

New Business leads to anadditional cost of capital

UK WITH-PROFIT LIFE COMPANY

New Business has no additional cost ofcapital

Life Reserves

valued asDiscountedCash Flow

(DCF) at RDR

31

Life tax advantage

5% Holdings (£m) Tax rate

0

100

200

300

400

500

600

700

800

900

1996 1997 1998 1999

0

5

10

15

20

25

30

5% Hold ings tax rate

Over 50 “Tax exempt”HoldingsDSM, Ahold, ABN AMRO, Munich Re, van Lanschot

32

Return on capital employed

ROCE (annualised, excl. capital gains)

ROCE (annualised, incl. capital gains)

1

Actual9M00

11.1%

24.1%

Actual9M99

11.4%

17.6%

*

ROCE (excl. cap. gains) = Result after tax / capital employed 1-1

ROCE (incl. cap. gains) = Result after tax + capital gains / capital employed 1-1

1 Result of 9M 99 is excluding Nuts Ohra figures

* ROCE lower than last year due to high unrealised capital gains

33

Embedded Value Delta Lloyd Nuts Ohra £m

0,0

400,0

800,0

1200,0

1600,0

2000,0

1995 1996 1997 1998 1999 9M00Shareholders funds Value in force

852

1292

1766

1988

930

1262

CAGR 1995-1999: 20%

Note: 1£ = NLG3.69

34

Life: new business (APE)

N ew B us ines s L ife (AP E ) 9M00

Life50%

Individual pens ions

22%

G roup pens ions

28%

Single premiumsIndividual pensionsGroup pensionsLifeTotal

Annual premiumsGroup pensionsLifeTotal

Total retailinvestment sales

9M00

1679056

313

133346

813

99-00 in %EUR basis

+172%-18%+3%

+5%-19%

£ m

(9M99: £ 163m)

35

■ Exit Bourse and larger risks business

■ Rate increases 7% in Motor, in 1999 10%

■ Reserve strengthening (2000: 108% ofGWP, 1998: 88% of GWP)

General Insurance:Improve Profitability

2000

97%

111%

103%

146%

143%

120%

1999

97%

121%

87%

130%

114%

90%

COR

Domestic

Motor

Comm.Fire

Liability

InwardReinsurance

Other

Premiums by class

Motor33%

Commer-cial Fire

28%

Liability7%

Domes-tic

17%

Other 15%

Overall COR 110% 106%

9 months

36

Health: Improve Profitability

! Nuts back to profitability

! Re-branding Nuts Health to Delta Lloyd Health

! Rate adjustments

! Rationalisation group contracts

! Strict claims management

37

Conservative cost policy

! Prudent adjustments to provision levels in GeneralInsurance, Life and pensions

! IT expenditures through P&L

38

Human Resources Management

! ED/MD- development and executive programs

! Great place to work!

39

Contents

! Dutch Insurance market

! Structure and strategy

! Highlights

! Integration/Reorganisation Plans

! E-Business

40

Reorganisational measures

! Combining Marketing and Sales Intermediary Division

! BPR OHRA (improve profitability)

! BPR Berlinische (reduce published cost ratio)

! BPR Nuts (improve profitability)

! Combining asset accumulation (banks) activities

! Integration of Belgium activities

41

Integration Projects:Target almost fulfilled

£ m

GroupIntermediary HealthDirectBanksGermany

Total

Target

4.211.4

5.41.46.9

29.3

30.0

0%24%67%0%0%

22%

100%76%33%

100%100%

78%

Cost Savings % One Off % Continuing

! The costs to achieve the savings are low and provided for

42

Significant integration savingsyet to come

! Life, General Insurance, Health and BankNew core systems

- ForeSure- Extended office- Stater- Globus

! General Insurance - Integration backoffices Delta Lloyd and OHRA

! Health - Integration public health funds (Nuts and OHRA) - Integration backoffices

! Backoffice opportunities Asset Management

43

Contents

! Dutch Insurance market

! Structure and strategy Delta Lloyd Nuts Ohra

! Highlights

! Integration Plans

! E-Business

44

E-business initiatives

WWW.DDD.NL

WWW.KOERSLIJN.NL

WWW.DELTALLOYD.NL

PPP+

Site in a day

WWW.BP2001.NLExtended Office

WWW.PROFITEERNU.NL

WWW.FILMFONDS.NL

WWW.DLLHYPOT.NL

WWW

BE

WWW. .DE

WWW.LANCYR.NL

.nl

45

E-Business

! Improvement primary processes (straight throughprocessing) via internet for intermediary division

- extended office- extranet for intermediaries (DDD)

! OHRA transforms from direct writer into E-insurer- customer self service

! E-finance strategy of banking division centered in OHRA Bank- on line mortgages- on line credit (75% of total credit applications via internet)- voice recognition response system OHRA Investment funds

46

E-Business

! Transforming DL Germany Life units to sell via internet

Other initiatives:! Participation Financial Portal! Participation Internet consultancy an development company! Investigating a large number of parties regarding alliances in

electronic distribution (budget: £ 12m)

47

E-Business

! Many e-business initiatives

! Low-risk strategy: internet not the objective, but a logicalcomponent of the business-strategy. Direction through linemanagement

! All internet-activities and investments based on practicalbusiness cases related to business objectives

! Good co-ordination

! In the coming 3 years +/- £ 24 m

48

Where will Delta Lloyd Nuts Ohrastand in 5 years?

A leading financial services provider in a selectednumber of countries in North Western Europe with strongmulti-channel distribution (Agents, Direct, E-business,Bankassurance).

OHRA will be a leading E-Asset Accumulator in the Netherlands.

Asset Management of Delta Lloyd and OHRA to remain the bestand the leading Asset Manager of the Netherlands.

49

Conclusions november 1999Delta Lloyd Nuts Ohra transaction

! Multichannel! Strong market position! Clear segregation intermediaries (Delta Lloyd) versus direct (OHRA)! Significant economies of scale! Significant scope for cost savings (£30m by year 3)! Broader/stronger fund management business! Two major brands! Acquired at 0.6 x Net Asset Value after adequate provisioning

AN EXCELLENT DEAL!

50

Appendix

! Financial structure of DLNO deal

! Deal creates Shareholder value

! Profitability of Nuts OHRA

! Integration

blz.51

blz.52

blz.53

blz.54

51

Financial structure of DLNO deal

Pref. Shares £ 6m

Subordinated perpetual loan£ 317m

100% Nuts OHRA Shares

Delta Lloyd Fd. VNO

A very attractive deal from a financial perspective

52

Deal creates Shareholder value

! Loan perpetual / subord. £317m: yield 2.5% 2.76%! Market value Ca £ 116m

! Pref. shares Ca £6m: yield 2.5% 2.76%

! Goodwill £ (66)m

! Net asset value £188m

! Cost savings £ 30m by year 3minimum target

£ 1 = NLG 3.41

53

Profitability of Nuts Ohra

£ m

! Premium Income

1998

804

(10)

1999

687

11

Figures adjusted to UK Gaap, unaudited £ 1 = NLG 3.41 (1999)

£ 1 = NLG 3.12 (1998)

5.25m net p.a.

! Profit recovery will accelerate through years 2 & 3.

■ Immediate contribution to earnings per share. No dilution.

! Net result before cost savings

! Financing costs

54

Issues at Nuts Ohra

! Quality of management! Nuts and OHRA culture clash! Administrative issues! Weak acquisition policy! Teakwood based life policies! Financial strength! Group contracts Nuts! Focus

All provided for and addressed before end 1999

Opportunityfor Delta Lloyd

55

Integration

! Organisation by Distribution Channel! All top management appointed! 34 integration projects defined! Sponsors and Owners of projects appointed! Monitoring in place! Integration on ground complete by July 2000

Examples of integration projects! Financial restructuring! Business Process Re-engineering and strengthening management at

Nuts! Integration of DL Direct Operations and OHRA! Cross-selling on Nuts Public Health! E-commerce projects