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IMPORTANT DISCLOSURE: FOR NON-US PROFESSIONAL INVESTORS ONLY

This site is intended only for non-US professional investors or US-based fiduciaries representing non-US investors eligible to invest in Aegon Asset Management’s (the “Company”) UCITS funds. This site, and the funds described herein, are not suitable for individual investors.

The following information regarding the Company’s funds is for informational purposes only and does not constitute an offer for shares, products or services and should not be interpreted as an offer to sell, an invitation to acquire an investment, or a solicitation of an offer to buy for any persons who are prohibited from receiving such information under their domiciled local laws.

Aegon Asset Management Investment Company (Ireland) Plc is structured as an umbrella type open-ended investment company with variable capital consisting of a number of different sub-funds (“Funds”) and is authorized in Ireland pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) UCITS Regulations and the Central Bank UCITS Regulations (“UCITS Regulations"). Aegon Asset Management Europe ICAV is structured as an umbrella type open-ended investment ICAV with variable capital consisting of Funds and is authorized in Ireland as a UCITS pursuant to the UCITS Regulations.

These Funds are registered in Ireland and are available only to residents of those jurisdictions where allowed by law. Investors that do not meet these requirements will be denied access by the Company.

By checking the box, you have read and understand the important legal information above that pertains to Aegon Asset Management's UCITS funds and agree to these terms and conditions.

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Dutch Mortgages

Aegon is one of the largest non-bank mortgage originators and a household name
We manage around € 28bln* of Dutch Mortgages for pension funds and insurance companies
We have 28 years of experience
Mortgages remain very attractive in this volatile market

Learn more on investing in Dutch Mortgages here >

Dutch residential mortgages versus alternatives

Attractive risk-adjusted return

4.6% yield^**

Aegon Dutch Mortgages Strategy has higher yields vs assets with a comparable credit rating - internal AA rating^***

Low capital charge for pension and insurance investors

Low capital requirements make it an attractive strategy for matching portfolios

Natural duration hedge & additional diversification

Mortages are a natural long duration hedge and offer exposure to consumer risks enabling further diversification

Simplicity

Other alternatives are sometimes very complex. Mortgages offer a simple and time tested entry point to direct lending to consumers.

Institutional investors face a challenging low interest rate environment

Low rates on government bonds lead to a search for safe alternatives

Low expected returns on government bonds

Lack of safe alternatives with higher risk adjusted yields

Fixed income alternatives can be hard to implement

Mortgage impairments have consistently been low

_{** Average of France, UK, Spain, Portugal, Italy, Belgium.}

Due to a high payment discipline of Dutch borrowers losses on Dutch mortgages have always been extremely low.

Maximum losses per annum in Dutch Mortgages strategy amount to 0.3bps, with total losses since inception below 1bp of current AUM.

Past performance is not indicative of future results.

_{Source: Aegon AM. As at 30-06-2023.}

Dutch residential mortgages – perceived concerns by international investors

Risk - Defaults & market structure

Healthy economy and debt levels

High home ownership, supported by government, seen as important pillar for building wealth, leading to a culture of consistent mortgage payment.

Well regulated market & government guarantees and incentives

Origination is governed by Code of Conduct which is part of the Dutch Law (sets limits on Debt Service-to-Income).

Tax treatment incentivizes annuity mortgages, reducing risk over time. Leading to ± 50% market share of annuity mortgages.

Robust origination process & Strong legal position of lenders

Must meet Aegon’s and national underwriting criteria, strict loan to income criteria, credit check and fraud prevention.

Lenders can repossess and sell property e.g. by public auction and have recourse to other wealth. No court order required for repossession.

Risk - Prepayments

Extensive scenario planning and shareable research

Given the large exposure of Dutch Mortgages of our own balance sheet, we have extensively researched the impact of several scenarios and are happy to share this research with our clients.

DMF uses a dynamic CPR model

An extensive model in combination with loan level data is used to forecast a Conditional Prepayment Rate (CPR).

Liquidity and accessibility

Our structure makes subscriptions easy

Transparent and investor friendly structures make Dutch Mortgages an accessible asset class.

Clients can invest through funds and segregated managed accounts.

Client servicing and reporting

We distribute monthly reports and organize an annual meeting for participants.

Additional liquidity

Large pools of Dutch Mortgage investments provide investors additional liquidity.

Aegon & Investors - alignment of interest

Aegon is one of the largest non-bank mortgage lenders in the Netherlands

Part of Aegon N.V., a global insurance company and asset manager which is committed to ESG across all of our organisations.

Aegon entities have significant exposure to the same strategy

Identical risk-return profile for Aegon entities and institutional investors creates alignment of interest. (Vertical Slice of mortgage production for fair distribution).

ESG focus with Aegon Dutch Mortgages

Aegon AM has a large ESG team, that is responsible for policies on exclusions, engagements, and helps with ESG integration in the investment process.

Supporting our customers in times of need

We offer customers experiencing financial difficulties various options, such as budget coaching and job coaching.
We have a humane special servicing process, focussing on constructive work out scenarios with customers.

Actively help transition to a sustainable future

We help customers make their houses more sustainable and improve their energy labels.
Customers can take out sustainability loans to install energy-saving measures, such as solar panels or double glazing in their house.
For energy-efficient houses, customers can obtain a higher mortgage amount (within the affordability limits).

Interesting Insights on Dutch Mortgages

Credit,Real Estate

House price development in the Dutch mortgage market

20/03/2023 | 20 min read | Stijn Stortelder | Rens Ramaekers | Philip van der Meijden

Solutions,Alternative fixed income

Opportunities in alternative fixed income

18/08/2023 | 15 min read

Aegon Dutch Mortgages

Conservative underwriting, low historic losses

Aligned interest, extensive research on characteristics

Easy onboarding and relatively favorable liquidity profile

Well suited for matching and return portfolios

Read Fund Documents here

Disclaimer

_{Past performance is not indicative of future results.}

_{* Assets under Management per 31-03-23 based on market value}

_{** Yield per 28-04-23}

_{*** Internal rating model based on inputs from Moody’s and Fitch}

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4.6% yield^**

Aegon Dutch Mortgages Strategy has higher yields vs assets with a comparable credit rating - internal AA rating^***