CEO Update and Financial Highlights H1 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 mio
non-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
181
111
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 result
In EUR bn In EUR mio
Strong Insurance solvency, not
impacted by impairments
PIGS exposure further reduced
In EUR bn*
181
261
111
150
H1 10 H1 11
Insurance result Impairments Greece
Combined ratio further down Group result slightly negative
Insurance result
General Account
226% 227% 201% 207% 2.88 2.893.19
FY 10 Q1 11 H1 11
Shareholders’ equity stable
In 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 achieved
Combined 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
7
H1 10 H1 11
Life performance encouraging despite volatile financial markets
Net profit up across all segments, ex. impairment on Greece
Belgium
In EUR mio
0
15
25
H1 10 H1 11
Continental Europe
Asia
45
27
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 segments
Total 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 base
Non-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 regulation
Non-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 products
Non-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 Protect
Other : 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
2.6
2.5 1.8
1.4
1.3
1.2
0.8
2.1
0.8
0.7
0.7
0.20.2
1.21.3
FY09 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 countries
down from EUR 17.8 bn to EUR 6.3 bn* in various
steps since end 09; Net exposure at EUR 4.3 bn
 Additional reduction of primarily Italian & Spanish
sovereigns since end June 11 of EUR 1.2 bn
 EUR 499 mio of primarily Portuguese sovereigns
reclassified as ‘Held to Maturity” in Q2 11, in line
with 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-controlling
interests
12.9
6.1
5.5
4.3
In EUR bn

824 August 2011 |
1.1
0.5
0.1
0.5
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 capital
Insurance + EUR 1.6 bn General
Account = EUR 4.9 bn
ActualActual Min Minimum

187% 242%
Total Solvency Ratio
Actual Min Actual Min
Continental
Europe
Asia
*/
**
Actual Min
194% 868%
Actual
General
Account***
207%
End June 11
2.2
4.1
0.1
0.3
0.8
0.5
1.0

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)
8,247
7,477
7,446
7,477
(543)
(23)
(52)(104) (197)
134
118
185
FY
2010
NetresultInsurance
NetresultG
eneralAccount
Change
unrealized
gains
Foreign
exchange
&
O
ther
Q
1
2011
NetresultInsurance
NetresultG
eneralAccount
Change
unrealized
gains*
Dividend
Foreign
exchange
&
O
ther
H1
2011
FY 2010 Q1 2011 H1 2011
EUR 3.19 EUR 2.88 EUR 2.89
Shareholders’ equity / share
Shareholders’ equity nearly stable at EUR 7.5 bn vs. Q1 11
No 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 portfolio
A 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 Account
General 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 between
nominal and fair value as per end of June
Further progress in legal proceedings
 Favourable judgment in the VEB/Deminor and FortisEffect
cases
 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 |
 Insurance
 Good performance excluding impairment
related to Greece
 Solvency ratio remains strong and untouched
by 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...

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 interests
at 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) 87 135
Belgium 23 88 (74%) (59) 24 82
UK 30 8 266% 26 10 4
Continental Europe 4 17 (78%) (14) 6 18
Asia 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%) 7,446
Belgium 2,234 3,006 (26%) 2,282
UK 859 621 38% 751
Continental Europe 773 983 (21%) 852
Asia 1,398 1,597 (12%) 1,378
General 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 2011
By 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 1.0
2.2 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-Life
In EUR bn In EUR mio
4
8
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
Continental
Europe
UK
Belgium
15.5 15.0
14.7 15.5
88.5
46.9 48.6
8.07.0
1.41.4
85.5
H1 10 H1 11
In EUR bn
Life Funds under management Net profit Life
In EUR mio
15
62
45
179
52
103
7
(2)
(1)
0
H1 10 H1 11
H1 10 H1 11
(6)
* *
* *

2124 August 2011 |
Insurance
Impacted 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 |
Belgium
Net result impacted by impairments on Greek sovereigns; Non-Life returns to
profit driven by improved operational performance
10/03/2010 I page 22
 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
 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
23 88
Life FUM (EUR bn) 48.6 46.9

2324 August 2011 |
United Kingdom
Significantly 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)
30 8
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 Europe
Excluding impairment on Greece, performance driven by higher investment
yields and benefits from streamlining insurance portfolio
10/03/2010 I page 24
 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
 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
4 17
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 mio
impairment 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 results
remained strong, plus tax recoveries in Malaysia (EUR 3 mio).
Asia
Net 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
controlling interests*
54 67
Life FUM (EUR bn)** 1.4 1.4

2624 August 2011 |
General Account
Composition of the net result remains very diverse and volatile
Net profit
* Includes EUR 7 mio capital gain on winding down Intreinco reinsurance portfolio
H1 11
In 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 Account
Result 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 mandatory
acquisition 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 lower
expected 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) 20
Change in impairments
& provisions
(40) 0
Total expenses (28) (29)
Profit before tax (170) (134)
Tax 0 407
(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 sheet
4.1Shareholders’ equity + FRESH
2.2Net equity0.7Call option on BNP P shares
17.117.1Balance sheet total
0.4Loan to operating cies
1.3FRESH0.9Royal Park InvestmentsDiscretionary Capital on balance sheet
0.6RPN(I)
8.7Other8.7OtherLT assets & LT liabilities
2.4Provision Dutch State2.4Claim ABN AMRO BankMCS / FCC
1.6NITSH I, II & Hybrone1.6Due from Fortis Bank & AG InsPassed on
0.3ST (EMTN + Bank)2.4Cash & Deposits at banksNet Cash/ deposits : EUR 2.0 bn
LiabilitiesAssetsIn EUR bn, 30 June 2011
Discretionary Capital of the General Account
A 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
251 271
74
78
852 898
H1 10 H1 11
163 166
1,594 1,493
379
188
515
515
2,651
2,361
H1 10 H1 11
(11%)
Belgium
Non-Life inflows further up, Life inflows down on lower sales
Life
In EUR mio
Non-Life
In 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
994
550
1,016
22
11
H1 10 H1 11
32 35
296
635136
234
75
90
538
994
H1 10 H1 11
Motor
United Kingdom
Inflows substantially up thanks to Tesco Underwriting and organic growth
Non-Life
Life
Other
Property
Accident & Health
+85%
+85%
Total
In EUR mio
Non-Life
In 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 33
20 20
229 231
H1 10 H1 11
Continental Europe
Life inflows down in line with market trends, Non-Life stable


+1%
Accident & Health
Motor
Unit-Linked
Savings
Traditional
Group(61%)
Other
Fire
Life
In EUR mio
Non-Life
In 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
 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
2,888
2,674
109
152
14
2
H1 10 H1 11
187
213
83
113
H1 10 H1 11
+21%
Asia
Inflows almost on a par with 2010 record levels


270
326
-6%
Non-Motor*
Motor
Unit-Linked
Savings
Traditional
* Non-motor includes Fire, MAT, Accident & Health and other lines
** MAT: Marine Aviation & Transport
Life
Non-Life
In 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 banca
regulations & 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.
 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 36.8
36.4
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 year
Strong improvement in Motor, strong second quarter in Fire

3624 August 2011 |
48.4 56.8 50.6 60.5
75.5
59.6
47.0
45.5
45.8
47.1
47.1
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 22.7
22 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 42.3
42.2
2006 2007 2008 2009 2010 H1 11
99.2% 101.2%101.8% 104.7%
55.7 56.8
70.3 68.6 71.0
61.1
37.8 36.9
36.4 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
70.2
79.7
73.1 70.6
28.2
27.7
28.8
27.7 28.0
27.0
27.6
26.6
98.4%
107.4%
101.9%
108.1% 109.5%
101.2%
106.0%
97.2%
78.480.4
74.2
81.5
2006 2007 2008 2009 2010 H1 11 Q1 11 Q2 11
UK, further improvement in Q2 across all businesses
Combined 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 83.5
97.9
79.3
30.5 26.2
24.0
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
28.7
27.8
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
24.0
22.8
23.3
21.8
2008 2009 2010 H1 11
102.8%
111.7%
Expense ratio
Claims ratio
60.0 61.2
77.4 67.7
39.9 38.0
38.2
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 bn
Situation 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 bn
after 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 bonds
54%
Real Estate
7%
Equities
4%
Corporate
bonds
34%
Structured
Credit Inst
1%
Total pre-tax unrealized gains on investment
portfolio of EUR 687 mio

4024 August 2011 |
Investment portfolio: Fixed Income of EUR 52.0 bn*
In EUR bn
Sovereign
Bonds
31.8
61%
Structured Credits
0.4
1%
Corporate
Bonds
19.8
38%
 End June 11 gross unrealized losses pre-tax down to
EUR 617 mio
 UL Sovereign bonds at EUR 891 mio following
impairment on Greek bonds & reclassification
Portuguese 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/ Unrated
BBB
7%
3%
AAA
44%
AA
30%
A
16%

4124 August 2011 |
Sovereign bond portfolio of EUR 31.8* bn
 Net exposure to PIGS countries as at 19 August at amortized cost after non-controlling interests at EUR 4.3 bn : Greece
EUR 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/ UnratedBBB
4% 3%
AAA
38%
AA
41%
A
13%
Ireland
0.4
Portugal
1.1
Austria
2.3
Germany
2.7
Others
2.3Netherlands
1.2
Greece
0.9
Spain
1.6
Italy
3.4
France
4.3
Belgium
11.1

4224 August 2011 |
Government
related
Corporate bond portfolio of EUR 19.8 bn*
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/ Unrated
BBB
12% 2%
AAA
51%
AA
13%
A
22%
4.4
8.8
1.7
5.0

4324 August 2011 |
10/03/2010 I page 43
In EUR bn
Equity funds
Equities
Held by
other segments
24%
Belgium
76%
Mixed funds
Real Estate funds
Equity portfolio at EUR 2.6 bn
 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*
10/03/2010 I page 44
In EUR bn
Real Estate Development
0.4
Car Parks
1.1
Investment
Offices
1.4
Investment Retail
1.0
 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
Investment
Warehouses
0.2
Belgium
68%
Spain
3%
Other
2%
France
12%
Italy
9%
Germany
6%

4524 August 2011 |
Ageas’s capital of a high quality
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 8.2
Unrealised gains real estate 0.6 0.5
Goodwill (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 0.4
25% 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

4724 August 2011 |
Overview of main characteristics Hybrids
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 mandatory
35,91
BE0933899800
3,000
3m EUR +200
CASHES
EUR mio
Ageasfinlux
Fresh
Ageas Hybrid
Financing
Hybrone
Ageas Hybrid
Financing
Nitsh I
Ageas Hybrid
Financing
Nitsh II
Direct issue FBB,
2004
% 3m EUR + 135 5.125% 8.25% 8% 4.625%
Amount 1,250 500 USD 750 625 1,000
ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116
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
ACSM YES YES YES YES YES
Dividend pusher YES YES YES YES YES
Dividend stopper NO YES YES YES YES
Trigger < 0,5%
dividend trigger
Liabilities >
asset
Liabilities >
asset
Liabilities > asset YES
<8% CAD
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
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 accordance
with 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 allowed
by 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 Account
Legal proceedings & investigations managed in interest of shareholders (1)
 Appeal filed before the “College van Beroep
voor 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 2007-2008The 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 Netherlands
Initiated by Ageas
General Account
Legal proceedings & investigations managed in interest of shareholders (2)
Situation on 24 August 2011

Insurance Activities
Financial Instruments
Royal Park Investments
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 impairment
of 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’s
share 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' equity
Liabilities
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
8,147
6,136
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
9,317
7,230
86
4,585
2,040
519
2,087
850
850
94
294

5624 August 2011 |
407407Retained
Earnings
(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 of
Belgium
(SFPI/FPIM)

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 March
Annual results 2010
28 April
Annual
shareholders’
meeting
Utrecht
18 May
Q1 11 Interim
financial
statements
31 May
Payment 2010
dividend
20 May
End of dividend
election period
24 August
First half
results 2011
29 September
Investor Day
London
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 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.

6224 August 2011 |
Investor Relations
Tel:
E-mail:
Website:
+ 32 2 557 57 34
+ 31 30 2525 305
ir@ageas.com
www.ageas.com
Investor Relations

CEO Update and Financial Highlights H1 2011

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