6m results 2011

AGENDA

CEO update

Financials

Selected topics

224 August 2011 |

Solid Insurance performance before Greek impairment

Group net result slightly negative

Strong solvency ratios, stable shareholders’ equity

Net exposure to PIGS sovereigns reduced

Highlights H1 2011

Net result ex. Greek impairment at EUR 261 mio, up 44% Net result inc. Greek impairment at EUR 111 mio Group combined ratio 101.2%; further improvement in Q2

Life inflows at EUR 6.5 bn, -16%, FUM stable

Non-Life inflows at EUR 2.4 bn, +30%

Impacted by impairments on Greek sovereigns

General Account net loss at EUR 170 mio; EUR 130 mionon-cash legacy related charge

Solvency ratio at 207% Shareholders’ equity at EUR 2.89 per share

Southern European sovereign exposure reduced by EUR 1.2 bn since 30 June*

Net exposure to PIGS sovereigns of EUR 4.3 bn*, -28% vs. end 10

* Situation as per 19 August 2011/ Net exposure is after non-controlling interests

324 August 2011 |

(170)

455

181111

274

(59)

H1 10 H1 11

H1 10 FY 10 Q1 11 H1 11

A good financial & operational performance despite impairment Solvency and shareholders’ equity remain strong & stable

Solid Insurance resultIn EUR bn In EUR mio

Strong Insurance solvency, not impacted by impairments

PIGS exposure further reducedIn EUR bn*

181

261

111

150

H1 10 H1 11Insurance result Impairments Greece

Combined ratio further down Group result slightly negative

Insurance resultGeneral Account

226% 227% 201% 207% 2.88 2.893.19

FY 10 Q1 11 H1 11

Shareholders’ equity stableIn EUR, per share

5.5 4.3

12.9

FY 09 H1 11 19-8-11* at amortized cost, after non-controlling interests

H1 10 FY 10 H1 11

105.8% 101.2%107.3%

424 August 2011 |

Belgium : Combined ratio 102.2% vs. 107.1%excl. WC 98.6% vs. 103.1%

Q2 11 combined ratio excl. WC at 97.2%

Motor : H1 96.7% vs.107.1%; Q2 at 98.6%

Fire : H1 107.2% vs. 104.6%; Q2 at 98.2%

UK : Combined ratio at 101.2% vs. 106.5%excl. Tesco Underwriting 100.5%

Q2 11 combined ratio at 97.3%

Motor: H1 99.3% vs. 109.0%; Q2 at 98.5%

Fire : H1 104.4% vs. 98.3%; Q2 at 89.2%

10/03/2010 I page 4

Non-Life combined ratio : Operational targets nearly achievedCombined ratio excluding Workmen’s Compensation below 100%

90

100

110

120

130

2008 2009 2010 H1 11

Belgium Motor Belgium Fire Belgium

% Combined ratio (excl. Workmen’s Compensation)

90

100

110

120

130

2008 2009 2010 H1 11

UK Motor UK Fire UK

524 August 2011 |

118

125

103

7H1 10 H1 11

Life performance encouraging despite volatile financial marketsNet profit up across all segments, ex. impairment on Greece

Belgium

In EUR mio

0

15

25

H1 10 H1 11

Continental Europe

Asia

4527

H1 10 H1 11* Net profit excluding exceptional capital gain on Real

Estate of EUR 35 mio in 2010

Belgium : Lower investment yields compensated by higher net capital gains excl. impairment charge on Greece

Continental Europe : Improved performance excl. impairment charge; better operating margin in Portugal and beneficiary impact from streamlining Insurance portfolio

Asia : Resilient results; good performance across all entities

*

**

**

** Greek impairment

624 August 2011 |

Lower Life inflows, Non-Life up across all segmentsTotal inflows at EUR 9.0 bn, -7%; UK up 85%

Asia* :Life : EUR 2.9 bn, -6% Increased focus on regular premiums Banks across Asia focus on liquidity & growing deposit baseNon-Life : EUR 0.3 bn, +21% +20% growth both in Malaysia & Thailand

Continental Europe :Life : EUR 1.3 bn, -37% Portugal, -38% due to macro-economic environment Luxembourg, -39%, due to lower benefit FoS regulationNon-Life : EUR 0.2 bn, stable Portugal : further up in Healthcare driven by strong Médis brand Italy : stable premiums despite increased focus on profitability

Belgium :Life : EUR 2.4 bn, -11% Strong competition from banks in savings Lower appetite for unit-linked productsNon-Life : EUR 0.9 bn, +5% Growth outperforms the market Mix of portfolio growth & tariff increases

UK :Non-Life : EUR 1.0bn, +85% Tesco Underwriting : EUR 358 mio YTD Ageas Insurance : Inflows +18% Household +33% ex Tesco; Commercial lines +33% Life : EUR 22 mio, +97% Increasing market share of Ageas ProtectOther : EUR 132 mio, +114% Acquisitions KFFS & Castle Cover drive growth

* incl. Non-controlling interests at 100%

724 August 2011 |

3.2

1.4

6.2

2.62.5 1.8

1.4

1.31.2

0.8

2.1

0.80.7

0.7

0.20.2

1.21.3

FY 09 H1 10 H1 11 Aug 19 11

Impairment Greece Italy Spain Portugal

Exposure on Southern European sovereigns further reduced…Net exposure after non-controlling interests of EUR 4.3 bn*

* Situation as per 19 August 2011 after non-controlling interests and at amortized cost and after

Gross exposure at 100% on PIGS countriesdown from EUR 17.8 bn to EUR 6.3 bn* in varioussteps since end 09; Net exposure at EUR 4.3 bn

Additional reduction of primarily Italian & Spanishsovereigns since end June 11 of EUR 1.2 bn

EUR 499 mio of primarily Portuguese sovereignsreclassified as ‘Held to Maturity” in Q2 11, in linewith market practice

Gross impairment on Greek sovereigns of EUR 328 mio based on fair value as at 30 June 2011 and maturities up to 2020; Net impact of EUR 150 mio, after profit sharing, tax and non-controllinginterests

12.9

6.15.5

4.3

In EUR bn

824 August 2011 |

1.1

0.5

0.10.5

Total available capital

3.1

6.4

Ageas’s solvency ratio strong, not impacted by impairments Available capital well above required regulatory minimum

* Asia : Investments in partnerships are deducted from Total Capital; given the significant investments in partnerships** Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for AICA of 434% end of June 11.*** In June 2010, the NBB requested to adjust the calculation and limit the amount of subordinated funding and Hybrid capital to 50% of the minimum solvency requirements

Belgium United Kingdom

Insurance

Required Regulatory minimum

EUR 3.3 bn excess capitalInsurance + EUR 1.6 bn General

Account = EUR 4.9 bn

ActualActual Min Minimum

187% 242%Total Solvency Ratio

Actual Min Actual MinContinental

EuropeAsia

*/**

Actual Min

194% 868%

ActualGeneral

Account***

207%

End June 11

2.2

4.1

0.1

0.30.8 0.51.0

924 August 2011 |

Ageas’ solvency calculations are based on the following methodology : any unrealized loss on fixed income on balance is deducted, any net unrealized gain is eliminated.

As at 30 June 2011, solvency includes a EUR 0.5 bn of unrealized losses on fixed income securities. In addition in a situation of rising interest rates, the valuation of liabilities are not adjusted.

Ageas applies a conservative solvency calculation methodology

Example : Belgium (at 31/12/10)

Ag Insurance EIOPA solvency II ratio (MCR) : 517%

Average Insurance industry : 380%

Ageas passed very successfully the EIOPA solvency stress tests for Belgium & Portugal with simulated Solvency II ratios exceeding the average of the European industry in all stress test scenarios adopted.

Example : Belgium (at 30/06/11)

IFRS Solvency ratio : 187%

1024 August 2011 |

(288)

8,2477,477

7,446

7,477(543)

(23) (52)(104) (197)

134

118185

FY 2010

Net resu

lt Ins

uranc

e

Net resu

lt Gene

ral Acc

ount

Change

unrealize

d gain

s

Foreign

exch

ange &

Othe

rQ1 2

011

Net resu

lt Ins

uranc

e

Net resu

lt Gene

ral Acc

ount

Change

unrealize

d gain

s*Divi

dend

Foreign

exch

ange &

Othe

rH1 201

1

FY 2010 Q1 2011 H1 2011EUR 3.19 EUR 2.88 EUR 2.89

Shareholders’ equity / share

Shareholders’ equity nearly stable at EUR 7.5 bn vs. Q1 11No impact from impairment on Greek bonds

Positive trend in Q2 Net positive evolution of unrealized gains

& losses, incl. impact reclassification from AGS to HTM

Positive result contribution, as not impacted by impairment & strong result General Account.

Shareholders’ equity by segment Belgium down to EUR 2.2 bn, CE down to

EUR 0.8 bn

Asia stable at EUR 1.4 bn, UK up to EUR 0.9 bn (incl. Tesco Underwriting & KFFS)

General Account down to EUR 2.2 bn due to ao transfer of capital to UK for acquisition Castle Cover

* including charge related to reclassification of Portuguese sovereigns as ‘Held to Maturity’

1124 August 2011 |

Ageas grows selectively its insurance portfolioA view on our latest acquisitions and partnerships

Partnership with Sabanci Holding: 50/50 partners, each with 31% stake in Aksigorta

# 4 position in Non-Life with 8% market share Leading positions in key products Distribution supported by 15 y-exclusive distribution

agreement with Akbank Transaction closed on 27 July 2011

Merger of Fortis Luxembourg Vie and Cardif Lux International 2010 FuM > EUR 12 bn (pro forma) Shareholder structure new entity: Ageas 33.33%, BGL BNP Paribas

33.33% & BNP Paribas Cardif 33.34% Distribution supported by 10-y bancassurance agreement with BGL Establishes new entity as clear n°2 in the FOS market Closing expected by end 2011

Intermediary selling Personal lines products to the aged 50 and over

2010 revenues: GBP 22 mio Part of Ageas UK’s multi-distribution strategy,

increasing its # customer to +/- 8 mio Consolidating Ageas n°2 position in the over 50s

segment

1224 August 2011 |

Group result impacted by loss General AccountGeneral Account includes EUR 130 mio charge related to legacies

EUR 170 mio net loss General Account

Q2 11: Net result of EUR 118 mio thanks to positive evolution RPN(I) & call option on BNP Paribas shares

H1 11: Call option BNP P shares up EUR 85 mio, RPN(I) liability up EUR 118 mio, RPI net result EUR 57 mio negative

EUR 40 mio charge related to Fortis Bank Tier 1

95% of the holders have asked for exchange

Consent received from National Bank of Belgium on 18 August; Acquisition instrument as per 26 Sep 11

Ageas takes EUR 40 mio provision for difference betweennominal and fair value as per end of June

Further progress in legal proceedings

Favourable judgment in the VEB/Deminor and FortisEffectcases

New proceedings initiated by Stichting Investor Claims Against Fortis. Writ of summons received in 2nd quarter

Writ of summons related to counterclaims from Dutch State received end of July

1324 August 2011 |

Up to EUR 250 mio of its outstanding common stock

Buy-back programme launched as of 24 August For a period ending 23 February 2012

Independent broker mandated to execute the programme

Shares to be held as treasury shares until further notice

No impact on solvency position

Ageas announces a share buy-back programme

1424 August 2011 |

InsuranceGood performance excluding impairment

related to Greece

Solvency ratio remains strong and untouchedby impairment

Exposure to Southern Europe sovereigns further reduced after 30 June

Group Volatility remains due to accounting impact

legacy issues

Outlook 2011 Financial performance expected to be in line

with 2010 taking into account Greek impairment & barring any other significant events outside our control

Inflows expected to be close to the level of last year

Conclusions

1524 August 2011 |

Upcoming...

AGENDA

CEO update

Financials

Selected topics

1724 August 2011 |

Key financial data H1 2011

Gross exposure to PIGS bonds at amortized cost down to EUR 6.3 bn(situation as per 19 August)

Net exposure to PIGS at amortized cost and after non-controlling interestsat EUR 4.3 bn (situation as per 19 August)

IFRS solvency at 207%, up vs. Q1 11 Available Capital EUR 4.9 bn above regulatory minimum levels Ageas passed successfully the EIOPA Solvency II stress tests

Shareholders’ equity nearly stable at EUR 2.89 per share Discretionary capital at EUR 1.0 bn

Net loss General Account of EUR 170 mio, including net charge for legacy issues of EUR 130 mio

Insurance net profit excl. Greek impairments EUR 261 mio, +44% Insurance net profit at EUR 111 mio incl. impairment charge on Greek

sovereigns of EUR 150 mio Group combined ratio significantly better at 101.2%; ex. WC at 99.4% Life inflows at EUR 6.5 bn, -16% in line with market trends Non-Life inflows at EUR 2.4 bn, +30% up across all segments

Southern European exposure further reduced

Strong solvency & stable shareholders’ equity;

No impact from impairments

Group net result negative

Strong Insurance performance

1824 August 2011 |

Key financials H1 2011

* Based on average number of outstanding shares** Adjusted for the reclassification of Fortis Luxembourg Vie as "Assets and Liabilities held for sale”

10/03/2010 I page 18

Eur mio H1 11 H1 10 Q2 11 Q2 10 Q1 11

Gross inflows (EUR bn) 9.0 9.6 (7%) 4.2 4.6 4.8

Net profit Insurance 111 181 (39%) (24) 87 135Belgium 23 88 (74%) (59) 24 82UK 30 8 266% 26 10 4Continental Europe 4 17 (78%) (14) 6 18Asia 54 67 (20%) 24 47 30

Net profit General Account (170) 275 (162%) 118 569 (288)Net profit attributable Group (59) 455 (113%) 95 656 (154)

Funds under management (EUR bn) 70.8 68.9 3% 70.8 68.9 70.6

Net shareholders' equity 7,477 9,153 (18%) 7,446Belgium 2,234 3,006 (26%) 2,282UK 859 621 38% 751Continental Europe 773 983 (21%) 852Asia 1,398 1,597 (12%) 1,378General Account 2,212 2,938 (25%) 2,179

Net equity per share (EUR) 2.89 3.70 (22%) 2.88

Earnings per share (EUR) * (0.02) 0.18 (111%) * (0.06)

Discretionary capital (EUR bn) 1.0 0.9 11% 0.2

**

1924 August 2011 |

Detailed overview inflows H1 2011By segment / country

Eur mio H1 11 H1 10 H1 11 H1 10 H1 11 H1 10

Belgium 75% 2,361 2,651 898 852 3,259 3,503

United Kingdom 100% 22 11 994 538 1,016 550

Continental Europe 1,250 1,981 231 229 1,481 2,210 Portugal 51% 659 1,057 124 121 783 1,178 France 100% 171 208 0 0 171 208 Luxembourg 50% 400 657 0 0 400 657 Ukraine 100% 0 1 0 0 0 1 Germany 100% 20 23 0 0 20 23 Turkey 100% 0 35 0 0 0 35 Italy 25% 0 0 107 108 107 108

Asia 2,911 3,104 326 270 3,237 3,374 Hong Kong 100% 158 151 0 0 158 151 Non-consolidated partnerships 2,753 2,953 326 270 3,079 3,223 Malaysia 31%/13% 293 432 264 219 557 651 Thailand 25% 443 349 62 51 505 400 China 26% 1,953 2,109 0 0 1,953 2,109 India 0% 64 63 0 0 64 63

Total 6,544 7,747 2,449 1,889 8,993 9,637

Life Non-Life Total

2024 August 2011 |

0.5 1.02.2 1.5

3.4 3.2

9.6 9.0

3.5 3.3

H1 10 H1 11

A look on Insurance by various angles Asia remains a strong contributor, UK substantially recovered

Inflow Net profit Non-LifeIn EUR bn In EUR mio

48

16

(15)

20

23 5

48

* Funds under Management Asia include the non-consolidated partnerships on a 100% basis; CE includes Fortis Luxembourg Vie classified as ‘Held for Sale’

Asia

ContinentalEurope

UK

Belgium

15.5 15.0

14.7 15.5

88.5

46.9 48.6

8.07.01.41.4

85.5

H1 10 H1 11

In EUR bn

Life Funds under management Net profit LifeIn EUR mio

15

62

45

179

52103

7(2)(1)

0

H1 10 H1 11

H1 10 H1 11

(6)

* *

* *

2124 August 2011 |

InsuranceImpacted by impairment Greece; Net result up 44% excl. impairment

Net profit at EUR 111 mio (vs. EUR 181 mio) Solid contribution from Asian operations; Improved performance

across all countries

Net result impact of EUR 150 mio related to Greek sovereigns;

Recovery in Non-Life, especially in Belgium & UK, results in much higher net profit contribution vs. H1 10 (+ EUR 54 mio); Encouraging technical result Life, excluding impairment charge Greece

Life at EUR 52 mio (vs. EUR 179 mio) Asia : Net result contribution of EUR 45 mio;

Belgium : Strong mortality results; Higher net capital gains partly offset by lower yield; negative impact Belgian state contribution

Continental Europe benefiting from streamlining insurance portfolio and higher operating margins in Portugal ex. impairment

Impairment on Greek bonds of EUR 143 mio

Non-Life at EUR 48 mio (vs. EUR 6 mio negative) Strong second quarter offsets weaker first quarter; Improved

operational performance thanks to corrective measures

Total exceptional weather related costs in H1 11 in Belgium and UK of EUR 18 mio; Impairment on Greek bonds of EUR 7 mio

Total net result contribution CE & Asia of EUR 12 mio, +85%

Other at EUR 11 mio (vs. EUR 8 mio) EUR 1.0 mio acquisition and financing related costs on Castle

Cover

10/03/2010

EUR mio H1 11 H1 10

Gross inflow 5,914 6,412

Operating costs 414 393

Technical result 209 242

Operating margin 147 178

Profit before tax 186 294

Net profit after tax & non-controlling interests 111 180

Life FUM (EUR bn)* 70.8 68.9

* not including Fortis Luxembourg Vie (EUR 8 bn) & the non-controlling partnerships in Asia (EUR 15.5 bn)

2224 August 2011 |

BelgiumNet result impacted by impairments on Greek sovereigns; Non-Life returns to profit driven by improved operational performance

10/03/2010 I page 22

Net profit at EUR 23 mio (vs. EUR 88 mio) EUR 125 mio net impairment on Greek sovereigns; Life EUR

118 mio, Non-Life EUR 7 mio Strong technical Non-Life result esp. in Motor and Health H1 10 included EUR 26 mio negative impact related to

restructuring investment portfolio & EUR 6 mio exceptional weather related costs

Life at EUR 7 mio (vs. EUR 103 mio) Strong mortality results, solid risk margins Lower investment yield (-EUR 19 mio), partly offset by positive

dividend stream in Q2 EUR 10 mio net impact from 0.15% Savings insurance specific

State contribution (effective since Jan 11) Life FUM up to EUR 48.6 bn

Non-Life at EUR 16 mio (vs. EUR 15 mio negative) Strong 2nd quarter performance esp. in Motor & Health Higher volumes and positive impact tariff increases in past

quarters EUR 6 mio net negative impact of exceptional weather related

claims in June impacting mainly Fire Workmen's Compensation improved in Q1, deteriorated in Q2

11 due to higher number of deceased & permanent disability claims

EUR mio H1 11 H1 10







Life FUM (EUR bn) 48.6 46.9

2324 August 2011 |

United KingdomSignificantly improved net result, underlining a strong second quarter

10/03/2010 I page 23

EUR mio H1 11 H1 10

Gross inflow 1,016 550


Technical result 18 (7)

Operating margin 19 (5)



Net result at EUR 30 mio (vs. EUR 8 mio) Continued implementation of distribution strategy with strong growth

in broker channels, new acquisitions in Retail sector and Life expansion of distribution capability

Inclusion of Tesco Underwriting & Castle Cover in H1 11

Non-Life at EUR 20 mio (vs. EUR 2 mio) Includes Escape of Water costs incurred in Household in Q1 11

(EUR 12 mio) in relation to severe weather end 2010

Motor Inflow more than doubled to EUR 635 mio (vs. EUR 296 mio)

Tesco Underwriting now covers around 1 mio customers; cumulative inflows of EUR 459 mio since launch; net result H1 11 nearly breakeven

Life at EUR -1 mio (vs. EUR -2 mio) Inflow nearly doubled year-on-year; Continued progress in roll-out of

protection business; 7.3% market share among IFAs

Recently announced partnership with BGL Group & ASDA expands Ageas Protect’s distribution to complement its growing presence in the IFA market)

Other Insurance at EUR 11 mio (vs. EUR 8 mio) Strong commission growth & retention rates thanks to addition KFFS

& Castle Cover; RIAS & UKAIS grew 8% year-on-year

Net result of KFFS & Castle Cover of EUR 3 mio, including EUR 3 mio amortisation costs

EUR 1 mio acquisition & financing costs related to Castle Cover

2424 August 2011 |

Continental EuropeExcluding impairment on Greece, performance driven by higher investment yields and benefits from streamlining insurance portfolio

10/03/2010 I page 24

Net profit at EUR 4 mio (vs. EUR 17 mio) EUR 25 mio impairment charge on Greek sovereigns,

impacting Portugal, France & Luxembourg

Acquisition 31% stake Aksigorta closed in July 11; Reported as equity associate as of Q3 11

Life at EUR 0 mio (vs. EUR 15 mio) Excluding impairments, operating margin improved driven by

Portugal thanks to improved investment margins

Positive impact of ongoing streamlining insurance portfolio (sale of Turkey Life and Ukraine)

FUM fairly stable; Luxembourg reported as ‘Held for Sale as at 30 June 11

Non-Life at EUR 4 mio (vs. EUR 3 mio) Accident & Health remains largest business line (55%)

Operating margin driven by better combined ratios and higher investment income;

Positive contribution to net result from Italy & Portugal

Total combined ratio: 96.8%, improved vs. H1 10 (99.1%)

EUR mio H1 11 H1 10







Life FUM (EUR bn)* 15.0 22.5

* not including Fortis Luxembourg Vie (EUR 8 bn)

2524 August 2011 |

Net profit of EUR 54 mio (vs. EUR 67 mio) H1 10 net profit includes net non-recurring positive of EUR 23 mio;

EUR 35 mio from capital gains on sale real estate & EUR 12 mioimpairment losses on equities in China

Improved technical result and a drop in operating costs resulted in a solid growth of net profit in Hong Kong

Net result non-consolidated partnerships up to EUR 43 mio (vs. EUR 25 mio), driven by lower impairments, organic growth and a non-recurring tax recovery in Malaysia (EUR 3 mio)

Life net profit at EUR 45 mio (vs. EUR 62 mio) EUR 15 mio net result from consolidated operations in Hong Kong;

solid growth supported by improved technical results & drop in operating costs.

EUR 35 mio net result from non-consolidated partnerships, 70% up on significantly lower impairments & organic growth.

H1 10 positively impacted by EUR 23 mio non-recurring profit (see above); Regional costs almost unchanged at EUR 5 mio

FUM, incl non-consolidated partnerships at EUR 16.9 bn, up 7% (ex. currency impact)

Non-Life net profit at EUR 9 mio (vs. EUR 5 mio) Relates to operations in Malaysia and Thailand; Inflows up >20%.

Both the intrinsic operational performance and technical resultsremained strong, plus tax recoveries in Malaysia (EUR 3 mio).

AsiaNet profitability significantly up on a comparable basis

10/03/2010 I page 25

* Including Inflow (100%) & Profit (Ageas share) from partnerships respectively** Including partnerships, FUM increased from EUR 16.1 bn H1 10 to EUR 16.9 bn H1 11

EUR mio H1 11 H1 10

Gross inflow* 157 151




Profit before tax* 55 67

Net profit after tax & non-controlling interests* 54 67

Life FUM (EUR bn)** 1.4 1.4

2624 August 2011 |

General AccountComposition of the net result remains very diverse and volatile

Net profit

* Includes EUR 7 mio capital gain on winding down Intreinco reinsurance portfolio

H1 11In EUR mio

(57)

(40)

85

(40)

H1 10

(170)

In EUR mio

Call option on BNP Paribas shares

Others*

RPN(I)

Provision for Tier 1

RPI

(118)

275

(271)

(203)

Deferred tax impact

RPN(I)

Call option on BNP Paribas shares

RPI

Others*

23

405

(24) (8)

(121)

2724 August 2011 |

General AccountResult impacted by charge of EUR 130 mio related to legacies

Net result of EUR 170 mio negative Q2 11 net result of EUR 118 mio partly offsetting Q1 11 net loss of

EUR 288 mio

EUR 40 mio provision reflecting valuation risks after mandatoryacquisition Fortis Bank Tier 1 Debt not called by Fortis Bank

Value call option BNP Paribas shares up, RPN(I) and RPI down

H1 10 included EUR 405 mio deferred tax gain following simplification Belgian legal structure

Equity value RPI down to EUR 899 mio Ageas’s share H1 11 net result EUR 57 mio negative

Revaluation interest rate swaps lead to a EUR 52 mio positive result at RPI at 100%, accounted via equity (EUR 23 mio Ageas’s share)

EUR 118 mio charge RPN(I) liability, EUR 85 mio positive for call option on BNP Paribas shares RPN(I) liability driven by higher CASHES, higher spreads & i-rates

Call option BNP shares up following higher share price and lowerexpected dividend yield as at 30 June

Other items : Net interest margin EUR 6 mio negative due to higher interest rates

and higher RPN(I) related interest payments

Net expenses stable at EUR 28 mio

Net capital gain of EUR 7 mio related to winding down investment portfolio Intreinco

EUR mio H1 11 H1 10

Net interest income (6) 1

Realised capital gains 7 13

Other capital gains (41) (139)

Result of associates (55) 20Change in impairments & provisions (40) 0

Total expenses (28) (29)

Profit before tax (170) (134)

Tax 0 407Net profit after tax & non-controlling interests (170) 275

Balance sheet items H1 11 FY 10

RPI 899 933

Call option BNP Paribas 694 609

RPN(I) (583) (465)

Net cash/deposits (EUR bn) 2.0 2.2

2824 August 2011 |

1.0Discretionary Capital * (if available in cash)(0.2)Dividend 2011 upstream & M&A commitments(1.0)Contingent asset off balance (Fortis Bank Tier 1 loan due Sep 11)2.1Total Capital

(2.0)Invested in non-current assets on balance sheet4.1Shareholders’ equity + FRESH

2.2Net equity0.7Call option on BNP P shares

17.117.1Balance sheet total0.4Loan to operating cies

1.3FRESH0.9Royal Park InvestmentsDiscretionary Capital on balance sheet0.6RPN(I)8.7Other8.7OtherLT assets & LT liabilities2.4Provision Dutch State2.4Claim ABN AMRO BankMCS / FCC1.6NITSH I, II & Hybrone1.6Due from Fortis Bank & AG InsPassed on0.3ST (EMTN + Bank)2.4Cash & Deposits at banksNet Cash/ deposits : EUR 2.0 bn

LiabilitiesAssetsIn EUR bn, 30 June 2011

Discretionary Capital of the General AccountA view on liquidity & capital

H1 2011 evolutions: Discretionary capital restated for RPN(I) liability considered as permanent funding following re-assessment of its nature

Variance compared to end 10 explained by acquisition Castle Cover and H1 11 net result General Account

M&A commitments related to acquisition in Turkey (Aksigorta) of EUR 153 mio, closed end of July 11

* 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

2924 August 2011 |

Selected topics

Insurance Activities

Financial instruments

Royal Park Investments

General Information

30

46

53

57

3124 August 2011 |

256 261

271 288

251 27174 78

852 898

H1 10 H1 11

163 166

1,594 1,493

379188

515515

2,6512,361

H1 10 H1 11

(11%)

BelgiumNon-Life inflows further up, Life inflows down on lower sales

Life In EUR mio

Non-LifeIn EUR mio

Unit-Linked

Savings

Traditional

Other

Property

Accident & Health

Motor

+5%

Individual Life Down to EUR 1.8 bn with savings down 6% to EUR 1.5 bn

Bank channel inflow down 15%; lower volumes in savings competing with bank deposits offering higher i-rates

Broker channel -8%, following similar trend in bank channel

Continued reduced Unit-linked appetite

Group Life Remains stable at EUR 0.5 bn

Funds under Management Up 1% to EUR 48.6 bn vs. end 2010

Property and Casualty Inflows up 7%, all product lines contributing esp. Fire (+8%)

and Motor (+6%), from a combination of tariff increases and portfolio growth

Accident & Health Up 2%, growth in Healthcare (+1%) fuelled by growing

portfolio and the medical indexation impact, partly offset by exceptional Disability premium in 2010

Group Life

3224 August 2011 |

538

994550

1,01622

11

H1 10 H1 11

32 35296

635136

234

75

90

538

994

H1 10 H1 11

Motor

United KingdomInflows substantially up thanks to Tesco Underwriting and organic growth

Non-Life

Life

Other

Property

Accident & Health

+85%

+85%

Total In EUR mio

Non-LifeIn EUR mio

* including other income

Life Successful roll out of its proposition across the IFA

market, building on partnerships with BGL across Non-Life portfolio & ASDA

Over 150,000 customers

Non-Life Driven by organic growth in both Commercial & Personal

lines and inclusion of Tesco Underwriting

Personal lines up 95% overall; Motor up 115%, Household up 73%

Commercial lines up 33% reflecting strong growth in Van in particular

Tesco Underwriting’s income in the first half of 2011 reached EUR 358 mio

Other Insurance (Retail) YTD total income of EUR 132 mio vs..EUR 62 mio,

+114%; Growth driven by inclusion acquired activities KFFS and Castle Cover

RIAS & UKAIS grew 8% to EUR 64 mio

3324 August 2011 |

133 104

861

198

912

871

75

76

1,980

1,250

H1 10 H1 11

125 128

54 50

31 3320 20

229 231

H1 10 H1 11

Continental EuropeLife inflows down in line with market trends, Non-Life stable

+1%

Accident & Health

Motor

Unit-Linked

Savings

Traditional

Group(61%)

OtherFire

Life In EUR mio

Non-LifeIn EUR mio

Life Portugal, -38% : Difficult economic environment since last

part of 2010

Luxembourg, -39% : Lower benefit vs. H1 10 from European Savings Directive

Savings business affected by economic situation, competition from banking products

Unit-linked business remained largest business line; EUR 871 mio inflows, -4% in difficult market conditions

Funds under Management Fairly stable at EUR 15 bn

Decrease related to reclassification of Fortis Luxembourg Vie under “Assets & Liabilities held for Sale”

Non-Life GWP slightly up by 1% versus H1 10

GWP Portugal up 2% on the back of strong performance of Médis, in a stagnating market amidst economic uncertainty

Following substantial measures taken to redress the profitability in Motor, GWP Italy remained stable in a moderately growing market.

3424 August 2011 |

93

82

2,8882,674

109

152

14

2

H1 10 H1 11

187 213

83113

H1 10 H1 11

+21%

AsiaInflows almost on a par with 2010 record levels

270326

-6%

Non-Motor*

Motor

Unit-Linked

Savings

Traditional

* Non-motor includes Fire, MAT, Accident & Health and other lines** MAT: Marine Aviation & Transport

Life

Non-LifeIn EUR mio

In EUR mio

Life Hong Kong (+5%) Solid growth, following improved

productivity in agency channel and growth in emerging IFA channel. New business (APE) up 30%

China (-7%) Lower single premium sales due to new bancaregulations & monetary tightening. Strongly increased renewal premiums thanks to good persistency

Malaysia (-32%) Lower single premiums in wake of monetary tightening. Regular premiums were up (+3% YTD).

Thailand (+27%) Continued strong growth in both bank and agency channel. Both new business and renewals up

India (+2% YTD) Entirely driven by renewals. New business impacted by regulatory changes.

Funds under Management Including non-cons partnerships (at 100%): EUR 16.9 bn (+7%

ex.currency impact). Consolidated operations (Hong Kong) : EUR 1.4bn (+5% ex.

currency impact).

Non-Life Malaysia (+21% YTD) Driven by Motor and Corporate MAT**

lines Thailand (+21% YTD) Driven by Non-Motor business through

bank channel

3,104

2,911

Group

3524 August 2011 |

61.6 63.6 64.9 64.2 67.1

37.4 36.7 35.9 36.836.4

36.6 36.7 36.4

99.0% 100.3% 100.8% 103.1%107.4%

102.2% 100.9% 103.5%

66.3 65.671.0

2006 2007 2008 2009 2010 H1 11 Q1 11 Q2 11

Combined ratio AG Insurance FY 06 – H1 11

Expense ratioClaims ratio

Favourable evolution but further progress possible Combined ratio H1 11 ex. Workmen’s Compensation at 98.6%

vs.103.1% in H1 10

Performance closely monitored; additional measures considered if deemed appropriate

Strong Motor performance, Fire improved in Q2 Motor : Continued strong performance benefiting from PY tariff

increases, new product features & improved claims frequency. CR H1 11 below 100% at 96.7%

Fire : Strong Q2 could not offset weaker Q1, impacted by tail end bad weather December 2010. CR H1 11 at 107.2%, Q2 11 at 98.2%

Workmen’s Compensation : Q1benefited from a positive PY claims result; Q2 impacted by higher number of deceased and permanent disability claims; CR H1 11 at 130.5%

PY loss ratio release : -7.3% vs.-4.6% in H1 10

Corrective set of measures taken Motor : Review material damage offer as from January 2011

Fire: CatNat tariff increase (Sep 11) representing premium increase of 3% on Fire portfolio on top of ABEX

Workmen's Compensation: 2.5% tariff increase as from Jan 2011

Belgium, combined ratio substantially improved on last yearStrong improvement in Motor, strong second quarter in Fire

3624 August 2011 |

48.4 56.8 50.6 60.575.5

59.6

47.045.5 45.8

47.147.1

47.6

2006 2007 2008 2009 2010 H1 11

83.3 80 77.3 76.7 83.5 81.8

23.5 23.1 21.6 22.722 22.8

2006 2007 2008 2009 2010 H1 11

Belgium – Combined ratio by product

Property & Casualty

Motor Fire

10/03/2010 I page 36

52.8 57.0 59.8 62.1 65.8 59

43.1 42.2 42.0 42.6 42.342.2

2006 2007 2008 2009 2010 H1 11

99.2% 101.2%101.8% 104.7%

55.7 56.870.3 68.6 71.0 61.1

37.8 36.936.4 36.3 35.7

35.6

2006 2007 2008 2009 2010 H1 11

93.5% 93.7%106.7% 104.9%

Expense ratio

Claims ratio

95.4% 102.3% 96.4%107.6%

106.7% 122.6%

Accident & Health

106.8% 103.1% 98.9% 99.4% 105.5%

Expense ratio

Claims ratio

108.1%95.9%

104.6%

96.7% 107.2%

3724 August 2011 |

Expense ratioClaims ratio

Combined ratio UK FY 06 – H1 11

70.279.7 73.1 70.6

28.227.7

28.827.7 28.0

27.027.6

26.6

98.4%107.4%

101.9%108.1% 109.5%

101.2%106.0%

97.2%

78.480.4 74.281.5

2006 2007 2008 2009 2010 H1 11 Q1 11 Q2 11

UK, further improvement in Q2 across all businessesCombined ratio in Continental Europe improved as well

UK : corrective measures start to pay off Further improvement quarter on quarter resulting in overall

combined ratio below 100%, including Tesco Underwriting;

Motor : Tariff increases have positive impact; 99.3% in H1 10 vs.109.0% H1 10; Q2 11 at 98.5%

Household : Combined ratio down in Q2 thanks to better PY release ratio; H1 11 at 104.4%; Q2 11 at 89.2%

Travel : Down to 103.8% vs. 125.5% in H1 10 (impacted by the volcanic ash event

Other countries : improved performance in Q2 Continental Europe : Combined ratio at 96.8%

Portugal : H1 11 combined ratio at 91.2% vs. 93.5% in H1 10

Italy : Rigorous efforts undertaken to redress profitability; H1 11 at 103.0% vs. 105.6%

Asia : Combined ratio at 96.5% (vs. 96.2% in H1 10)

3824 August 2011 |

81.1 83.597.9

79.3

30.5 26.224.0

24.5

2008 2009 2010 H1 11

United Kingdom – Combined ratio by product

Property & Casualty

Motor Fire

10/03/2010 I page 38

72.5 80.2 74.0

28.727.8 27.2

80.4

28.3

2008 2009 2010 H1 11

101.2%108.0% 108.7%

78.8 88.9 82.9 77.5

24.022.8 23.3

21.8

2008 2009 2010 H1 11

102.8%111.7%

Expense ratio

Claims ratio

60.0 61.277.4 67.7

39.9 38.038.2

36.7

2008 2009 2010 H1 11

99.9% 99.2%99.3% 115.6%

Accident & Health

111.6% 109.7%121.9%

Expense ratio

Claims ratio

101.2%

106.2%

103.8%

104.4%

3924 August 2011 |* Classified as ‘Available for Sale’ and ‘Held to Maturity’ and at fair value (incl. Interparking)

39

Ageas’ investment portfolio at EUR 58.7 bnSituation as per 30 June 2011

Investment portfolio (EUR 58.7 bn)*Total investment portfolio down EUR 1.1 bn vs FY 10 Drop of fair value of fixed income securites partially

compensated by new inflows

Fixed Income securities Pre-tax unrealized loss end of June 11 at EUR 0.6 bn (vs.

EUR 1.2 bn end Q1 11) due to Greek impairment & reclassification primarily Portuguese sovereigns to ‘HtM’

Exposure to PIGS sovereigns further reduced by EUR 1.2 bnafter 30 June

Additional investments in Belgian & French sovereigns mainly

Equities

Increase to EUR 2.6 bn (vs. EUR 2.3 bn end 10)

Pre-tax unrealized gains of EUR 108 mio

Real Estate

Pre-tax unrealized gains up to EUR 1.2 bn

Sovereign bonds54%

Real Estate7%

Equities4%

Corporate bonds

34%

StructuredCredit Inst1%

Total pre-tax unrealized gains on investmentportfolio of EUR 687 mio

4024 August 2011 |

Investment portfolio: Fixed Income of EUR 52.0 bn*Situation as per 30 June 2011

In EUR bn

SovereignBonds

31.861%

Structured Credits0.4 1%

Corporate Bonds19.838%

End June 11 gross unrealized losses pre-tax down to EUR 617 mio

UL Sovereign bonds at EUR 891 mio followingimpairment on Greek bonds & reclassificationPortuguese bonds into ‘Held to Maturity’

UG Corporate bonds at EUR 270 mio

90% bond portfolio single A or higher

74% rated AA or higher

Below investment grade or unrated stable at 3%

* At fair value ‘Available for Sale’ + ‘Held to Maturity’

Below Inv grade/ UnratedBBB7%

3%

AAA44%

AA30%

A16%

4124 August 2011 |

Sovereign bond portfolio of EUR 31.8* bnSituation as per 30 June 2011

Net exposure to PIGS countries as at 19 August at amortized cost after non-controlling interests at EUR 4.3 bn : GreeceEUR 1.0 bn (incl. impairment), Italy EUR 1.8 bn, Spain EUR 0.8 bn & Portugal EUR 0.7 bn;

Net investments in Belgian & French sovereigns

In EUR bn

* All values at fair value

Below Inv grade/ UnratedBBB4% 3%

AAA38%

AA41%

A13%

Ireland0.4Portugal

1.1

Austria2.3

Germany2.7

Others2.3Netherlands

1.2Greece

0.9 Spain1.6

Italy3.4

France4.3

Belgium11.1

4224 August 2011 |

Government related

Corporate bond portfolio of EUR 19.8 bn*Situation as per 30 June 2011

In EUR bn

Gross unrealized gains of EUR 0.3 bn end of June 11 vs. EUR 0.5 bn end of December 10

Banking/ Other financials : 88% single A or higher; 58% rated AA or higher; no single position > EUR 0.3 bn

Hybrid securities: EUR 0.6 bn down EUR 0.1 bn, 90% investment grade and 90% with Tier-1 or Tier-2 status


BankingOther corporates

Other financials

Below Inv grade/ UnratedBBB12% 2%

AAA51%

AA13%

A22%

4.4

8.8

1.7

5.0

4324 August 2011 |

10/03/2010 I page 43

In EUR bn

Equity funds

Equities

Held byother segments

24%Belgium76%

Mixed funds

Real Estate funds

Equity portfolio at EUR 2.6 bnSituation as per 30 June 2011

Equities at amortized cost up to EUR 2.6 bn vs. EUR 2.3 bn end 10

Gross unrealized gains slightly down to EUR 108 mio end of June

0.2

0.6

0.2

1.6

4424 August 2011 |

Real estate portfolio of EUR 4.1 bn*Situation as per 30 June 2011

10/03/2010 I page 44

In EUR bn

Real Estate Development0.4

Car Parks1.1

Investment Offices

1.4

Investment Retail1.0

Investments for own use EUR 1.4 bn Investment property at EUR 2.7 bn Gross unrealized gains end of June 11 up to EUR

1.2 bn (not reflected in net equity)- For own use : EUR 442 mio- Investment property : EUR 753 mio

Real estate exposure mainly in Belgium- Mainly Brussels region- Office buildings : occupancy rate of 92%- Commercial assets : shopping centers & public car

parks across Europe (via Interparking)- Stable income streams- Inflation protection

InvestmentWarehouses

0.2


Belgium68%

Spain3%

Other2%

France12%

Italy9%

Germany6%

4524 August 2011 |

Ageas’s capital of a high qualitySituation as per 30 June 2011

10/03/2010 I page 45

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

EUR bn H1 11 FY 10

Reported net Shareholders' Equity 7.5 8.2Unrealised gains real estate 0.6 0.5Goodwill (incl RPI) (1.7) (1.8)VOBA (Value of Business Acquired) (0.4) (0.5)DAC (Deferred Acquisition Cost) (0.6) (0.6)Other* (0.4) (0.4)Goodwill, DAC, VOBA related to N-C interests 0.5 0.425% tax adjustment DAC, VOBA & Other 0.3 0.3

Tangible net equity 5.6 6.2

Tangible net equity 75% of reported net shareholders’ equity




General Information

30

46

53

57

4724 August 2011 |

Overview of main characteristics HybridsSituation as per 30 June 2011

Ageas

57.78

Coupon served by FBB, however, trigger ACSM linked to dividend Ageas

<0.5% Dividend

YES

NO

YES

Undated exchange strike 23.94 mandatory35,91

BE0933899800

3,000

3m EUR +200

CASHESEUR mio

Ageasfinlux

Fresh

Ageas HybridFinancingHybrone

Ageas HybridFinancing

Nitsh I

Ageas HybridFinancing

Nitsh II

Direct issue FBB, 2004

% 3m EUR + 135 5.125% 8.25% 8% 4.625%Amount 1,250 500 USD 750 625 1,000ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116Call date Undated

exchangestrike 31.50mandatory 47.25

Jun/2016 Step up to 3M Euribor +200

Aug/2013 No step up

Jun/2013No step up

Oct/2014 Step up to 3M Euribor+170

ACSM YES YES YES YES YESDividend pusher YES YES YES YES YESDividend stopper NO YES YES YES YESTrigger < 0,5%

dividend triggerLiabilities > asset

Liabilities > asset

Liabilities > asset YES<8% CAD

Other 500on lent to AG Insurance

USD 750on lent to FBB

250 on lent toAG Insurance; 375 on lent to FBB

No stock settlement feature as for Direct issue FBB 2001

Market Price (30/06/11) 53.71 74.45 98.45 95.9 88.95

Fortis Bank (now BNP Paribas Fortis)

4824 August 2011 |

NBB has given consent to acquire Fortis Bank Tier1 Debt

Background In 2001, Fortis Bank SA/NV issued a EUR 1 bn subordinated Tier 1 bond*

Ageas to settle as co-guarantor, if Fortis SA/NV decides not to call at first call date (26/09/11)

In return Ageas receives a Tier 1 bond on Fortis Bank SA/NV; 3m-coupon at EURIBOR + 237 bps

Current Status On 27 May 2011, Fortis Bank SA/NV announced not to call

On 18 August 2011, NBB communicated its approval to settle the obligations in cash

95% of the holders have asked for exchange (EUR 950 mio)

Financial implications Net result : financial instrument accounted at fair value; Fair value estimated at +/- 95% of nominal

value; provision of EUR 40 mio accounted as at 30 June 11; Estimated additional net interest income of app. EUR 24 mio p/a

Net cash General Account : from EUR 2.0 bn (30/06/11) to est. EUR 1.0 bn (26/09/11)

Solvency : not affected

Discretionary capital : No additional impact as already included in previous calculations

* 6.5% Redeemable Perpetual Cumulative Coupon Debt Securities

4924 August 2011 |

Implied volatility (consensus) down from 33% (FY 10) to 30% Dividend yield down from 5.29% (FY 10) to 4.95% Strike price unchanged at EUR 66.672 per share Exercise period from 10/10/10 til 09/10/16

Parameters Black & Scholes

Implied volatility +5% ► total value option +27% Implied volatility -5% ► total value option -26% Dividend yield assumption down 1% ► total value option +12% Dividend yield assumption up 1% ► total value option -10%

Sensitivities

EUR 991 mio total value option as at 30 June 2011 ► 30% haircut maintained for non-standard features

► Valuation call option on BNP Paribas shares estimated at EUR 694 mio, up EUR 85 mio vs. FY 10

Value as per 30/06/11

Since end of June 2010 Ageas has moved to a gradual exercise strategy in accordancewith a disciplined methodology over the contractually foreseen exercise period

Exercise strategy

The cash-settled call option allows Ageas to benefit from any appreciation in the value of 121,218,054 BNP Paribas shares held by the SFPI/FPIM

Ageas has undertaken to propose to pay out as dividend the benefits to the extent allowedby law and taking into account practical constraints

Valuation methodology

Valuation call option on BNP Paribas shares

5024 August 2011 |

EUR 501 mio negative mark-to-market value RPN(I) EUR 82 mio negative for guarantee Belgian State Cash interest cost 30/06/11 : EUR 6.5 mio to Fortis Bank State guarantee costs 30/06/11: EUR 3.1 mio to Belgian State

Valuation

Valuation model most sensitive to price CASHES CASHES increase from 57.8% to 66% ► RPN(I) fair value up with EUR 131 mio CASHES decrease from 57.8% to 50% ► RPN(I) fair value down with EUR 124 mio Detailed sensitivity analysis : see IFS H1 2011

Sensitivities

Ageas’s share price (B-S model) : EUR 1.87 per share (closing price 30/06/2011) Dividend yield of 4.3% Share price volatility of 41% (based on implied volatility end June 2011)

LT-value CASHES: 57.8% of par (closing price 30/06/11) vs. 62.8% end 10 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 payments until potential reimbursement 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 10

Valuation methodology

Fair value interest mechanism related to RPN(I)

► EUR 583 mio

5124 August 2011 |

General AccountLegal proceedings & investigations managed in interest of shareholders (1)

Appeal filed before the “College van Beroepvoor het bedrijfsleven” at The Hague

AFM : fine imposed on 05/02/10 in relation to price sensitive info in June 08

The NetherlandsAdministrative proceedings

Appeal filed before Rotterdam District Court AFM: 2nd fine imposed on 19/08/10 in relation to price sensitive information in Sep 07

Proceedings ongoing FSMA re communication in second quarter 2008

Belgium

Investigation ongoingBelgiumCriminal investigation

Investigation ongoing At request of Deminor re transactions Sep/Oct 2008

BelgiumExpert investigations

Report filed in June 2010 VEB started legal proceedings to establish

mismanagement by Fortis; awaiting judgement

At request of VEB/ESG re 2007-2008 The Netherlands

Situation on 24 August 2011

5224 August 2011 |

Positive judgement obtained; no appeal Proceedings ongoing

FRESH-holders MCS-holders contesting validity of

conversion

Brussels, BelgiumFinancial instruments

Court decision 08/12/09 on competence and provisional measures; proceedings ongoing

Suspended, awaiting outcome of criminal investigation

Modrikamen, re Sep/Oct 2008 transactions

Deminor, re alleged miscommunication

Brussels, BelgiumCivil lawsuits

Judgement in favour of Ageas; no appeal

Judgement in favour of Ageas; appeal filed by Stichting FortisEffect

Proceedings against Ageas, former directors/executives and banks

Proceedings initiated in July 2011; claims for EUR 210 mio & EUR 674 mio

VEB/Deminor, re sale of Dutch activities against Dutch State and Ageas

Stichting FortisEffect, re sale of Dutch activities against Dutch State and Ageas

VEB re alleged miscommunication 07-08

Dutch state re Oct 2008 transaction

Amsterdam,The Netherlands

Awaiting pleadings Proceedings initiated in July 2011 against

Ageas and two financial institutions

Mr.Bos, re alleged miscommunication Stichting Investor Claims Against Fortis

re alleged miscommunication

Utrecht,The Netherlands

Against ABN AMRO and Dutch State; proceedings ongoing

Against FCC, ABN AMRO and Dutch State; exchange of written arguments

Claim of EUR 2 bn re MCS Claim for reimbursement of EUR 362.5

mio

Amsterdam,The NetherlandsInitiated by Ageas

General AccountLegal proceedings & investigations managed in interest of shareholders (2)Situation on 24 August 2011


Financial Instruments


General Information

30

46

53

57

5424 August 2011 |

Financial performance Royal Park Investments**

Net IFRS result of EUR 458 mio at 100%, EUR 128 mio loss including impairmentof EUR 586 mio on the goodwill

Negative P&L impact Ageas of EUR 57 mio Value equity stake RPI at EUR 899 mio, including EUR 23 mio positive

impact fair value interest rate swaps**

Value as per 30/06/11

see www.royalparkinvestments.comMore information

Total outstanding debt H1 11 : EUR 6.1 bn Of which Commercial paper program : EUR 4.3 bn

Total Shareholders’ Equity end 2010 : EUR 2.0 bn

Financing structure

Total net interest payments in H1 11 : EUR 71 mio Total principal collections in H1 11 : EUR 581 mio

Cash collection

Face value remaining portfolio : EUR 14.0 bn IFRS fair value : EUR 6.6 bn*

Asset Value as per

30/06/11

* 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. This net book value amounted to EUR 8.8 bn on 30/06/2011.

** 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. Ageas’sshare in H1 11 amounts to EUR 23 million.

5524 August 2011 |

Balance sheet Royal Park Investments (under IFRS)

30-06-11 31-12-10EUR 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

8,147

6,566

448

781

352

8,1476,136

29

4,288

1,300

519

2,011

850

850

145

166

10/03/2010 I page 55

9,317

7,005

681

1,367

264

9,3177,230

86

4,585

2,040

519

2,087

850

850

94

294

5624 August 2011 |

407407RetainedEarnings

(EUR mio)

Capital 740(44%)

200(12%)

760(45%)

1,700

Senior 519 519

Commercial Paper*

4,289 4,289

Super Senior 1,300 1,300

Total Capital& Debt

740 719 760 1,300 4,696 8,215

Funding structure Royal Park Investments (under BGAAP)As per June 30, 2011**

* End of February 10, senior debt Fortis Bank fully replaced by commercial paper program, 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)




General Information

30

46

53

57

5824 August 2011 |

Ratings

10/03/2010 I page 58

Operating entities

AG Insurance (Belgium) Insurance Financial Strength

Outlook

Last change

Millenniumbcp Ageas (Portugal) Insurance Financial Strength

Outlook

Last change

Holdings

Ageas Long-term

Outlook

Last change

Fitch S&P Moody's*

A+

Stable

2-Sep-10

A

Stable

2-Sep-10

BBB+

Stable

2-Sep-10

A-

Stable

25-Oct-10

A-

Watch Negative

31-Jan-11

BBB-

Stable

25-Oct-10

A2

Negative

19-Nov-10

NR*

Baa3

Negative

19-Nov-10

* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process.

5924 August 2011 |

Our share (ticker ‘AGS’)General information

Total number of outstanding shares end 2010

− Including shares issued for FRESH

− Including shares issued for CASHES

Total number of outstanding shares end June 2011

− Including shares issued on 07/12/10 related to conversion MCS

Total number of effective and potential shares

− Including shares in connection with option plans

Shares related to CASHES and FRESH not entitled to dividend and voting rights

Total number of effective shares entitled to dividend & voting rights

Par value ageas SA/NV and ageas N.V. share equal at EUR 0.42 per share

Authorised capital of EUR 84 mio valid until July 2014

− Renewed at General Shareholder’s meeting 27 April 2011

− Specifically related to cover the commitments taken in the context of the issue of the hybrid financial debt instruments

2,623,380,817

39,682,540

125,313,283

2,623,380,817

106,723,569

2,647,928,083

24,547,266*

164,995,823

2,458,384,994

•Number decreased from 24,687,630 last year following expiry of options

6024 August 2011 |

Financial Calendar 2011

2 May Ex-dividend date –Start dividend election period

27 April Annual shareholders’meeting Brussels

9 MarchAnnual results 2010

28 AprilAnnual shareholders’meeting Utrecht

18 MayQ1 11 Interim financial statements

31 MayPayment 2010 dividend

20 MayEnd of dividend election period

24 August First half results 2011

29 September Investor DayLondon

4 May Record date

9 November Q3 11 Interim financial statements

6124 August 2011 |

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 Ageas’s 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 andMonetary 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 Ageas 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.

6224 August 2011 |

Investor Relations

Tel:

E-mail:

Website:

+ 32 2 557 57 34+ 31 30 2525 305

[email protected]

www.ageas.com

Investor Relations

6m results 2011

Economy & Finance