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
205
48
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
3.23
3.69
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) 155
By 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
21.4
22.8
1.8
2.1
4.3
4.559.5
63.5
FY 11 6M 12
Real Estate
Equities
Structured credit
instruments
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
1.4
0.3
6.2
2.6
1.4
1.2
1.4
1.3
0.7
0.5
2.1
0.9
0.6
0.6
12.9
6.2
3.0
2.3
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
1.3
1.0 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

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
7,248
7,599
512
1,208
303
2
696
151
106
(188) (23)
EUR 3.23 EUR 3.69
7,760
8,807
FY 11 Net result
Insurance
Net result
Gen Account
Change UG/L Dividend Buy back Revaluation
put option
Forex
& other
6M 12
UG/L
UG/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
1.0
0.4 1.2
0.6
1.4 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 Insurance
General
Account
Ageas
EUR 4.2 bn EUR 1.4 bn EUR 5.6 bn

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
By segment/business
In EUR mio

22
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 1,481
Consolidated 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 0
Consolidated 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 interests
303 111
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
144 23

28
166 157
1,493 1,798
188
148515
540
2,361
2,642
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 84
898 940
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
income
139 132
51 30

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
22
38
1,016
1,140
6M 11 6M 12
35 30
635 758
234
21490
99
994
1,102
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
34 4

36
104 115
198
491
871
879
76
90
1,250
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
128 170
50
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

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
21.4
22.8
1.8
2.1
4.3
4.559.5
63.5
FY 11 6M 12
Real Estate
Equities
Structured credit
instruments
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*
14.2
17.1
4.6
4.5
3.9
3.22.4
2.71.6
1.61.8
1.32.7
2.90.4
0.431.5
33.7
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
1.4
0.3
6.2
2.6
1.4
1.2
1.4
1.3
0.7
0.5
2.1
0.9
0.6
0.6
12.9
6.2
3.0
2.3
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
6.2
7.0
8.4
8.7
21.4
22.8
FY 11 6M 12
Other corporates
Government related
Other financials
Banking
0.8
1.0
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
0.6 0.5
4.3 4.5
FY 11 6M 12
Real Estate
Development
Investment Retail
Car Parks
Investment
Warehouses
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.

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)
2 (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
1.3
1.0 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) FY10 FY11 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
204
117
FY 10 FY 11 3M 12 6M 12
(271)
(214)
(191)
(278)
FY 10 FY 11 3M 12 6M 12 Sensitivities FY11 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
2.6
1.2 0.6
7.2
6.0
5.5
FY 10 FY 11 6M 12
131
(197)
74
FY 10 FY 11 6M 12 7.0
6.0 6.0
FY 10 FY 11 6M 12
1,540
1,208
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
InitiatedbyAgeasActionsagainstAgeas
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 20122009... 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.

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. TREASURYSHARES 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 Bank
1.91%
Norges Bank
5.20%
Franklin Mutual
Advisers
3.23%
Ageas - mainly
related to FRESH
1.75%
Benelux Retail
shareholders
15%
Identified
institutional
investors
41%
Other investors
24%
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/

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, records
and 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
ir@ageas.com
www.ageas.com
Investor Relations

6M results 2012

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