This document summarizes the financial results of Ageas for the first half of 2013. Some key points: - Insurance net profit was EUR 329 million, up 9% from the first half of 2012, driven by better non-life results. - Group net profit was EUR 472 million, up 55% from the first half of 2012, with contributions from both insurance and the general account. - Insurance solvency remained stable at 206% while shareholders' equity was impacted by changes in unrealized gains and losses. - The general account net result was EUR 143 million, driven by transactions related to an RPI agreement and call option.

1. 6MPeriodical Financial
Information
2013RESULTS

2. Executive summary
Annexes
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

3. Insurance result reports strong
second quarter
Both Insurance & General Account
contributing to Group net result
Solvency relatively stable,
Shareholders’ equity impacted by
UG/L
New share buy-back
 Insurance net profit of EUR 329 mio (+9%)
 Inflows @ 100% of EUR 12.5 bn (+16%)
 Group combined ratio at 97.8% (vs.98.3%)
 Life Technical Liabilities at EUR 68.7 bn*
 Q2 insurance net profit of EUR 172 mio
 Group net profit of EUR 472 mio (+55%)
 General Account net result of EUR 143 mio
 Q2 Group net profit of EUR 179 mio
 Shareholders’ equity at EUR 38.62 per share
 Insurance solvency at 206%, Group solvency at 226%
 Net cash position General Account at EUR 2.1 bn
 Amount of EUR 200 mio, from 12/08/13 till 05/08/14
 On top of 2012 dividend (EUR 1.2/share)
& capital reduction (EUR 1.0/share)
Main messages
Ageas’s 6M results reinforce positive trend
Periodic financial Information I 6M 13 Results I 2 August 2013 2
* Consolidated entities only, compared to FY 2012

4. 205 201
90 119
8
9302
329
6M 12 6M 13
Life Non-Life Other
98.3% 97.8%
6M 12 6M 13
Insurance net result: Better Non-
Life compensates stable Life result
In EUR mio In EUR mio
Insurance solvency stableCombined ratio: improving
CY claims ratio
227%
Shareholders’ equity down on UG/L
EUR per share
210% 207%
204% 206%
FY 12 6M 13
42.27 38.62
FY 12 6M 13
Result General Account driven by
transaction on RPI & Call Option
In EUR mio
302 329
2
143
305
472
6M 12 6M 13
Insurance General Account
Headlines
Ageas Non-Life performance further improved
3
1.2
2.1
FY 12 6M 13
Net cash: Cash transactions RPI & Call
option coming in earlier than expected
Periodic financial Information I 6M 13 Results I 2 August 2013

5. Periodic financial Information I 6M 13 Results I 2 August 2013
Net cash position General Account at EUR 2.1 bn
Up in Q2 on transactions related to RPI & BNPP Call Option
 Transactions RPI & BNPP Call option: expected cash inflow almost entirely received, most of
remaining proceeds expected in H2 2013 (≈EUR 0.2 bn)
 EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than
compensating 2012 dividend & 2012 corporate center costs
 Expected cash out in December related to capital reduction
4
In EUR bn
688
1,216
2,055
(68) (77)
(270)
(57)
340
827
144
FY 11 FY 12 buy-back capital
injection
TPL
paid
dividend
upstream
opco's
RPI call option other 6M 13

6.  Up to EUR 200 mio of its outstanding common stock
 Buy-back launched as of 12 August 2013
 For a period ending at 5 August 2014
 Independent broker mandated to execute
 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
3rd consecutive share buy-back illustrating disciplined capital management
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
24 August 11
Ageas announces
EUR 250 mio
share buy-back
24 April 13
Cancellation bought-back
shares effective  Ageas
holds +/- 2.1% own shares
27 April 13
Ageas announces
 agreement on RPI & BNPP Call Option
 EUR 1.0 capital reduction
2 August 13
Ageas announces
EUR 200 mio
share buy-back
Periodic financial Information I 6M 13 Results I 2 August 2013 5

7. Periodic financial Information I 6M 13 Results I 2 August 2013
Net result: strong operating result
In EUR mio In EUR mio
Operating margin Guaranteed
products: improved in Q2 13
Non-Life Combined ratio: improved
underwriting mainly in Household
Anticipated inflow decrease in Life
227% 210% 207%
Life Technical liabilities stable
In EUR bn
Belgium : Headlines
Solid operating Q2 in Life & Non-Life
**
111 121
33
38
144
160
6M 12 6M 13
Life Non-Life
2,642
2,126
940
985
3,582
3,111
6M 12 6M 13
Life Non-Life
99.8%
97.5%
6M 12 6M 13
0.85% 0.84%
6M 12 6M 13
Operating costs
In EUR mio
(13%)
52.7 52.8
FY 12 6M 13
93 96
145 152
238
248
6M 12 6M 13
Life Non-Life
6
in % avg technical liabilities

8. Net result: Non-Life performance up
In EUR mio In EUR mio
Operating margin Guaranteed
products
Inflow up 4.5% at constant FX
In EUR mio
United Kingdom: Headlines
Overall Non-Life performance substantially better
7
**
(0) (1)
44
50
8
951
58
6M 12 6M 13
Life Non-Life Other
38 51
1,102 1,101
1,140 1,152
6M 12 6M 13
Life Non-Life
+1%
Operating costs: addition Groupama
offset by cost reduction initiatives
Non-Life combined ratio: improved
underwriting mainly in Household
98.8% 98.5%
6M 12 6M 13
Other Income down in a competitive
market, changing commercial strategy
139
122
6M 12 6M 13
15 16
91
117
129
114
235
247
6M 12 6M 13
Life Non-Life Other
In EUR mio
(3.78%) (4.07%)
6M 12 6M 13
Periodic financial Information I 6M 13 Results I 2 August 2013
in % avg technical liabilities

9. Net profit increase driven by Turkey
In EUR mio
In EUR mio
Non-Life Combined ratio: weather
conditions Portugal vs. strong 2012
227% 210% 207%
Inflow* increased in nearly all
countries
In EUR bn
Continental Europe: Headlines
Strong top line performance & increased net profit including positive one-off
**
Operating costs remain stable
In EUR mio
25 25
9
20
34
46
6M 12 6M 13
Life Non-Life
1,575
1,826
537
553
2,112 2,379
6M 12 6M 13
Life Non-Life
88.5%
95.5%
6M 12 6M 13
1.11%
0.94%
6M 12 6M 13
Operating margin Guaranteed products:
lower risk result vs. exceptional 6M 12
+13%
Periodic financial Information I 6M 13 Results I 2 August 2013 8
Life Technical liabilities*: moderate
growth
28.1 28.4
FY 12 6M 13
36 36
37 38
73 74
6M 12 6M 13
Life Non-Life
in % avg technical liabilities
* Incl. non-consolidated partnerships @ 100%

10. Net result: Excluding one-offs,
result fairly stable
In EUR mio
In EUR mio
Non-Life Combined ratio in both
Thailand & Malaysia
Inflow* fuelled by China & Thailand Life Technical liabilities* further up
in non-consolidated entities
In EUR bn
Asia: Headlines
Pressure on profit in Life from boost in new business, Profitable organic growth in Non-Life
Periodic financial Information I 6M 13 Results I 2 August 2013 9
**
70
56
5
10
74
66
6M 12 6M 13
Life Non-Life
100.1%
94.2%
6M 12 6M 13
3,580
5,431
402
424
3,981
5,855
6M 12 6M 13
Life Non-Life
Result non-consolidated partnerships
60
49
5
10
65
59
6M 12 6M 13
Life Non-Life
+47%
24.4
28.0
FY 12 6M 13
* Incl. non-consolidated partnerships @ 100%
in % avg technical liabilities In EUR mio
2.00%
1.54%
6M 12 6M 13
Life operating margin Hong Kong

11. Net result driven by transactions
on RPI & Call option
In EUR mio In EUR mio
Main elements balance sheet:P&L impact transaction on RPI &
Call option mainly in Q1
227% 210% 207%
General Account: Headlines
Result & net cash driven by transaction RPI & Call option
Periodic financial Information I 6M 13 Results I 2 August 2013 10
**
Net cash position: cash on
transactions partly in
2
143
6M 12 6M 13
1.2
2.1
FY 12 6M 13
In EUR bn
In EUR mio
(165) (171)
234
872
241
FY 12 6M 13
RPN(i) Call Option RPI
8 8
15 12
23
20
6M 12 6M 13
Staff Op & admin
Operating costs further down
In EUR mio
232
42
142
(90)
Q1 Q2
RPI Call Option
* Subject to absence of any creditor’s claim
net cash further influenced in H2 2013 by
 remaining cash RPI transaction coming in
(plus ≈EUR 200 mio)
 announced EUR 1 capital reduction
(minus ≈EUR 230 mio):
 16/09 shareholders’ meeting
 10/12 ex-date
 13/12 payment date*
 announced share buy-back
(minus EUR 200 mio)

12. Shareholders’ equity / share
Shareholders’ equity
Net profit impact offset by lower unrealized gains, dividend payment & put option
In EUR mio
6,306 6,341
1,838
1,150
1,655
1,350
329 143
(759) (72) (270) (254) (74)
EUR 42.27
EUR 38.62
9,799
8,840
FY 12 Net result
Insurance
Net result
Gen Account
Change UG/L Buy back Dividend Revaluation
put option
Forex
& other
Insurance
UG/L
Insurance
UG/L
Equity per segment FY 12 6M 13 FY 12 6M 13
Belgium 3,974 ► 3,417 Asia 1,837 ► 1,826
UK 1,149 ► 1,055 Insurance 8,145 ► 7,491
Continental Europe 1,185 ► 1,193 General Account 1,655 ► 1,350
Periodic financial Information I 6M 13 Results I 2 August 2013 11

13. Periodic financial Information I 6M 13 Results I 2 August 2013 12
Investment portfolio
Portfolio slightly down on UG/L in fixed income, increased allocation to equities
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Sovereign
bonds 34.7
Sovereign
bonds 34.2
Corporate
bonds 25.1
Corporate
bonds 24.9
Structured
0.3
Structured
0.4
Loans
6.3
Loans
6.3
Equities 2.4 Equities 2.8
Real Estate
4.7
Real Estate
4.6
Cash 2.4 Cash 2.3
75.9 75.5
FY 12 6M 13
Asset mix
 Asset mix relatively stable
 Increased positions in equities at the expense of cash &
sovereigns continued in Q2
 4th infrastructure project realised through partnership with
Natixis
Gross unrealized gains/losses on Available for Sale
 Total portfolio: down to EUR 3.8 bn (EUR 5.4 bn FY 12);
exclusively down in fixed income
 Fixed income: at EUR 3.6 bn (EUR 5.2 bn FY 12)
Sovereigns at EUR 2.3 bn (vs. EUR 3.3 bn)
Corporates at EUR 1.3 bn (vs. EUR 1.8 bn)
 Equities: stable at EUR 0.2 bn
 Real Estate: stable at EUR 1.3 bn - not reflected in
equity
EUR 0.9 bn unrealized gains/losses on Held to Maturity
not reflected in equity

14. Positive takeways
 well diversified result across all segments
 satisfactory Life result despite low i-rate
 continued operating progress Non-Life
Attention points
 ensure performance in all Life activities &
strive for right product mix
 remain vigilant for Non-Life market
challenges, especially Motor & UK
 EUR 200 mio share buy-back
On top of 2012 dividend (EUR 1.2/share)
& capital reduction (EUR 1.0/share)
Conclusions : 6M results reinforce positive trend
Periodic financial Information I 6M 13 Results I 2 August 2013 13

15. Register now on
www.ageas.com/investorsupdate

16. Executive summary
Annexes
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

17. Periodic financial Information I 6M 13 Results I 2 August 2013 16
Key financials
Strong operational performance
EUR mio 6M 12 6M 13 Q2 12 Q1 13 Q2 13
Gross inflows 10,816 12,497 5,165 6,753 5,744
- of which inflows from non-consolidated partnerships 5,111 6,972 2,282 4,008 2,965
Net result Insurance 302 329 148 157 172
By segment:
- Belgium 144 160 66 80 80
- UK 51 58 34 23 35
- Continental Europe 34 46 16 17 28
- Asia 74 66 31 38 29
By type:
- Life 205 201 80 108 93
- Non-Life 90 119 63 46 74
- Other 8 9 4 4 5
Net result General Account 2 143 241 136 7
Net result Ageas 305 472 389 293 179
Earnings per share (in EUR) 1.28 2.05
Combined ratio 98.3% 97.8% 94.7% 99.5% 96.1%
Life technical liabilities (in EUR bn) * 68.8 68.7
Insurance Solvency ** 204% 206%
Shareholders' equity ** 9,799 8,840
Net equity per share (in EUR) ** 42.27 38.62
* Consolidated companies only, Compared with YE 2012
** Compared with YE 2012, restated for IAS 19

18. Shareholders’ equity / share
Shareholders’ equity
Net profit impact offset by lower unrealized gains, dividend payment & put option
In EUR mio
6,306 6,341
1,838
1,150
1,655
1,350
329 143
(759) (72) (270) (254) (74)
EUR 42.27
EUR 38.62
9,799
8,840
FY 12 Net result
Insurance
Net result
Gen Account
Change UG/L Buy back Dividend Revaluation
put option
Forex
& other
Insurance
UG/L
Insurance
UG/L
Equity per segment FY 12 6M 13 FY 12 6M 13
Belgium 3,974 ► 3,417 Asia 1,837 ► 1,826
UK 1,149 ► 1,055 Insurance 8,145 ► 7,491
Continental Europe 1,185 ► 1,193 General Account 1,655 ► 1,350
Periodic financial Information I 6M 13 Results I 2 August 2013 17

19. Tangible net equity
High quality capital structure
10/03/2010 I page 18
EUR bn FY12 6M 13
IFRS Shareholders' Equity 9.8 8.8
Unrealised gains real estate 0.6 0.6
Goodwill (0.7) (0.7)
VOBA (Value of Business Acquired) (0.4) (0.4)
DAC (Deferred Acquisition Cost) (0.9) (0.9)
Other (0.4) (0.4)
Goodwill, DAC, VOBA related to N-C interests 0.5 0.5
25% tax adjustment DAC, VOBA & Other 0.3 0.3
IFRS Tangible net equity 8.9 7.9
IFRS Tangible net equity/ IFRS Shareholder's Equity 91% 90%
Periodic financial Information I 6M 13 Results I 2 August 2013 18

20. IFRS Solvency
Increasing RMM on growth in Asia; Capital General Account down on capital reduction
2.4 2.4
0.5 0.5 0.6 0.6 0.5 0.6
4.0 4.1 4.0 4.1
1.7 1.9
0.6 0.5
0.8 0.9 0.9 0.9
4.1
4.3
1.0 0.8
5.1 5.2
4.1
4.3
1.1 1.0
1.4 1.5 1.4 1.5
8.1
8.4
9.1
9.3
FY 12 6M 13 FY 12 6M 13 FY 12 6M 13 FY 12 6M 13 FY 12 6M 13 FY 12 6M 13 FY 12 6M 13
Belgium
UK
CEU
Asia
Total Ageas
General Account
RMC Excess Capital
RMC Excess Capital
RMC Excess Capital
RMC Excess Capital
RMC Excess Capital
Available Capital
In EUR bn
Periodic financial Information I 6M 13 Results I 2 August 2013 19
Solvency ratio
173% 180% 220% 213% 243% 253% 268% 243% 204% 206% 229% 226%
* +6% impact of change in dividend pey-out methodology
*

21. Executive summary
Annexes
Equity / Solvency
Insurance activities
Investment portfolio
General Account
General Information

22. Inflows @ 100%
Growth driven by China, Thailand & Portugal
*
* Ageas holds a 50% stake in Tesco Underwriting
Periodic financial Information I 6M 13 Results I 2 August 2013 21
EUR mio 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13
Belgium 75% 2,642 2,126 940 985 3,582 3,111
United Kingdom 100% 38 51 1,102 1,101 1,140 1,1520 0
Continental Europe 1,575 1,826 537 553 2,112 2,379
Consolidated entities 546 805 235 232 780 1,037
Portugal 51% 407 605 126 130 533 734
France 100% 138 200 138 200
Italy 25% 109 102 109 102
Non-consolidated JV's 1,029 1,021 302 321 1,332 1,342
Turkey (Aksigorta) 36% 302 321 302 321
Luxembourg (Cardif Lux Vie) 33% 1,029 1,021 1,029 1,021
Asia 3,580 5,431 402 424 3,981 5,855
Consolidated entities 202 225 202 225
Hong Kong 100% 202 225 202 225
Non-consolidated JV's 3,378 5,206 402 424 3,780 5,630
Malaysia 31% 369 373 315 319 684 692
Thailand 31%/15% 589 767 87 105 675 871
China 25% 2,366 4,008 2,366 4,008
India 26% 55 59 55 590 0
Total 7,835 9,435 2,980 3,063 10,816 12,4970 0
Consolidated entities 3,428 3,207 2,277 2,318 5,704 5,525
Non-consolidated partnerships 4,407 6,227 704 745 5,111 6,972
Life Non-Life Total

23. Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Inflows @ Ageas’s part
Strong growth in emerging markets, Guaranteed Life sales down following market trend
In EUR mio
Periodic financial Information I 6M 13 Results I 2 August 2013 22
1,982
1,595
38 51
689 849
1,101
1,590
3,810
4,085
705
739
909 971
200
207
110
114
1,925
2,032
(13%)
8% 19%
41%
7%
2,687
2,334
948 1,023
889
1,056
1,211
1,704
5,735
6,117
6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13

24. Insurance net result
Non-Life result up in all segments, Asia Life under pressure of strong inflow growth
Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life Other
Life Non-Life
Life Non-Life
Life Non-Life Other
111 121
(0) (1) 25 25
70 56
205 201
33
38
44 50 9 20
5
10
90
119
8
9
8
9
144
160
51
58
34
46
74
66
302
329
6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13
In EUR mio
Periodic financial Information I 6M 13 Results I 2 August 2013 23

25. 10/03/2010 I page 24
Overview impairments & net capital gains on investments
Both cap gains & impairments slightly down compared to 6M12
*
Periodic financial Information I 6M 13 Results I 2 August 2013 24
EUR mio 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13
Life 50 35 (54) (17) (4) 18
Non-Life 16 7 (4) (2) 13 4
Total Belgium 66 42 (57) (20) 9 22
Life
Non-Life 7 4 7 4
Other
Total UK 7 4 7 4
Life 3 13 (0) (8) 3 5
Non-Life 0 (0) 0 (0)
Total CEU 3 13 (0) (8) 3 5
Life 17 21 (8) (5) 9 16
Non-Life 1 2 (0) 1 2
Total Asia 18 23 (8) (5) 10 18
Life 70 69 (62) (30) 9 38
Non-Life 25 13 (4) (2) 21 11
Other
Total Ageas 95 82 (66) (33) 30 49
Capital gains/losses
Impairments & Profit
sharing impact
Total impact

26. 25Periodic financial Information I 6M 13 Results I 2 August 2013
Insurance
Lexicon on new margin disclosures as from FY 2012
Life Non-Life
+ Underwriting
result
+ Premiums received from policyholders
- actual payments made in risk contracts
+ penalties deducted in case of surrender
+ reinsurance result
+ Net Underwriting
result
+ Net Earned Premium
- all evolutions in claims reserves (CY & PY)
+ technical interest charges on technical liabilities
- all expenses (marketing, intermediary, claims
handling & administration)
+ Expense &
Other result
+ expense loadings
- actual expense charges
+ other results of technical nature
= Net Underwriting result + Other result + other results of technical nature
+ Investment result + Investment income on assets covering
Life technical liabilities (recurring & cap
gains)
- what is paid out to policyholders
(guaranteed income & profit sharing)
+ Investment result + Investment income on assets covering Non-Life
technical liabilities (recur. & cap gains)
- technical interest charges on technical liabilities
= Operating result = Operating result
Average technical
liabilities
= average between technical liabilities at
the beginning & at the end of each quarter
of current year.
Net earned premium + Premiums received from policyholders
- premiums covering risks future period
- premiums paid to reinsurers
Life margins All Life margins calculated as % of average
technical liabilities
Non-Life ratio’s All Non-Life ratio’s calculated in % of Net
earned premiums
Combined ratio Corresponds to 1minus net underwriting
result in % of net earned premiums

27. Insurance Combined ratio
On track to be substantially below 100%
Net earned premium in EUR mio
Periodic financial Information I 6M 13 Results I 2 August 2013 26
Combined ratio at 97.8% vs. 98.3%
 Q2 confirms Q1 good operational performance
with COR at 96.1%
 Household at 91.3% (vs.103.0): benign weather
in major markets, impact of corrective measures
& tariff increases in Belgium
 Accident & Health: at 93.4% (vs.93.6%): strong
improvement claims ratio Belgium
 Motor at 102.2% (vs. 96.5%): increase
combined ratio in all segments
Claims ratio at 64.6% vs. 67.7%
 CY claims ratio (67.6% vs. 72.5%) improvement
in all product lines, most significant impact in
Household
 PY claims ratio down to release of 3.0% (vs.
4.8%), reserves strengthening in Motor in all
segments
Expense ratio at 33.2% vs. 30.6%
2,497 2,858 3,507 4,178 2,023 2,146 1,034 1,077 1,069
69.4% 73.2% 69.0% 68.1% 67.7% 64.6% 64.1% 66.7% 62.4%
33.1%
32.8%
31.1% 31.0% 30.6% 33.2% 30.6%
32.8%
33.7%
102.5%
106.0%
100.1% 99.1% 98.3% 97.8%
94.7%
99.5%
96.1%
(6.0%)
(3.7%) (3.5%) (3.1%) (4.8%)
(3.0%) (4.1%) (3.5%) (2.5%)
2009 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
claims ratio expense ratio PY claims ratio

28. Insurance Combined ratio per product line
Household strongly improving
Motor: reserves strengtheningAccident & Health: good performance confirmed
Other: improvement across all segments
NEPNEP
Household: benign weather in major markets
NEP NEP
Periodic financial Information I 6M 13 Results I 2 August 2013 27
609 714 736 763 382 392 1,012 1,134 1,571 2,058 988 1,029
203 261 308 349 163 199673 750 892 1,007 491 526
70.4% 74.3% 71.9% 70.5% 69.2% 67.7%
23.6%
24.8% 25.0% 25.5% 24.4% 25.7%
94.0%
99.1% 96.9% 96.0% 93.6% 93.4%
2009 2010 2011 2012 6M 12 6M 13
79.0% 78.4% 72.0% 73.6% 71.1% 73.5%
29.3% 29.0%
25.3% 25.4% 25.4% 28.7%
108.3% 107.4%
97.3% 99.0% 96.5%
102.2%
2009 2010 2011 2012 6M 12 6M 13
59.4%
75.0%
61.9% 55.6% 61.7%
48.3%
43.4%
43.2%
41.5%
41.6%
41.3%
43.0%
102.8%
118.2%
103.4%
97.2%
103.0%
91.3%
2009 2010 2011 2012 6M 12 6M 13
51.7% 42.9%
67.2% 66.5% 62.0% 55.1%
45.8%
41.2%
44.8% 44.9%
43.9%
45.9%
97.5%
84.1%
112.0% 111.4% 105.9% 101.0%
2009 2010 2011 2012 6M 12 6M 13

29. Insurance Life operating margin per product line
Guaranteed: driven by investment margin Unit-linked: all margins improving
Average technical liabilities Average technical liabilities
 Expense & other margin decrease related to Asia
mainly
 Underwriting margin improvement over all segments
 Investment margin slightly or almost stable across all
segments
۷ improvement in CEU & Asia
۷ only slightly down in Belgium despite low i-rate
 Slight deterioration underwriting margin
۷ mainly coming from CEU (lower risk margin) & Asia
۷ improving in Belgium on increasing technical
liabilities
Periodic financial Information I 6M 13 Results I 2 August 2013
0.44% 0.41% 0.44% 0.49% 0.44% 0.36% 0.42% 0.47%
0.67%
(0.79%)
0.87% 0.76% 0.78%
0.42%
0.78% 0.79%
(0.33%)
(0.36%)
(0.33%) (0.34%) (0.34%) (0.27%) (0.37%) (0.32%)
0.56%
(0.60%)
0.81% 0.92% 0.88%
0.70%
0.68% 0.93%
2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
Expense & other m. Investment m. Underwriting m.
50.4 52.3 54.0 53.5 55.3 53.5 55.2 55.3 20.2 12.4 11.8 11.6 12.1 11.6 12.3 12.1
0.07%
0.04%
0.11% 0.12% 0.14%
(0.02%)
0.15% 0.13%0.01%
0.01% 0.01%
0.27%
0.42%
0.37%
0.42%
0.29%
0.17%
0.32%
0.25%
0.35%
0.45%
0.48%
0.55%
0.43%
0.43%
0.47%
0.38%
2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
Expense & other m. Investment m. Underwriting m.
28

30. Periodic financial Information I 6M 13 Results I 2 August 2013
Net result: strong operating result
In EUR mio In EUR mio
Operating margin Guaranteed
products: improved in Q2 13
Non-Life Combined ratio: improved
underwriting mainly in Household
Anticipated inflow decrease in Life
227% 210% 207%
Life Technical liabilities stable
In EUR bn
Belgium : Headlines
Solid operating Q2 in Life & Non-Life
**
111 121
33
38
144
160
6M 12 6M 13
Life Non-Life
2,642
2,126
940
985
3,582
3,111
6M 12 6M 13
Life Non-Life
99.8%
97.5%
6M 12 6M 13
0.85% 0.84%
6M 12 6M 13
Operating costs
In EUR mio
(13%)
52.7 52.8
FY 12 6M 13
93 96
145 152
238
248
6M 12 6M 13
Life Non-Life
29
in % avg technical liabilities

31. 2,495
1,775
148
351
2,642
2,126
6M 12 6M 13
(20%)
Life
In EUR mio
Non-Life
In EUR mio
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Belgium: Inflow @ 100%
Anticipated decrease Guaranteed products partly compensated by Non-Life & UL
267 276
294 303
295 316
84 91
940 985
6M 12 6M 13
Periodic financial Information I 6M 13 Results I 2 August 2013 30
+5%
Guaranteed
 Sales of guaranteed products decreased 29% to EUR 1.8 bn
 Decrease observed Individual Saving (down 41% to EUR 1,060 mio)
& Individual Traditional (down 16% to EUR 132 mio)
 Lower volumes due to historically low guaranteed interest rates &
impact of Belgian government decision to increase insurance
premium tax (from 1.1% to 2%; as at 01/01/2013).
 Group Life inflows amounted to a strong EUR 583 mio supported by
higher single premiums
Unit-linked
 Sales Individual Unit-Linked: continued success in Q2, more than
double in 6M 13 (+138% vs. 6M 12). Growth driven by significant
offer in closed-end funds Bank channel & increasing customer
appetite
Household, Motor, Other
 GWP increased in Bank & Broker channel & across all product lines,
mainly in Household
 Household (+7%): higher volume & tariff increases
 Motor (+2.8%): driven by tariff increase, threshold of 1 mio contracts
crossed in Q2
 Other (+8.4%): mainly driven by tariff increase in Legal Assistance
Accident & Health
 Accident & Health (+3.4%) supported by good momentum in Health
Care

32. Belgium: Combined ratio
Strong underwriting result in Household and Accident & Health, weaker in Motor
Net earned premium in EUR mio
Periodic financial Information I 6M 13 Results I 2 August 2013 31
64.1% 68.7% 64.3% 62.7% 63.1% 60.4% 59.0% 62.9% 57.9%
36.8%
36.4%
36.8% 36.8% 36.7% 37.1% 36.6%
36.8%
37.5%
100.9%
105.1%
101.1% 99.5% 99.8% 97.5% 95.6%
99.7%
95.4%
(8.0%)
(6.6%) (7.3%)
(4.5%)
(8.7%)
(5.9%)
(7.8%) (6.9%) (5.0%)
2009 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
claims ratio expense ratio PY claims ratio
1,469 1,541 1,601 1,698 840 872 423 432 440
Combined ratio at 97.5% vs. 99.8%
 Strong second quarter ratio at 95.4%
 Household (93.0%) confirmed the good Q1
performance reflecting previous corrective
measures, rate increases & less weather
related claims
 Accident & Health at 93.9% vs.95.1%
 Motor (104.6%) second quarter mainly
impacted by the non-recurring impact of
additional reserving for a few large claims.
Claims ratio at 60.4% vs. 63.1%
 CY ratio (66.3% vs.71.8%) improvement
mainly in Household, but also Accident &
Health
 PY ratio (5.9% release vs.8.7% release)
reserves strengthening in Motor partly offset
by higher releases in Other
Expense ratio increased slightly at 37.1%

33. Belgium: Combined ratio per product line
Improved underwriting performance in Household & Other
Motor: one-off large claims reserves strengtheningAcc & Health: few new large claims
Household: effect corrective measures - Q2 at 86.1% Other: strong Q2 at 97.4%
NEPNEP
NEP NEP
Periodic financial Information I 6M 13 Results I 2 August 2013 32
68.9% 75.8% 73.8% 73.0% 71.4% 69.7%
22.6%
21.9% 23.8% 24.0% 23.7% 24.2%
91.5%
97.7% 97.6% 97.0% 95.1% 93.9%
2009 2010 2011 2012 6M 12 6M 13
68.5% 71.0%
58.9% 64.7% 61.3% 67.7%
36.3% 35.7%
35.3%
35.8% 36.0%
36.9%
104.8% 106.7%
94.2%
100.5% 97.3%
104.6%
2009 2010 2011 2012 6M 12 6M 13
60.5%
75.6%
63.0%
50.5% 57.2%
47.2%
47.1%
47.1%
46.9%
46.2%
46.4%
45.8%
107.6%
122.7%
109.9%
96.7%
103.6%
93.0%
2009 2010 2011 2012 6M 12 6M 13
44.9%
10.4%
58.2% 65.9% 62.6%
52.7%
49.2%
50.9%
49.5%
48.1% 48.6%
47.5%
94.1%
61.3%
107.7%
114.0% 111.2%
100.2%
2009 2010 2011 2012 6M 12 6M 13
424 451 451 480 242 244 465 498 525 540 267 270
453 463 484 530 258 278 127 129 142 149 74 80

34. Belgium Life operating margin per product line
Guaranteed: strong Q2 Unit-linked: increasing liabilities & lower
expense & other margin
Avg techn liabilities Avg techn liabilities
40.7 42.9 44.9 44.4 46.2 44.4 46.1 46.2 6.0 5.6 5.2 5.2 5.3 5.2 5.3 5.3
0.03%
(0.05%)
0.04% 0.02% 0.03% 0.05%
0.02%
0.64%
0.50% 0.44% 0.43% 0.38% 0.44% 0.39%
0.36%
0.66%
0.45%
0.47%
0.45%
0.41%
0.35% 0.44%
0.38%
2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
Expense & other m. Underwriting m.
0.28% 0.32% 0.32% 0.30% 0.35% 0.32% 0.33% 0.37%
0.57%
(0.80%)
0.93%
0.83% 0.80%
0.57%
0.78% 0.81%
(0.21%)
(0.30%)
(0.29%) (0.28%) (0.31%) (0.26%) (0.34%) (0.28%)
0.64%
(0.78%)
0.96%
0.85% 0.84%
0.62%
0.77% 0.91%
2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
Expense & other m. Investment m. Underwriting m.
 Operating result amounted to EUR 11 mio, down 7%
 Average Technical Liabilities increased by 4%
 Operating result amounted to EUR 194 mio, up 2% on
increase of technical liabilities
 Operating margin 6M 13 stable on 6M 12 despite
continued low i-rate environment
 Investment margin Q2 margin up Q-on-Q with dividend,
Q2 12 included huge negative impact of impairments
 Average Technical Liabilities up 4%, mainly due to last
year’s strong intakes
Periodic financial Information I 6M 13 Results I 2 August 2013 33

35. Net result: Non-Life performance up
In EUR mio In EUR mio
Operating margin Guaranteed
products
Inflow up 4.5% at constant FX
In EUR mio
United Kingdom: Headlines
Overall Non-Life performance substantially better
34
**
(0) (1)
44
50
8
951
58
6M 12 6M 13
Life Non-Life Other
38 51
1,102 1,101
1,140 1,152
6M 12 6M 13
Life Non-Life
+1%
Operating costs: addition Groupama
offset by cost reduction initiatives
Non-Life combined ratio: improved
underwriting mainly in Household
98.8% 98.5%
6M 12 6M 13
Other Income down in a competitive
market, changing commercial strategy
139
122
6M 12 6M 13
15 16
91
117
129
114
235
247
6M 12 6M 13
Life Non-Life Other
In EUR mio
(3.78%) (4.07%)
6M 12 6M 13
Periodic financial Information I 6M 13 Results I 2 August 2013
in % avg technical liabilities

36. 1,102 1,101
38 51
1,140 1,152
6M 12 6M 13
30 44
758 730
214 231
99 96
1,102 1,101
6M 12 6M 13
Motor
Non-Life
Life
Other
Property
Accident & Health
Total
In EUR mio
Non-Life
In EUR mio
(0.1%)
1%
United Kingdom: Inflow @ 100%
Inflow stable, up 4.5% at constant FX
Life
 Successful roll out of its proposition across the IFA market and
through affinity partnerships developed in 2012
 Over 286,000 customers up 27% on same period last year
Non-Life
 Down 0.1%, growth of 3.3% at constant FX
 Motor down 4% mainly due to lower average premiums, following
market trend of rate decreases & focus on risk mix improvement
 Household up 8% primarily due to the inclusion of Groupama
Insurance Company Ltd (GICL)
 Accident & Health up 45% due to the inclusion of GICL
 Other lines, including Commercial & Special Risks down 4% due to
management actions to improve profitability, offset partially by
inclusion of GICL
 EUR 196 mio Groupama inflow included
Other Insurance (including Retail)
 YTD total income of EUR 122 mio ,12% below last year.
Periodic financial Information I 6M 13 Results I 2 August 2013 35

37. United Kingdom: Combined ratio
Below 100% reflecting continued strong performance in Household
Net earned premium in EUR mio
Combined ratio at 98.5%
 Combined ratio continued sub 100%
performance
 Impact Groupama: greater proportion
delegated authority schemes with higher
expense ratio but lower claims in portfolio
Claims ratio at 67.6%
 Claims ratio Reduction across all lines of
business with greatest impact in Household
due to benign weather
 CY ratio (68.4% vs. 74.5%) significant
reduction primarily due to benign weather
experience in Household
 PY ratio: release of 0.8% vs. 1.5% in 6M 12
Expense ratio at 30.9%
 Increase from combination of pressure on
earned premium in Tesco & addition of
Groupama with greater proportion of
delegated authority schemes.
Periodic financial Information I 6M 13 Results I 2 August 2013 36
80.4% 81.5%
74.6% 73.3% 73.0%
67.6% 69.6% 69.4% 65.8%
27.7% 28.0%
25.3% 26.5% 25.8%
30.9% 26.0% 30.5%
31.2%
108.1% 109.5%
99.9% 99.8% 98.8% 98.5% 95.6%
99.9% 97.0%
(3.5%)
(1.1%) 0.1% (2.1%) (1.5%) (0.8%) (1.3%) (1.2%) (0.3%)
2009 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
claims ratio expense ratio PY claims ratio
834 948 1,524 2,083 989 1,075 510 546 529

38. United Kingdom: Combined ratio per product line
Reduced loss ratios in all products, partially offset by expense ratios
Motor: premium strain on expense ratio (TU)
NEP
Accident & Health: GICL impacting expense ratio
Household: benign weather impact Other: positive impact mgmt actions (AIL) &
inclusion of GICL
NEP
Periodic financial Information I 6M 13 Results I 2 August 2013 37
83.5%
97.9%
87.7%
78.1% 76.3% 72.8%
26.2%
24.0%
23.2%
28.2% 25.9% 34.1%
109.7%
121.9%
110.9% 106.3% 102.2% 106.9%
2009 2010 2011 2012 6M 12 6M 13
88.9% 82.9% 79.2% 77.2% 75.7% 75.1%
22.8%
23.3%
19.5% 21.3% 20.7% 25.6%
111.7%
106.2%
98.7% 98.5% 96.4% 100.7%
2009 2010 2011 2012 6M 12 6M 13
53 58 65 57 28 36 524 532 949 1,420 673 710
61.2%
77.4%
61.4% 62.3% 67.9%
47.4%
38.0%
38.2%
35.3% 36.7%
36.5%
40.2%
99.2%
115.6%
96.7% 99.0%
104.4%
87.6%
2009 2010 2011 2012 6M 12 6M 13
66.0% 75.1% 71.6% 67.7% 62.9% 59.0%
38.1%
30.4% 39.3% 42.2%
41.4% 44.7%
104.1% 105.5% 110.9% 109.9%
104.3% 103.7%
2009 2010 2011 2012 6M 12 6M 13
187 248 366 434 211 225 69 110 143 173 77 105
NEP
NEP

39. Net profit increase driven by Turkey
In EUR mio
In EUR mio
Non-Life Combined ratio: weather
conditions Portugal vs. strong 2012
227% 210% 207%
Inflow* increased in nearly all
countries
In EUR bn
Continental Europe: Headlines
Strong top line performance & increased net profit including positive one-off
**
Operating costs remain stable
In EUR mio
25 25
9
20
34
46
6M 12 6M 13
Life Non-Life
1,575
1,826
537
553
2,112 2,379
6M 12 6M 13
Life Non-Life
88.5%
95.5%
6M 12 6M 13
1.11%
0.94%
6M 12 6M 13
Operating margin Guaranteed products:
lower risk result vs. exceptional 6M 12
+13%
Periodic financial Information I 6M 13 Results I 2 August 2013 38
Life Technical liabilities*: moderate
growth
28.1 28.4
FY 12 6M 13
36 36
37 38
73 74
6M 12 6M 13
Life Non-Life
in % avg technical liabilities
* Incl. non-consolidated partnerships @ 100%

40. 432 514
421
409
853
923
6M 12 6M 13
98 98
86 83
45 56
46 55
275
292
6M 12 6M 13
Accident & Health
Motor
Unit-Linked
Guaranteed
+16%
Other
Household
Life
In EUR mio
Non-Life
In EUR mio
Continental Europe: Inflow @ 100%
Higher Life sales in Portugal & France, Non-Life driven by Turkey
+3%
Life
 Inflow +16%, including non-controlling interests @ 100%, reflecting
higher sales in Portugal and France
 Consolidated inflow up 48%
 Portugal: volumes up by 49% driven by the UL business as a
result of successful sale campaign in June
 France: up by 45% continue to benefit from the 1st quarter UL
single premium payment
Technical liabilities
 End of period technical liabilities: up 4% vs. year-end 2012 technical
ones
 Average technical liabilities growth in line with excellent sales
performance over last 2 years
Non-Life
 Inflow + 6%, including non-controlling interests @ 100% driven by
Turkey
 GWP consolidated entities in line with last year
 Turkey (Aksigorta) at EUR 321 mio
 A&H and Motor remain the major business lines in the portfolio.
Motor slight decline due to Italy (economic recession leading to
further reduction car sales) and Turkey (less MTPL sales due to
focus on profitable growth)
Periodic financial Information I 6M 13 Results I 2 August 2013 39

41. Continental Europe: Combined ratio
Well below group target even with severe winter weather in Portugal
Net earned premium in EUR mio
* Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy
Combined ratio at 95.5%
 Combined ratio higher than PY mainly due to
severe weather impact in Portugal (household)
and exceptionally low claims ratio’s last year.
Claims ratio at 66.2%
 Claims ratio mainly higher due to mid-January
storms in Portugal and higher volume of claims
reported
 Claims ratio Italy in line with previous quarter but
slightly higher than PY
 PY ratio: 2.3% release vs. 5.3%
 Combined ratio Turkey further improved to
88.6%.from 101.3%
Expense ratio at 29.3%
 Expense ratio continued focus on cost
containment (LY was influenced by a one off
release in Italy), commission ratio slightly up due
to product mix
Periodic financial Information I 6M 13 Results I 2 August 2013 40
62.4%
71.0% 66.4% 63.6% 61.0%
66.2%
57.4%
67.8% 64.7%
27.6%
30.3%
30.3%
29.8%
27.5%
29.3%
29.3%
28.9%
29.7%
90.0%
101.3%
96.7%
93.4%
88.5%
95.5%
86.7%
96.7% 94.4%
(1.3%)
1.9%
(2.0%) (2.5%) (5.3%)
(2.3%) (3.2%) (0.9%)
(3.7%)
2009 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
claims ratio expense ratio PY claims ratio
194 369 382 397 194 199 101 99 100

42. Continental Europe: Combined ratio per product line
Overall combined ratio within expectations (only related to consolidated companies)
Motor: exceptionall strengthening PY reserves
(cleaning old claims)
Accident & Health: product mix drives increase
commission ratio
Household: impact of weather in Portugal Other: higher commission due to product mix
Periodic financial Information I 6M 13 Results I 2 August 2013 41
70.2% 64.2% 63.5% 63.3% 62.7% 61.7%
25.7% 31.6% 27.8% 28.2% 25.4% 26.3%
95.9% 95.8% 91.3% 91.5% 88.1% 88.0%
2009 2010 2011 2012 6M 12 6M 13
132 205 220 226 112 112
65.3%
90.5%
71.8% 69.8% 61.5%
82.0%
36.7%
27.0%
29.2% 28.1%
31.9%
28.2%
102.0%
117.5%
101.0% 97.9% 93.4%
110.2%
2009 2010 2011 2012 6M 12 6M 13
23 104 97 99 48 49
34.9%
53.5% 53.7% 51.8% 54.6%
70.6%
22.9%
27.7% 34.2% 33.5% 27.8%
36.5%
57.8%
81.2%
87.9% 85.3% 82.4%
107.1%
2009 2010 2011 2012 6M 12 6M 13
33 39 42 44 22 23
33.8%
73.3%
94.5%
62.8% 53.5%
40.6%
58.6%
39.0%
50.0%
43.3%
29.7%
44.4%
92.4%
112.3%
144.5%
106.1%
83.2% 85.0%
2009 2010 2011 2012 6M 12 6M 13
7 21 23 28 12 14
NEP
NEP
NEP
NEP

43. Continental Europe Life operating margin per product line
Guaranteed: lower underwriting margin partially
offset by higher investment margin
Unit-linked: stable
Avg techn liabilities Avg techn liabilities
 Decrease expense & other margin is a./o. related to
maturing funds & lower fees resulting from lower
inflows.
 Investment margin improved vs. PY
 Although decline in underwriting margin YTD due to higher
claims in the risk business & fewer premiums (change
payment frequency), improvement on quarterly basis
 Cost containment lead to stable expense margin
1.25%
1.00% 1.18% 1.22%
0.91%
1.20%
0.89% 0.93%
0.84%
(0.75%)
0.70% 0.69%
0.84%
0.73%
0.76%
0.92%
(0.93%)
(1.08%)
(0.85%) (0.80%) (0.81%) (0.87%) (0.76%) (0.86%)
1.16%
(0.83%)
1.02% 1.11%
0.94%
1.06%
0.89%
0.98%
2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
Expense & other m. Investment m. Underwriting m.
8.7 8.3 7.8 7.9 7.7 7.9 7.7 7.7 13.9 6.4 6.1 6.0 6.2 6.0 6.4 6.2
0.01% 0.02% 0.02% 0.02% 0.01% 0.03% 0.01% 0.01%
0.01% 0.01% 0.01% 0.01% 0.01%
0.18%
0.55%
0.41%
0.51% 0.51% 0.48% 0.50% 0.51%
0.20%
0.56%
0.44%
0.54% 0.53% 0.51% 0.52% 0.53%
2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
Expense & other m. Investment m. Underwriting m.
Periodic financial Information I 6M 13 Results I 2 August 2013 42

44. Net result: Excluding one-offs,
result fairly stable
In EUR mio
In EUR mio
Non-Life Combined ratio in both
Thailand & Malaysia
Inflow* fuelled by China & Thailand Life Technical liabilities* further up
in non-consolidated entities
In EUR bn
Asia: Headlines
Pressure on profit in Life from boost in new business, Profitable organic growth in Non-Life
Periodic financial Information I 6M 13 Results I 2 August 2013 43
**
70
56
5
10
74
66
6M 12 6M 13
Life Non-Life
100.1%
94.2%
6M 12 6M 13
3,580
5,431
402
424
3,981
5,855
6M 12 6M 13
Life Non-Life
Result non-consolidated partnerships
60
49
5
10
65
59
6M 12 6M 13
Life Non-Life
+47%
24.4
28.0
FY 12 6M 13
* Incl. non-consolidated partnerships @ 100%
in % avg technical liabilities In EUR mio
2.00%
1.54%
6M 12 6M 13
Life operating margin Hong Kong

45. 152
171
50 56
12 13
188
184
402 424
6M 12 6M 13
3.380
5.253
200
178
3.580
5.431
6M 12 6M 13
+52%
+8%
Fire
Motor
Guaranteed
Life
Non-Life
In EUR mio
In EUR mio
Unit-Linked
Asia: Inflow @ 100%
Strong growth new business, boosted by very successful sales campaigns
Accident & Health
Other
Periodic financial Information I 6M 13 Results I 2 August 2013 44
Life
 Hong Kong, +12%, Strong 22% APE growth, with both agency & IFA channel
contributing
 China, +69%, 48% of inflow from regular business, new business bank channel
up 150% after extraordinarily successful campaign; sales agency channel up
134% thanks to expanding number of agents & successful regular business
campaign
 Malaysia, +1%, New business premiums & renewal premiums stable
 Thailand, +30%, New business premiums up 39%; particular strong
performance in bank channel
 India, +9%, Despite continued difficult regulatory environment, new business up
almost 30% in bank channel
Technical liabilities
 End-of-period technical liabilities:
 Hong Kong : EUR 1.9 bn, up 4%
 Including non-consolidated JVs @ 100%: EUR 28.0 bn, up 15%
 Average technical liabilities growth in line with excellent sales performance
over last 2 years
Non-Life
 Malaysia, +1%, Growth in high-retention lines Motor & Household, offset by
lower premiums in Marine, Aviation & Transport
 Thailand, +21%, Concentrated in Motor business. Household & Personal
Accident business also showed good growth

46. Hong Kong Life operating margin per product line
Improved margin due to organic growth & higher investment income
Guaranteed: improving expense & investment margin Unit-linked: pressure on margin from new business growth
Periodic financial Information I 6M 13 Results I 2 August 2013
Avg techn liabilities Avg techn liabilities
 Underwriting margin improved following organic growth
 Expense & Other margin deteriorated in 6M 13 following
new business growth & change in product mix.
6M 12 expense margin included EUR 4 mio positive non-
recurring adjustment.
 Underwriting margin deteriorated in 6M 13 due to higher
reinsurance costs & better persistency
 Investment margin improved as result of higher net
income from larger bond portfolio & some realised capital
gains
 Expense & Other margin improved due to organic growth
(0.15%)
(0.71%)
(0.15%) (0.42%) (0.57%)
(0.91%) (0.82%)
(0.33%)
3.62%
(0.57%)
(0.11%)
(0.16%)
0.04%
(0.52%)
1.00%
(0.90%)
1.30%
3.52%
2.52% 2.66% 2.90% 2.87%
2.73%
3.11%
4.77%
2.24%
2.26% 2.05%
2.38% 1.40%
2.92%
1.92%
2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
Expense & other m. Investment m. Underwriting m.
→ new calculation methodology
1.0 1.1 1.3 1.2 1.3 1.2 1.3 1.3
3.11%
1.75%
2.14% 2.43% 2.65% 2.38% 2.68% 2.61%
(0.06%) (0.14%)
(2.40%)
(3.21%)
(0.95%) (0.57%)
(3.12%)
(2.19%) (2.46%)
(3.77%)
0.70%
(1.47%)
1.19%
1.86% (0.53%)
0.19%
0.22% (1.30%)
2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13
Expense & other m. Investment m. Underwriting m.
→ new calculation methodology
0.3 0.4 0.5 0.4 0.6 0.4 0.6 0.6
45

47. Executive summary
Annexes
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

48. Periodic financial Information I 6M 13 Results I 2 August 2013 47
Investment portfolio
Value of portfolio down on UG/L in fixed income, increased allocation to equities
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Sovereign
bonds 34.7
Sovereign
bonds 34.2
Corporate
bonds 25.1
Corporate
bonds 24.9
Structured
0.3
Structured
0.4
Loans
6.3
Loans
6.3
Equities 2.4 Equities 2.8
Real Estate
4.7
Real Estate
4.6
Cash 2.4 Cash 2.3
75.9 75.5
FY 12 6M 13
Asset mix
 Asset mix relatively stable
 Increased positions in equities at the expense of cash &
sovereigns continued in Q2
 4th infrastructure project realised through partnership with
Natixis
Gross unrealized gains/losses on Available for Sale
 Total portfolio: down to EUR 3.8 bn (EUR 5.4 bn FY 12);
exclusively down in fixed income
 Fixed income: at EUR 3.6 bn (EUR 5.2 bn FY 12)
Sovereigns at EUR 2.3 bn (vs. EUR 3.3 bn)
Corporates at EUR 1.3 bn (vs. EUR 1.8 bn)
 Equities: stable at EUR 0.2 bn
 Real Estate: stable at EUR 1.3 bn - not reflected in
equity
EUR 0.9 bn unrealized gains/losses on Held to Maturity
not reflected in equity

49. 18.4 18.2
4.8 5.0
3.3 3.4
2.9 2.7
1.4 1.2
0.7 0.5
3.2 3.1
34.7 34.2
FY 12 6M 13
Others
The Netherlands
Germany
Austria
SE Sovereigns
France
Belgium
In EUR bn
 Gross UG/L at EUR 2.3 bn (vs. EUR 3.3 bn)
 96% investment grade; 88% rated A or higher
 Exposure on SE sovereigns at amortized cost, after
impairments & @ Ageas’s part at EUR 2.1 bn; stable on FY 12
 Maturity sovereign bond portfolio unchanged & close to
maturity liabilities , limited interest rate sensitivity
Sovereign bond portfolio*
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Sovereign & Corporate bond portfolio
Value fixed income portfolio heavily impacted by evolution unrealized gains
Periodic financial Information I 6M 13 Results I 2 August 2013 48
 Gross UG/L at EUR 1.3 bn (vs. EUR 1.8 bn)
 Priority to investment grade industrials has led
to increased share in corporate bond portfolio over
6M 13 of 40% (vs. 37% FY 12)
 Credit quality remains very good with 94%
investment grade; 74% rated A or higher
Corporate bond portfolio*
6.1 5.5
1.9 2.0
9.3 9.9
7.8 7.4
25.1 24.9
FY 12 6M 13
Government related
Non Financials
Other financials
Banking

50. In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Loan portfolio (customers + banks)*
Loan & Equity portfolio
More loans with region guarantee
2.6 2.3
0.1
0.10.1
0.1
1.5
1.5
2.0 2.3
6.3 6.3
FY 12 6M 13
Other
Mortgages
Infrastructure
Real Estate
Loans to banks
 Increase in other: long term loans to regional agencies
(Belgium) benefiting from explicit guarantee by the region
 Loans to banks down: priority to long-term secured loans
 Infrastructure loans: since start collaboration with Natixis
4 projects realized (highway, railroad, prison & airport) for
total amount of EUR 0.2 bn (of which EUR 0.1 bn already
financed).
Periodic financial Information I 6M 13 Results I 2 August 2013 49
Equity portfolio*
 Gross UG/L stable at EUR 0.2 bn
1.2 1.4
0.1
0.1
0.7
0.7
0.4
0.72.4
2.9
FY 12 6M 13
Mixed funds & others
Real Estate funds
Equity funds
Equities

51. Real estate portfolio
10/03/2010
 Gross UG/L stable at EUR 1.3 bn (not reflected in
net equity)
 Real Estate exposure mainly in Belgium (+/- 70%)
1.5 1.4
1.1 1.1
1.3 1.4
0.6 0.4
0.3
0.3
4.7 4.6
FY 12 6M 13
Investment
Warehouses
RE Development
Investment Retail
Car Parks
Investment Offices
In EUR bn
Real Estate portfolio*
Periodic financial Information I 6M 13 Results I 2 August 2013 50
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

52. Executive summary
Annexes
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

53. Net result driven by transactions
on RPI & Call option
In EUR mio In EUR mio
Main elements balance sheet:P&L impact transaction on RPI &
Call option mainly in Q1
227% 210% 207%
General Account: Headlines
Result & net cash driven by transaction RPI & Call option
Periodic financial Information I 6M 13 Results I 2 August 2013 52
**
Net cash position: cash on
transactions partly in
2
143
6M 12 6M 13
1.2
2.1
FY 12 6M 13
In EUR bn
In EUR mio
(165) (171)
234
872
241
FY 12 6M 13
RPN(i) Call Option RPI
8 8
15 12
23
20
6M 12 6M 13
Staff Op & admin
Operating costs further down
In EUR mio
232
42
142
(90)
Q1 Q2
RPI Call Option
* Subject to absence of any creditor’s claim
net cash further influenced in H2 2013 by
 remaining cash RPI transaction coming in
(plus ≈EUR 200 mio)
 announced EUR 1 capital reduction
(minus ≈EUR 230 mio):
 16/09 shareholders’ meeting
 10/12 ex-date
 13/12 payment date*
 announced share buy-back
(minus EUR 200 mio)

54. 143
232
42
(90) (6)
(8)
(11)
(17)
RPI / Q1 Call option /
Q1
RPI / Q2 Reval RPN(i) Staff exp. Op.& admin.
exp.
Investment &
Interest
Result*
General
Account
General Account: components of Net result
6M result driven by Q1 transactions on legacy items
In EUR mio
Periodic financial Information I 6M 13 Results I 2 August 2013 53
* Including Interest Margin, Other Expenses & Other Losses (Realised/Unrealised)
 Q2 additional profit on RPI resulting from the final settlement, currency effects
& review tax position
 Non-cash charge of increasing RPN(I) liability partly driven by increasing price
CASHES, partly by lower credit spread used for discounting the expected cash flows

55. Periodic financial Information I 6M 13 Results I 2 August 2013
Net cash position General Account at EUR 2.1 bn
Up in Q2 on transactions regarding RPI & BNPP Call Option
 Transactions RPI & BNPP Call option: expected cash inflow almost entirely received, most of
remaining proceeds expected in H2 2013
 EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than
compensating 2012 dividend & 2012 corporate center costs
 Expected cash out of EUR 0.4 bn in the coming months related to capital reduction & share buy-back
54
688
1,216
2,055340
827
144
(≈234)
(68) (77)
(270)
(57)
(≈200)
≈213
FY 11 FY 12 buy-back capital
injection
TPL
paid
dividend
upstream
opco's
RPI call
option
other 6M 13
RPI transaction
share buy-back
capital reduction
In EUR bn
announced cash
movements

56. Periodic financial Information I 6M 13 Results I 2 August 2013 55
Net cash equally spent over 3 alternative uses
Balanced use of cash since 2009
Invest in Businesses
 Organic growth
 Selective acquisitions
 Create new partnerships
Return to debtholders
 Redemption of Debt (EMTN)
Return to shareholders
 Dividend payment
 Share buy-back
May 2009 – August 2013:
+/- EUR 1.0 bn
 +/- EUR 600 mio UK (Tesco, KFIS,
Castle Cover, Groupama)
 +/- EUR 200 mio CEU (Italy, Turkey)
 +/- EUR 200 mio Asia (India, HK,
China)
+/- EUR 1.3 bn
 +/- EUR 900 mio cash dividend over
2009, ’10, ’11 & 2012
 EUR 450 mio share buy-backs
finalized early 2012 & 2013
+/- EUR 0.8 bn
 redemption in EMTN
+/- EUR 0.4 bn
 EUR 1.0 proceeds of BNP Call
Option & RPI
 EUR 200 mio share buy-back
announced 02/08/13

57.  Up to EUR 200 mio of its outstanding common stock
 Buy-back launched as of 12 August 2013
 For a period ending at 5 August 2014
 Independent broker mandated to execute
 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
3rd consecutive share buy-back illustrating disciplined capital management
29 June 12
Cancellation bought-back
shares (7.3% of total
outstanding) effective
6 August 12
Ageas announces
EUR 200 mio
share buy-back
24 August 11
Ageas announces
EUR 250 mio
share buy-back
24 April 13
Cancellation bought-back
shares (3.8% of total
outstanding) effective
27 April 13
Ageas announces
 agreement on RPI & BNPP Call Option
 EUR 1.0 capital reduction
2 August 13
Ageas announces
EUR 200 mio
share buy-back
Periodic financial Information I 6M 13 Results I 2 August 2013 56

58. February 11
Claim re FRESH
hybrid instrument
dismissed by
Brussels Court
Judgments received in various legal procedures
No major new elements in 6M 13
Sep- Dec 10
Ageas starts legal procedure against Dutch
State & ABN AMRO to obtain compensation
in return for conversion MCS (Mandatory
Convertible Securities) into Ageas’ shares
Timing and (financial) outcome remains hard to estimate
Most civil proceedings still at the stage of first instance
Possible decisions 2013:
- Administrative proceedings AFM I (info June 2008) & AFM II (info Sep 2007) - total amount of fines: EUR 864.000
- Dutch Supreme Court re mismanagement (ondernemingskamer) - no direct financial consequences
- Court of Appeal Amsterdam in Stichting FortisEffect case - first instance in favour of Ageas
May 11
- Claim VEB/Deminor
& FortisEffect
dismissed by
Amsterdam Court
- Rotterdam court
confirmed fine AFM I,
appeal filed
InitiatedbyAgeasActionsagainstAgeas
February 12
BNP P tender for CASHES & 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 Q2
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 &
MCS, closing all outstanding disputes
with Dutch State
2013
June 13
Fine imposed
by FSMA,
appeal filed
Periodic financial Information I 6M 13 Results I 2 August 2013 57

59. Legal proceedings
Managed in interest of shareholders
Administrative proceedings
 AFM fine imposed 05/02/10 re price sensitive info June 08
 AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07
 Appeal filed against both before The Hague “College van
Beroep voor het bedrijfsleven”; proceedings ongoing
 FSMA re communication in Q2 2008  Appeal filed before Court of Appeal
Criminal procedure  Public prosecutor requests referral of 7 individuals
Enterprise Court (Ondernemingskamer)
 At request of VEB re 2007-2008  Report June 10; Judgment 05/04/12 re mismanagement,
mainly in favour plaintiffs. Appeal before Supreme Court
Civil Lawsuits
 Amsterdam - VEB re alleged miscommunication 2007-08 against Ageas,
former directors/executives & banks
 Amsterdam - Stichting FortisEffect, re sale of Dutch activities against
Dutch State & Ageas
 Proceedings ongoing
 Judgement in favour of Ageas; appeal filed by Stichting
FortisEffect before Court of Appeal
 Utrecht - Stichting Investor Claims Against Fortis re alleged
miscommunication 2007-08 against Ageas & 2 financial institutions
 Utrecht - 2nd case by Stichting on behalf of certain shareholders for
damages from same defendants & certain former directors/executives
 Proceedings ongoing
 Proceedings initiated in August 2012 ; at present unclear
whether both actions will be joined
 Arnhem - Mr.Bos, re alleged miscommunication May June 2008  Appeal filed before Arnhem Court of Appeal
 Brussels - Modrikamen, re Sep/Oct 2008 transactions
 Brussels - Deminor, re alleged miscommunication 2007 - 08
 Brussels - Fortis shareholder re 2007 rights issue
 Brussels – Arnauts, re alleged miscommunication 2007 – 08
 Court of Appeal confirmed no competence on Dutch
defendants / Pleadings on the merits scheduled H1 2014
 Proceedings ongoing
 Proceedings ongoing
 Initiated 29 April 2013
Financial instruments
 Brussels Court of Appeal - MCS-holders contesting validity of conversion  Judgment Brussels court 23/03/12 in favour of Ageas;
Appeal by certain MCS-holders; no judgment before 2015
Periodic financial Information I 6M 13 Results I 2 August 2013 58
Situation 30 June 2013

60. Main characteristics Hybrids
Hybrone partly tendered, NITCH II reimbursed & NITSH II call announced
EUR mio Ageas
Ageasfinlux
Fresh
Ageas Hybrid
Financing
Hybrone
Ageas Hybrid
Financing
Nitsh I
Direct issue
FBB, 2004
CASHES
% 3m EUR + 135 bp 5.125% 8.25% 4.625% 3m EUR +200 bp
Amount
outstanding
1,250 336 USD 750 1,000 1,110
ISIN XS0147484074 XS0257650019 XS0346793713 BE0119806116 BE0933899800
Call date
Undated exchange,
strike 315.0, mandatory
472.5
Jun/2016 Step up to
3M Euribor +200
Aug/2013
No step up
Oct/2014 Step up to
3M Euribor+170
Undated exchange, strike
239.4, mandatory 359.1
ACSM YES YES YES YES YES
Dividend pusher YES YES YES YES NO
Dividend stopper NO YES YES YES YES
Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset <8% CAD <0.5% Dividend
Other
336
on lent to AG Insurance
USD 750
on lent to FBB
No stock settlement
feature
Coupon served by FBB,
trigger ACSM linked to
Ageas dividend
Market Price
(30/06/13)
51.24 96.97 100 97.5 56.17
Fortis Bank (now BNP Paribas)
Periodic financial Information I 6M 13 Results I 2 August 2013 59
PR 03/06/13:
call &
redemption
announced

61. Executive summary
Annexes
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

62. situation 31/12/2011 situation 31/12/2012 situation 01/08/2013
Total Issued Shares 2,623,380,817 243,121,272 233,955,818
Shares not entitled to dividend and voting right 340,160,729 15,886,832 9,627,960
1. TREASURYSHARES Share buy-back 175,163,656 7,056,442 469,705
FRESH 39,682,540 3,968,254 3,968,254
Other treasury shares 1,250 218,232 546,097
2. CASHES 125,313,283 4,643,904 4,643,904
Shares entitled to dividend and voting rights 2,283,220,088 227,234,440 224,327,858
Total Issued Shares diminished with the 9,635,159 shares acquired through the Buy-back programme
up to 15 February 2013 & cancellation granted at the shareholders' meetings.
Following the reverse stock split the number of shares at 31/12/2011
has been divided by 10, effective as at 7 August 2012.
Cancellation bought
back shares
Agreement with BNP
in February
Periodic financial Information I 6M 13 Results I 2 August 2013 61
Total number of outstanding shares
Bought back shares cancelled following approval AGM April 2013
Cancellation bought
back shares

63. Shareholders structure
Based on number of shares as at 01 August 2013
Ageas
2.13%
Ping An
5.17%
BlackRock, Inc.
5.01%
Franklin Mutual
Advisers
3.13%
Norges Bank
BNPP & Fortis
Bank
Identified retail
investors
16%
Identified
institutional
investors
39%
Other investors
23%
Ageas Based upon press release 18 February 2013
Ping An Based upon the number of shares mentioned in the notification received 6 May 2013
Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 8 April 2013
BlackRock, Inc. Based upon the number of shares mentioned in the notification received 22 July 2013
Norges Bank Based upon the number of shares mentioned in the notification received 20 August 2012
BNP P & Fortis Bank Based upon BNP Paribas notification 01 October 2012
Benelux Retail shareholders Estimate by
Identified institutional investors Estimate by
Periodic financial Information I 6M 13 Results I 2 August 2013 62

64. 2 August
6M 2013
results
6 November
9M 2013
results
Periodic financial Information I 6M 13 Results I 2 August 2013 63
16 September
Extraordinary shareholders’
meeting - Brussels
10 December
Ex date
13 December
Payment capital
reduction*
Financial calendar 2013 - 2014
Extraordinary shareholders’ meeting in September re EUR 1 distribution
* Subject to absence of any creditor’s claim
19 February
Annual results
2013
14 May
3M 2014
results
30 April
Ordinary & Extraordinary
shareholders’ meeting - Brussels
5 May
Ex date
19 March
Annual report
2013
13 May
Payment 2013
dividend
6 August
6M 2014
results
5 November
9M 2014
results

65. Rating
Periodic financial Information I 6M 13 Results I 2 August 2013 64
S&P MOODY'S FITCH
Operating entities AG Insurance (Belgium)
Insurance Financial Strength A- / stable A2 / negative* A+ / stable
Last change 05/07/13 26/07/12 29/05/13
Millenniumbcp Ageas (Portugal)
Insurance Financial Strength BB / negative BBB- / negative
Last change 10/07/13 09/07/13
Ageas Insurance Co. (Asia)
Insurance Financial Strength Baa1 / stable A / stable
Last change 16/01/13 26/03/13
Muang Thai Life
Insurance Financial Strength BBB+ / stable BBB+ / stable
Last change 29/12/10 16/12/10
Etiqa Insurance Berhad (Malaysia)
Insurance Financial Strength A / stable
Last change 26/09/11
Holdings ageas SA/NV
Long-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2
Outlook stable negative stable
Last change 05/07/13 26/07/12 14/12/12

66. 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.
Periodic financial Information I 6M 13 Results I 2 August 2013 65

67. Investor Relations
Tel:
E-mail:
Website:
+ 32 2 557 57 34
ir@ageas.com
www.ageas.com
Investor Relations
Periodic financial Information I 6M 13 Results I 2 August 2013 66