Dear Clients, Investors,

Hereby we would like to inform our clients about the effects of the extraordinary military conflict on the capital market and the suspension of Aegon Russia Equity Investment Fund.

The Russian invasion of Ukraine on 24 February 2022 and the consequent announcement of Western economic sanctions will have a serious impact on the regional stock and bond markets in the short term. The disconnection of a significant number of Russian banks from the international SWIFT system, the banning of Russian aircrafts from the airspace of EU member states, the USA and other countries, and the freezing of the assets of some Russian citizens are expected to cause severe damage to the local and global economy as well. The situation may change radically from day to day, which could cause significantly higher-than-usual volatility in global equity, commodity and foreign exchange markets.

The EU sanctions have completely banned trading in many Russian securities, while Russia has also imposed a ban on the sale of Russian securities to foreigners. In addition to the above, the European Union has also imposed a number of other economic sanctions, for example on oil refining, aviation, aerospace and maritime transport. These sanctions currently make it completely impossible to enter and trade on the Russian market.

Bond markets

Positive news flows affected the bond markets last week. There seems to have been further rapprochement between the Russian and Ukrainian sides. The Russians have announced that they consider the first phase of the war to be over and are concentrating the bulk of their forces in the east of Ukraine. Furthermore, after the peace talks in Istanbul, there is talk of a possible Zelenskiy – Putin meeting, which would be a step forward. The markets are watching anxiously to see whether the Russian rhetoric will translate into action and whether the fighting will indeed shift to eastern Ukraine or whether the Russians have simply used it as a distractions to buy time.

Based on the flow, there was some buying interest in the Ukrainian and Russian papers. The price of Ukrainian dollar-denominated government bonds rose by around 10% and Russian bonds also managed to rise significantly.

Central and Eastern European bonds remain under selling pressure. Investors fear inflation uncertainty and see a substantial risk that the region will face higher-than-expected consumer price increases. The forint, meanwhile, has tended to focus on the good news on the geopolitical front and after a significant gain, has dipped below the 370 level against the euro.

Stock markets

The Russian stock market has partially reopened on 24 March 2022 and the Russian equities have mostly rallied in the first week of the market’s re-opening, mainly on the back of a significant bounce on the first day compared to levels at the end of February. At the beginning of this week, the number of tradable stocks was extended from 33 to all stocks available on the local market. However, the ban on the sale of Russian shares remains in place, meaning foreign investors are still not allowed to sell shares on the Russian market. In addition, the Russian Central Bank has banned the opening of short (sell) positions. The exclusion of foreign players could therefore significantly distort the shares prices upwards. Meanwhile, the Central Bank of Russia has announced that the restriction introduced by presidential decree on 1 March 2022 will remain in place indefinitely, so that no easing of the restriction is expected at this stage.

As a result, despite the reopening of the Russian market, the market access of Aegon Hungary Investment Fund Management Co. (Investment Fund Manager) to the Russian equity markets is still not guaranteed, and therefore the sale or redemption of investment units cannot be carried out due to reasons attributable to the Investment Fund Manager.The conditions for the resumption of continuous distribution of the Aegon Russia Equity Investment Fund are still not met.

Our previous announcements about Aegon Russia Equity Investment Fund you can reach on the following link:

https://www.vigam.hu/en/news/supplemental-announcement-about-the-suspension-of-distribution-4/

We further inform our Clients that the suspension of the Aegon Russia Equity Investment Fund will not result in any change in the operation and solvency of the Investment Fund Manager.

31 March 2022.

Aegon Investment Hungary Fund Management Co.

Disclaimer:

The information contained in this communication is for informational purposes only and does not constitute an investment recommendation, offer, investment advice or solicitation. The information contained in this communication may change. Past performance is no guarantee of future performance of the investment funds. Aegon Hungary Investment Fund Management Co. is not responsible for the investment decision and its consequences made on the basis of this information.

Dear Clients, Investors,

Aegon Hungary Investment Fund Management Company Limited by Shares announces the following pursuant to the 167. § (1) j) and (2) of the Collective Investment Act.

The change in the composition of the Supervisory Board was approved by the Metropolitan Court of Registration by a preliminary approval decision of the National Bank of Hungary. With effect from 23 March 2022. Jane Philippa Louise Daniel, Hindrik Eggens, Olaf Adriaan Wilhelmus Johannes van den Heuvel were removed from the Supervisory Board, meanwhile Gerhard Lahner, Gábor Lehel and Gerald Weber were appointed as new members of the Supervisory Board. Jane Philippa Louise Daniel’s agent for service of process, Mónika Farkas and Hindrik Eggens’s agent for service of process, Enikő Holpert were deleted. Agent for service of process for Gerhard Lahner and Gerald Weber: Mónika Farkas was registered.

29 March 2022.

Aegon Hungary Investment Fund Management Co.

Dear Clients, Investors,

Aegon Hungary Investment Fund Management Company Limited by Shares (hereinafter referred to as “Company”) hereby informs its investors that the Company submitted an application – with reference to 116.§ (1) of Collective Investment Act. for the extension of the suspension of continuous distribution of the Aegon Russia Equity Investment Fund (hereinafter as “the Fund”) which suspension has been announced on 24 February 2022, with reference to 114. § (1) a) of the Collective Investment Act. The National Bank of Hungary (NBH) accepted the application in its decision No.: H-JÉ-III-20/2022., and allowed to extend the suspension of continuous distribution of the Fund until the reasons for the suspension cease to exist, but no later than 25 March 2023.

The provision of the decision is available at the following link:

Show

Reason for suspension:

After the Russian-Ukrainian military conflict started the Company has not been able to reach the necessary information to trade on the Russian markets due to the suspension of the Moscow Stock Exchange and the restrictions imposed by the Russian Central Bank, which have made it impossible to access the local equity markets for the Company.

It is not possible to determine the net asset value of the series of the Fund, as the the turnover of more than 10% of the equity capital of the investment funds has been suspended.

Based on the above mentioned decision of the NBH the Company must provide detailed information supported by documents to  the NBH on a monthly basis  confirming the reasons of the suspension, give information about any possible changes and also about the measures made in order to restart the continuous distribution. Furthermore the Company must immediately inform the NBH if the circumstances justifying the suspension have ceased to exist.

Once the reasons for the suspension are gone, the Company shall restart the continuous distribution of the Fund without any delay, and at the same time it shall inform the Investors and the NBH.

The Company informs the NBH as its Supervisory Authority, and the Distributors of the Fund about the above mentioned extension of the suspension of the distribution.

Budapest, 28 March 2022.

Aegon Hungary Investment Fund Management Company Limited by Shares

Dear Clients, Investors,

Aegon Hungary Investment Fund Management Company Limited by Shares (registered office: H-1091 Budapest, Üllői street 1., company registration number: 01-10-044261, hereinafter as: Company), in compliance with its legal obligation, hereby informs its investors about the changes in the Company’s sole member (shareholder), the Aegon Hungary Insurance Company’s (registered office: H-1091 Budapest, Üllői street 1.), Supervisory Board members: In line with the NBH decision No. 1/2022.03.23, with effect from 23.03.2022, Jane Philippa Louise Daniel, Hindrik Eggens, Olaf Adriaan Wilhelmus and Johannes van den Heuvel were removed from the Supervisory Board furthermore the NBH, with its decision No. 3/2022. 03.23 appointed the new members of the Supervisory Board: Gerhard Lahner, Gábor Lehel, Gerald Weber.

The change in the composition of the Supervisory Board is permitted by the National Bank of Hungary’s decision, dated on 23 March 2022., decision No: H-EN-III-113/2022

The Company informs its investors, that by 23 March 2022 the following internal auditors mandate has ended: Jan Vrzal, Tuan Phan, Richard Taylor and Marinus. The internal auditor of the Company is Natasa Nádasi.

25 March 2022

Aegon Hungary Investment Fund Management Co.

Dear Clients, Investors,

Hereby we would like to inform our clients about the effects of the extraordinary military conflict on the capital market and the suspension of Aegon Russia Equity Investment Fund.

The Russian invasion of Ukraine on 24 February 2022 and the consequent announcement of Western economic sanctions will have a serious impact on the regional stock and bond markets in the short term. The disconnection of a significant number of Russian banks from the international SWIFT system, the banning of Russian aircrafts from the airspace of EU member states, the USA and other countries, and the freezing of the assets of some Russian citizens are expected to cause severe damage to the local and global economy as well. The situation may change radically from day to day, which could cause significantly higher-than-usual volatility in global equity, commodity and foreign exchange markets.

The EU sanctions have completely banned trading in many Russian securities, while Russia has also imposed a ban on the sale of Russian securities to foreigners. In addition to the above, the European Union has also imposed a number of other economic sanctions, for example on oil refining, aviation, aerospace and maritime transport. These sanctions currently make it completely impossible to enter and trade on the Russian market.

Bond markets

There have been no material changes in the bond markets compared to the information provided last week as Russia continues to pay its coupon obligations on its Eurodollar bonds, and investors have also received the amounts in USD due on all corporate bonds until 23 March 2022. As of 23 March 2022, only the holders of Severstal, a steel and mining company, had not received coupon payments on its bonds. The reason for this is technical, the corresponding amounts have been initiated by the company, but the corresponding bank has not yet forwarded the amounts.

Local currency government bonds in the region remain under selling pressure. The war-induced inflation shock represents a significant revision to the inflation paths previously projected by central banks and this is significantly raising expectations for interest rate hikes. Currencies in the region are holding their correction levels after a very rapid depreciation. The forint is trading around 370 against the euro. The euro/zloty cross is hovering around the 4.7 level. On 24 March 2022 the National Bank of Hungary has further increased its one-week depo rate by 30 basispoints to 6,15%.

Stock markets

The Russian stock market has partially reopened on 24 March 2022 after a record length close of almost 1 month. Trading resumed in 33 of the 50 constituents of the MOEX index, which represents the local market, including the largest Russian companies Gazprom, Sberbank, Novatek and Rosneft. The index ended the day higher despite the fact that the introductions of major sanctions against Russia was announced only after the market suspension on 25 February 2022. The main reason for the rise is that significant restrictions remain in place despite the reopening. The most important of these restrictions is that the ban on the sale of Russian shares remains in place, meaning that foreign investors are still not allowed to sell or buy shares on the Russian market. In addition, the Russian Central Bank has banned the opening of short (sell) positions. On the demand side, the emergence of the Russian sovereign wealth fund, which plans to spend a total of 1,000 billion roubles to buy local shares; the possibility of several companies buying back shares; and the possibility of local investors on the buy side due to runaway inflation, could also provide a major boost. However, more than three quarters of the public share of the Russian market is foreign-owned, so the exclusion of foreign players – who would presumably put strong selling pressure on the market – will create significant distortions in market prices, so that the current share prices do not reflect either the real price of shares or the true value of companies.

According to some market expectations, Russia is planning to split the Moscow Stock Exchange – similar to China’s A and H shares – creating a separate market for local and foreign investors. In this case, there could be two different prices for the same share, creating a significant discount in the market available to foreigners.

As a result, despite the reopening of the Russian market, the market access of Aegon Hungary Investment Fund Management Co. (Investment Fund Manager) to the Russian equity markets is still not guaranteed, and therefore the sale or redemption of investment units cannot be carried out due to reasons attributable to the Investment Fund Manager.The conditions for the resumption of continuous distribution of the Aegon Russia Equity Investment Fund are still not met.

Our previous announcements about Aegon Russia Equity Investment Fund you can reach on the following link:

https://www.vigam.hu/en/news/supplemental-announcement-about-the-suspension-of-distribution-4/

We further inform our Clients that the suspension of the Aegon Russia Equity Investment Fund will not result in any change in the operation and solvency of the Investment Fund Manager.

24 March 2022.

Aegon Investment Hungary Fund Management Co.

Disclaimer:

The information contained in this communication is for informational purposes only and does not constitute an investment recommendation, offer, investment advice or solicitation. The information contained in this communication may change. Past performance is no guarantee of future performance of the investment funds. Aegon Hungary Investment Fund Management Co. is not responsible for the investment decision and its consequences made on the basis of this information.

VIG Group rises to number 1 in Hungary

Dear Clients, Investors,

Hereby we would like to inform our clients about the effects of the extraordinary military conflict on the capital market and the suspension of Aegon Russia Equity Investment Fund.

The Russian invasion of Ukraine on 24 February 2022 and the consequent announcement of Western economic sanctions will have a serious impact on the regional stock and bond markets in the short term. The disconnection of a significant number of Russian banks from the international SWIFT system, the banning of Russian aircrafts from the airspace of EU member states, the USA and other countries, and the freezing of the assets of some Russian citizens are expected to cause severe damage to the local and global economy as well. The situation may change radically from day to day, which could cause significantly higher-than-usual volatility in global equity, commodity and foreign exchange markets.

Bond markets

Russian and Ukrainian bonds:

We might have seen some kind of progress during the week in the resolution of the Ukrainian-Russian conflict as the demands for a peace by the Russian counterpart seems a bit dialed down compared to which we have seen at the outbreak of the war. Having said that, a final resolution still looks distant at this point, but chances to see an agreement is somewhat higher than before. The Ukrainian hard currency government bonds have approached their recovery value (the value where defaulted bonds usually trade after restructuring) on Wednesday, which means approximately 40-50% price increase compared to the levels of early last week. We have seen the same pattern for Russian government- and corporate bonds.

One addition to the somewhat upbeat sentiment around Ukrainian and Russian bonds is that both issuers have honored their liability and paid coupon and capital in USDs during the week.

Central and Eastern European bonds

Regional government bonds have performed relatively well during the week, however risks are still pointing upwards for yields. Yields move in opposite direction to prices for bonds. This means that if yields go up, prices fall and vice versa. Regional currencies have performed well too. The Hungarian forint reached 370ish levels against the euro after touching 400 before. The better sentiment around the Ukrainian-Russian conflict and the somewhat lower energy prices boosted the currencies’ performances. Another positive development was that it seems that the EU, taking the conflict into consideration, is willing to suspend the rule of law mechanism against Poland and Hungary for the time being, thus the chances improved that the two countries will receive EU payments.

Stock markets

Russian stock market:

The Moscow Stock Exchange announced on 12 March that the local stock market will be closed between March 14 and March 18. In addition, the ban of sales of securities by non-resident participants remains in force. Earlier this week, the EU announced new sanctions against Russia, including restrictions on state-owned companies and import-export restrictions. However, there has been some progress in the negotiations between the Ukrainian and Russian sides, but it is too early to talk of a major breakthrough.

Global stock markets:

For most of the past week the news of the Russia-Ukraine conflict has dominated global investment world. When it seemed that the parties would reach an agreement, markets rallied, but when it became clear that an agreement was still a long way off, markets sold-off. The impact of the war is still present in commodity markets. Although crude oil has fallen back to the $100 level it is still significantly higher than at the beginning of the year, also wheat prices are 25% higher than when the war broke out. A prolonged war increases the chances of persistent inflation, which could have a negative impact on equity markets. The US Federal Reserve raised its benchmark interest rate by 25 basis points at its March meeting, and the Fed chairman said at the press briefing that their top priority at the moment is to contain inflation. As a result, bond markets have priced in 5 more rate hikes for 2022.

CEE stock markets:

After the bad mood in stock markets due to the war, the last few trading days have seen a positive trend in regional stock indices, with all Central and Eastern European stock markets rising by around 5-6% over the past week. Accordingly, valuations have improved from previous extreme depression levels, but are still priced in at a significant discount. Regional banks have posted strong appreciation of over 10%, regardless of whether they have had indirect exposure to Russia-Ukraine. Erste and OTP, which have previously experienced a panic sell-off, have seen their shares rallied 12-15% in their own currency, but Polish banks have also risen by a similar amount. The share price of LPP, the fashion chain with the largest direct exposure, has also managed to rise by over 7%.

Our previous announcements about Aegon Russia Equity Investment Fund you can reach on the following link: https://www.vigam.hu/en/news/supplemental-announcement-about-the-suspension-of-distribution-4/

We further inform our Clients that the suspension of the Aegon Russia Equity Investment Fund will not result in any change in the operation and solvency of the Aegon Hungary Investment Fund Management Co.

March 18. 2022.

Aegon Investment Hungary Fund Management Co.

Disclaimer:

The information contained in this communication is for informational purposes only and does not constitute an investment recommendation, offer, investment advice or solicitation. The information contained in this communication may change. Past performance is no guarantee of future performance of the investment funds. Aegon Hungary Investment Fund Management Co. is not responsible for the investment decision and its consequences made on the basis of this information.

Aegon Hungary Investment Fund Management Company Limited by Shares (registered office: H-1091 Budapest, Üllői street 1., company registration number: 01-10-044261, hereinafter as: Company), in compliance with its legal obligation, with reference to §113 (1) of Collective Investment Act hereby informs its investors that the distribution, valuation and settlement of

 Aegon Investment Funds

 will be discontinued on 26 March 2022.

 First day of distribution after discontinuation: 28 March 2022. Monday

The Aegon Russia Equity Fund is under suspension at the moment of this publication, so the above mentioned discontinuation and first day of distribution are not relevant to this fund.

Our Company informs the National Bank of Hungary, as a supervisory authority, about the above-mentioned discontinuation of the distribution of the Fund.

17 March 2022.

Aegon Hungary Investment Fund Management Co.

Dear Clients, Investors,

Hereby we would like to inform our clients about the extraordinary effects of the Russian-Ukrainian military conflict on the capital market.

The Russian-Ukrainian Foreign Ministerial talks held in Istanbul on March 10, 2022, unfortunately did not bring the long-awaited relief between the parties. There is currently little chance of an immediate end to the armed conflict and the economic sanctions imposed remain in place.

In its response to Western sanctions, Russia has banned, among other things, foreign investors to place orders for securities traded on the Russian stock exchange. The Moscow Stock Exchange continues to suspend trading in all markets. The Russian stock market is still closed, but a possible market opening would not mean a change at the moment, as capital restrictions and sales bans on foreigners still in place.

The ongoing armed conflict between Russia and Ukraine has made it impossible to reach the local stock exchange, so the sale or redemption of investment units cannot be carried on due to reasons attributable to the portfolio fund manager. Unfortunately the conditions for the resumption of continuous distribution of Aegon Russia Equity Investment Fund are still not met.

Our capital market outlook published on our homepage on 9 March 2022. by Aegon Hungary Investment Fund Management Co. is available on the following link: https://www.vigam.hu/en/news/client-information-capital-market-outlook-09-03-2022/

Our previous announcements about Aegon Russia Equity Investment Fund you can reach on the following link: https://www.vigam.hu/en/news/supplemental-announcement-about-the-suspension-of-distribution-4/

We further inform our Clients that the suspension of the Aegon Russia Equity Investment Fund will not result in any change in the operation and solvency of the Aegon Hungary Investment Fund Management Co.

March 11. 2022.

Aegon Hungary Investment Fund Management Co

Disclaimer:

The information contained in this communication is for informational purposes only and does not constitute an investment recommendation, offer, investment advice or solicitation. The information contained in this communication may change. Past performance is no guarantee of future performance of the investment funds. Aegon Hungary Investment Fund Management Co is not responsible for the investment decision and its consequences made on the basis of this information.

Dear Client!

Hereby we would like to inform our clients about the effects of the extraordinary military conflict on the capital market.

The Russian invasion of Ukraine on 24 February 2022 and the consequent announcement of Western economic sanctions will have a serious impact on the regional stock and bond markets in the short term. The disconnection of a significant number of Russian banks from the international SWIFT system, the banning of Russian aircrafts from the airspace of EU member states, the USA and other countries, and the freezing of the assets of some Russian citizens are expected to cause severe damage to the local and global economy as well. The situation may change radically from day to day, which could cause significantly higher-than-usual volatility in global equity, commodity and foreign exchange markets.

Bond markets

Russian and Ukrainian bonds:

On March 6, 2022, Moody’s downgraded Russia’s long-term external debt to “Ca”. This rating was 9 levels(!) higher (better) on February 25. The credit rating agency decided to downgrade it’s rating radically due to the introduction of capital restrictions after the likely possibility that Russia would not meet its obligations. S&P maintains Russia’s long-term external debt rating at CCC, while Fitch downgrades it to C. “The C rating reflects Fitch’s view that a sovereign default is imminent´” – the credit agency said in a statement.

Contrary to earlier expectations, positive news arrived on March 7 for Russian corporate bond investors as Gazprom made a coupon payment on its bonds in U.S. dollars. This was despite the fact that Russian President Vladimir Putin issued a central decree over the weekend, stating that Russian companies would meet their obligations, but in Russian rubles. Incidentally, the Russian corporate bond market was active before the news of Gazprom’s payment

According to capital market reports, several hedge funds have shown buying interest in more liquid securities, which, have fallen significantly – like Ukrainian and Russian government securities -, losing about 50-70% of their value since early February.

Central and Eastern European bonds

Hungarian, Polish and Czech assets in the region, including foreign currency and government securities, have been under severe selling pressure in recent days. Due to the proximity of the war and the significant deterioration of the economic outlook, the region’s currencies have fallen significantly. The Hungarian Forint fell close to the 400 level against the Euro, but the Polish Zloty also weakened to an unprecedented level. Compared to the exchange rates at the beginning of the week, the exchange rates of the regional currencies have slightly strengthened to the news of a possible Russian-Ukrainian rapprochement. Whether the Hungarian Forint can return to its former trading range (350-370 against the Euro) depends largely on the further course of the military conflict and the reaction of the National Bank of Hungary (NBH). The NBH has not yet decided to take a sharp, decisive step, but this does not rule out the possibility of it in the future or even an extended cycle of interest rate hikes.

Rising oil, natural gas and other commodity prices are pushing market participants to raise their inflation prospects and interest rates again. There was a significant jump in the Hungarian market, which increased the yield on Hungarian government securities denominated in Hungarian Forint. In the case of bonds, yield and exchange rate movements are opposite, so higher yields mean lower exchange rates for investors. At present, it is still difficult to say when the cycles of interest rate hikes in the region may end, but yields have already risen significantly compared to previous years.

Stock markets

Russian stock market:

In their response to Western sanctions, the Russians banned foreign investors from launching buy or sell orders for securities traded on the Russian stock exchange, a decision which unfortunately also affects investors from the EU.

The Moscow Stock Exchange has suspended trading in all markets until further notice. The Russian stock market is still closed, however, a possible market opening would not mean a change at the moment, capital restrictions and sales bans on foreigners still exist.

Aegon AM CEE’s access to the Russian stock market is impossible. The conditions for the resumption of continuous distribution in the case of the Aegon Russia Equity Investment Fund are unfortunately still not met.

Global stock markets:

In the last days of February 2022, mainly Russian as well as Russian-exposed assets fell, but last week the sell-off spread to all major stock markets around the world. As a result of the escalating war and sanctions against Russia, the prices of most raw materials have risen sharply, with crude oil by 30%, wheat by 50% and European natural gas up 80% in just two weeks. This has further reinforced fears of stagflation, that is, the chance that the world will face persistently high inflation and, at the same time, slowing growth. The tightening of central banks and the impact of high inflation on consumption could lead to a severe slowdown in global growth. In recent weeks, therefore, analysts have revised their GDP growth expectations lower for this year, and inflation expectations significantly higher. Although this environment is not conducive to equity markets, stock markets have fallen much more than expected during the current correction, leading to markedly low pricing levels in many markets.

CEE stock markets:

The low pricing level is particularly true in the European and Central European equity markets, where in addition to the deteriorating macro environment, a significant geopolitical risk premium has also been priced in. As a result, the pricing of a very large number of companies has fallen to multi-year lows, indicating that much of the negative effects of the deteriorating outlook have already been priced in.

The war in Ukraine is entering in its third week, and the ceasefire talks have not yielded much so far. The Ukrainian and Russian foreign ministers will meet in Turkey this week, and although no serious progress is expected from the meeting, positions have converged somewhat. The USA and UK also imposed an embargo on Russian oil this week, but the EU did not join this sanction, as 34% of EU oil imports and 45% of its gas imports come from Russia.

Our announcements about the Aegon Russia Equity Fund can be found on our website at the following link:

https://www.vigam.hu/en/news/supplemental-announcement-about-the-suspension-of-distribution-4/

We further inform our Clients that the suspension of the Aegon Russia Equity Investment Fund will not result in any change in the operation and solvency of the Aegon Asset Management CEE.

March 9 2022

Aegon Asset Management CEE

Disclaimer:

The information contained in this communication is for informational purposes only and does not constitute an investment recommendation, offer, investment advice or solicitation. The information contained in this communication may change. Past performance is no guarantee of future performance of the investment funds. Aegon Asset management CEE is not responsible for the investment decision and its consequences made on the basis of this information.

Dear Clients, Investors,

Aegon Hungary Fund Management Company Limited by Shares (registered office: H-1091 Budapest, Üllői street 1., company registration number: 01-10-044261, hereinafter as: Company), hereby informs its Investors that, pursuant to Section 114 (1/a) of the Kbftv., that the continuous distribution of Aegon Russia Equity Investment Fund – announced on 24 February 2022. – remains suspended in order to protect the interests of investors.

Reason for suspension:

The ongoing armed conflict between Russia and Ukraine has made it impossible to reach the local stock exchange.

It is not possible to determine the net asset value of the series of investment funds concerned, as the turnover of more than 10% of the equity capital of the investment funds has been suspended.

We will immediately inform our Investors on our website about the first distribution day of the continuous distribution.

Our Company will inform the Hungarian National Bank as the supervisory body of the suspension of continuous trading.

4^th March 2022.

Aegon Hungary Fund Management Co.

Dear Clients, Investors,

Aegon Hungary Fund Management Company Limited by Shares (registered office: H-1091 Budapest, Üllői street 1., company registration number: 01-10-044261, hereinafter as: Company), hereby informs its Investors that, pursuant to the Management Board decision (No.: 4/2022) from 2 March 2022, until withdrawal, the Net Asset Value calculation of the Aegon Russia Equtiy Investment Fund will set the asset management fee, success fee and the main distributor fee for each series at 0%. As of the above date, the Fund Manager will not charge these costs in the net asset value calculation.

Our Company will inform the Hungarian National Bank as the supervisory body about the modification

3^rd March 2022.

Aegon Hungary Fund Management Co.