6m results 2010

Half Year 2010 Results 25 August 2010

• CEO update

• Financials

• Conclusion

AGENDA

25 August 2010 | 2Half Year 2010 Results

Robust inflow levels

Resilient results Insurance operations

Positive Group net result

Solid and further de-risked balance sheet

Continued execution strategic plan

Key highlights

10/03/2010 I page 2


Highlights first half 2010

Simplification legal structure through liquidation Fortis Brussels Announced sale Pension and Life activities in Turkey Acquisition Kwik-Fit Insurance Services in UK

On going execution strategic plan

Shareholder’s equity at EUR 9.2 bn or EUR 3.70 per share Capital position remains strong at 226% Capital buffer of EUR 6.0 bn above minimum required capital Southern European sovereign exposure more than halved; EUR 8.9 bn divested in H1 10

Solid & further de-risked balance sheet

Group net profit : EUR 455 mio (vs. H1 09 EUR 896 million) General Account : EUR 275 mio; Continued volatility H1 10 : Positive tax impacts more than offset lower valuation call option and higher RPN(I);

Valuation call option positively impacted by decision to move to a gradual exercise strategy H1 09 : Including EUR 697 mio positive impact of sale 25% AG Insurance to Fortis Bank

Positive Group net result

Insurance net profit : EUR 180 mio (vs. H1 09 EUR 260 mio*); Life : EUR 178 mio; Strong contribution driven by Asia & Belgium Non-Life : EUR -6 mio; Weak operational performance in Belgium & UK Other : EUR 8 mio; Steady growing UK retail operations

Resilient financial performance Insurance despite market conditions

Total inflow : EUR 9.6 bn, +22% Inflow Asia at EUR 3.4 bn, +59%; growth in all countries but especially in China Steady growth in Life, +23% & Non-Life, +18% Inflow consolidated operations at EUR 6.4 bn, +8%

Robust inflow levels

* Net Insurance result H1 09 restated from EUR 228 mio to EUR 260 mio as a result of the new segment structure and the impact of the changed Chinese Accounting Standards


Continued strong commercial performance

BelgiumLifeNon-Life

United Kingdom*Life*Non-Life

Continental EuropeLifeNon-Life

Asia** LifeNon-Life

Total LifeNon-Life

Of which non-consolidated partnershipsLifeNon-Life

H1 09

3.52.70.8

0.5-

0.5

1.81.60.1

2.11.90.2

7.96.31.6

2.01.80.2

H1 10

3.52.70.8

0.5-

0.5

2.22.00.2

3.43.10.3

9.67.71.9

3.22.90.3

Total gross inflow (EUR bn)

Q2 09

1.71.30.4

0.2-

0.2

0.80.70.1

1.00.90.1

3.72.90.8

0.90.80.1

Q2 10

1.71.30.4

0.3-

0.3

1.11.00.1

1.61.40.2

4.63.70.9

1.51.30.2

* UK Life inflow H1 10 at EUR 11 million/ Retail distribution not reported at inflow level/ ** All entities at 100%

Q1 10

1.81.30.5

0.3-

0.3

1.11.00.1

1.81.70.1

5.04.01.0

1.71.60.1

%

(1%)(3%)

5%

22%-

20%

24%20%79%

59%**

22%23%18%

63%67%26%


Steady inflow growth in all segments, Asia excellingEmbedded value Asian partnerships further up

Asia : +59%, all countries contributing to growth China : +72% thanks to continued expansion

distribution and product innovation

Malaysia, Thailand : Largest and respectively 2nd

largest foreign investor in Life

Hong Kong : +7%; New business up 12%

India: Growth supported by strong brands banking partners

Belgium : solid market position Stable inflow levels with Life slightly down offset by

increase in Non-Life

UK : +22%, thanks to continued flow of new partnerships Acquisition KFIS to increase contribution retail activities

New commercial partnerships, e.g. Tesco, American Express will further strengthen Non-Life

Life Protection, products available across entire IFA market

Continental Europe : +24% Recovery Luxembourg & France confirmed

Italian operations included since Q1 10

Portugal down 8% on H1 09

10/03/2010 I page 5

11%22% 26%

35%

52%43%

43%36%

30% 28% 25% 23%

7% 7% 6% 6%

2005 2008 2009 H1 2010

Asia Belgium Continental Europe UK

13.6

4.6

8.5

FY 06 FY 08 FY 09

Ageas’s inflow evolution 05 – H1 10

Embedded Value Taiping (TPIH) - China*

* Embedded value at 100%; Taiping under local methodology; HKD/EUR 0.104658 at 30 June 2010

In HKD bn


Various views on Ageas by segment

Inflow breakdown by segmentGross inflow H1 10 = EUR 9.6 bn*

Result breakdown by segment (excl. General Account)Net result H1 10 = EUR 180 mio

Equity Breakdown by segment (incl. General Account)Total shareholders’ equity H1 10 = EUR 9.2 bn

Asia 35%

Belgium 36%ContinentalEurope 23%

Belgium 33%

GeneralAccount 32%

ContinentalEurope 11%

Asia17%

* Including non-consolidated joint ventures at 100%

United Kingdom 6%

Asia 37%

Belgium 49%ContinentalEurope 9%

United Kingdom 5%

UK 7%


Belgium, combined ratio up due to adverse weather conditionsImpact corrective measures visible in 2nd quarter

Expense ratioClaims ratio

61.6 63.6 64.9 66.4 68.6 70.5 76.664.4

36.137.4 36.7 35.9 36.8 37.0 36.637.0

06 07 08 09 H1 09 H1 10 Q1 10 Q2 10

99.0% 100.3% 100.8% 103.1% 105.6% 107.1%100.5%

Non-Life marked by weak operating performance Extreme winter ‘10 conditions and storm Xynthia

Unfavourable development of current year claims in Motor

Weak prior & current year claims development in Workmen’s Compensation

Corrective set of measures taken since H1 09 Motor : tariff increases of 3.5% in 09 – 4.5% in 10

Fire : 50% tariff increase Natural Disaster cover (+3.5% impact on Fire portfolio; Additional increases planned of 4-5% on top of ABEX indexation in Retail Fire on new & existing contracts

Additional measures both in Motor & Fire (ex.reviewed product features

Improved combined ratio observed in 2nd quarter Positive seasonal influence and first positive results

management actions, except in Workmen’s Compensation

Combined ratio H1 10 excluding WC at 103.1% compared to 105.5% in H1 09; Q2 10 combined ratio excluding WC at 95.7%

PY loss ratio at-4.6% (vs. -6.6% in H1 09)

Combined ratio FY 06 - H1 10 AG Insurance

113.6%


73.080.076.476.080.473.179.770.2

29.930.230.128.3

27.728.8

27.728.2

06 07 08 09 H1 09 H1 10 Q1 10 Q2 10

Other Non-Life, mixed views across the countriesUK, impact adverse weather conditions in Q1, better performance in Q2

Expense ratioClaims ratio

Non-Life marked by difficult first quarter and a better 2nd quarter UK : Industry-wide poor performance in Motor overall, but

strong performance in Q2

Portugal : strong performance with H1 10 combined ratio at 93.0%, despite Madeira storms in February

Italy : Negative evolution due to Southern Italy Motor book (industry wide issue); corrective measures taken

Asia : Combined ratio at 96.2% vs 97.7% last year

UK : positive impact in Q2 from corrective measures Private motor impacted by industry-wide issue of increased

personal injury claims;

Selected tariff increases in 09 & H1 10 in line with underlying risk resulted in an improvement in Motor combined ratio (106.4% Q2 10 vs 111.8% Q1 10)

Fire/ Household combined ratio improved to 98.3%, thanks to improved current year loss ratio

Travel combined ratio (125.5%) impacted by volcanic ash event and increased medical claims

Overall combined ratio in Q2 improved to 102.9%, illustrating first results of the management actions and positive seasonal impact

PY loss ratio at 0.4% vs -3.4% in H1 09

Combined ratio FY 06 - H1 10 UK

98.4 %107.4%

101.9%108.1% 104.3%106.5% 102.9%

110.2%

* Combined ratios 06-09 based on restated expense ratios; Original combined ratios 06-09 amount to 105.6%, 109.4%, 102.6% and 108.8% respectively


Ageas’s investment portfolio on 30 June 2010

Investment portfolio (EUR 58.5 bn)In EUR bn

Fixed Income securities Southern European sovereign exposure reduced

in H1 10 to EUR 8.9 bn** by the end of June

Investment in Corporate bonds up with EUR 2.2 bn in H1 10

>95% investment grade, 94% rated A or higher

Gross unrealized gains on bonds end of June 10 up to EUR 1.7 bn

Equities Increase to EUR 1.8 bn** (EUR 1.7 bn market value) Gross unrealized gains of EUR 24 mio

Real Estate Unrealized gain net-of-tax remained intact at

EUR 0.6 bn

Total unrealized gains on investmentportfolio of EUR 2.4 bn***

Sovereign bonds*33.0

RE Inv Prop*

2.1 RE own use

(incl. Interparking)*1.4

Equities*1.7

* At market value (incl. Interparking)** At historical/amortized cost

*** Before shadow accounting

Corporate bonds*19.8

StructuredCredit Instruments0.5


Southern European sovereign bond exposure downEUR 8.9 bn as at 30 June 2010

Gross unrealized gains on sovereign bonds of EUR 707 mio end June 10 vs EUR 871 mio end 09

Overview sovereign bond portfolio In EUR bn (at historical cost)

Estimated negative impact of EUR 55 mio on H1 2010 net profit of sovereign sales (incl. lower profit sharing assumptions)

Reallocation mainly into Belgian, German, Dutch, French, Austrian government bonds + corporate bonds

End 09 : EUR 17.8 bn in Southern Europeansovereign bonds

June 10 : EUR 8.9 bn in Southern Europeansovereign bonds

Spain1.9

Spain1.7

Portugal1.5

Others 5.0

Greece4.3Belgium

6.6 Portugal3.0

Italy 8.6

France1.6

Others5.0

Germany1.6

Italy 3.7

Belgium9.6

Greece1.9

France3.8

Germany2.9

Austria2.2


0

2

4

6

8

10

12

1/07/0

41/0

1/05

1/07/0

51/0

1/06

1/07/0

61/0

1/07

1/07/0

71/0

1/08

1/07/0

81/0

1/09

1/07/0

91/0

1/10

1/07/1

0

Portugal Greece Belgium Germany France

An uncertain and low interest rate environmentCreating challenges for a competitive investment strategy

Uncertain economic & financial situation Inflated high interest rate scenario vs. deflated low

interest rate scenario

Final scenario will impact the entire business environment including product portfolio

Future investment strategy under study taking into account various possible scenarios Ideal asset mix or asset mix scenarios

Investment strategy

Organisational implications

Target returns vs. risk appetite

Ageas’s strenghts in an uncertain world

Appropriate match of assets & liabilities

Presence in markets with different dynamics

Healthy mix between Life & Non-Life

Strong capital position helping to absorb shocks

10/03/2010 I page 11

In %10y- Government bond yields

Source : Company Data


Further execution of our strategy

• UK : Acquisition of Kwik-Fit Insurance Services

• Turkey : Sale Pension & Life activities to BNP Paribas Assurances

• Liquidation Fortis Brussels

H110

• Italy: Partnership with BNP Paribas Assurances and UBI Assuricazioni in Non-Life

• UK: Underwriting partnership Tesco Bank

• Thailand: Increased stake of KASIKORN Bank -> Inflows +45% in H1 10

• Russia: Discontinuationoperations

• Luxembourg : Sale Non-Life to La Bâloise

FY09

Acquire new businesses in attractive markets

Grow the core entities organically and small add-on acquisitions, based on ability to team up with different partners

Streamline the insurance portfolio, simplification of the Group structure


Underwriter

The UK distribution modelUK at the forefront in Europe in distribution via aggregators

10/03/2010 I page 13

Traditional direct

Traditional intermediary

model

Aggregatormodel

(direct insurers)

Aggregatormodel

(intermediaresand affinities)

Customer Underwriter

Distributors & Underwriters

UnderwriterBroker

UnderwriterAggregator

Aggregator Intermediary


Acquisition of Kwik-Fit Insurance Services in the UK

• Total consideration of GBP 215 million, net of cash investment about GBP 185 million

• Estimated goodwill and intangible assets of GBP 180 million

• Cash return on net investment expected to meet minimum requirement of 11% as of 2011

• Funding of transaction via General Account

Financials

• Ageas’s now 4th largest Personal lines intermediary distributor in the UK

• Further strengthening retail operations providing additional capacity and creating a collective retail customer base of 1.6 million clients.

• Increase combined revenues and net profit levels from Retail distribution in a very dynamic UK market

Strategic rationale

• Kwik-Fit Insurance Services (KFIS) is an insurance intermediary, which sells predominantly Personal lines products direct to customers, primarily through the internet channel leveraging the Kwik-Fit brand and the two other brands owned by KFIS, The Green Insurance Company and Express Insurance

• 2009 revenues of GBP 89 million, consolidated net assets of GBP 46 million

Transaction


Ageas’s Core equity EUR 6.0 bn above required regulatory minimum

* Asia : Investments in partnerships are deducted from Total Capital; Given the significant investments in partnerships, total capital is lower than Core capital** Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for FICA of 342% end of June 10.

Belgium United Kingdom

Other Core Tier 1 capital

Insurance

Required Regulatory minimum

EUR 3.7 bn excess capital in Insurance + EUR 2.3 bn General

Account = EUR 6.0 bn

ActualActual Min

0.6

0.6

2.1

3.5

0.6 0.2

6.64.1

6.5

0.1

2.9

Minimum

Core equity

195% 302%Total Solvency Ratio

1.30.6

Actual Min Actual MinContinental

EuropeAsia

0.90.3

0.1

1.30.6*/**

Actual Min

238% 926%

2.5

0.2

2.3

ActualGeneral

226%


Ageas prepares for Solvency II regulation

01- 06 : Start Solvency II / QIS 1• A 3-pillar risk based approach,

harmonised across Europe• Two levels – a “Target” Standard Capital

Requirement (SCR) and absolute Minimum Capital Requirement (MCR)

• QIS 1: tested level of prudence in technical provisions

06 : QIS 2• Tested first version of

solo Standard Capital Requirement (SCR) standard approach

70’s - 90’s : Solvency I• A simple factor-based

approach capital requirements based on accounting valuations and volumes

07 : QIS 3• Tested refinements of Standard

approach – measure financial impact on SII balance sheet

• Tested first version of Group SCR: group diversification and eligible elements of capital

08-mid 09 : QIS 4• Solvency II Directive and

CEIOPS advice on implementing measure

• Test and refinements of standards approach (calculations and calibrations)

10 : QIS 5• Test focusing on the full SII

framework – identify areas for enhancement (processes, procedures, infrastructure, other)

• Further refinements of standard approach, stresses and calibrations, own funds and technical provisiosn

Solvency II programme management in place following a defined internal implementation plan towards Solvency II compliance

Participation in previous QIS and impact of CEIOPS advise on implementing measures assessment completed using the QIS 4 framework.

Impact of QIS 5 under study, results to be communicated to regulators by Nov 15

Still significant uncertainty around the Standard Capital Requirements standard approach, but so far all indications show a positive capital position under Solvency II.

13 :• Solvency II in force• Regulatory submissions• Prepared for first required

regulatory submissions

• CEO update

• Financials

• Conclusion

AGENDA


Reporting and management structure aligned since Q1 10First full set of financial data in H1 10

Continental Europe: Inflow FY 09 : EUR 3.9 bn Inflow H1 10 : EUR 2.2 bn Mix of mature positions, smaller

positions in fast growing markets & new activities Life/ Non-Life : 90%/10%

UK: Inflow FY 09 : EUR 0.9 bn Inflow H1 10 : EUR 0.5 bn Strong in Personal lines, expanding

Commercial lines (83%/17%) Multi-channel strategy 100% owner of specific distributors

RIAS, FIS and recently acquiredKFIS Mainly Non-Life business/ Life

activity in start-up

Asia Inflow FY 09 : EUR 4.1 bn Inflow H1 10 : EUR 3.4 bn Active in 5 countries, fast growing Strong partnerships with leading

local partners Regional headquarters in Hong Kong Life/ Non-Life : 92%/8%

Belgium Inflow FY 09 : EUR 6.9 bn Inflow H1 10 : EUR 3.5 bn 75% owned, operating under name AG

Insurance since June 09 Multi-channel via brokers and bank;

Employee Benefits dedicated channel for life & healthcare Life/ Non-Life: 75%/25%

* FY 09 inflow figures on a 100 % basis

Total Insurance: Inflow FY 09 : EUR 15.8 bn Inflow H1 10 : EUR 9.6 bn Life/ Non-Life : 80%/20%


Key figures H1 2010

H1 10 H1 09 H2 09 FY 09

Net profit Insurance before non-controlling interests

Net profit attributable to minority interests

Net profit Insurance attributable to shareholders

Net profit General Account

Net profit attributable to shareholders

Funds under management (EUR bn)

Earnings per share (EUR) *

Net equity per share (EUR)

Net shareholders’ equity

Belgium**

UK

Continental Europe

Asia

General Account

Discretionary capital (EUR bn)

232

52

180

275

455

76.0

0.18

3.70

9,153

3,005

620

983

1,597

2,948

0.9

295

35

260***

635

896

68.5

0.36

3.14

7,760

2,327

510

833

1,170

2,920

1.3

331

86

245

69

314

73.0

0.12

3.41

8,431

2,859

513

1,002

1,203

2,854

1.3

626

121

505

705

1,210

73.0

0.49

3.41

8,431

2,859

513

1,002

1,203

2,854

1.3

EUR mio

* Based on average number of outstanding shares** Net equity 31 December 2009 after 25% minority stake Fortis Bank

*** EUR 32 million positive impact from restatement 2009 accounts following new segmentation and impact new Chinese Accounting Standards

10/03/2010 I page 19


InsuranceResilient performance supported by capital gain in Hong Kong

Net profit at EUR 180.5 mio (vs. EUR 260.4* mio) Lower non-controlling interests (EUR 17 mio) & one-off tax

impact in Belgium of EUR 94 mio in H1 09

Solid contribution from Asian operations supported by EUR 35 mio capital gain on sale of Fortis Centre in Hong Kong

Strong Life performance vs weak operational performance in Non-Life

Net impact capital losses on restructuring investment portfolio of EUR 55 mio, partly offset by capital gain on real estate

Life at EUR 178.5 mio (vs. EUR 206.9 mio) Negative variance on non-controlling interests and income

taxes in Belgium

Strong technical result of EUR 234 mio (+15%) driven by Belgium

Operating costs up 2.6% to EUR 180 mio; Non-recurring costs in Belgium related to separation and roll-out costs related to Life Protection business in UK;

Non-Life at EUR -5.9 mio (vs. EUR 46.5 mio) Weak operational performance in UK & Belgium

Capital losses related to restructuring investment portfolio Belgium

First time inclusion of Italian operations -> increased operating costs

10/03/2010 I page 20

260.4180.5Net profit after tax & minorities*

63.970.8Life FUM (EUR bn)**

290.3293.5Profit before tax*

194.7178.3Operating margin

235.7242.3Technical result

(364.4)(393.4)Operating Costs

7,9059,636Gross Inflow

H1 09H1 10EUR mio

* H1 09 net result restated ; impact of EUR 32 mio related to transfer Corporate costs and impact new Chinese Accounting Standards** Only consolidated activities


BelgiumStrong Life technical result, partially offset by adverse result in Non-Life

Net profit down to EUR 87.9 mio Minority interests up to EUR 31 mio (vs. EUR 10 mio H1 09)

Positive non-recurring tax benefit of EUR 94 mio in H1 09

Net negative impact of EUR 26 mio related to restructuring of investment portfolio (incl. capital gain on real estate)

Operating costs up 5%, due to non-recurring separation costs & increased staff expenses

Life net profit of EUR 103.3 mio, - 41% Strong technical result (+19%) and operating margin (+15%),

supported by higher volumes and a better investment margin

Net negative impact of EUR 3 mio due to restructuring investment portfolio, partially offset by lower profit sharing assumptions and capital gain on real estate

Life FUM up 3% to EUR 46.9 bn, driven by both savings and unit-linked products

Non-Life net profit of EUR 15.4 mio negative Operating margin down on weak operating performance

Improved Combined Ratio in 2nd quarter led to improved technical result

Net capital losses on restructuring investment portfolio (EUR 23mio)

10/03/2010 I page 21

195.487.9Net profit after tax & minorities

43.446.9Life FUM (EUR bn)

171.7155.4Profit before tax



(209.3)(220.2)Operating costs

3,5543,503Gross inflow

H1 09H1 10EUR mio


Net profit down to EUR 8.3 mio Severe weather conditions leading to an exceptional cost of EUR 9.4

mio

Operating costs up on roll-out Life & costs related to start-up partnership with Tesco Bank

Weak performance across the whole UK motor market

Non-Life down to EUR 2.1 mio (vs. EUR 17.3 mio) Improved 2nd quarter from positive impact of management actions

and reflecting seasonal factors

Industry wide issues, including escape of water event in January and volcanic ash in April

EUR 11 mio cost related to lower realised capital gains and investment income

Life net loss of EUR 1.7 mio (vs. EUR -3.5 mio) Continued progress in roll-out protection business

Products now available across the whole IFA market

Strong match of assets & liabilities

Steady contribution Retail operations (EUR 7.9 mio) Increased commissions more than compensate higher costs

Consolidation of KFIS will take place in 3rd quarter 2010

United KingdomNon-Life results affected by industry wide issues and lower investment income but improving; Steady contribution from Retail distribution

10/03/2010 I page 22



9.2(4.6)Operating margin

0.1(6.7)Technical result


452550Gross inflow

H1 09H1 10EUR mio

* Including contribution Retail distribution reported under Other Insurance


Continental EuropeBetter underwriting results and positive streamlining insurance portfolio

Net profit up to EUR 17.2 mio, +15% Improved performance in Luxembourg & France, partially offset by

lower contribution of Portugal

Positive impact streamlining insurance portfolio, i.e. discontinuation Russian operations

Operating costs up 14%, mainly due to inclusion Italian Non-Life operations

Life net result of EUR 14.7 mio, +18% Lower technical result & operating margin mainly due to strengthening

of the liabilities following the widening of the credit spreads on Portuguese sovereign bonds

Offsetting positive impact from higher capital gains & discontinuation Russian activities

Operating costs down 3% thanks to cost containment in all major activities

Non-Life net result of EUR 2.5 mio, +3% Relates to operations in Portugal & Italy

Operating margin slightly down, due to bad claims behaviour in Motor in Southern Italy. Corrective actions being taken

Portuguese operations resisted well despite Madeira storms in February

10/03/2010 I page 23


19.422.5Life FUM (EUR bn)

59.461.2Profit before tax




1,7752,209Gross inflow

H1 09H1 10EUR mio


AsiaSolid performance supported by capital gain in Hong Kong

Net profit of EUR 67.1 mio (vs. EUR 29.2 mio) EUR 35 mio capital gain on sale Fortis Center in Hong Kong

Strong intrinsic performance from consolidated operations (EUR 7 mio)

Net result non-consolidated partnerships down to EUR 25.2 miodue to lower contribution of China

Life at EUR 62.2 mio (vs. EUR 24.1 mio) EUR 42.1 mio net result from consolidated operation in Hong

Kong, including EUR 35 mio sale Fortis Center Hong Kong

EUR 20.3 mio net result from non-consolidated partnerships, including EUR 12 mio impairment due to lower equity markets in China

Other costs slightly up to EUR 5.3 mio

Non-Life at EUR 4.9 mio (vs. EUR 5.1 mio) Relates to operations in Malaysia and Thailand

Variance relates to lower investment income in Malaysia

10/03/2010 I page 24


1.11.4Life FUM (EUR bn)**




(18.8)(18.4)Operating Costs

2,1233,374Gross Inflow*

H1 09H1 10EUR mio

* Including Inflow & Profit from partnerships respectively** Including partnerships, FUM would amount to EUR 16.1 bn compared to EUR 10.7 bn in 2009


General AccountPositive 2nd quarter result thanks to non-recurring tax benefit

H1 10 net result of EUR 275 mio (incl. eliminations) EUR 405 mio positive tax impact following decision to liquidate

Brussels Liquidation Holding H1 09 included EUR 697 mio capital gain on sale 25% AG Insurance to

Fortis Bank

EUR 145 mio negative impact related to fair value RPN(I) and call option BNP Paribas shares EUR 121 mio negative charge on call option on BNP Paribas shares

(fair value at EUR 759 mio) EUR 24 mio negative charge on RPN(I) increasing cost to EUR 340

mio

Positive net result of EUR 23 mio related to Royal Park Investments

Other items : Net interest margin EUR 0.8 mio Staff & administrative expenses down to EUR 28 mio RPN(I) interest payment to Fortis Bank of EUR 3.2 mio Capital gain of EUR 12.4 mio on sale Luxembourg Non-Life

Net cash position General Account of EUR 2.1 bn (vs. EUR 2.8 bn end 09) EUR 0.5 bn invested in medium term deposits EUR 0.2 bn dividend payment in June

10/03/2010 I page 25

(166.0)407.2Tax


801.4(134.2)Profit before tax*

(52.5)(28.5)Total expenses

499.5(118.5)Other capital gains

699.512.8Realised capital gains

22.70.8Net interest income

H1 09H1 10EUR mio


-24

23

405

-121

-10

1

-316

-301

581

697

44

Net result General Account remains volatile

FY 09

705**

H1 10In EUR mio In EUR mio

Net profit

Call option on BNP Paribas shares

Sale 25% AG Insurance

Others

RPN(I)Net-of-tax impact

legal disputeFBN

275

Deferred taximpact

RPN(I)

Call option on BNP Paribas shares

RPI

Others*

* Includes EUR 12.4 mio capital gain on sale Luxembourg Non-Life** 2009 net result General Account restated from EUR 736 mio to EUR 705 mio


Announced simplification of Group Structure in H1 10

44,7%

50%50%50%

50% 44.7% 50%50%

Before liquidation of Fortis Brussels*

* Excluding financing structures

• First step towardssimplication of group structures: Fortis Brussels held banking activities

• Positive taxconsequences, incl. on proceedsfrom the exerciseof the call option on BNP Paribas shares

Rationale for liquidation

ageasSA/NV

ageasNV

Fortis BrusselsSA/NV¨*

ageas UtrechtNV

RPI Insuranceactivities

ageasSA/NV

ageasNV

ageas UtrechtNVRPI

Insuranceactivities

* Now called Brussels Liquidation Holding

After liquidation of Fortis Brussels*


Net-of-tax valuation call option on BNP Paribas shares estimated at EUR 759 mio; Value as per 30/06/10

Ageas announced the decision to liquidate sub-holding Fortis Brussels SA/NV (now Brussels Liquidation Holding)

As a result deferred tax liability of EUR 257 mio on value call option can be offset by deferred tax assets of the same amount of ageas SA/NV

Taxation

Ageas has opted to move to a gradual exercise strategy in accordance with a disciplinedmethodology over the contractually foreseen exercise period (from 10/10/10 til 09/10/16)

Decision now taken to move to a gradual exercise, in order to minimise the impact of the impliedvolatility of the shares on the value of the call option ► use volatility without a 7%-size-discount

Exercise strategy

Implied volatility (consensus) up from 27% to 39%* Dividend yield up from 3.565% to 5.208% Strike price unchanged at EUR 66.672 per share EUR 1,085 mio total value option as at 30 June 2010► 30% haircut maintained ► EUR 759 mio Volatility +5% ► total value option +22%

Valuation based on

Black & Scholes

Valuation call option on BNP Paribas shares without taxes


EUR 286 mio negative mark-to-market value RPN(I) EUR 54 mio negative for guarantee Belgian State Cash interest cost H1 10 : EUR 3.2 mio

Valuation

Valuation model most sensitive to price CASHES CASHES +/- 5% : EUR 271 mio < RPN(i) < EUR 401 mio Detailed sensitivity analysis : see press release H1 10

Sensitivities

Ageas’s share price (B-S model) :− EUR 1.85 per share (closing price 30/06/10)− Dividend yield of 4.3% (based on 2009 dividend yield)− Share price volatility of 49% (based on implied volatility end H110)

LT-value CASHES:− 48.3% of par (closing price 30/06/10) vs 54.4% end 09− Evolution based on forward spread curves

LT i-rate: Standard arbitrage-free i-rate model

Assumptions

Evolution Ageas’s share price Evolution theoretical market value CASHES Evolution short term interest rate Conversion option embedded in CASHES

Drivers quarterly interest payments

Net discounted value all future interest paymentsuntil a potential reimbursement of the CASHES

No change to methodology applied as per end 09 (based on valuation techniques for financial derivatives)

Decision to include additional cost related to guarantee Belgian State as per 30 June

Valuation methodology

Fair value interest mechanism related to RPN(I)

► EUR 340 mio


Financial performance Royal Park Investments**

Net IFRS result RPI H110 of EUR 51 mio at 100%, positive P&L impact Ageas of EUR 23 mio No need for impairment goodwill Value equity stake RPI at EUR 840 mio, including positive impact fair value interest rate

swaps**

Value as per 30/06/10

see www.royalparkinvestments.comMore information

Net outstanding debt end June 10 : EUR 8.6 bn Commercial paper program represents : EUR 5.1 bn EUR 2.2 bn equivalent repayment on outstanding super senior debt

Financing structure

Total net interest payments in H1 10 : EUR 110 mio Total principal collections in H1 10 : EUR 889 mio

Cash collection

Face value remaining portfolio: EUR 18.5 bn IFRS fair value: EUR 7.6 bn*

Asset Value as per

30/06/10

* Ageas refers to fair value while RPI reports Recovery value under B-GAAP corresponds to the estimated recovery value of the remaining lines of the structured credit portfolio, based on the assumptions used at closing date

** In early 2010, RPI concluded a number of interest rate swaps exchanging variable interest streams into fixed interest streams. Fair value adjustments go via equity


Financial instruments

Civil lawsuits

Expert investigations

Criminal proceedings

Administrative proceedings

Brussels, Belgium

USA, New York

Utrecht,

The Netherlands

Amsterdam, The Netherlands

Brussels, Belgium

The Netherlands

Belgium

Belgium

Belgium & The Netherlands

• Proceedings in relation to FRESH

• Class action rejected on 18/02/10; motion for reconsideration denied on 20/05/10 : no further appeal

• Initiated by individuals represented by Mr. Bos

• Initiated by VEB/Deminor

• Initiated by Stichting Fortis Effect

• Procedure on the merits initiated by individuals, represented by MrModrikamen : court decision 08/12/09 on competence and provisional measures

• Procedure on the merits initiated by individuals, represented by DeminorInt’l : pending

• Expert report : report made public early June 2010; VEB/ESG startedlegal proceedings to establish mismanagement by Fortis

a) Experts at request of individuals represented by Mr Modrikamen : report “Van Gerven”: filed in June 09

b) Experts appointed at request of Deminor Int’l: On going & investigating specifically transactions Sep/Oct 08

• Investigation ongoing

• AFM : fine imposed 05/02/10 in relation to price sensitive info in June08: appeal filed; 2nd fine imposed on 19/08/10 in relation to pricesensitive information in Sep 07 : appeal envisaged

• CBFA : proceedings ongoing

Fortis will manage all legal proceedings & investigations in theinterest of its shareholders


Discretionary Capital of the General Account A view on liquidity & capital

Net Cash/ deposits : EUR 2.6 bnPassed onLT assets & LT liabilities

Discretionary Capital on balance sheet

Assets

Cash & Deposits at banksDue from Fortis Bank & AG InsOther

Royal Park InvestmentsCall option net of tax on BNP PLoan to operating ciesTotal

In EUR bn, 30 June 2010

3.71.71.0

0.80.80.48.4

Liabilities

ST (EMTN (0.9) + Bank (0.2))NITSH I, II & HybroneRPN(I)OtherFRESHNet equity

1.11.70.31.11.32.9

8.4

Shareholders’ equity + FRESH Invested in non-current assets on balance sheetTotal Capital Contingent asset off balance (Fortis Bank Tier 1 loan, due Sep 11) Commitments with regard to Kwik Fit Insurance/TescoDiscretionary Capital * (if available in cash)

4.2(2.0)2.2

(1.0)(0.3)0.9

Discretionary capital down due to scope change (EUR 0.2 bn) : FII holding & Fortis Re part of the General AccountInvestment Fortis UK in Kwik-Fit Insurance Services (EUR 0.2 bn); Profit balances out against changes in non-current assets

* Ageas defines discretionary capital as the lower of the available cash and total capital of the General Account corrected for (contingent) illiquid assets and existing investment commitments

H1 10 evolutions :


Conclusion

Investment portfolio substantially de-risked

Continued strong capital buffers in Insurance and General Account

Shareholders’ equity up to EUR 9.2 bn or EUR 3.70 per share (incl. call option)

Balance sheet

FY 2010 inflow levels expected to exceed 2009 levelsOutlook

Resilient Insurance results supported by strong Life technical result

Non-Life performance improved but remain cautious for the future

Positive result General Account fueled by one-off tax recovery

Result

Robust commercial performance in all segments

Continued focus on growth both in Life & Non-Life

Massive increase of inflows in Asia

Recovery confirmed in Luxembourg & France

Inflows


Selected topics


Comparable inflow data H1 10By segment

Belgium

Gross inflow Life

GWP Non-Life

United Kingdom

Gross inflow Life

GWP Non-Life

Continental Europe

Gross inflow Life

GWP Non-Life

Asia

Gross inflow Life

GWP Non-Life

Non-consolidated partnerships (100%)

Total inflow

EUR mio

10/03/2010 I page 35

H1 10 H1 09 Change Q2 10 Q2 09 Q1 103,503

2,651

852

550

11

538

2,209

1,981

229

3,374

151

-

3,224

9,636

3,554

2,746

808

452

3

449

1,775

1,647

128

2,123

141

-

1,983

7,905

(1%)

(3%)

5%

22%

*

20%

24%

20%

79%

59%

7%

*

63%

22%

1,704

1,336

369

285

6

279

1,080

971

109

1,565

82

-

1,483

4,634

1,701

1,345

356

234

2

232

803

747

57

983

75

-

908

3,721

1,798

1,315

483

265

5

260

1,129

1,010

119

1,809

68

-

1,741

5,001


Comparable inflow data H1 10By type

Life

Belgium

United Kingdom

Continental Europe

Asia

- Fully consolidated

- Non-consolidated partnerships (100%)

Non-Life

Belgium

United Kingdom

Continental Europe

Asia

- Fully consolidated

- Non-consolidated partnerships (100%)

Total Inflow

EUR mio

10/03/2010 I page 36

H1 10 H1 09 Change Q2 10 Q2 09 Q1 10

7,747

2,651

11

1,981

3,104

151

2,954

1,889

852

538

229

270

-

270

9,636

6,305

2,746

3

1,647

1,909

141

1,768

1,600

808

449

128

214

-

214

7,905

23%

(3%)

*

20%

63%

7%

67%

18%

5%

20%

79%

26%

*

26%

18%

3,717

1,336

6

971

1, 405

82

1,322

917

369

279

109

161

-

161

4,634

2,957

1,345

2

747

864

75

789

764

356

232

57

119

-

119

3,721

4,029

1,315

5

1,010

1,700

68

1,631

972

483

260

120

109

-

109

5,001


7,8887,9059,6361,4371,5991,8896,4526,3067,747Total

343363***34336326%India

1,1421,2292,109***1,1421,2292,10925%China

26927640145445122423234931%/12%Thailand

34744465112317021922427443231%Malaysia

1,7921,9823,2241682142701,6241,7682,953Non-consolidatedpartnerships*

156141151***156141151100%Hong Kong

1,9482,1233,3741682142701,7801,9093,104Asia

**108**108***25%Italy

283535***283535100%Turkey

241623***241623100%Germany

111***111100%Ukraine

837288657715*83027365750%/100%Luxembourg

182153208**182153208100%France

1,0941,2831,1781011131219931,1701,05751%Portugal

2,1661,7762,2101081282292,0591,6481,981Continental Europe

4614525504544495387311100 %United Kingdom

3,3133,5543,5037078088522,6062,7462,65175% -1Belgium

H2 09H1 09H1 10H2 09H1 09H1 10H2 09H1 09H1 10% Ownership(EUR mio)

Gross Inflow Life Gross written premiums Non-Life Total

Detailed overview inflows H1 10By region/ country


1,768 1,594

277 379

544 515

157 163

H1 09 H1 10

(3%)

244 256

249 271

251245

70 74

H1 09 H1 10

Belgium

Life inflowIn EUR mio

Non-Life Gross Written PremiumsIn EUR mio

2,746 2,651

808 852

Group Life

Unit-Linked

Savings

Traditional

Other

Property

Accident & Health

Motor

Individual Life Down 3% to EUR 2.2 bn Bank channel inflow down 6%; due to decreased

guaranteed interest rates and absence of specific campaigns

Broker channel up 15%, in line with positive trend since second half 2009

Unit-linked up 37%, successful sales of 8 tranches of structured unit-linked products

Group Life Down 5%; H1 09 inflow included exceptional premium

payments related to group contractsFunds under Management Up 3% to EUR 47 billion

Property and Casualty Inflows up mainly thanks to motor (+9%), driven by tariff

increases and portfolio growth Accident & Health +5% with strong growth in health care (+10%)Combined Ratio 107.1% vs 105.6% last year Second quarter combined ratio significantly improved to

100.5% vs 113.6% in the first quarter that was hit by weather related winter events and storm Xynthia. Workmen’s Compensation performed weak during first half.

+5%


25 32

276 296

13610345

74

H1 09 H1 10

Motor

3 11

449539

H1 09 H1 10

United Kingdom

Total inflowsIn EUR mio

Non-Life (+20%) Driven by growth in Commercial and Personal linesLife Successful roll out of its proposition across the IFA market

(5.1% market share) Over 90,000 customersOther Insurance RIAS & FIS income up 11% on the back of greater primary

and add-on sales and growth in partnership income Sales of Whole of Life product ahead of expectations.

Collaboration between RIAS and the protection business demonstrates combined capabilities within the UK

Personal lines (+15%) Strong performance in all personal lines Good growth in the Household account (+32%)Commercial lines (+54%) Full launch into Fleet market & new Semploy product Successful extension of significant commercial

relationshipsCombined Ratio 106.5% vs 104.4% in H1 09 (but improved from Q1 10

110.2%) Results driven by severe weather and increasing motor

claims costs: an industry-wide issue

452550

Non-Life

Life

Other

Property

Accident & Health

449 538+20%

+22%



131 133

553861

912

884

79

75

H1 09 H1 10

Continental EuropeLife inflowIn EUR mio

Inflow Strong performance Luxembourg & France due to pick-up

sales Unit-linked sales up 3%, thanks to Luxembourg mainly Strongest growth in traditional savings, fueled by specific

product development Portugal steady although down on last year; Lower

structured unit-linked sales in H1 10 vs. Q1 09 benefiting from high pension business sales (anticipated reduced i-rate)

Funds under Management Up 16% to EUR 22.5 bn Increase in Portugal & Luxembourg (14% resp. 27%)

Inflow First time inclusion Italian operations (EUR 108 mio)

compensates for deconsolidation Luxembourg Non-Life Portugal up 8% thanks to strong development Médis brand

Commercial developments Mbcp Ageas Motor’ product elected ‘best choice’ by an

important Portuguese consumer rights organisation

26

31

11

21

12480

53

11

H1 09 H1 10

128

229

+79%


Accident & Health

Motor

Unit-Linked

Savings

Traditional

Group1,647

1,981+20%

OtherFire


142187

72

83

H1 09 H1 10

+26%

Asia

Life inflowIn EUR mio

Inflow Very strong growth mainly in non-consolidated partnerships

across the region Hong Kong (+7%) moderate growth in the wake of

recovering agency force China (+72%) driven by continued expansion of distribution

capacity and product innovation. Agency force close to 67,000.

Malaysia (+58%) driven by non-par single premium product innovation and Takaful business through bank channel

Thailand (+50%) in the wake of the intensified relationship with K-Bank

India (+93%) driven by successful local year-end campaigns by the two partner banks and careful expansion of the agency channel

Funds under Management (EUR 16.1bn, +50%) Impact of weakening EUR : +22% Consolidated FUM (Hong Kong) : +30% or EUR 1.4bn

Inflow Malaysia (+29%) driven by retail motor and MAT* lines Thailand (+16%) driven by non-motor business through

bank channel

2,889

1,471

14

278

109

8773

92

H1 09 H1 10

214270


1,909

3,104

+63%

Non-Motor

Motor

Unit-LinkedSavings

Traditional

* Non-motor includes Fire, MAT, Accident & Health and other lines

Group

* MAT: Marine Aviation & Transport


Ageas’s investment portfolio on 30 June 2010

Investment Portfolio (EUR 58.5 bn)In EUR bn

Fixed Income securities Southern European sovereign exposure reduced in

H1 10 to EUR 8.9 bn** by the end of June

Investment in Corporate bonds up with EUR 2.2 bnin H1 10

>95% investment grade, 94% rated A or higher

Gross unrealized gains on bonds end of June 10 up to EUR 1.7 bn

Equities Increase to EUR 1.8 bn** (EUR 1.7 bn market value) Gross unrealized gains of EUR 24 mio

Real Estate Unrealized gain net-of-tax remained intact at EUR

0.6 bn

Total unrealized gains on investmentportfolio of EUR 2.4 bn***

Sovereign bonds*33.0

RE Inv Prop*

2.1 RE own use

(incl. Interparking)*1.4

Equities*1.7

* At market value (incl. Interparking)** At historical/amortized cost

*** Before shadow accounting

Corporate bonds*19.8

StructuredCredit Instruments0.5


Fixed Income Securities of EUR 53.3 bnSituation as per 30 June 2010In EUR bn

SovereignBonds*

33.062%

Structured Credits*0.5 1%

Corporate Bonds*19.837%

AAA24.245%

A10.419%

AA15.529%

BBB1.63%

Below Inv grade/ Unrated1.63%

End of June gross unrealized gains before tax EUR 1.7 bn or EUR 1.0 bn after tax and after shadow accounting

>90% bond portfolio single A or higher 74% rated AA or higher Below investment grade or unrated up to 3%

* At market value


Government & Corporate Bond portfolio of EUR 52.8 bnSituation as per 30 June 2010

Gross unrealized gains before tax and shadowaccounting (UCG) of EUR 0.7 bn end of June 10

compared to EUR 871 mio end 09 95% single A or higher; 78% rated AA or higher

In EUR bn

Gross unrealized gains of EUR 1.0 bn end H1 10 vs EUR 650 mio end 09

91% single A or higher; 69% rated AA or higher; only 1% below investment grade or unrated

Banking/ Other financials : 87% single A or higher; 63% ratedAA or higher

Government bonds EUR 33.0 bn* Corporate bonds EUR 19.8 bn*

* All values at fair value

Austria2.3

Banking/Other financials

8.5

Othercorporates3.8

Supra-national2.3

Government related5.3

Greece1.3

Belgium10.2 Spain

1.7

Italy 3.7

Germany3.2

Others5.1

Portugal1.4

France4.0


10/03/2010 I page 45

In EUR bn

Equity funds0.12

Equities0.75

Other segments0.5

Belgium1.1

Mixed funds0.12

Real Estate funds0.57

Others0.12

Equity portfolio at EUR 1.6 bnSituation as per 30 June 2010

Equities at historical cost up to EUR 1.8 bn vs EUR 1.6 bn end 09 Gross unrealized gains of EUR 24 mio end H1 10 vs EUR 141 mio gross unrealized gains end 09 Breakeven situation after shadow accounting


Real estate portfolio of EUR 3.6 bnSituation as per 30 June 2010

10/03/2010 I page 46

In EUR bn

Corporate Buildings0.2 Belgium

2.6

France0.3

Spain0.2

Car Parks1.1

Investment Offices

1.3

Investment Retail0.8

Europe/ Others0.2Italy

0.1Germany0.2

Investment for own use EUR 1.4 bn Investment property at EUR 2.2 bn Sale Eurosquare building in Brussels region in Q2 10 Net unrealized gains end June 10 nearly stable at

EUR 639 bn (not reflected in net equity)- For own use : EUR 275 mio- Investment property : EUR 364 mio

Real estate exposure mainly in Belgium- Mainly Brussels region- Office buildings : occupancy rate of 94%- Commercial assets : shopping centers & public car

parks across Europe (via Interparking)- Stable income streams


83.1 79.8 76.7 76.5 86.0

23.6 23.2 21.6 22.622.0

2006 2007 2008 2009 H1 10

Belgium – Combined ratio by product

Property & Casualty

Motor Fire

10/03/2010 I page 47

52.7 57.0 59.9 62.2 63.8

43.1 42.2 42.0 42.5 42.7

2006 2007 2008 2009 H1 10

95.9% 99.2% 101.8% 104.7%

55.7 56.970.3 68.5 70.9

37.8 37.036.4 36.3 36.2

2006 2007 2008 2009 H1 10

93.5% 93.8%106.6% 104.8%

Expense ratio

Claims ratio

48.3 56.8 50.7 60.5 56.6

46.945.5

45.847.1 47.9

2006 2007 2008 2009 H1 10

95.3% 102.3% 96.5%107.6%107.1% 104.5%

Accident & Health

106.7% 103.0% 98.3% 99.1%108.0%

Expense ratio

Claims ratio

106.5%


97.983.581.1

27.626.230.5

2008 2009 H1 10

United Kingdom – Combined ratio by product

Property & Casualty

Motor Fire

10/03/2010 I page 48

75.080.272.5

30.227.828.7

2008 2009 H1 10

101.2% 108.0% 105.2%

78.8 88.9 84.6

24.022.8 24.4

2008 2009 H1 10

102.8% 111.7%

Expense ratio

Claims ratio

60.561.260.0

37.838.039.9

2008 2009 H1 10

99.9% 99.2%109.0% 98.3%

Accident & Health

111.6% 109.7%125.5%

Expense ratio

Claims ratio


Ageas’s capital of a high qualitySituation as per 30 June 2010

10/03/2010 I page 49

Reported net Shareholders’ Equity

Unrealised gains real estate

Goodwill (incl RPI)

VOBA (Value of Business Acquired)

DAC (Deferred Acquisition Cost)

Other*

Goodwill, DAC, VOBA related to minorities

25% tax adjustment DAC, VOBA & Other

Tangible net equity

Tangible net equity 80% of reported net shareholders’ equity

EUR bn

* Includes a.o. management contracts of public car parks

H1 10

9.2

0.5

(1.5)

(0.5)

(0.6)

(0.3)

0.4

0.3

7.4

H1 09

7.7

0.5

(1.3)

(0.5)

(0.5)

(0.3)

0.3

0.2

6.1

FY 09

8.4

0.5

(1.4)

(0.5)

(0.5)

(0.2)

0.4

0.32

6.9


Overview of main characteristics HybridsSituation as per 30 June 2010

Ageasageas Finance,

Senior outstandings Fresh Hybrone

Ageas HybridFinancing*

Nitsh I Nitsh II

% 3m EUR + 135 5.125% 8.25% 8%

Amount (EUR mio) 896 1,250 500 USD 750 625

ISIN EMTN XS0147484074 XS0257650019 XS0346793713 XS0362491291

Call date Debt in default, early redemption at first request of bondholders

Undated exchangestrike 31.50mandatory 47.25

Jun/2016 Step up to 3M Euribor+200

Aug/2013 No step up

Jun/2013No step up

ACSM YES YES YES YES

Dividend pusher YES YES YES YES

Dividend stopper NO YES YES YES

Trigger < 0.5%dividend trigger

Liabilities > asset Liabilities > asset Liabilities > asset

Other 500on lent to AG Insurance

USD 750on lent to FBB

250 on lent toAG Insurance;375 on lent to FBB

Market Price(30/06/10)

44.90 66.94 86.08 91.17

ASR instrument TOPrS -contingent liabilities with regard to former subsidiaries –no longer exists as a result of an exchange on 4 August 2009

Fortfinlux


* Ageas paid EUR 362 mio after ruling in summary proceedings, proceedings on the merit of the case pendingAgeas not liable for remaining principle, parental support on coupon dependent on outcome proceedings

** Only in case of an accelerated conversion*** Because of insufficient authorized shares, Ageas can exchange for cash, if CBFA consents; If no consent received, instrument remains outstanding with no liability for Ageas

Fortis Bank Nederland Fortis Bank

FCCL MCSDirect issue FBB,

2001Direct issue FBB,

2004 CASHES

% 3m EUR +260 8.75% 6.5% 4.625% 3m EUR +200

Amount (EUR mio) 88 2,000 1,000 1,000 3,000

ISIN GB0057047275 XS0328920862 BE0117584202 BE0119806116 BE0933899800

Call date FBNH did not call on 29-6-2009; coupon at the discretion of FBNH*

Exchange 7-12-2010 at EUR 18.74; # 106,723,586 shares

Sep/2011Step up to 3MEuribor+237

Oct/2014 Step up to 3M Euribor+170

Undated exchange strike EUR 23.94 mandatory EUR 35.91

ACSM YES** YES YES YES

Dividend pusher YES YES YES NO

Dividend stopper NO YES YES YES

Trigger Early conversion <5% T1 <8% CAD or default issuers

<5% T1 YES<8% CAD

<0.5% Dividend

Other ABN AMRO will callthe remainingoutstandingsecurities –Contingent Liabilityceases to exist

Coupon at discretion Issuers (FBNH & FBB & Holdings)

If not called, holders can opt to exchange in Ageas shares***

No stock settlement feature as for Direct issue FBB 2001

Coupon served by FBB, however, trig-ger ACSM linked to dividend Fortis’holdings

Market Price(30/06/10)

13.51 94.97 77.02 48.31

Overview of main characteristics Hybrids (ct’d)Situation as per 30 June 2010


(EUR mio)

Capital 740(44%)

200(12%)

760(45%)

1,700

Senior 519 519

Commercial Paper

5,057 5,057

Super Senior 2,980 2,980

Total Capital& Debt

740 719 760 2,980 5,057 10,256

Funding structure Royal Park InvestmentsAs per 30 June 2010**

* End of February 10, senior debt Fortis Bank fully replaced by commercial paper programme, benefiting from a Belgian State Guarantee. Senior debt provided by BNP Paribas is not state guaranteed

** For more information see www.royalparkinvestments.com

State ofBelgium(SFPI/FPIM)


Balance sheet Royal Park Investments (under IFRS)

30-06-10 31-12-09EUR mio

Assets

Securities

Deferred tax assets

Goodwill

Other assets

Liabilities and shareholders' equityLiabilities

Other liabilities

Commercial Paper

Funding, super senior

Funding, senior

Shareholders’ equity

Share capital

Share premium (additional paid in capital)

Cash Flow hedge reserves

Retained earnings

10,588

7,583

955

1,724

325

10,5888,710

154

5,057

2,980

519

1,878

850

850

127

51

10,152

7,204

943

1,724

281

10,152

8,452237

1,431

3,375

3,409

1,700

850

850

10/03/2010 I page 53


Ratings

10/03/2010 I page 54

Operating entities

AG Insurance (Belgium)

Insurance Financial Strength

Outlook

Last change

Milleniumbcp Ageas (Portugal)

Insurance Financial Strength

Outlook

Last change

Group

Ageas

Long-term

Outlook

Last change

Fitch S&P Moody's

A+

Negative

8-Dec-09

A

Stable

9-Jul-09

BBB+

Negative

8-Dec-09

A-

Negative

17-May-10

A-

Negative

17-May-10

BBB-

Negative

17-May-10

A2

Negative

15-Jul-09

NR

Baa3

Developing

15-Jul-09


Financial Calendar H2 2010 - 2011

2 May *Ex-dividend date –Start dividend election period

27 April Annual shareholders’meeting Brussels

9 March Annual results 2010

28 April Annual shareholders’meeting Utrecht

18 May Q1 11 Interim financial statements

31 May *Payment 2010 dividend

20 May *End of dividend election period

24 August First half results 2011

9 NovemberQ3 11 Interim financial statements

4 May *Record date

* Subject to decision of the Board of Directors and approval by the Annual Shareholders’ meeting

10 NovemberQ3 10 Periodic financial information


Cautionary Statements

Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known andunknown risks and uncertainties that could cause actual results,performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Fortis’ core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis.

In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Fortis and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future.


Investor Relations

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E-mail:

Website:

+ 32 2 557 57 34+ 31 30 2525 305

[email protected]

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6m results 2010

Economy & Finance