DON SHEPARD
CHAIRMAN OF THE
EXECUTIVE BOARD


What do you see as the opportunities for AEGON in today's market?
The business of life insurance and providing asset accumulation products continues to be a great business given the increasing trend of governments to shift responsibility for financial protection to the private sector. These days, people are living longer and this is a trend that is expected to continue. As a result, the products and services we offer will have greater appeal and demand. There will also be a need for an even broader range of products to ensure that customers have the resources they require over time, including pre- and post-retirement asset accumulation products, as well as a wider array of wealth preservation products. There is an unprecedented amount of retirement savings moving into the payout phase and life insurers are particularly well equipped to offer disinvestment products that address the specific needs involved. The opportunity is great when considering the needs of the post-World War II (‘baby boomers’) generation. As I indicated in my Chairman’s Letter, this segment represents the greatest asset-accumulation population in history. Together with the opportunities in the middle-income market, where there remains a largely unaddressed need for more adequate retirement and life insurance provisions, the long-term growth prospects are very favorable. In order for AEGON to claim a portion of this significant potential, we must remain focused on our core lines of business. At the same time, our business units need to be agile in identifying and developing products that are responsive to the need and also adaptable to changing circumstances, and I might add, clear and easy to understand by our customers.

What distinguishes AEGON among its peers?
In any discussion of competitive advantage, I believe you have to begin with the people who are the backbone of the company, those responsible for selling, managing, servicing and distributing AEGON’s products. This is what ultimately distinguishes AEGON. The decentralized operating model that is so much a part of AEGON’s culture is a real advantage in terms of making sure that we stay close to the local situations where we conduct our business, and even more importantly, close to our customers. Whether in Cedar Rapids, Iowa, The Hague, Edinburgh, Madrid, Budapest or Taipei, AEGON is committed to being responsive to the evolving needs of our customers and adaptable to the economic and market circumstances where we operate. A key to AEGON’s success is its broad-based, multi-distribution channel. In many cases, the distribution partnerships that we rely on have been in place for twenty years or more. It’s impossible to overstate the importance of these relationships as we face new challenges, develop new products and look for the most efficient, cost-effective way to get them into the market.

Finally, I believe AEGON is distinguished for its clear and consistent focus on what we know and do best — life insurance, pensions, and associated asset accumulation products. During a time of change and economic volatility on a global scale, a company must be disciplined and not allow itself to be distracted from its area of expertise. At AEGON, we believe we have maintained our focus and are well-positioned to pursue our ongoing strategy of profitable and sustainable growth in our major and developing markets.

What is your assessment of the current regulatory environment for the insurance industry?
Clearly, insurance is one of the more regulated sectors of the financial services industry. This is not necessarily a bad thing. At AEGON, we believe that the insurance industry should be completely transparent in its business practices. The regulatory environment for our business is intense and the related costs to ensure compliance are high — both monetarily and in terms of management’s time and resources. Inasmuch as management is diligent in pursuing the highest standards of good corporate governance and sound business practices, there will hopefully be less cause for extreme measures on the part of authorities. To that end, our industry must be proactive in engaging the many constituencies that have an interest and in some way affect our business — regulators, analysts, investors, advisors, the media and of course, our customers. The industry and regulators can better work together to eliminate redundancies that only add costs and restrict the affordability and timeliness of services and products for our customers. Indeed, there is a great deal at stake.

However, both the regulators and industry managers share the common goal of protecting the assets and trust of our customers and shareholders. Simply put, we are in the business of making promises — for ten, 20, 30 years or more. Ultimately, we have to do everything we can to ensure that we are there to fulfill those promises whenever the time comes.

What is AEGON’s approach to ensuring professional growth of its employees and cultivating the next generation of leaders?
One of AEGON’s consistent strengths has been and continues to be its ability to attract quality individuals who bring a wide range of talents, interests and abilities to their work. It is particularly beneficial that so many who have come to AEGON stay for such a considerable length of time. This is extremely valuable in building trusted relationships with our many partners, and ensuring consistency in how we run our businesses and build on the experiences that have brought us to where we are today. As for cultivating leaders and leadership qualities at all levels, it’s important to keep in mind that whether an individual has been with the company one year, five years, ten years or more, the key to personal and professional advancement is the desire and willingness to learn and engage with others. Ultimately, it is incumbent on managers to recognize that desire and to foster the right opportunities for ongoing professional growth.

I’m pleased to say that AEGON has a very innovative and successful management development program. AEGON University was established in 1993 and brings together 30 to 40 junior managers from across the AEGON network who demonstrate potential and strong commitment to the future of the company. My colleague on the Executive Board, Johan van der Werf, is principally responsible for overseeing AEGON University and developing the curriculum. This is a three-week intensive program that spans two years and includes team building and relationship building in a wide variety of learning and development forums. Two of the weeks are spent in the U.S. and one week is spent in the Netherlands. In the US, we have the AEGON Leadership Academy — a week-long intensive program — which likewise brings together a diverse group of professionals from a variety of business and country units to share ideas, best practices and to form relationships to benefit their specific area of work. Inevitably it is the company as a whole that ultimately benefits from this type of candid and quality exchange. We’re very proud of those who have graduated from AEGON University and AEGON Leadership Academy and it’s particularly gratifying to see how so many of them have emerged as leaders and maintained the strong relationships that were forged in these programs.

JOS STREPPEL
CFO AND MEMBER OF THE
EXECUTIVE BOARD

What is AEGON's view  on the recent corporate governance developments in the Netherlands?
On January 1, 2004, a new and enhanced era of corporate governance came into effect in the Netherlands with the enactment of the Dutch Corporate Governance Code. AEGON Board members have been actively involved in all phases of development of corporate governance in the Netherlands. As an active participant in the extensive discussions surrounding the preparation and publication of the code, AEGON welcomes this very important improvement in corporate governance that will benefit the entire Dutch business community. With the code in place, Dutch corporate governance has improved to a level that is comparable to international best practices. The goals of the code, however, can only be achieved if shareholders actively use the enhanced power allowed for by the new code and increase their participation in General Meetings. AEGON, as an institutional investor, will play a more active role and we further expect our own shareholders to do the same. AEGON is a member of the Stichting Communicatiekanaal Aandeelhouders, a Dutch foundation aimed at enhancing communication with and the participation of shareholders at General Meetings. AEGON welcomes the possibility of proxy voting and, for the first time, shareholders will be able to vote electronically even if they are not present at the upcoming shareholders’ meeting.

Will reporting under International Financial Reporting Standards have a big impact on AEGON?
The 2004 financial year was the last period in which AEGON reported under Dutch Accounting Principles (DAP). From 2005 onwards, AEGON and all exchange-listed companies in the European Union will report under International Financial Reporting Standards (IFRS). Thanks to all the hard work from our people across the company, the organization is fully up to speed and prepared for the transition to IFRS reporting. I believe the transition to IFRS is an important step towards enhancing international comparability and transparency of accounts, a trend that AEGON strongly supports. At least in the initial phase, the transition to these new accounting standards will result in some complications; for instance, we can expect to see a level of volatility in AEGON’s financial statements that is purely accounting-driven. This is caused primarily by an inconsistency between the way assets are valued on the one hand and liabilities considered on the other. We expect this issue to be addressed under phase two of IFRS. It is our intention to disclose comparative IFRS 2004 figures on April 14, 2005 for both the full year and on a quarterly basis. Reconciliations from DAP to IFRS will also be disclosed. This will be well ahead of the publication of our first quarter 2005 results, which will be reported according to IFRS and are due on May 11, 2005.

Although the transition to IFRS is a very important process with far reaching consequences, it does not change the fundamental economic realities of AEGON’s business or the way we manage the business. The main impact of the transition is the timing of the recognition of earnings, rather than a change in the underlying economic value of the business. Furthermore, AEGON’s capital position should not look materially different under IFRS and we expect rating agencies to look through the reported financial statements in order to focus on the underlying reality and economic substance of companies. At the same time, IFRS has no direct bearing on the cash flow generated from the business and will not change our dividend paying ability or dividend policy.

During this period of transition, AEGON’s value must be demonstrated by other indicators, such as operating earnings, the value of new business and embedded value. With regards to the latter, I have been an active participant in the Chief Financial Officers (CFO) Forum, which has developed the European Embedded Value Principles, aimed at achieving greater performance comparability between companies.

Can the company afford to pay an attractive dividend and at the same time support further growth of the business?
AEGON aims to pay its shareholders a stable and adequate dividend that is supported by the company’s cash flows and capital position. In 2004, we saw an ongoing improvement of AEGON’s cash flows and capital position. The 5% increase in the dividend for 2004 that the board has proposed is a further indication of AEGON’s capital strength, as well as of our continued confidence in the business. AEGON’s strong capital position and cash flow allow the company to fund ample opportunities for organic growth.

Have there been any major changes in the strength of the AEGON’s capital base?
AEGON continues to enjoy very strong capital adequacy ratings in all the local country units, while the group capital position remains solid. In view of the weakness of the US dollar versus the euro over the past year, it is important to note that currency movements do not impact the solvency positions of the various country units, as they hold both their assets and liabilities in their respective local currencies. Translation effects do impact the absolute amount of total shareholders’ equity in euros on a group level, but changes in currency rates do not affect leverage ratios as capital leverage debt is held in various currencies on a pro-rata basis relative to the invested capital. In 2004, AEGON further strengthened the quality of its capital base by replacing maturing senior debt with EUR 950 million and USD 500 million of Junior Perpetual Capital Securities.



ALEX WYNAENDTS
MEMBER OF THE EXECUTIVE BOARD

How important is multi-channel distribution in AEGON’s strategy?
Multi-channel distribution has always been an integral part of AEGON’s growth strategy. AEGON strives to have a good mix between captive channels and third party distribution, such as brokers and financial institutions. In 2004, we took some important steps to further enhance our distribution reach. In Spain, for instance, the joint-venture with Caja de Ahorros del Mediterráneo became operational in June and has been off to a very promising start. We are exploring opportunities to strike similar arrangements in other parts of the country. In China, we signed a national cooperation agreement with the Agricultural Bank of China, strengthening AEGON-CNOOC’s multi-channel distribution strategy, which includes bank distribution, agent distribution and direct marketing. Furthermore, AEGON has developed into one of the premier international direct insurance marketing organizations, transferring the expertise developed by AEGON Direct Marketing Services in the United States to many other countries such as Korea, Taiwan, and Australia, to name a few. We made the decision in the UK to bring together five leading Independent Financial Advisor (IFA) businesses to form one company, called Origen. This move enables us to have a balanced distribution mix between captive and independent channels in the rapidly changing distribution landscape.

What are AEGON’s expectations for further growth in other parts of Europe?
We believe that developments in the European life and pensions market could potentially unlock a vast growth opportunity, albeit not necessarily in the immediate future. Government programs for retirement in many European countries are becoming increasingly expensive as populations age and dependency ratios increase. Many current programs are unsustainable in the long run. Many governments face this reality and they are increasingly showing political courage in starting to implement reforms. In any case, it is clear that European citizens will be required to make a larger contribution to their own retirement provisions. This trend creates an opportunity for the private sector in most European countries. The question remains whether governments will allow the private sector to address this opportunity in a profitable way, or if excess regulation will make it unattractive for the private sector. In the long-term, we expect governments to realize that the only way to successfully solve the persistent retirement/pension issues is to ensure the active participation of the private sector. With its strong experience in pensions business in the Netherlands and the United Kingdom, AEGON has a wealth of expertise that it can leverage in other parts of Europe. The joint-venture for European pensions with the French mutual company, La Mondiale, is a prime example of our ability to enter new markets and add value with the right business partners. Given AEGON’s global expertise in providing a wide range of life, pensions and associated asset accumulation products through a multi-channel distribution network, the company is well positioned to capture the long-term opportunity in Europe.

How is AEGON leveraging the successful platform in Hungary into other CEE countries?
In May of 2004, the European Union’s most significant enlargement ever — in terms of scope and diversity — became a reality with the incorporation of ten new countries into the Union. Together, they represent more than 100 million citizens. AEGON has had an important presence in Central and Eastern Europe since 1992, when AEGON entered the Hungarian market. Over the years, AEGON Hungary has been successfully transformed into an efficient, market focused business. The good position of AEGON Hungary with its strong local management serves as a platform for cost efficient expansion into other countries in the region. An example of this is the experience in Slovakia. Benefiting from the proximity to AEGON Hungary, AEGON Slovakia became operational in September 2003, using the systems and support of the Hungarian business to pursue a multi-channel distribution strategy. In November 2004, a Slovakian pension fund management company was launched. Following the successful start in Slovakia, the Czech Republic was identified as the next country for expansion and the business there will become operational in the early part of 2005.

What is AEGON’s strategy to seize growth opportunities in Asia?
AEGON continues to pursue a focused growth strategy in Asia, directed at markets that combine solid growth potential with sufficient market size in a stable political environment. AEGON is currently active in Taiwan and, through its joint-venture with CNOOC, in China with fully fledged insurance operations. India and Japan have been identified as other potential target markets. In line with AEGON’s decentralized operating model, it continues to be our belief that to be successful, it is crucial to have strong local management in place with the ability to transfer and adapt the group’s expertise to local circumstances. One of the reasons for our success is that we have been able to not only attract the right senior executives, that fit into the AEGON corporate culture, but talented operational management as well. Also in line with the group’s fundamental business strategy, AEGON does not indiscriminately chase volume growth in its Asian operations, but is committed to growing the top line while maintaining the focus on profitability.

JOHAN VAN DER WERF
MEMBER OF THE
EXECUTIVE BOARD AND
CEO AEGON THE NETHERLANDS

How would you characterize the opportunities for AEGON The Netherlands?
AEGON The Netherlands operates in a very competitive but also very dynamic market. This market is far from saturated, however, due to such prevailing factors as a government that is retreating from long-term protection schemes and an aging population. Furthermore, several new legislative steps are creating opportunities for private insurers to actively operate in areas that have been traditionally reserved for the public domain.

For example, new laws soon to take effect have created significant opportunities in the disability market. Thanks to our demonstrated success in reintroducing people to the labor process more quickly and efficiently, we can play an important role in this new environment. Also, the introduction of the so called ‘levensloop’ or lifecycle scheme is aimed at providing new savings plans to individuals who would like to retire early or take a sabbatical. Then, of course, there continues to be a strong demand for creative solutions in the pensions market, since the majority of the Dutch population does not have adequate provisions for retirement.

AEGON The Netherlands is maximizing the opportunities created by these new developments with new, innovative products, concepts and propositions to address the various needs of increasingly discerning clients, with a wider array of needs. Our main focus continues to be on providing pensions, life insurance and disability coverage. However, general insurance, banking and investment products also pose significant opportunity. We believe that by ensuring a disciplined and transparent execution of our strategy, AEGON The Netherlands will be well-positioned to seize the opportunities of a changing market and ensure long-term and healthy growth.

How has AEGON The Netherlands changed its focus to respond to changes in the market?
By proactively working with our clients and offering them suitable solutions and information in each stage of their lives, we are investing in long-term loyalty and are offering (financial) security. Research shows that at a time when confidence in government policies, politics and the economy is decreasing, there is a particularly strong interest in and need for alternative financial solutions. AEGON The Netherlands has positioned itself as an engaged and solid insurer.

Transitioning from a product-based organization to a relationship and customer-focused organization, AEGON The Netherlands began an extensive restructuring effort in 2003. Largely completed in 2004, the new structure signifies a fundamental change in the way AEGON The Netherlands reaches and serves its customers. The process has involved replacing independent business units with service centers and marketing and sales units that operate jointly and in cooperation. A number of efficiencies have been realized, including the reduction of locations from six to four, the reassignment of 300 employees to new locations and a reduction of 244 in the number of back-office employees through natural attrition.

AEGON The Netherlands has been transformed to one compact, innovative and accessible organization, in which the selling power of the marketing and sales units can be better utilized. Furthermore, by enhancing the technology of our service centers, AEGON The Netherlands can be even more responsive to the needs of its customers and the changes in the market.

What is AEGON doing to ensure responsible corporate behavior?
More than ever, consumers are keenly attuned to how companies perform as corporate citizens and define the terms for sound corporate ethics. AEGON recognized corporate responsibility and reliability at an early stage as an integral part of doing business in today’s world. These concepts have been integrated throughout the organization worldwide and serve as guiding principles in our daily operations. Respect, quality, transparency and trust have been identified as intrinsic values of AEGON which will continue to support our mission of creating better futures for all our stakeholders.

In September 2004, AEGON published the first Corporate Responsibility annual report, which served to identify the activities undertaken to ensure sound corporate responsibility principles, as well as the particular strengths and weaknesses of AEGON in this regard. During the reporting year, AEGON maintained its position in the most important social indices, the Dow Jones Sustainability Index and the FTSE4Good.


PAT BAIRD
PRESIDENT AND CEO
AEGON AMERICAS

What is AEGON Americas doing to seize growth opportunities?
AEGON Americas’ extensive mix of products and distribution allows it to meet a broad range of customer needs through various channels. We have many opportunities for growth, with various initiatives under way and on the drawing board. What is exciting is that several of these opportunities involve simply capitalizing on our current mix of businesses and customer base.

The middle-income life insurance market, a key market for our company, has tremendous potential. According to industry research, over one-third of all US households have no life insurance and more than half with incomes of USD 35,000 or less say they need more. This under-served market segment has good persistency and meets our risk and profitability requirements. Not only do we have the right products in place, we believe that with our agency, direct-to-consumer and worksite marketing channels, we have the expertise and resources to capture a bigger share of this segment.

We are also focused on helping clients retain more assets at the point of retirement. By 2010, it is estimated that ‘baby boomers’ and others will begin rolling over more than USD 400 billion annually in pension assets. We have hundreds of thousands of retirement plan participants and see an opportunity here to provide our high-quality products and services through our well-diversified distribution channels.

Reinsurance is another opportunity for excellent growth and attractive returns. Recently there has been a strain on life reinsurance capacity as reinsurance providers have exited the market or been acquired. At the same time, the need for reinsurance capacity remains stronger than ever. With more favorable pricing and fewer players today — particularly those with the full range of capabilities our company possesses — the outlook for growth is promising.

We are also looking at leveraging and growing our existing forms of distribution as well as carefully expanding our businesses into new countries when and where it makes sense. Finally, we will continue to look at selective acquisition opportunities that meet our pricing and risk tolerance disciplines and will complement the growth of our core businesses.

How are you expanding your distribution franchise?
Our franchises are strong and growing. A broad, well-diversified distribution network remains a core advantage, and we continue to introduce more products and services through these channels. It is rare that we have a single product franchise with any one distributor. Rather, we have broad financial services relationships encompassing a number of product lines. The solid growth of traditional life sales and small 401(k) retirement plans sold through our bank partners is an example and reflects our commitment to expanding these relationships.

What is your approach to managing in today’s financial market?
We focus on growing product sales and profitability within acceptable levels of risk. In the interest rate and equity risk business, it is important to look at potential losses in relation to plausible correction scenarios. For example, we remain sensitive to the risks involved in writing large amounts of fixed annuity business when interest rates are at historically low levels. Simply put, when current crediting rates are at or near the minimum guarantee in the contract, the risk of not meeting our long-term profitability targets increases. In order to manage sales levels to meet our risk tolerance, we made the decision to reduce the minimum guarantees to 1.5% in most states and, in some instances, we decided to reduce commissions. While this was a difficult short-term decision, a disciplined approach to managing our risk is important for our long-term profitability and stability. Notwithstanding, we do continue to sell a certain level of fixed annuities as well as an array of other products to remain active in the market and within each distribution channel.

How do you view your businesses and markets?
We view most of our businesses as growth opportunities. But regardless of whether it is considered a growth, mature or changing market, there are a number of ways we can achieve our desired hurdle rates in each business.

Essentially, if the business is growth-oriented, we focus on adding distribution, developing innovative products, expanding overseas where possible, and pursuing new initiatives. If a business is more mature, we have to manage it somewhat differently. We need to find growth areas within the mature market, such as a specific geographic niche or a new distribution arrangement. Regardless, all our businesses must always be vigilant with expenses.

If a particular business is truly part of a mature market, and you are one of the large players within that market, there are likely to be consolidation opportunities as those unable to achieve scale exit. Our management team has the tools, experience and commitment to grow earnings at sustainable risk profiles, whether their respective businesses are in growth or mature markets.

We are excited about the many opportunities ahead of us. We’re working together to take advantage of our diverse organizational structure, which, I feel, positions us well to deliver growth and expected returns.

DAVID HENDERSON
GROUP CHIEF EXECUTIVE
AEGON UK

This will be my last contribution to this publication as I will retire in April after having served for eight years as Chief Executive of AEGON UK and more than 33 years in the organization. When AEGON acquired Scottish Equitable in 1994, it did so with the belief that the market in the United Kingdom offered substantial long-term growth potential and that Scottish Equitable was well positioned to take advantage of that opportunity. Following a difficult period at the start of this decade, UK financial services is again an attractive industry to be in and AEGON UK (including Scottish Equitable) has strengthened its position in the market under AEGON ownership.

What are the challenges and opportunities in the current environment for the insurance industry in the United Kingdom?
The industry’s reputation has suffered as a result of several high profile issues, which have adversely impacted consumers’ confidence. As a result, it is the industry’s priority to win back consumer confidence. Toward this end, AEGON UK, along with its peers, has worked to develop and implement a broad range of initiatives to restore public trust and confidence in the insurance industry. The creation of the Financial Services Authority’s ‘Treating Customers Fairly’, is but one example supported by all major insurance providers. This code of conduct aims to ensure that customers are treated fairly in accordance with the spirit as well as the letter of the law. With the active participation of senior management, AEGON will continue to play a significant role in reclaiming consumer confidence and ensuring sound business practices for the benefit of all our stakeholders. We are confident that this work represents a new era of due diligence and corporate responsibility on a broad scale. 
Developments such as the Pension Commission’s Turner Report, which was published in October 2004 and widely covered in the mainstream media, indicate that both the UK Government and consumers in general are becoming much more aware of the need for individuals to make adequate provisions for their retirement. There is also a far greater appreciation of the vital role of the long-term savings and investment industry in helping individuals meet their retirement needs. There is no doubt in my mind that the market for long-term savings products in the UK will increase significantly over the medium term.
 The introduction of price capping, through the stakeholder pension, has posed a serious challenge. The prevailing issue for insurance companies is how to adequately make the necessary return on capital commensurate with the risk involved in supplying products which take many years to produce a cash pay back. The industry in general, and AEGON UK in particular, has embraced technology solutions and delivered operating efficiencies to assist in this process. In this context, the recent relaxation of price caps is a welcome development.
 While we expect the UK market to remain extremely competitive over the next few years, we also expect it to present ample opportunities for steady growth this year. The number of active scale players in the UK market has declined significantly and we believe that AEGON UK is very well placed to broaden its foothold in the UK long-term savings market.

How is AEGON UK responding to changes brought about through depolarization?
These positive developments are all occurring in the context of the end of the polarization regime in the UK. This long-standing system effectively required financial advisor firms to either be tied to a single provider or be independent, offering advice on every available product across the whole market. Since  December 1, 2004, new rules have allowed businesses to establish relationships with more than one provider. We remain convinced that independent advisors offer the best customer proposition for many key market sectors, but we also see significant opportunities for the AEGON UK group in businesses moving to a multi-tie model. These opportunities arise in the sectors of the IFA market which may be considering a multi-tie proposition for areas of its business and, more significantly, in the previously tied sector which now has the opportunity to distribute better value products from a range of providers.
 AEGON UK anticipated many of the opportunities that would result under depolarization and in many cases was the first to take advantage of the new system. For example, Scottish Equitable became the first provider to secure a multi-tie deal, an arrangement in which it will be the sole pensions provider to Zurich Financial Services’ new distribution firm. In addition, AEGON UK has cemented its existing distribution arrangement for pension products with St James’s Place by extending the range of products offered via their network of 1,100 advisors. We will continue to pursue other opportunities that depolarization will inevitably bring about.

What are the advantages of consolidation in distribution for AEGON UK? 
The availability of quality and thorough advice throughout the sale process is a critical requirement for ensuring transparency in our products and sound business practices. This will continue to be a consistent requirement of AEGON UK’s strategy with respect to its provider and distribution businesses.
 We believe that a number of factors, including reduction in commissions and significantly higher regulatory and professional indemnity costs, will further drive consolidation in the very fragmented distribution market. This will allow scale distributors to benefit from increased efficiency and deliver stronger customer propositions. The investments made by AEGON UK are in distribution businesses, which can be at the forefront of this consolidation. We believe that this area of our business will be a significant source of future income for AEGON UK.

New leadership
Finally, I would like to introduce AEGON UK’s next Chief Executive, Otto Thoresen. He is AEGON UK’s current Finance Director and a long-term member of the AEGON UK Executive Board. When Otto takes up the role on April 1, Mark Laidlaw will become Chief Financial Officer. I have every confidence that Otto will build AEGON UK into an even more formidable force in the UK market and wish him and Mark great success in their new roles.