6m results 2012

Main messages

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information

Significant improvement in Insurance

results across all segments

Group net result driven by Insurance

results & substantial progress in

solving legacy issues

Shareholders’ equity up

Solvency strong

Insurance net profit of EUR 303 mio

Group combined ratio at 98.3% (vs.100.1%)

Q2 combined ratio outstanding at 94.7%

Inflows at EUR 10.8 bn (+20%)

Life FuM at EUR 65.8 bn (+2% scope-on-scope)

Group net profit of EUR 305 mio

General Account net result of EUR 2 mio

Including one-off impact from agreements with BNP P

& ABN AMRO and Dutch State

Shareholders’ equity at EUR 3.69 per share, +14%

Insurance solvency at 211%, Group solvency at 248%

Net cash position General Account at EUR 1.5 bn

* All figures compared to 6M 11 unless mentioned otherwise

Highlights 6M 12*

Periodic Financial Information I 6M 12 Results I 6 August 2012 2

52

20548

90

11

8

111

303

6M 11 6M 12

Life Non-Life Other

6M 11 6M 12

Insurance net result: up on better

Life & Non-Life results In EUR mio In EUR mio

Increasing Insurance solvency* Combined ratio substantially

better driven by excellent Q2

General Account: impact

settlements BNP P & ABN AMRO

227%

Shareholders’ equity up, driven by

UG & lower # outstanding shares EUR per share

210%

* Based on regulator’s view

207%

98.3%100.1%207% 211%

FY 11 6M 12

3.233.69

FY 11 6M 12

(170)

2

6M 11 6M 12

Group net profit dominated by

result Insurance activities In EUR mio

111 303

(170)

2

(59)

305

6M 11 6M 12

Insurance General Account

Headlines Ageas posts strong 6M 12 results


Key financials 6M 12

10/03/2010 I page 4

EUR mio 6M 12 6M 11 Q2 12 Q2 11 Q1 12

Gross inflows (incl. non-consolidated partnerships) 10,815 8,993 5,164 4,161 5,651 - of which inflows from non-consolidated partnerships 5,111 3,079 2,281 1,414 2,830

Net result Insurance attributable to shareholders 303 111 148 (24) 155By segment:

- Belgium 144 23 66 (59) 78

- UK 51 30 34 26 17

- Continental Europe 34 4 16 (14) 17

- Asia 74 54 31 24 43

By type:

- Life 205 52 80 (54) 126

- Non-Life 90 48 63 23 26

- Other 8 11 4 7 3

Net result General Account 2 (170) 241 118 (239)

Net result Ageas attributable to shareholders 305 (59) 389 95 (84)

Earnings per share (in EUR) 0.13 (0.02) (0.04)

Combined ratio 98.3% 100.1% 94.7% 98.8% 101.9%

Life Funds under management (in EUR bn) ** 65.8 64.4 * 65.1 65.6

Insurance Solvency 211% 207% * 207% 207%

Shareholders' equity 8,807 7,760 * 7,617 8,304

Net equity per share (in EUR) 3.69 3.23 * 2.95 3.48

* Year-end 2011 data

** Consolidated companies only


Combined ratio Insurance 2008 – 6M 12

Insurance Combined ratio Further improvement to 98.3% resulting from improved risk pricing

Improvement of combined ratio in all product lines

Combined Ratio at 98.3% (vs. 100.1%)

Outstanding Q2 12 at 94.7%

Prior year releases increased slightly to 4.8% (vs. 4.1%);

Cost ratio significantly improved

Motor at 96.5% (vs.98.7%): continued improvement

following corrective measures taken over latest years

Belgium: ratio slightly up vs. an excellent 2011

UK: impact of rating actions and increased

sophistication in fraud detection

CEU : exceptionally good claims result

Fire at 103.0% (vs.105.4%): improving but still under

pressure of climatic events

Belgium: strong Q2 at 98.7%

UK: combined ratio stable as strong underlying

performance offsets bad weather conditions

Asia: additional impact from Thai floods (4.3%)

Accident & Health: at 93.6% (vs.95.6%):

Belgium: frequency in Workmen’s Compensation

improving

→ restated for new calculation methodology

67.0% 69.4% 73.2% 69.0% 69.1% 68.1% 71.6% 67.7%

32.8% 33.1%32.8%

31.1% 32.4% 32.0% 30.3%30.6%

99.8% 102.5%106.0%

100.1% 101.5% 100.1% 101.9%98.3%

2008 2009 2010 2011 3M 11 6M 11 3M 12 6M 12

claims ratio expense ratio


Detailed overview inflows 6M 12 vs. 6M 11 By segment/business

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life

Life Non-Life

Life Non-Life

Life Non-Life

2,361 2,642

22 38 1,250 1,574

2,910 3,580

6,543

7,834

898 940

994 1,102

231 537

326

402

2,449

2,981

+ 10%

+ 12%

+ 43%

+ 23%

+ 20%

3,259 3,582

1,016 1,140 1,481

2,111

3,236

3,982

8,992

10,815

6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12

Periodic Financial Information I 6M 12 Results I 6 August 2012

In EUR mio

6

Detailed overview Insurance net result 6M 12 vs. 6M 11 By segment/business

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life Other

Life Non-Life

Life Non-Life

Life Non-Life Other

7

111

(1) 0 0 25

45 70

52

205

16

33

20 43

9

9

5 48

90

11

8

11

8

23

144

30

51

4

34

54

74

111

303

6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12


In EUR mio

7

General Account Net result includes one-off agreements with BNP P & ABN AMRO / Dutch State

(191)

140

(272)

112

(28)

(239)

(87)

(38)

400

(23)

241

(278)

140 (272)

(11)

74

400 (51)

2

BNP

Call option Tier 1

RPN(I)

impact deal

with BNP P

RPN(I)

revaluation RPI

Deal with

ABN Amro &

Dutch State Other

General

Account

Q2 12

Q1 12

EUR (132) mio impact of

agreement with BNP P

on CASHES


In EUR mio

8

Investment portfolio as per 30 June 2012 Value up as result of drop in spreads on fixed income portfolio & volume growth

In EUR bn

* All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs

Increase explained by yield drop of the core

European sovereign and corporate bonds and volume

growth.

Gross unrealized gains up EUR 1.8 bn vs. FY 11 to

EUR 3.6 bn, mainly in fixed income

Asset mix stable

Fixed Income

Gross unrealized gains at EUR 2.3 bn, vs. EUR 600

mio FY 11

Unrealized Gain Sovereigns at EUR 1.3 bn

Unrealized Gain Corporates at EUR 1 bn

Equities

Gross unrealized gains up to EUR 69 mio vs. nearly

breakeven end 2011

Real Estate

Gross unrealized gains marginally up to EUR 1.3 bn

Investment portfolio*

31.5 33.7

21.422.8

1.82.1

4.34.559.5

63.5

FY 11 6M 12

Real Estate

Equities

Structured creditinstruments

Corporate bonds

Sovereign bonds


53%

36%

1%

7%

3%

9

Net exposure on Southern European sovereigns further reduced Exposure at amortized cost & adjusted for non-controlling interests of EUR 2.3 bn

Exposure on S-E sovereigns at amortized cost ,

after impairments and non-controlling interests

further reduced to EUR 2.3 bn; stable on Q1 12

Additional reduction of primarily Italian & Spanish

sovereigns in 3M 12 of EUR 0.4 bn given

increased liquidity and reduced spreads of SE

sovereigns.

Exposure on Greece brought down to a marginal

amount of EUR 20 mio.

Gross exposure at amortized cost of EUR 3.7 bn.

In EUR bn

(0.9)

3.2

1.40.3

6.2

2.6

1.41.2

1.4

1.3

0.70.5

2.1

0.9

0.6

0.6

12.9

6.2

3.02.3

FY 09 FY 10 FY 11 6M 12

Portugal

Spain

Italy

Greece

Impairment


Ageas further diversifies its investment portfolio Gradually investing up to 5% of its assets in corporate loans

10/03/2010

Rationale

Ageas believes corporate loans offer an interesting alternative investment opportunity in the current low-

interest environment with the benefit of greater portfolio diversification and attractive risk-return profile

It will gradually allocate 5% of total invested assets to corporate loans (EUR 3 bn),

main part through partnership with Natixis.

Main elements of infrastructure loans agreement with Natixis:

Target amount: EUR 2 bn, to be reached within 2 to 3 years

Scope partnership: infrastructure loans outside Benelux, where Ageas

has direct access to real estate & infrastructure projects

New or very recently closed deals in selected sectors & countries

Natixis in charge of originating the loans & ensuring administration

Natixis will retain a pre-agreed substantial part of each deal

Benefits for Ageas

Attractive risk adjusted return: yield enhancement & diversification benefits vs. sovereign debt

Collateral based on pledges linked to underlying projects (e.g. buildings, motorways…)

Improved duration match: long maturities, creating opportunities for funding of long term insurance liabilities

Accounting

loans, at amortized cost, subject to impairments in case of credit event only


Natixis is the corporate, investment

management and financial services

arm of Groupe BPCE, the cooperative

bank born out of the merger between

Banques Populaires and Caisses

d'Epargne. Natixis has 22,000

employees in 68 countries. Natixis is

listed on the Paris Stock Exchange

and has a market capitalization of

around EUR 6 bn.

Net cash position General Account at EUR 1.5 bn Significant increase after agreements with BNP P & ABN AMRO and Dutch

State

Ageas, Fortis Bank & BNP P reached an

agreement on partial settlement of RPN(I) & full call

of Tier 1 Debt securities with EUR 666 mio

positive impact on net cash position in Q1 12.

The agreement with ABN AMRO & Dutch State on

settlement of legal proceedings increased the net

cash position by EUR 400 mio.

Payment of approved dividend of 8 eurocent per

share brought cash down with EUR 0.2 bn.

Net cash position also impacted by remainder of

2011 Share buy-back programme & lower

reservation for further redemption in the European

Medium Term Notes (EMTN) programme

Quarterly evolution

net cash position* In EUR bn

* Until 6M 11 known as discretionary capital

in EUR mio FY 11 6M 12

Cash and cash equivalents 345 1,114

Due from banks short term 600 600

Debt certificates (257) (214)

Net cash position 688 1,500


1.31.0 0.9 0.7 0.5

0.2

1.0 0.8 0.7

1.3 1.3

0.2

1.5

FY 09 3M 10 6M 10 9M 10 FY 10 3M 11 6M 11 9M 11 FY 11 3M 12 6M 12

Share buy-back programme

announced 6 August 2012 will

reduce net cash position by

EUR 0.2 bn

12

Insurance :

Growing inflows in all segments

Strong results in challenging markets

Funds under management steadily up

Group :

Important progress in solving remaining

legacies reducing complexity

Strong balance sheet

Future developments :

Further diversification of investment

portfolio entering corporate loans market

Simplification legal structure & reverse

stock split effective as of 7 August

Buy-back announced; launching 13 August

Conclusions


29 March 12

Ageas proposes simplification

of legal structure & reverse

stock split

Ageas finalizes simplification of legal structure & Reverse Stock Split Ageas Board acknowledges all conditions are met

28 & 29 June 12

General Shareholders’

Meetings approve

proposition

3 August 12

Ageas’s Board acknowledges all conditions are met:

no opposition by creditors of ageas N.V.

no use of withdrawal right 7 August 12

Merger & reverse stock split

become effective overnight

Merger : Transfer of all assets & liabilities from

ageas N.V. to ageas SA/NV

Assets & liabilities will be accounted for in ageas

SA/NV accounts as from 1 July 2012

at value as at 30 June 2012

against same valuation method

Transfer of all pending & future civil proceedings

to ageas SA/NV

New corporate governance charter available on

www.ageas.com

new ISIN

BE0974264930

* Indicative, based on closing price on Thursday 2 August 2012

Consequences of Reverse stock split on our share

# shares divided by 10 243.121.272 outstanding shares

value multiplied by 10 around EUR 15.3*

new ISIN : shares BE0003801181 BE0974264930

strips BE0005591624 BE0005646204

ticker symbol temporarily AGSN (shares) & AGSSN

(strips), back to AGS & AGSS as from Friday 10 August

Primary listing only on NYSE Euronext Brussels, no

longer on NYSE Euronext Amsterdam

For more details, elaborate Q&A and prospectus see www.ageas.com


15

7 December 10

Ageas issues 106.7 mio shares for

conversion MCS / no compensation

by ABN AMRO for dilution

24 & 25 April 12

Shareholders decide to

cancel shares bought back

between 24/08/11 & 25/01/12

authorise the board to acquire

up to 10% of outstanding

shares

Up to EUR 200 mio of its outstanding common stock

Buy-back programme launched as of 13 August 2012

For a period ending 19 February 2013 at the latest

Independent broker mandated to execute the programme

Through open market purchases on NYSE Euronext Brussels

Shares to be held as treasury shares until formal approval of cancellation

No impact on solvency position of Insurance activities

Ageas announces share buy-back programme Based on shareholders authorisation granted on 24 April 2012

29 June 12

Cancellation bought-back

shares effective Ageas

holds +/- 1.7% own shares

6 August 12

Ageas announces EUR 200

mio share buy-back

programme


28 June 12

Ageas & ABN AMRO agree to settle legal

proceedings on FCC & MCS Ageas

receives EUR 400 mio

13 August 12

Ageas launches

EUR 200 mio share

buy-back programme

Main messages

Equity / Solvency



General Account

General Information

Shareholders’ equity / share

Shareholders’ equity as per 30 June 2012 Up driven by unrealized gains, tangible equity at 79% of shareholders’ equity

In EUR mio

7,2487,599

512

1,208303

2

696151

106

(188) (23)

EUR 3.23 EUR 3.69

7,760

8,807

FY 11 Net resultInsurance

Net resultGen Account

Change UG/L Dividend Buy back Revaluationput option

Forex& other

6M 12

UG/LUG/L

Equity per segment FY 11 6M 12 FY 11 6M 12

Belgium 2,381 ► 3,074 Asia 1,687 ► 1,851

UK 1,008 ► 1,103 General Account 1,756 ► 1,697

Continental Europe 929 ► 1,082 Ageas 7,760 ► 8,807


Tangible net equity as per 30 June 2012 Ageas’s capital of a high quality

10/03/2010 I page 18

EUR bn 6M 12 FY 11

Reported net Shareholders' Equity 8.8 7.8

Unrealised gains real estate 0.6 0.6

Goodwill (incl RPI) (1.7) (1.6)

VOBA (Value of Business Acquired) (0.4) (0.4)

DAC (Deferred Acquisition Cost) (0.8) (0.7)

Other* (0.4) (0.4)

Goodwill, DAC, VOBA related to N-C interests 0.4 0.4

25% tax adjustment DAC, VOBA & Other 0.3 0.3

Tangible net equity 6.9 6.0

Tangible net equity 79% of reported net shareholders’ equity


4.1

2.3

1.00.4 1.2

0.61.4 0.5

7.7

3.8

1.4

9.4

3.8

8.0

Total available capital

IFRS Solvency as per 30 June 2012 Solvency up 11% vs. end 2011

Required Regulatory minimum

Actual / Min Actual / Min Actual / Min Actual / Min Actual / Min Actual Actual / Min

Belgium United Continental Asia Insurance General Ageas Kingdom Europe Account

Solvency Ratio

6M 12 177% 243% 212% 283% 211% 248%

Excess Capital InsuranceGeneral

AccountAgeas

EUR 4.2 bn EUR 1.4 bn EUR 5.6 bn


Main messages

Equity / Solvency



General Account

General Information

21

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life

Life Non-Life

Life Non-Life

Life Non-Life

2,361 2,642

22 38 1,250 1,574

2,910 3,580

6,543

7,834

898 940

994 1,102

231 537

326

402

2,449

2,981

+ 10%

+ 12%

+ 43%

+ 23%

+ 20%

3,259 3,582

1,016 1,140 1,481

2,111

3,236

3,982

8,992

10,815

6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12

Detailed overview inflows 6M 12 vs. 6M 11 By segment/business


In EUR mio

22

Detailed overview inflows 6M 12 vs. 6M 11 By segment/business @ 100%

EUR mio 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11

Belgium 75% 2,642 2,361 940 898 3,582 3,2590% 0 0

United Kingdom 100% 38 22 1,102 994 1,140 1,016

Continental Europe 1,574 1,250 537 231 2,111 1,481Consolidated entities 545 1,250 235 231 780 1,481

Portugal 51% 407 659 126 124 533 783

France 100% 138 171 0 0 138 171

Luxembourg 50% 0 400 0 0 0 400

Germany 100% 0 20 0 0 0 20

Italy 25% 0 0 109 107 109 107

Non-consolidated JV's 1,029 0 302 0 1,331 0

Turkey (AKSigorta) 36% 0 0 302 0 302 0

Luxembourg (Cardif Lux Vie) 33% 1,029 0 0 0 1,029 00 0

Asia 3,580 2,910 402 326 3,982 3,2360 0Consolidated entities 202 157 0 0 202 157

Hong Kong 100% 202 157 0 0 202 157

Non-consolidated JV's 3,378 2,753 402 326 3,780 3,079

Malaysia 31% 369 293 315 264 684 557

Thailand 31%/15% 588 443 87 62 675 505

China 25% 2,366 1,953 0 0 2,366 1,953

India 26% 55 64 0 0 55 640 0

Total 7,834 6,543 2,981 2,449 10,815 8,992

Life Non-Life Total


23

Detailed overview Insurance net result 6M 12 vs. 6M 11 By segment/business

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life Other

Life Non-Life

Life Non-Life

Life Non-Life Other

7

111

(1) 0 0 25

45 70

52

205

16

33

20 43

9

9

5 48

90

11

8

11

8

23

144

30

51

4

34

54

74

111

303

6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12


In EUR mio

24

Insurance Better results both in Life and Non-Life and across all segments

Net profit of EUR 303 mio (vs. EUR 111 mio)

Improvement mainly driven by Asia & UK

6M 12 result up 16% vs. 6M 11 results adjusted for EUR 150 mio

impairment charge on Greek bonds

Life at EUR 205 mio (vs. EUR 52 mio)

Net result holds up well despite challenging market environment

Strong result in Asia supported by EUR 15 mio exceptional reserve

release

Net result Belgium on adjusted basis slightly down on higher tax rate &

lower yield on own funds. CEU stable vs. 6M 11 adjusted, driven by

Portugal performance

Non-Life at EUR 90 mio (vs. EUR 48 mio)

All segments profitable with improvement mainly stemming from UK

(+EUR 23 mio). Better performance in all product lines in Belgium

Strong performance in Motor; Fire improving despite some weather

related costs in Belgium & UK

New Turkisch Non-Life partnership contributes positively, partly

compensating lower result in Asia, the latter impacted by floods impact

in Thailand & positive one-off in 6M 11

Other at EUR 8 mio (vs. EUR 11 mio)

Commission and fee income at EUR 139 mio, in line with last year

Net profit down reflecting highly competitive environment and positive

impact incentive payment from commercial partner received last year.

* Consolidated entities only; compared to FY 2011


EUR mio 6M 12 6M 11

Gross inflow 10,816 8,992

Operating costs 438 414

Technical result 372 241

Operating margin 431 147

Profit before tax 574 186

Net profit after tax & non-

controlling interests303 111

Life FUM (EUR bn)* 65.8 64.4

25

Combined ratio Insurance 2008 – 6M 12

Insurance Combined ratio Further improvement to 98.3% resulting from improved risk pricing

Improvement of combined ratio in all product lines

Combined Ratio at 98.3% (vs. 100.1%)

Outstanding Q2 12 at 94.7%

Prior year releases increased slightly to 4.8% (vs. 4.1%);

Cost ratio significantly improved

Motor at 96.5% (vs.98.7%): continued improvement

following corrective measures taken over latest years

Belgium: ratio slightly up vs. an excellent 2011

UK: impact of rating actions and increased

sophistication in fraud detection

CEU : exceptionally good claims result

Fire at 103.0% (vs.105.4%): improving but still under

pressure of climatic events

Belgium: strong Q2 at 98.7%

UK: combined ratio stable as strong underlying

performance offsets bad weather conditions

Asia: additional impact from Thai floods (4.3%)

Accident & Health: at 93.6% (vs.95.6%):

Belgium: frequency in Workmen’s Compensation

improving


67.0% 69.4% 73.2% 69.0% 69.1% 68.1% 71.6% 67.7%

32.8% 33.1%32.8%

31.1% 32.4% 32.0% 30.3%30.6%

99.8% 102.5%106.0%

100.1% 101.5% 100.1% 101.9%98.3%

2008 2009 2010 2011 3M 11 6M 11 3M 12 6M 12



26

Property & Casualty

Insurance Combined ratio per product line

Motor

Accident & Health

Fire

69.1% 72.9% 68.2% 67.1% 72.7% 67.4%

36.1% 35.5%32.7% 34.3%

31.9%31.9%

105.2% 108.4%100.9% 101.4% 104.6%

99.3%

2009 2010 2011 6M 11 3M 12 6M 12

70.4% 74.3% 71.9% 71.4% 66.8% 69.2%

23.6%24.8% 25.0% 24.2%

23.9% 24.4%

94.0%99.1% 96.9% 95.6%

90.7% 93.6%

2009 2010 2011 6M 11 3M 12 6M 12

79.0% 78.4% 72.0% 71.2% 73.7% 71.1%

29.3% 29.0%25.3% 27.5% 25.2% 25.4%

108.3% 107.4%

97.3% 98.7% 98.9% 96.5%

2009 2010 2011 6M 11 3M 12 6M 12

59.4%75.0%

61.9% 62.8%72.8%

61.7%

43.4%

43.2%

41.5% 42.6%

41.6%

41.3%

102.8%

118.2%

103.4% 105.4%

114.4%

103.0%

2009 2010 2011 6M 11 3M 12 6M 12


27

Belgium Good technical performance both in Life and Non-Life

I page 27

Solid net profit at EUR 144 mio (vs. EUR 23 mio)

Life up to EUR 111 mio; strong inflows, good technical

performance partly offset by higher effective tax rate and lower

yield on own funds (non-allocated other income & expenses)

Non-Life up to EUR 33 mio; strong operating performance mainly

in the second quarter

Life at EUR 111 mio (vs. EUR 7 mio)

Operating margin fuelled by better investment margins and by

higher net capital gains compared to last year (as a reminder last

year was impacted by the Greek impairment charges)

Life FUM at EUR 50.4 bn (+3% vs. end 2011); mixed picture with

+3.5% in non Unit-Linked FUM; -3% in Unit-Linked FUM

AG Insurance’s leading market position reconfirmed with

stable market share of 27.5% in terms of FUM1


Motor and Healthcare confirmed the good performance of the

first quarter

Improvement of Fire and Workmen’s Compensation, part of

Accident & Health

AG Insurance remains a strong second player in the Belgian

Non-Life market with a market share of 14.6%2

Strong IFRS Solvency ratio at 177%

Further reduction SE sovereigns exposure * Compared to FY 2011 1 Based on Assuralia Q1Life Insurance enquiry 2 Based on Assuralia Q1Premium enquiry

EUR mio 6M 12 6M 11










28

166 157

1,4931,798

188148515540

2,3612,642

6M 11 6M 12

+12%

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Savings

Traditional

Other

Fire

Accident & Health

Motor

+5%

Group Life

Belgium Inflow Strong inflow in Life and sustained inflow in Non-Life

Individual Life

Strong sales in Individual Savings with EUR 1.8 bn, +20%

benefiting from a competitive offering while customers

anticipated on lowering interest rates

Traditional down to EUR 157 mio

Individual Unit-linked sales down to EUR 148 mio on low

customers appetite

Group Life

Group Life reached EUR 540 mio, +5% driven by an increase

in single premiums

Funds under Management

Up 3% (vs. end 2011) to EUR 50.4 bn

Non Unit-linked FUM at EUR 44.7 bn, up 3.5% (vs. end 2011)

Unit-linked FUM decreased 3% to EUR 5.7 bn, reflecting a low

risk appetite

Property and Casualty (Fire, Motor & others)

Inflow up 5%, all product lines contributing well, especially Fire

(+9%) both via the Bank and Broker channel

Growth driven by a combination of tariff increases and higher

volumes

Accident & Health

Inflow slightly up to EUR 267 mio

261 267

288 294

271 295

78 84898 940

6M 11 6M 12


29

Combined ratio AG Insurance 2008 – 6M 12

Belgium Combined ratio Further improvement in 2012 and amounting to 99.8%

Combined Ratio at 99.8% in 6M 12 (vs. 100.0%)

Prior year releases at 8.7% (vs. 8.6% in 6M 11)

Motor confirmed its good performance with a

combined ratio of 97.3% vs. 96.8% 6M 11

lower claims frequency

including costs Swiss bus accident

Fire combined ratio from 107.3% last year to 103.6%

lower claims frequency in Q2

Health Care at 96.3%; continued solid claims result

Workmen’s Compensation, part of Accident and

Health, improved to 102.3%

lower claims frequency & severity

positive run-off from last year


65.0% 64.1% 68.7% 64.3% 61.9% 63.4% 67.2% 63.1%

35.9% 36.8%36.4%

36.8% 36.7% 36.6%36.9%

36.7%

100.9% 100.9%105.1%

101.1% 98.6% 100.0%104.1%

99.8%

2008 2009 2010 2011 3M 11 6M 11 3M 12 6M 12



30

Property & Casualty

Belgium Combined ratio per product line Further improvement in 2012; thanks to Fire and Accident & Health

Motor

Accident & Health

Fire

62.2% 65.8% 60.5% 59.0%67.1% 59.7%

42.5% 42.3%41.9% 42.2%

42.4%42.0%

104.7% 108.1%102.4% 101.2%

109.5%101.7%

2009 2010 2011 6M 11 3M 12 6M 12

68.9% 75.8% 73.8% 74.0% 67.5% 71.4%

22.6%21.9% 23.8% 22.8%

23.5%23.7%

91.5%97.7% 97.6% 96.8%

91.0%95.1%

2009 2010 2011 6M 11 3M 12 6M 12

68.5% 71.0%58.9% 61.1% 65.2% 61.3%

36.3% 35.7%

35.3% 35.7%36.3%

36.0%

104.8% 106.7%

94.2% 96.8%101.5%

97.3%

2009 2010 2011 6M 11 3M 12 6M 12

60.5%75.6%

63.0% 59.7%71.0%

57.2%

47.1%

47.1%

46.9% 47.6%

46.9%

46.4%

107.6%

122.7%

109.9% 107.3%

117.9%

103.6%

2009 2010 2011 6M 11 3M 12 6M 12


31

10/03/2010 I page 31

United Kingdom Strong net result driven by Motor business and realized capital gains

Net result at EUR 51 mio (vs. EUR 30 mio)

Multi-distribution strategy creating good returns

Improved performance overall but especially in private Motor

Retail income in line with last year

Life at EUR 0 mio (vs. EUR -1 mio)

Continued progress in line with its stage of business

development since launch


Improved Motor result through positive impact of

management actions, ofsetting seasonal claims Household

Net profit AIL at EUR 36 mio; Tesco Underwriting EUR 8 mio

Net realized capital gains of EUR 9 mio

Other Insurance at EUR 8 mio (vs. EUR 11 mio)

Includes full 6M result Castle Cover vs. only 4 months in 11

(March-June)

Competitive retail environment leads to pressure on net profit

EUR mio 6M 12 6M 11


Fee, commission & other

income139 132








32

Motor

United Kingdom Inflow Inflow levels substantially increased

Non-Life

Life

Other

Property

Accident & Health

Total In EUR mio

Non-Life In EUR mio

* including other income

994 1,102

2238

1,0161,140

6M 11 6M 12

35 30

635 758

2342149099

9941,102

6M 11 6M 12

+11%

+12%


Life

Successful roll out of its proposition across the

IFA market and through affinity partnerships

developed in 2011

Over 225,000 customers up 47.4% on same

period last year

8.2% IFA market share

Non-Life

Up 11%, driven by organic growth, primarily in

Personal lines

Within Personal lines, Motor +20%, Household

and Travel fell slightly

Commercial lines +10%

Other Insurance (including Retail)

YTD total income of EUR 139 mio in line with

last year.

33

Combined ratio UK 2008 – 6M 12

UK Combined ratio Continued improvement confirmed; strong Q2

UK : continued positive impact from

corrective measures

Overall combined ratio at 98.8%, 2.4%

improvement on 6M 11

Prior year releases at 1.5% vs. 1.7%

strengthening in 6M 11

Motor : Improved to 96.4% (vs. 99.3%)

reflecting lower claims frequency, better fraud

prevention and revised rating structures

Household stable at 104.3% good underlying

performance and better rating offsetting

additional weather events

Travel at 102.2% (improved from 103.8%)

→ no impact from new calculation methodology

73.1%80.4% 81.5%

74.6% 78.4% 74.2% 76.7% 73.0%

29.5%27.7% 28.0%

25.3%27.6%

27.0% 25.6%25.8%

102.6%108.1% 109.5%

99.9%106.0%

101.2% 102.3%98.8%

2008 2009 2010 2011 3M 11 6M 11 3M 12 6M 12



34

Property & Casualty

UK Combined ratio per product line Decreasing in Q2 in all product lines

80.2% 80.4% 74.0% 73.9% 76.6% 72.9%

27.8% 28.3%25.4% 27.2% 25.7% 25.8%

108.0% 108.7%99.4% 101.1% 102.3% 98.7%

2009 2010 2011 6M 11 3M 12 6M 12

Motor

Accident & Health

Fire

83.5%97.9%

87.7%79.3% 79.9% 76.3%

26.2%

24.0%

23.2%24.5% 23.5% 25.9%

109.7%

121.9%

110.9%103.8% 103.4% 102.2%

2009 2010 2011 6M 11 3M 12 6M 12

88.9% 82.9% 79.2% 77.5% 77.6% 75.7%

22.8%23.3%

19.5% 21.8% 20.4% 20.7%

111.7%106.2%

98.7% 99.3% 98.0% 96.4%

2009 2010 2011 6M 11 3M 12 6M 12

61.2%77.4%

61.4% 67.7%75.4%

67.9%

38.0%

38.2%

35.3%36.6%

36.1%36.4%

99.2%

115.6%

96.7%104.3%

111.5%104.3%

2009 2010 2011 6M 11 3M 12 6M 12


35

10/03/2010 I page 35

* Consolidated entities only; compared to FY 2011

Net result at EUR 34 mio (vs. EUR 4 mio)

6m 11 net result included EUR 25 mio impairment charges

on Greek bonds

Life up from breakeven to EUR 25 mio in still fragile

economic environment

Operating margin increased significantly reflecting

improved investment result as last year impacted by net

impairment charges on Greek bonds

Operating costs on a like-for-like basis reduced to EUR 36

mio due to continued cost containment and timing

differences

FUM non-consolidated entities (Luxembourg) at EUR 13 bn


Operating margin driven by excellent technical result in all

lines of business

Operating costs -2% explained by continued focus on cost

containment

Net result up due to inclusion Turkey, lower claims and

costs in both Portugal and Italy

Continental Europe Sustained net profit driven by better results in both Life and Non-Life


EUR mio 6M 12 6M 11









36

104 115198

491

871

87976

901,250

1,575

6M 11 6M 12

Accident & Health

Motor

Unit-Linked

Savings

Traditional

Group

+26%

Other

Fire

Life

In EUR mio

Non-Life In EUR mio

128 17050

197

33

87

20

83

231

537

6M 11 6M 12

Life

Inflows +26%, including non-controlling interests @ 100%,

driven by new merged Luxembourg entity (EUR 1 bn)

Other countries inflow below last year

Portugal: volumes dropped due to reorientation

towards protection and UL business (in line with

expectations) and savings declined

France: decent inflows in overall shrinking market. UL

still represents 37% of total sales compared to 12%

market average


Scope-on-scope at EUR 13.7 bn, in line with year-end 2011

and excluding Luxembourg due to deconsolidation

Non-Life

GWP, including non-controlling interests @ 100% more

than doubled to EUR 537 mio driven by inclusion Turkish

acquisition

GWP consolidated entities up 2% to EUR 235 mio

Turkey (Aksigorta) at EUR 302 mio

Although all lines increased significantly through the

inclusion of Turkey, A&H continue to be the major business

line in the portfolio.

Continental Europe Inflow Up driven by recently merged/acquired activities


+132%

37

Combined ratio CEU* 2009 – 6M 12

62.4%71.0% 66.4% 70.1% 67.3% 64.9% 61.0%

27.6%

30.3%30.3%

29.2% 29.3%25.4% 27.5%

90.0%

101.3%96.7% 99.3% 96.6%

90.3% 88.5%

2009 2010 2011 3M 11 6M 11 3M 12 6M 12


* Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy

CEU Combined ratio Continued improvement in all countries

Continental Europe: 88.5% vs. 96.6%

Portugal : Combined ratio at 87.7% vs. 91.0%

supported by lower claim ratio’s in Fire and Motor

Italy : Combined ratio at 89.3% vs. 103.0%

thanks to lower costs and improving in Motor

Asia: 100.1% vs. 96.5%

Impacted by additional charges related to 2011

floods in Thailand

Excluding Thai floods combined ratio at 95.8%


38

Net profit of EUR 74 mio (vs. EUR 54 mio)

Hong Kong: Satisfactory profit despite strain from new

business sales

Non-consolidated partnerships: EUR 65 mio (vs. EUR 43

mio), strong organic growth of underlying businesses,

supported by reserve release

Life net profit at EUR 69 mio (vs. EUR 45 mio)

Hong Kong : EUR 16 mio vs. EUR 15 mio

Result at same level despite strain from new business

growth

Non-consolidated partnerships : EUR 60 mio vs. EUR 35 mio

Reflection of excellent growth of underlying businesses

Positive impact from exceptional reserve release (EUR

15 mio)

EUR 4 mio equity hedge cost

Regional costs : EUR 7 mio (vs. EUR 5 mio)

Non-Life net profit at EUR 5 mio (vs. EUR 9 mio)

Good underwriting performance (excluding flood losses)

Additional provision for 2011 floods in Thailand (EUR 2 mio)

6M 11 result positively impacted by non-recurring tax recovery

10/03/2010

Asia Strong result driven by organic growth and reserve release

* Including Inflow (100%) & Profit (Ageas share) from partnerships respectively

** Consolidated entities only; compared to FY 2011


EUR mio 6M 12 6M 11

Gross inflow* 3,982 3,236




Profit before tax* 76 55


controlling interests*74 54

Life FUM (EUR bn)** 1.7 1.6

39

2,674

3,325

152

200

82

44

2

12

2,911

3,580

6M 11 6M 12

+23%

** MAT: Marine Aviation & Transport

Asia Inflow Excellent inflow levels, 23% up to EUR 4 bn

213

250

113 152

326

402

6M 11 6M 12

Non-Motor*

Motor

Savings Group

Traditional

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

Life

Non-Life In EUR mio

In EUR mio

+23%

Unit-Linked

Life

Hong Kong, +28%, Strong growth of 56% in new

business, in particular from IFA channel

China, +21%, focus on building book of higher-margin

recurring premiums & excellent persistency resulted in a

33% increase of regular premium income

Malaysia, +26%, New business premiums up 33% thanks

to strong recovery bank channel activity

Thailand, +33%, Continued strong growth in both bank

and agency channel

India, -15%, New business down under continued weak

market sentiment


Hong Kong : EUR 1.7 bn, +10% vs. end 11

Including non-consolidated partnerships @ 100%:

EUR 22.4 bn, +12% vs. end 11

Non-Life

Malaysia, +19%, driven by Motor and Corporate MAT**

lines

Thailand, +41%, across all lines and distribution

channels boosted by post-flood recovery


Main messages

Equity / Solvency



General Account

General Information

41

Investment portfolio as per 30 June 2012 Value up as result of drop in spreads on fixed income portfolio & volume growth

In EUR bn


Increase explained by yield drop of the core

European sovereign and corporate bonds and volume

growth.

Gross unrealized gains up EUR 1.8 bn vs. FY 11 to

EUR 3.6 bn, mainly in fixed income

Asset mix stable

Fixed Income

Gross unrealized gains at EUR 2.3 bn, vs. EUR 600

mio FY 11

Unrealized Gain Sovereigns at EUR 1.3 bn

Unrealized Gain Corporates at EUR 1 bn

Equities

Gross unrealized gains up to EUR 69 mio vs. nearly

breakeven end 2011

Real Estate

Gross unrealized gains marginally up to EUR 1.3 bn

Investment portfolio*

31.5 33.7

21.422.8

1.82.1

4.34.559.5

63.5

FY 11 6M 12

Real Estate

Equities

Structured creditinstruments

Corporate bonds

Sovereign bonds


53%

36%

1%

7%

3%

42

Sovereign bond portfolio as per 30 June 2012 vs. end 2011 Gross unrealized gains substantially up

Fair value increased by EUR 2.2 bn, from

EUR 31.5 bn to EUR 33.7 bn

Increase coming from yield drop as result of

decreasing spreads

96% investment grade, almost 88% portfolio

rated A or higher

Divestments of Southern European bonds,

primarily reinvested in Belgium as part of

re-domestication within the Belgian

operations.

Gross unrealized gains at EUR 1.3 bn,

compared to EUR 159 mio end 11 resulting

from yield drop

mainly Belgium, up EUR 0.6 bn

In EUR bn


Sovereign bond portfolio*

14.217.1

4.6

4.53.9

3.22.4

2.71.6

1.61.8

1.32.7

2.90.4

0.431.533.7

FY 11 6M 12

Ireland

Others

The Netherlands

Germany

Austria

SE Sovereigns

France

Belgium


43

Net exposure on Southern European sovereigns further reduced Exposure at amortized cost & adjusted for non-controlling interests of EUR 2.3 bn

Exposure on S-E sovereigns at amortized cost ,

after impairments and non-controlling interests

further reduced to EUR 2.3 bn; stable on Q1 12

Additional reduction of primarily Italian & Spanish

sovereigns in 3M 12 of EUR 0.4 bn given

increased liquidity and reduced spreads of SE

sovereigns.

Exposure on Greece brought down to a marginal

amount of EUR 20 mio.

Gross exposure at amortized cost of EUR 3.7 bn.

In EUR bn

(0.9)

3.2

1.40.3

6.2

2.6

1.41.2

1.4

1.3

0.70.5

2.1

0.9

0.6

0.6

12.9

6.2

3.02.3

FY 09 FY 10 FY 11 6M 12

Portugal

Spain

Italy

Greece

Impairment


44

In EUR bn

Portfolio up to EUR 22.8 bn (vs. ERUR 21.4 bn)

Unrealized gains at EUR 1 bn (vs. EUR 432 mio)

95% investment grade; 81% rated A or higher

Banking / Other financials : 92% investment grade

Hybrid securities: limited to EUR 0.5 bn; >89% with

Tier-1 or Tier-2 status

Corporate bond portfolio*

Equities investments at fair value increased from

EUR 1.8 bn to EUR 2.1 bn.

Gross unrealized gains up to EUR 69 mio, vs.

nearly breakeven at end 2011.


Equity portfolio*

Corporate bond & Equity portfolio as per 30 June 2012 Corporate bond portfolio of EUR 22.8 bn; Equity portfolio at EUR 2.1 bn

4.9 5.3

1.8 1.8

6.27.0

8.48.7

21.422.8

FY 11 6M 12

Other corporates

Government related

Other financials

Banking

0.81.0

0.1

0.2

0.7

0.7

0.2

0.31.8

2.1

FY 11 6M 12

Mixed funds & others

Real Estate funds

Equity funds

Equities


23%

8%

31%

38%

44%

8%

33%

14%

45

Real estate portfolio as per 30 June 2012 Invested amount fairly stable

10/03/2010

In EUR bn

Value relatively stable at EUR 4.5 bn

Gross unrealized gains stable at EUR 1.3 bn (not

reflected in net equity)

- For own use : EUR 0.5 bn

- Investment property : EUR 0.8 bn

Real Estate exposure mainly in Belgium (+/- 70%)

* At fair value

Real Estate portfolio*

1.5 1.5

0.2 0.2

1.1 1.1

0.9 1.1

0.60.5

4.3 4.5

FY 11 6M 12

Real EstateDevelopment

Investment Retail

Car Parks

InvestmentWarehouses

Investment Offices


34%

6%

25%

25%

10%

46

Ageas further diversifies its investment portfolio Gradually investing up to 5% of its assets in corporate loans

10/03/2010

Rationale

Ageas believes corporate loans offer an interesting alternative investment opportunity in the current low-

interest environment with the benefit of greater portfolio diversification and attractive risk-return profile

It will gradually allocate 5% of total invested assets to corporate loans (EUR 3 bn),

main part through partnership with Natixis.

Main elements of infrastructure loans agreement with Natixis:

Target amount: EUR 2 bn, to be reached within 2 to 3 years

Scope partnership: infrastructure loans outside Benelux, where Ageas

has direct access to real estate & infrastructure projects

New or very recently closed deals in selected sectors & countries

Natixis in charge of originating the loans & ensuring administration

Natixis will retain a pre-agreed substantial part of each deal

Benefits for Ageas

Attractive risk adjusted return: yield enhancement & diversification benefits vs. sovereign debt

Collateral based on pledges linked to underlying projects (e.g. buildings, motorways…)

Improved duration match: long maturities, creating opportunities for funding of long term insurance liabilities

Accounting

loans, at amortized cost, subject to impairments in case of credit event only

Natixis is the corporate, investment

management and financial services

arm of Groupe BPCE, the cooperative

bank born out of the merger between

Banques Populaires and Caisses

d'Epargne. Natixis has 22,000

employees in 68 countries. Natixis is

listed on the Paris Stock Exchange

and has a market capitalization of

around EUR 6 bn.


Main messages

Equity / Solvency



General Account

General Information

48

General Account Driven by legacy related one-offs, staff & other expenses down

Net result General Account of EUR 2 mio

Net interest income includes EUR 39 mio Tier 1

amortisation of discount & received interest.

Legacy related one-off agreements

Deal with BNP P on CASHES & Tier 1

(EUR -132 mio in Q1)

Settlement with ABN AMRO & Dutch State on

legal proceedings (EUR 400 mio in Q2)

More details: see next slide

RPN(I) liability floor decreasing since agreement on

CASHES; EUR -11 mio net result impact in Q2 12.

Call option BNP P: Strong decrease mainly driven by

substantial volatility decrease from 49% end 2011 to

33% at 30 June

Staff & other expenses decreasing to EUR 23 mio


EUR mio 6M 12 6M 11

Net interest income 29 (6)

BNP P Call Option (278) 85

Result on RPN(I) (282) (118)

Result on sales &

revaluations (mainly Tier 1)123 (0)

Results of associates

(mainly RPI)70 (55)

Settlement ABN Amro 400 0

Staff & other expenses (23) (30)

Profit before tax 31 (170)


controlling interests2 (170)

Balance sheet items 6M 12 FY 11

RPN(I) (174) (190)

Call option BNP Paribas 117 395

RPI 856 779

Net cash/deposits 1,500 688

49

General Account Net result includes one-off agreements with BNP P & ABN AMRO / Dutch State

(191)

140

(272)

112

(28)

(239)

(87)

(38)

400

(23)

241

(278)

140 (272)

(11)

74

400 (51)

2

BNP

Call option Tier 1

RPN(I)

impact deal

with BNP P

RPN(I)

revaluation RPI

Deal with

ABN Amro &

Dutch State Other

General

Account

Q2 12

Q1 12

EUR (132) mio impact of

agreement with BNP P

on CASHES


In EUR mio

50

Net cash position General Account at EUR 1.5 bn Significant increase after agreements with BNP P & ABN AMRO and Dutch

State

Ageas, Fortis Bank & BNP P reached an

agreement on partial settlement of RPN(I) & full call

of Tier 1 Debt securities with EUR 666 mio

positive impact on net cash position in Q1 12.

The agreement with ABN AMRO & Dutch State on

settlement of legal proceedings increased the net

cash position by EUR 400 mio.

Payment of approved dividend of 8 eurocent per

share brought cash down with EUR 0.2 bn.

Net cash position also impacted by remainder of

2011 Share buy-back programme & lower

reservation for further redemption in the European

Medium Term Notes (EMTN) programme

Quarterly evolution

net cash position* In EUR bn

* Until 6M 11 known as discretionary capital

in EUR mio FY 11 6M 12

Cash and cash equivalents 345 1,114

Due from banks short term 600 600

Debt certificates (257) (214)

Net cash position 688 1,500


1.31.0 0.9 0.7 0.5

0.2

1.0 0.8 0.7

1.3 1.3

0.2

1.5

FY 09 3M 10 6M 10 9M 10 FY 10 3M 11 6M 11 9M 11 FY 11 3M 12 6M 12

Share buy-back programme

announced 6 August 2012 will

reduce net cash position by

EUR 0.2 bn

51

7 December 10

Ageas issues 106.7 mio shares for

conversion MCS / no compensation

by ABN AMRO for dilution

24 & 25 April 12

Shareholders decide to

cancel shares bought back

between 24/08/11 & 25/01/12

authorise the board to acquire

up to 10% of outstanding

shares

Up to EUR 200 mio of its outstanding common stock

Buy-back programme launched as of 13 August 2012

For a period ending 19 February 2013 at the latest

Independent broker mandated to execute the programme

Through open market purchases on NYSE Euronext Brussels

Shares to be held as treasury shares until formal approval of cancellation

No impact on solvency position of Insurance activities

Ageas announces share buy-back programme Based on shareholders’ authorisation granted on 24 April 2012

29 June 12

Cancellation bought-back

shares effective Ageas

holds +/- 1.7% own shares

6 August 12

Ageas announces EUR 200

mio share buy-back

programme


28 June 12

Ageas & ABN AMRO agree to settle legal

proceedings on FCC & MCS Ageas

receives EUR 400 mio

13 August 12

Ageas launches

EUR 200 mio share

buy-back programme

52

Ageas strives for an optimal use of cash Almost equal share of three alternative uses of cash since 2009

Going forward :

Insurance: Lower growth in capital intense savings business

Increased proportion of Non-Life and Fee related business

General Account: Net cash position at EUR 1.3 bn (after share buy-back)

9/30/2009

Invest in Businesses

Organic growth

Selective acquisitions

Create new partnerships

Return to debtholders

Debt buy back (EMTN)

Return to shareholders

Dividend payment

Share buy back

May 2009 – August 2012:

+/- EUR 740 mio

+/- EUR 450 mio UK (Tesco, KFIS,

Castle Cover)

+/- EUR 190 mio CEU (Italy, Turkey)

+/- EUR 100 mio Asia (India, HK)

+/- EUR 850 mio

+/- EUR 600 mio constant dividend

over 2009, 2010 & 2011

EUR 250 mio share buy-back finalized

early 2012

+/- EUR 740 mio

+/- EUR 740 mio EMTN programme

redeemed (30/06/2012)

+ EUR 200 mio

Share buy-back announced

August 2012


53

Balance sheet value

In EUR mio

Net result impact In EUR mio

Valuation Call option BNP Paribas shares at 30 June 2012 Value down due to significant decrease in volatility & decreasing time value

Valuation

Model parameters

(Black & Scholes) FY 10 FY 11 6M 12

BNP Paribas share price EUR 47.69 EUR 30.35 EUR 30.34

Strike price EUR 66.67 EUR 66.67 EUR 66.67

Volatility 33% 49% 33%

Dividend yield 5.29% 5.98% 5.40%

609

395

204117

FY 10 FY 11 3M 12 6M 12

(271)

(214)(191)

(278)

FY 10 FY 11 3M 12 6M 12 Sensitivities FY 11 6M 12

Implied volatility +5% 24.5% 60.1%

Implied volatility -5% (23.6%) (47.8%)

Dividend yield -1% 2.8% 3.6%

Dividend yield +1% (1.1%) (2.9%)


54

Main characteristics of agreement with BNP P on CASHES (February 2012)

Rationale for Ageas

Reduced credit risk Fortis Bank (EUR 4.6 bn EUR 2.8 bn)

Decreased RPN(I) volatility: floor value to remain fairly stable &

interest payment limited (on remaining 37% of CASHES)

Improved liquidity position

Result of the offer of February 2012

Pick-up rate of 63%, at offer rate of 47.50%

78,874,241 Ageas’s shares turned into dividend and voting rights

entitled shares

No new offer launched since initial offer

Impact on Net Cash position: +EUR 666 mio

Impact on Net Result in 3M 12: EUR (132) mio

EUR 140 mio Tier 1 redemption

EUR 27 mio release RPN(I) liability

EUR (299) mio indemnifications paid to BNP P

Floor adjustment RPN(I): EUR 11 mio additional charge in Q2

Net result impact

Balance sheet value

In EUR mio

In EUR mio

Valuation RPN(I) as at 30 June 2012 Impacted by agreement with BNP P on CASHES, volatility reduced as from Q2

(465)

(190) (163) (174)

FY 10 FY 11 3M 12 6M 12

(149)

275

(272) (283)

(11)

(272) (272)

FY 10 FY 11 3M 12 6M 12

RPN(I) Settlement (CASHES)

RPN(I) Revaluation


55

Ageas’s equity Value Net book value assets RPI* In EUR mio

In EUR bn

In EUR bn In EUR bn

Principal & interest collections In EUR mio

Outstanding debt - IFRS

Fair value - IFRS

Valuation items Royal Park Investments as at 30 June 2012 Equity value up driven by positive RPI result, incl. goodwill impairment charge

Net result impact – part Ageas In EUR mio

Commercial paper Other Senior + Super Senior

* Net book value = Economic recovery value as of 31 December 2011 under B-GAAP

minus Redemptions until 30 June 2012

Net result impact

Principal collections Interest collections

933

779

856

FY 10 FY 11 6M 12

10.0

8.9 8.5

FY 10 FY 11 6M 12

4.6

4.8

4.9

2.61.2 0.6

7.2

6.05.5

FY 10 FY 11 6M 12

131

(197)

74

FY 10 FY 11 6M 12 7.06.0 6.0

FY 10 FY 11 6M 12

1,5401,208

655

169

156

73

1,709

1,364

728

FY 10 FY 11 6M 12

EUR 3 mio impact of CF hedge on top of

EUR 74 mio IFRS net result


56

Balance sheet Royal Park Investments (under IFRS at 100%)

IFRS -- in EUR mio 6M 12 FY 11

Assets 7,419 7,738

Securities 5,982 6,043

Deferred tax assets 590 712

Goodwill 623 782

Other assets 224 201

Liabilities and shareholders’ equity 7,419 7,738

Liabilities 5,505 5,995

Other liabilities 80 35

Commercial paper 4,906 4,792

Funding, super senior 0 649

Funding, senior 519 519

Shareholders’equity 1,914 1,743

Share capital 850 850

Share premium (additional paid in capital) 850 850

Hedging reserve 124 123

Cash Flow hedge reserves 72 67

Retained earnings 18 (148)


57

February 11

Claim re FRESH

hybrid instrument

dismissed by

Brussels Court

November 11

Receipt report

Belgian experts

General Account: judgments received in various legal procedures Ageas does not expect new major litigation issues to rise

Sep- Dec 10

Ageas starts legal procedure against

Dutch State & ABN AMRO to obtain

compensation in return for conversion

Mandatory Convertible Securities

(MCS) into Ageas’ shares

September 11

Exchange of uncalled

Fortis Bank Tier 1

Debt Securities for

cash by Ageas

Timing and (financial) outcome remains hard to estimate….

In many legal proceedings still at the stage of first instance

Possible decisions before end 2012:

- Administrative proceedings by FSMA (communication Q2 2008)

May 11

- Claim dismissed of

VEB/Deminor and

FortisEffect by

Amsterdam Court

- Rotterdam court

confirmed fine AFM I:

appeal filed

Initia

ted b

y A

ge

as

Actio

ns a

ga

inst A

ge

as

February 12

BNP P tender for CASHES

and subsequent conversion

into Ageas shares – partial

settlement of RPN/RPN(I) –

call Fortis Bank Tier 1 Debt

Securities

February 12

- Rotterdam court

confirmed fine AFM

II; appeal filed

- Utrecht court re

communication May-

June 2008 in favour

of plaintiffs; appeal

filed

March 12

Brussels Commercial Court

rules in favour of Ageas in

MCS-case, appeal filed

2011 2012 2009... 2010 ...

April 12

Ondernemingskamer

Amsterdam re mismanagement

mainly in favour of plaintiffs;

appeal filed

June 12

Agreement with ABN Amro

to settle legal proceedings

concerning FCC and MCS,

closing all outstanding

disputes with Dutch State


58

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

Administrative

proceedings

The Netherlands AFM : fine imposed on 05/02/10 in

relation to price sensitive info in June 08

Appeal filed before the “College van

Beroep voor het bedrijfsleven” at The

Hague; proceedings ongoing

AFM: 2nd fine imposed on 19/08/10 in

relation to price sensitive information in

Sep 07

Appeal filed before the “College van

Beroep voor het bedrijfsleven” at The

Hague; proceedings ongoing

Belgium FSMA re communication in second

quarter 2008

Proceedings ongoing

Criminal

investigation

Belgium Investigation ongoing

Expert

investigations

The Netherlands

At request of VEB/ESG re 2007-2008 Report filed in June 2010

Judgment Ondernemingskamer 5 April

2012 re mismanagement, mainly in

favour of plaintiffs. Appeal filed before

the Supreme Court

Situation on 6 August 2012


59

Civil lawsuits Brussels, Belgium Modrikamen, re Sep/Oct 2008

transactions

Deminor, re alleged miscommunication

Court decision 08/12/09 on competence and

provisional measures; proceedings ongoing

Proceedings ongoing

Amsterdam,

The Netherlands

Stichting FortisEffect, re sale of Dutch

activities against Dutch State and Ageas

VEB re alleged miscommunication

2007-08

Dutch state re Oct 2008 transaction;

claims for EUR 210 mio & EUR 674 mio

Judgement in favour of Ageas; appeal filed by

Stichting FortisEffect

Proceedings against Ageas, former

directors/executives and banks

Proceedings terminated following settlement

agreement of 28 June 2012

Utrecht,

The Netherlands

Mr.Bos, re alleged miscommunication

May – June 2008

Stichting Investor Claims Against Fortis

re alleged miscommunication 2007 - 08

Judgment 15 February 2012 in favour of

plaintiffs; Appeal filed

Proceedings ongoing against Ageas and two

financial institutions

Financial

instruments

Brussels, Belgium Certain MCS-holders contesting validity

of conversion

Judgment 23 March 2012 in favour of Ageas;

appeal filed

Amsterdam,

The Netherlands

Initiated by Ageas

Claim of EUR 2 bn re MCS

Claim for reimbursement EUR 362.5 mio





General Account Legal proceedings & investigations managed in interest of shareholders (2)

Situation on 6 August 2012


60

Overview of main characteristics Hybrids Situation as per 30 June 2012

EUR mio Ageas

Ageasfinlux Fresh

Ageas Hybrid Financing Hybrone

Ageas Hybrid Financing

Nitsh I

Ageas Hybrid Financing

Nitsh II

Direct issue FBB, 2004

CASHES*

% 3m EUR + 135 bp 5.125% 8.25% 8% 4.625% 3m EUR +200 bp

Amount outstanding

1,250 500 USD 750 625 1,000 1,110

ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116 BE0933899800

Call date Undated exchange

strike 31.50

mandatory 47.25

Jun/2016 Step up

to 3M Euribor +200

Aug/2013

No step up

Jun/2013

No step up

Oct/2014

Step up to 3M

Euribor+170

Undated exchange strike

23.94 mandatory 35.91

ACSM YES YES YES YES YES YES

Dividend pusher

YES YES YES YES YES NO

Dividend stopper

NO YES YES YES YES YES

Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset Liabilities > asset YES <8% CAD <0.5% Dividend

Other 500

on lent to AG

Insurance

USD 750

on lent to FBB

250 on lent to

AG Insurance; 375

on lent to FBB

No stock

settlement feature

as for Direct issue

FBB 2001

Coupon served by FBB,

trigger ACSM linked to

Ageas dividend

Market Price (30/06/12)

36.9 52.7 77.8 82.9 72.0 43.1

Fortis Bank (now BNP Paribas)

* On 31 January 2012 BNPP announced that 63% of the holders have tendered CASHES for purchase by BNPP @ purchase price of 47.5% of the principal amount of the CASHES.


Main messages

Equity / Solvency



General Account

General Information

29 March 12

Ageas proposes simplification

of legal structure & reverse

stock split

Ageas finalizes simplification of legal structure & Reverse Stock Split Ageas Board acknowledges all conditions are met

28 & 29 June 12

General Shareholders’

Meetings approve

proposition

3 August 12

Ageas’s Board acknowledges all conditions are met:

no opposition by creditors of ageas N.V.

no use of withdrawal right 7 August 12

Merger & reverse stock split

become effective overnight

Merger : Transfer of all assets & liabilities from

ageas N.V. to ageas SA/NV

Assets & liabilities will be accounted for in ageas

SA/NV accounts as from 1 July 2012

at value as at 30 June 2012

against same valuation method

Transfer of all pending & future civil proceedings

to ageas SA/NV

New corporate governance charter available on

www.ageas.com

new ISIN

BE0974264930

* Indicative, based on closing price on Thursday 2 August 2012

Consequences of Reverse stock split on our share

# shares divided by 10 243.121.272 outstanding shares

value multiplied by 10 around EUR 15.3*

new ISIN : shares BE0003801181 BE0974264930

strips BE0005591624 BE0005646204

ticker symbol temporarily AGSN (shares) & AGSSN

(strips), back to AGS & AGSS as from Friday 10 August

Primary listing only on NYSE Euronext Brussels, no

longer on NYSE Euronext Amsterdam

For more details, elaborate Q&A and prospectus see www.ageas.com


63

AG Insurance

SA/NV Ageas UK Ltd

Various legal

enitities part of

Ageas Asia

Various legal

entities part of

Cont. Europe

Ageas Insurance

International N.V.

ageas SA/NV

Ageas Hybrid

Financing S.A Ageasfinlux S.A.

Ageas Finance

N.V. Ageas B.V.

Royal Park

Investments Intreinco N.V.

75%

100%

100% 100% 100% 50% 44.7%

Dutch

permanent

establishment

Further simplification legal structure announced in March 2012 Approved at Shareholders’ Meetings 28-29 June & effective as of 7 August 2012

100%

50% 100%


64

Global operation will divide number of outstanding share by 10 2,431 mio ageas Units replaced by 243 mio shares in ageas SA/NV

Belgium The Netherlands

2,623,380,817 2,623,380,817

+ 2,431,212,726

+ 4,862,425,452

+ 243,121,272

Current situation:

Twin share structure

Total number of outstanding Units

2,431,212,726 equals 2,431,212,726

shares in each parent company

Impact of Transaction:

1. Issuance of 2,431,212,726 new shares in

ageas SA/NV (assuming no withdrawal),

2. Exchange against shares ageas N.V.

Impact of reverse stock split 1 for 20:

will stay in treasury +0.6 fraction

cancellation shares buy-back - 192,168,091 - 192,168,091

2,431,212,726 2,431,212,726


65

situation 31/12/2011 situation 30/06/2012 situation 07/08/2012

Total Issued Shares 2,623,380,817 2,431,212,726 243,121,272

Shares not entitled to dividend and voting right 342,404,219 88,922,670 8,892,267

1. TREASURY SHARES Share buy-back 175,163,656 0 0

FRESH 39,682,540 39,682,540 3,968,254

Other treasury shares 2,244,740 2,801,088 280,108

2. CASHES 125,313,283 46,439,042 4,643,904

Shares entitled to dividend and voting rights 2,280,976,598 2,342,290,056 234,229,005

Total Issued Shares diminished with the 192,168,091 shares acquired through the Buy-back programme

and cancellation granted at the shareholders' meetings of 24 and 25 April 2012 effective as at 29 June 2012.

Following the agreement with BNPP 63% of the outstanding CASHES has been converted

into Ageas shares (63% of 125,313,283) with dividend and voting right.

Total number of outstanding shares

Reverse

stock split

Cancellation bought

back shares

Agreement with

BNP in February


66

Ping An 4.98%

BNP Paribas 3.24%

Fortis Bank1.91%

Norges Bank 5.20%

Franklin Mutual Advisers3.23%

Ageas - mainly related to FRESH

1.75%

Benelux Retail shareholders

15%Identified

institutional investors

41%

Other investors24%

BNP Paribas Group 5.15%

Shareholders structure

Ping An Based upon the number of shares mentioned in the notification received March 2009

BNP Paribas Based upon the BNP Paribas notification 29 June 2012

Fortis Bank Based upon the BNP Paribas notification 29 June 2012

Norges Bank Based upon the number of shares mentioned in the notification received 1 February 2012

Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 30 April 2012

Benelux Retail shareholders Estimate by

Identified institutional investors Estimate by

Based on number of shares as at 30 June 2012


67

Find out more about our Non-Life activities


For more information and registration see http://www.ageas.com/investorday/

http://www.ageas.com/investorday/

http://www.ageas.com/investorday/

68

Financial Calendar 2012 - 2013

6 August

6M 2012

results

7 November

9M 2012

results

24 & 25 September

Investor Day -

London

24 April

Ordinary & Extraordinary

shareholders’ meeting - Brussels

20 February

Annual results

2012

15 May

3M 2013

results

14 March

Annual report 2012

26 April

Ex-dividend

date

6 May

Payment 2012

dividend

2 August

6M 2013

results

6 November

9M 2013

results


69

Rating

MOODY'S FITCH S&P

Operating entities

AG Insurance (Belgium)

Insurance Financial Strength A2 A+ A-

Outlook negative negative stable

Last change 26/07/12 17/04/12 29/11/11

Millenniumbcp Ageas (Portugal)

Insurance Financial Strength BBB- BB

Outlook negative negative

Last change 25/11/11 17/01/12

Holdings

ageas SA/NV and ageas N.V.

Long-term Baa3 / P-3 * BBB+ / F2 BBB- / A-3

Outlook negative negative stable

Last change 26/07/12 17/04/12 25/10/10

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

rating process. Ageas does not provide, for purposes of Moody's rating, access to the books, recordsand other relevant internal documents of these rated entities.


70

Disclaimer

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 and unknown 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 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 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.


71

Investor Relations

Tel:

E-mail:

Website:

+ 32 2 557 57 34

+ 31 30 2525 305

[email protected]

www.ageas.com

Investor Relations


6m results 2012

Economy & Finance