6M results 2010

Half Year 2010 Results 25 August 2010

• CEO update
• Financials
• Conclusion
AGENDA

25 August 2010 | 2Half Year 2010 Results
Robust inflow levels
Resilient results Insurance operations
Positive Group net result
Solid and further de-risked balance sheet
Continued execution strategic plan
Key highlights
10/03/2010 I page 2

Highlights first half 2010
 Simplification legal structure through liquidation Fortis Brussels
 Announced sale Pension and Life activities in Turkey
 Acquisition Kwik-Fit Insurance Services in UK
On going execution
strategic plan
 Shareholder’s equity at EUR 9.2 bn or EUR 3.70 per share
 Capital position remains strong at 226%
 Capital buffer of EUR 6.0 bn above minimum required capital
 Southern European sovereign exposure more than halved; EUR 8.9 bn divested in H1 10
Solid & further de-risked
balance sheet
 Group net profit : EUR 455 mio (vs. H1 09 EUR 896 million)
 General Account : EUR 275 mio; Continued volatility
 H1 10 : Positive tax impacts more than offset lower valuation call option and higher RPN(I);
Valuation call option positively impacted by decision to move to a gradual exercise strategy
H1 09 : Including EUR 697 mio positive impact of sale 25% AG Insurance to Fortis Bank
Positive Group net result
 Insurance net profit : EUR 180 mio (vs. H1 09 EUR 260 mio*);
 Life : EUR 178 mio; Strong contribution driven by Asia & Belgium
 Non-Life : EUR -6 mio; Weak operational performance in Belgium & UK
 Other : EUR 8 mio; Steady growing UK retail operations
Resilient financial
performance Insurance
despite market conditions
 Total inflow : EUR 9.6 bn, +22%
 Inflow Asia at EUR 3.4 bn, +59%; growth in all countries but especially in China
 Steady growth in Life, +23% & Non-Life, +18%
 Inflow consolidated operations at EUR 6.4 bn, +8%
Robust inflow levels
* Net Insurance result H1 09 restated from EUR 228 mio to EUR 260 mio as a result of the new
segment structure and the impact of the changed Chinese Accounting Standards

Continued strong commercial performance
Belgium
Life
Non-Life
United Kingdom*
Life*
Non-Life
Continental Europe
Life
Non-Life
Asia**
Life
Non-Life
Total
Life
Non-Life
Of which non-consolidated partnerships
Life
Non-Life
H1 09
3.5
2.7
0.8
0.5
-
0.5
1.8
1.6
0.1
2.1
1.9
0.2
7.9
6.3
1.6
2.0
1.8
0.2
H1 10
3.5
2.7
0.8
0.5
-
0.5
2.2
2.0
0.2
3.4
3.1
0.3
9.6
7.7
1.9
3.2
2.9
0.3
Total gross inflow (EUR bn)
Q2 09
1.7
1.3
0.4
0.2
-
0.2
0.8
0.7
0.1
1.0
0.9
0.1
3.7
2.9
0.8
0.9
0.8
0.1
Q2 10
1.7
1.3
0.4
0.3
-
0.3
1.1
1.0
0.1
1.6
1.4
0.2
4.6
3.7
0.9
1.5
1.3
0.2
* UK Life inflow H1 10 at EUR 11 million/ Retail distribution not reported at inflow level/ ** All entities at 100%
Q1 10
1.8
1.3
0.5
0.3
-
0.3
1.1
1.0
0.1
1.8
1.7
0.1
5.0
4.0
1.0
1.7
1.6
0.1
%
(1%)
(3%)
5%
22%
-
20%
24%
20%
79%
59%
*
*
22%
23%
18%
63%
67%
26%

Steady inflow growth in all segments, Asia excelling
Embedded value Asian partnerships further up
Asia : +59%, all countries contributing to growth
 China : +72% thanks to continued expansion
distribution and product innovation
 Malaysia, Thailand : Largest and respectively 2nd
largest foreign investor in Life
 Hong Kong : +7%; New business up 12%
 India: Growth supported by strong brands banking
partners
Belgium : solid market position
 Stable inflow levels with Life slightly down offset by
increase in Non-Life
UK : +22%, thanks to continued flow of new
partnerships
 Acquisition KFIS to increase contribution retail activities
 New commercial partnerships, e.g. Tesco, American
Express will further strengthen Non-Life
 Life Protection, products available across entire IFA
market
Continental Europe : +24%
 Recovery Luxembourg & France confirmed
 Italian operations included since Q1 10
 Portugal down 8% on H1 09
10/03/2010 I page 5
11%
22% 26%
35%
52%
43%
43%
36%
30% 28%
25% 23%
7% 7% 6% 6%
2005 2008 2009 H1 2010
Asia Belgium Continental Europe UK
13.6
4.6
8.5
FY 06 FY 08 FY 09
Ageas’s inflow evolution 05 – H1 10
Embedded Value Taiping (TPIH) - China*
* Embedded value at 100%; Taiping under local methodology; HKD/EUR 0.104658 at 30 June 2010
In HKD bn

Various views on Ageas by segment
Inflow breakdown by segment
Gross inflow H1 10 = EUR 9.6 bn*
Result breakdown by segment (excl. General Account)
Net result H1 10 = EUR 180 mio
Equity Breakdown by segment (incl. General Account)
Total shareholders’ equity H1 10 = EUR 9.2 bn
Asia 35%
Belgium 36%
Continental
Europe 23%
Belgium 33%
General
Account 32%
Continental
Europe 11%
Asia
17%
* Including non-consolidated joint ventures at 100%
United Kingdom 6%
Asia 37%
Belgium 49%
Continental
Europe 9%
United Kingdom 5%
UK 7%

Belgium, combined ratio up due to adverse weather conditions
Impact corrective measures visible in 2nd quarter
Expense ratioClaims ratio
61.6 63.6 64.9 66.4 68.6 70.5
76.6
64.4
36.137.4 36.7 35.9 36.8 37.0 36.6
37.0
06 07 08 09 H1 09 H1 10 Q1 10 Q2 10
99.0% 100.3% 100.8% 103.1% 105.6% 107.1%
100.5%
Non-Life marked by weak operating performance
 Extreme winter ‘10 conditions and storm Xynthia
 Unfavourable development of current year claims in Motor
 Weak prior & current year claims development in Workmen’s
Compensation
Corrective set of measures taken since H1 09
 Motor : tariff increases of 3.5% in 09 – 4.5% in 10
 Fire : 50% tariff increase Natural Disaster cover (+3.5% impact
on Fire portfolio; Additional increases planned of 4-5% on top of
ABEX indexation in Retail Fire on new & existing contracts
 Additional measures both in Motor & Fire (ex.reviewed product
features
Improved combined ratio observed in 2nd
quarter
 Positive seasonal influence and first positive results
management actions, except in Workmen’s Compensation
 Combined ratio H1 10 excluding WC at 103.1% compared to
105.5% in H1 09; Q2 10 combined ratio excluding WC at 95.7%
 PY loss ratio at-4.6% (vs. -6.6% in H1 09)
Combined ratio FY 06 - H1 10 AG Insurance
113.6%

73.0
80.076.476.080.4
73.1
79.7
70.2
29.9
30.2
30.128.3
27.7
28.8
27.7
28.2
06 07 08 09 H1 09 H1 10 Q1 10 Q2 10
Other Non-Life, mixed views across the countries
UK, impact adverse weather conditions in Q1, better performance in Q2
Expense ratioClaims ratio
Non-Life marked by difficult first quarter and a
better 2nd
quarter
 UK : Industry-wide poor performance in Motor overall, but
strong performance in Q2
 Portugal : strong performance with H1 10 combined ratio at
93.0%, despite Madeira storms in February
 Italy : Negative evolution due to Southern Italy Motor book
(industry wide issue); corrective measures taken
 Asia : Combined ratio at 96.2% vs 97.7% last year
UK : positive impact in Q2 from corrective measures
 Private motor impacted by industry-wide issue of increased
personal injury claims;
 Selected tariff increases in 09 & H1 10 in line with underlying
risk resulted in an improvement in Motor combined ratio
(106.4% Q2 10 vs 111.8% Q1 10)
 Fire/ Household combined ratio improved to 98.3%, thanks to
improved current year loss ratio
 Travel combined ratio (125.5%) impacted by volcanic ash event
and increased medical claims
 Overall combined ratio in Q2 improved to 102.9%, illustrating
first results of the management actions and positive seasonal
impact
 PY loss ratio at 0.4% vs -3.4% in H1 09
Combined ratio FY 06 - H1 10 UK
98.4 %
107.4%
101.9%
108.1%
104.3%106.5%
102.9%
110.2%
* Combined ratios 06-09 based on restated expense ratios; Original combined ratios 06-09
amount to 105.6%, 109.4%, 102.6% and 108.8% respectively

Ageas’s investment portfolio on 30 June 2010
Investment portfolio (EUR 58.5 bn)
In EUR bn
Fixed Income securities
 Southern European sovereign exposure reduced
in H1 10 to EUR 8.9 bn** by the end of June
 Investment in Corporate bonds up with EUR 2.2
bn in H1 10
 >95% investment grade, 94% rated A or higher
 Gross unrealized gains on bonds end of June 10
up to EUR 1.7 bn
Equities
 Increase to EUR 1.8 bn** (EUR 1.7 bn market value)
 Gross unrealized gains of EUR 24 mio
Real Estate
 Unrealized gain net-of-tax remained intact at
EUR 0.6 bn
 Total unrealized gains on investment
portfolio of EUR 2.4 bn***
Sovereign bonds*
33.0
RE Inv Prop*
2.1
RE own use
(incl. Interparking)*
1.4
Equities*
1.7
* At market value (incl. Interparking)
** At historical/amortized cost
*** Before shadow accounting
Corporate bonds*
19.8
Structured
Credit Instruments
0.5

Southern European sovereign bond exposure down
EUR 8.9 bn as at 30 June 2010
 Gross unrealized gains on sovereign bonds of EUR
707 mio end June 10 vs EUR 871 mio end 09
Overview sovereign bond portfolio In EUR bn (at historical cost)
 Estimated negative impact of EUR 55 mio on H1 2010 net
profit of sovereign sales (incl. lower profit sharing
assumptions)
 Reallocation mainly into Belgian, German, Dutch, French,
Austrian government bonds + corporate bonds
End 09 : EUR 17.8 bn in Southern European
sovereign bonds
June 10 : EUR 8.9 bn in Southern European
sovereign bonds
Spain
1.9
Spain
1.7
Portugal
1.5
Others 5.0
Greece
4.3Belgium
6.6
Portugal
3.0
Italy
8.6
France
1.6
Others
5.0
Germany
1.6
Italy
3.7
Belgium
9.6
Greece
1.9
France
3.8
Germany
2.9
Austria
2.2

0
2
4
6
8
10
12
1/07/041/01/051/07/051/01/061/07/061/01/071/07/071/01/081/07/081/01/091/07/091/01/101/07/10
Portugal Greece Belgium Germany France
An uncertain and low interest rate environment
Creating challenges for a competitive investment strategy
Uncertain economic & financial situation
 Inflated high interest rate scenario vs. deflated low
interest rate scenario
 Final scenario will impact the entire business
environment including product portfolio
Future investment strategy under study taking into
account various possible scenarios
 Ideal asset mix or asset mix scenarios
 Investment strategy
 Organisational implications
 Target returns vs. risk appetite
Ageas’s strenghts in an uncertain world
 Appropriate match of assets & liabilities
 Presence in markets with different dynamics
 Healthy mix between Life & Non-Life
 Strong capital position helping to absorb shocks
10/03/2010 I page 11
In %
10y- Government bond yields
Source : Company Data

Further execution of our strategy
• UK : Acquisition of Kwik-
Fit Insurance Services
• Turkey : Sale Pension &
Life activities to BNP
Paribas Assurances
• Liquidation Fortis
Brussels
H110
• Italy: Partnership with BNP
Paribas Assurances and
UBI Assuricazioni in Non-
Life
• UK: Underwriting partnership Tesco
Bank
• Thailand: Increased stake of
KASIKORN Bank -> Inflows +45%
in H1 10
• Russia: Discontinuation
operations
• Luxembourg : Sale Non-
Life to La Bâloise
FY09
Acquire new businesses in
attractive markets
Grow the core entities organically
and small add-on acquisitions, based
on ability to team up with different
partners
Streamline the insurance
portfolio, simplification of
the Group structure

Underwriter
The UK distribution model
UK at the forefront in Europe in distribution via aggregators
10/03/2010 I page 13
Traditional
direct
Traditional
intermediary
model
Aggregator
model
(direct insurers)
Aggregator
model
(intermediares
and affinities)
Customer Underwriter
Distributors & Underwriters
UnderwriterBroker
UnderwriterAggregator
Aggregator Intermediary

Acquisition of Kwik-Fit Insurance Services in the UK
• Total consideration of GBP 215 million, net of cash investment about GBP 185 million
• Estimated goodwill and intangible assets of GBP 180 million
• Cash return on net investment expected to meet minimum requirement of 11% as of 2011
• Funding of transaction via General Account
Financials
• Ageas’s now 4th largest Personal lines intermediary distributor in the UK
• Further strengthening retail operations providing additional capacity and creating a collective retail
customer base of 1.6 million clients.
• Increase combined revenues and net profit levels from Retail distribution in a very dynamic UK
market
Strategic
rationale
• Kwik-Fit Insurance Services (KFIS) is an insurance intermediary, which sells predominantly
Personal lines products direct to customers, primarily through the internet channel leveraging the
Kwik-Fit brand and the two other brands owned by KFIS, The Green Insurance Company and
Express Insurance
• 2009 revenues of GBP 89 million, consolidated net assets of GBP 46 million
Transaction

Ageas’s Core equity EUR 6.0 bn above required regulatory
minimum
* Asia : Investments in partnerships are deducted from Total Capital; Given the significant investments in partnerships, total capital is lower than Core capital
** Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for FICA of 342% end of June 10.
Belgium United
Kingdom
Other Core Tier 1 capital
Insurance
Required Regulatory minimum
EUR 3.7 bn excess capital in
Insurance + EUR 2.3 bn General
Account = EUR 6.0 bn
ActualActual Min
0.6
0.6
2.1
3.5
0.6 0.2
6.6
4.1
6.5
0.1
2.9
Minimum
Core equity

195% 302%
Total Solvency Ratio
1.3
0.6
Actual Min Actual Min
Continental
Europe
Asia
0.9
0.3
0.1
1.3
0.6*/
**
Actual Min
238% 926%
2.5
0.2
2.3
Actual
General
226%

Ageas prepares for Solvency II regulation
01- 06 : Start Solvency II / QIS 1
• A 3-pillar risk based approach,
harmonised across Europe
• Two levels – a “Target” Standard Capital
Requirement (SCR) and absolute
Minimum Capital Requirement (MCR)
• QIS 1: tested level of prudence in
technical provisions
06 : QIS 2
• Tested first version of
solo Standard Capital
Requirement (SCR)
standard approach
70’s - 90’s : Solvency I
• A simple factor-based
approach capital requirements
based on accounting
valuations and volumes
07 : QIS 3
• Tested refinements of Standard
approach – measure financial
impact on SII balance sheet
• Tested first version of Group
SCR: group diversification and
eligible elements of capital
08-mid 09 : QIS 4
• Solvency II Directive and
CEIOPS advice on
implementing measure
• Test and refinements of
standards approach
(calculations and calibrations)
10 : QIS 5
• Test focusing on the full SII
framework – identify areas for
enhancement (processes,
procedures, infrastructure, other)
• Further refinements of standard
approach, stresses and calibrations,
own funds and technical provisiosn

 Solvency II programme management in place following a defined internal implementation plan
towards Solvency II compliance
 Participation in previous QIS and impact of CEIOPS advise on implementing measures assessment
completed using the QIS 4 framework.
 Impact of QIS 5 under study, results to be communicated to regulators by Nov 15
 Still significant uncertainty around the Standard Capital Requirements standard approach, but so far
all indications show a positive capital position under Solvency II.
13 :
• Solvency II in force
• Regulatory submissions
• Prepared for first required
regulatory submissions

Reporting and management structure aligned since Q1 10
First full set of financial data in H1 10
Continental Europe:
 Inflow FY 09 : EUR 3.9 bn
 Inflow H1 10 : EUR 2.2 bn
 Mix of mature positions, smaller
positions in fast growing markets &
new activities
 Life/ Non-Life : 90%/10%
UK:
 Strong in Personal lines, expanding
Commercial lines (83%/17%)
 Multi-channel strategy
 100% owner of specific distributors
RIAS, FIS and recently acquired
KFIS
 Mainly Non-Life business/ Life
activity in start-up
Asia
 Active in 5 countries, fast growing
 Strong partnerships with leading
local partners
 Regional headquarters in Hong Kong
Belgium
 75% owned, operating under name AG
Insurance since June 09
 Multi-channel via brokers and bank;
Employee Benefits dedicated channel
for life & healthcare
 Life/ Non-Life: 75%/25%
* FY 09 inflow figures on a 100 % basis
Total Insurance:

Key figures H1 2010
H1 10 H1 09 H2 09 FY 09
Net profit Insurance before non-controlling interests
Net profit attributable to minority interests
Net profit Insurance attributable to shareholders
Net profit General Account
Net profit attributable to shareholders
Funds under management (EUR bn)
Earnings per share (EUR) *
Net equity per share (EUR)
Net shareholders’ equity
Belgium**
UK
Continental Europe
Asia
General Account
Discretionary capital (EUR bn)
232
52
180
275
455
76.0
0.18
3.70
9,153
3,005
620
983
1,597
2,948
0.9
295
35
260***
635
896
68.5
0.36
3.14
7,760
2,327
510
833
1,170
2,920
1.3
331
86
245
69
314
73.0
0.12
3.41
8,431
2,859
513
1,002
1,203
2,854
1.3
626
121
505
705
1,210
73.0
0.49
3.41
8,431
2,859
513
1,002
1,203
2,854
1.3
EUR mio
* Based on average number of outstanding shares
** Net equity 31 December 2009 after 25% minority stake Fortis Bank
*** EUR 32 million positive impact from restatement 2009 accounts following new segmentation and impact new Chinese Accounting Standards
10/03/2010 I page 19

Insurance
Resilient performance supported by capital gain in Hong Kong
Net profit at EUR 180.5 mio (vs. EUR 260.4* mio)
 Lower non-controlling interests (EUR 17 mio) & one-off tax
impact in Belgium of EUR 94 mio in H1 09
 Solid contribution from Asian operations supported by EUR 35
mio capital gain on sale of Fortis Centre in Hong Kong
 Strong Life performance vs weak operational performance in
Non-Life
 Net impact capital losses on restructuring investment portfolio
of EUR 55 mio, partly offset by capital gain on real estate
Life at EUR 178.5 mio (vs. EUR 206.9 mio)
 Negative variance on non-controlling interests and income
taxes in Belgium
 Strong technical result of EUR 234 mio (+15%) driven by
Belgium
 Operating costs up 2.6% to EUR 180 mio; Non-recurring costs
in Belgium related to separation and roll-out costs related to Life
Protection business in UK;
Non-Life at EUR -5.9 mio (vs. EUR 46.5 mio)
 Weak operational performance in UK & Belgium
 Capital losses related to restructuring investment portfolio
Belgium
 First time inclusion of Italian operations -> increased operating
costs
10/03/2010 I page 20
260.4180.5Net profit after tax &
minorities*
63.970.8Life FUM (EUR bn)**
290.3293.5Profit before tax*
194.7178.3Operating margin
235.7242.3Technical result
(364.4)(393.4)Operating Costs
7,9059,636Gross Inflow
H1 09H1 10EUR mio
* H1 09 net result restated ; impact of EUR 32 mio related to transfer Corporate costs and impact new Chinese Accounting Standards
** Only consolidated activities

Belgium
Strong Life technical result, partially offset by adverse result in Non-Life
Net profit down to EUR 87.9 mio
 Minority interests up to EUR 31 mio (vs. EUR 10 mio H1 09)
 Positive non-recurring tax benefit of EUR 94 mio in H1 09
 Net negative impact of EUR 26 mio related to restructuring of
investment portfolio (incl. capital gain on real estate)
 Operating costs up 5%, due to non-recurring separation costs &
increased staff expenses
Life net profit of EUR 103.3 mio, - 41%
 Strong technical result (+19%) and operating margin (+15%),
supported by higher volumes and a better investment margin
 Net negative impact of EUR 3 mio due to restructuring
investment portfolio, partially offset by lower profit sharing
assumptions and capital gain on real estate
 Life FUM up 3% to EUR 46.9 bn, driven by both savings and
unit-linked products
Non-Life net profit of EUR 15.4 mio negative
 Operating margin down on weak operating performance
 Improved Combined Ratio in 2nd quarter led to improved
technical result
 Net capital losses on restructuring investment portfolio (EUR 23
mio)
10/03/2010 I page 21
minorities
43.446.9Life FUM (EUR bn)
171.7155.4Profit before tax
(209.3)(220.2)Operating costs
3,5543,503Gross inflow
H1 09H1 10EUR mio

Net profit down to EUR 8.3 mio
 Severe weather conditions leading to an exceptional cost of EUR 9.4
mio
 Operating costs up on roll-out Life & costs related to start-up
partnership with Tesco Bank
 Weak performance across the whole UK motor market
Non-Life down to EUR 2.1 mio (vs. EUR 17.3 mio)
 Improved 2nd quarter from positive impact of management actions
and reflecting seasonal factors
 Industry wide issues, including escape of water event in January and
volcanic ash in April
 EUR 11 mio cost related to lower realised capital gains and
investment income
Life net loss of EUR 1.7 mio (vs. EUR -3.5 mio)
 Continued progress in roll-out protection business
 Products now available across the whole IFA market
 Strong match of assets & liabilities
Steady contribution Retail operations (EUR 7.9 mio)
 Increased commissions more than compensate higher costs
 Consolidation of KFIS will take place in 3rd quarter 2010
United Kingdom
Non-Life results affected by industry wide issues and lower investment
income but improving; Steady contribution from Retail distribution
10/03/2010 I page 22
minorities*
9.2(4.6)Operating margin
0.1(6.7)Technical result
452550Gross inflow
H1 09H1 10EUR mio
* Including contribution Retail distribution reported under Other Insurance

Continental Europe
Better underwriting results and positive streamlining insurance portfolio
Net profit up to EUR 17.2 mio, +15%
 Improved performance in Luxembourg & France, partially offset by
lower contribution of Portugal
 Positive impact streamlining insurance portfolio, i.e. discontinuation
Russian operations
 Operating costs up 14%, mainly due to inclusion Italian Non-Life
operations
Life net result of EUR 14.7 mio, +18%
 Lower technical result & operating margin mainly due to strengthening
of the liabilities following the widening of the credit spreads on
Portuguese sovereign bonds
 Offsetting positive impact from higher capital gains & discontinuation
Russian activities
 Operating costs down 3% thanks to cost containment in all major
activities
Non-Life net result of EUR 2.5 mio, +3%
 Relates to operations in Portugal & Italy
 Operating margin slightly down, due to bad claims behaviour in Motor
in Southern Italy. Corrective actions being taken
 Portuguese operations resisted well despite Madeira storms in
February
10/03/2010 I page 23
minorities
19.422.5Life FUM (EUR bn)
59.461.2Profit before tax
1,7752,209Gross inflow
H1 09H1 10EUR mio

Asia
Solid performance supported by capital gain in Hong Kong
Net profit of EUR 67.1 mio (vs. EUR 29.2 mio)
 EUR 35 mio capital gain on sale Fortis Center in Hong Kong
 Strong intrinsic performance from consolidated operations
(EUR 7 mio)
 Net result non-consolidated partnerships down to EUR 25.2 mio
due to lower contribution of China
Life at EUR 62.2 mio (vs. EUR 24.1 mio)
 EUR 42.1 mio net result from consolidated operation in Hong
Kong, including EUR 35 mio sale Fortis Center Hong Kong
 EUR 20.3 mio net result from non-consolidated partnerships,
including EUR 12 mio impairment due to lower equity markets
in China
 Other costs slightly up to EUR 5.3 mio
Non-Life at EUR 4.9 mio (vs. EUR 5.1 mio)
 Relates to operations in Malaysia and Thailand
 Variance relates to lower investment income in Malaysia
10/03/2010 I page 24
minorities*
1.11.4Life FUM (EUR bn)**
(18.8)(18.4)Operating Costs
2,1233,374Gross Inflow*
H1 09H1 10EUR mio
* Including Inflow & Profit from partnerships respectively
** Including partnerships, FUM would amount to EUR 16.1 bn compared to EUR 10.7 bn in 2009

General Account
Positive 2nd quarter result thanks to non-recurring tax benefit
H1 10 net result of EUR 275 mio (incl. eliminations)
 EUR 405 mio positive tax impact following decision to liquidate
Brussels Liquidation Holding
 H1 09 included EUR 697 mio capital gain on sale 25% AG Insurance to
Fortis Bank
EUR 145 mio negative impact related to fair value RPN(I)
and call option BNP Paribas shares
 EUR 121 mio negative charge on call option on BNP Paribas shares
(fair value at EUR 759 mio)
 EUR 24 mio negative charge on RPN(I) increasing cost to EUR 340
mio
Positive net result of EUR 23 mio related to Royal Park
Investments
Other items :
 Net interest margin EUR 0.8 mio
 Staff & administrative expenses down to EUR 28 mio
 RPN(I) interest payment to Fortis Bank of EUR 3.2 mio
 Capital gain of EUR 12.4 mio on sale Luxembourg Non-Life
Net cash position General Account of EUR 2.1 bn (vs.
EUR 2.8 bn end 09)
 EUR 0.5 bn invested in medium term deposits
 EUR 0.2 bn dividend payment in June
10/03/2010 I page 25
(166.0)407.2Tax
minorities
801.4(134.2)Profit before tax*
(52.5)(28.5)Total expenses
499.5(118.5)Other capital gains
699.512.8Realised capital gains
22.70.8Net interest income
H1 09H1 10EUR mio

-24
23
405
-121
-10
1
-316
-301
581
697
44
Net result General Account remains volatile
FY 09
705**
H1 10
In EUR mio In EUR mio
Net profit
Call option on BNP
Paribas shares
Sale 25% AG Insurance
Others
RPN(I)
Net-of-tax impact
legal dispute
FBN
275
Deferred tax
impact
RPN(I)
Call option on BNP
Paribas shares
RPI
Others*
* Includes EUR 12.4 mio capital gain on sale Luxembourg Non-Life
** 2009 net result General Account restated from EUR 736 mio to EUR 705 mio

Announced simplification of Group Structure in H1 10
44,7%
50%50%
50%
50%
44.7% 50%50%
Before liquidation of Fortis Brussels*
* Excluding financing structures
• First step towards
simplication of
group structures:
Fortis Brussels
held banking
activities
• Positive tax
consequences,
incl. on proceeds
from the exercise
of the call option on
BNP Paribas
shares
Rationale for liquidation
ageas
SA/NV
ageas
NV
Fortis Brussels
SA/NV¨*
ageas Utrecht
NV
RPI Insurance
activities
ageas
SA/NV
ageas
NV
ageas Utrecht
NV
RPI
Insurance
activities
* Now called Brussels Liquidation Holding
After liquidation of Fortis Brussels*

 Net-of-tax valuation call option on BNP Paribas shares estimated at EUR 759 mio;Value as per 30/06/10
 Ageas announced the decision to liquidate sub-holding Fortis Brussels SA/NV (now Brussels
Liquidation Holding)
 As a result deferred tax liability of EUR 257 mio on value call option can be offset by deferred tax
assets of the same amount of ageas SA/NV
Taxation
 Ageas has opted to move to a gradual exercise strategy in accordance with a disciplined
methodology over the contractually foreseen exercise period (from 10/10/10 til 09/10/16)
 Decision now taken to move to a gradual exercise, in order to minimise the impact of the implied
volatility of the shares on the value of the call option ► use volatility without a 7%-size-discount
Exercise strategy
 Implied volatility (consensus) up from 27% to 39%*
 Dividend yield up from 3.565% to 5.208%
 Strike price unchanged at EUR 66.672 per share
 EUR 1,085 mio total value option as at 30 June 2010
► 30% haircut maintained ► EUR 759 mio
 Volatility +5% ► total value option +22%
Valuation based on
Black & Scholes
Valuation call option on BNP Paribas shares without taxes

 EUR 286 mio negative mark-to-market value RPN(I)
 EUR 54 mio negative for guarantee Belgian State
 Cash interest cost H1 10 : EUR 3.2 mio
Valuation
 Valuation model most sensitive to price CASHES
 CASHES +/- 5% : EUR 271 mio < RPN(i) < EUR 401 mio
 Detailed sensitivity analysis : see press release H1 10
Sensitivities
 Ageas’s share price (B-S model) :
− EUR 1.85 per share (closing price 30/06/10)
− Dividend yield of 4.3% (based on 2009 dividend yield)
− Share price volatility of 49% (based on implied volatility end H110)
 LT-value CASHES:
− 48.3% of par (closing price 30/06/10) vs 54.4% end 09
− Evolution based on forward spread curves
 LT i-rate: Standard arbitrage-free i-rate model
Assumptions
 Evolution Ageas’s share price
 Evolution theoretical market value CASHES
 Evolution short term interest rate
 Conversion option embedded in CASHES
Drivers quarterly interest
payments
 Net discounted value all future interest payments
until a potential reimbursement of the CASHES
 No change to methodology applied as per end 09 (based on valuation techniques for financial
derivatives)
 Decision to include additional cost related to guarantee Belgian State as per 30 June
Valuation methodology
Fair value interest mechanism related to RPN(I)
► EUR 340 mio

Financial performance Royal Park Investments**
 Net IFRS result RPI H110 of EUR 51 mio at 100%, positive P&L impact Ageas of EUR 23 mio
 No need for impairment goodwill
 Value equity stake RPI at EUR 840 mio, including positive impact fair value interest rate
swaps**
Value as per 30/06/10
see www.royalparkinvestments.comMore information
 Net outstanding debt end June 10 : EUR 8.6 bn
 Commercial paper program represents : EUR 5.1 bn
 EUR 2.2 bn equivalent repayment on outstanding super senior debt
Financing structure
 Total net interest payments in H1 10 : EUR 110 mio
 Total principal collections in H1 10 : EUR 889 mio
Cash collection
 Face value remaining portfolio: EUR 18.5 bn
 IFRS fair value: EUR 7.6 bn*
Asset Value as per
30/06/10
* Ageas refers to fair value while RPI reports Recovery value under B-GAAP corresponds to the estimated recovery value of the remaining lines of the structured credit portfolio,
based on the assumptions used at closing date
** In early 2010, RPI concluded a number of interest rate swaps exchanging variable interest streams into fixed interest streams. Fair value adjustments go via equity

Financial instruments
Civil lawsuits
Expert investigations
Criminal proceedings
Administrative proceedings
Brussels, Belgium
USA, New York
Utrecht,
The Netherlands
Amsterdam,
The Netherlands
Brussels, Belgium
The Netherlands
Belgium
Belgium
Belgium &
The Netherlands
• Proceedings in relation to FRESH
• Class action rejected on 18/02/10; motion for reconsideration denied on
20/05/10 : no further appeal
• Initiated by individuals represented by Mr. Bos
• Initiated by VEB/Deminor
• Initiated by Stichting Fortis Effect
• Procedure on the merits initiated by individuals, represented by Mr
Modrikamen : court decision 08/12/09 on competence and provisional
measures
• Procedure on the merits initiated by individuals, represented by Deminor
Int’l : pending
• Expert report : report made public early June 2010; VEB/ESG started
legal proceedings to establish mismanagement by Fortis
a) Experts at request of individuals represented by Mr Modrikamen :
report “Van Gerven”: filed in June 09
b) Experts appointed at request of Deminor Int’l: On going & investigating
specifically transactions Sep/Oct 08
• Investigation ongoing
• AFM : fine imposed 05/02/10 in relation to price sensitive info in June
08: appeal filed; 2nd fine imposed on 19/08/10 in relation to price
sensitive information in Sep 07 : appeal envisaged
• CBFA : proceedings ongoing
Fortis will manage all legal proceedings & investigations in the
interest of its shareholders

Discretionary Capital of the General Account
A view on liquidity & capital
Net Cash/ deposits : EUR 2.6 bn
Passed on
LT assets & LT liabilities
Discretionary Capital on balance sheet
Assets
Cash & Deposits at banks
Due from Fortis Bank & AG Ins
Other
Royal Park Investments
Call option net of tax on BNP P
Loan to operating cies
Total
In EUR bn, 30 June 2010
3.7
1.7
1.0
0.8
0.8
0.4
8.4
Liabilities
ST (EMTN (0.9) + Bank (0.2))
NITSH I, II & Hybrone
RPN(I)
Other
FRESH
Net equity
1.1
1.7
0.3
1.1
1.3
2.9
8.4
Shareholders’ equity + FRESH
 Invested in non-current assets on balance sheet
Total Capital
 Contingent asset off balance (Fortis Bank Tier 1 loan, due Sep 11)
 Commitments with regard to Kwik Fit Insurance/Tesco
Discretionary Capital * (if available in cash)
4.2
(2.0)
2.2
(1.0)
(0.3)
0.9
Discretionary capital down due to scope change (EUR 0.2 bn) : FII holding & Fortis Re part
of the General Account
Investment Fortis UK in Kwik-Fit Insurance Services (EUR 0.2 bn);
Profit balances out against changes in non-current assets

* Ageas defines discretionary capital as the lower of the available cash and total capital of the General Account corrected for (contingent) illiquid assets
and existing investment commitments
H1 10 evolutions :

Conclusion
 Investment portfolio substantially de-risked
 Continued strong capital buffers in Insurance and General Account
 Shareholders’ equity up to EUR 9.2 bn or EUR 3.70 per share (incl. call option)
Balance sheet
 FY 2010 inflow levels expected to exceed 2009 levelsOutlook
 Resilient Insurance results supported by strong Life technical result
 Non-Life performance improved but remain cautious for the future
 Positive result General Account fueled by one-off tax recovery
Result
 Robust commercial performance in all segments
 Continued focus on growth both in Life & Non-Life
 Massive increase of inflows in Asia
 Recovery confirmed in Luxembourg & France
Inflows

Selected topics

Comparable inflow data H1 10
By segment
Belgium
 Gross inflow Life
 GWP Non-Life
United Kingdom
 GWP Non-Life
Continental Europe
 GWP Non-Life
Asia
 GWP Non-Life
 Non-consolidated partnerships (100%)
Total inflow
EUR mio
10/03/2010 I page 35
H1 10 H1 09 Change Q2 10 Q2 09 Q1 10
3,503
2,651
852
550
11
538
2,209
1,981
229
3,374
151
-
3,224
9,636
3,554
2,746
808
452
3
449
1,775
1,647
128
2,123
141
-
1,983
7,905
(1%)
(3%)
5%
22%
*
20%
24%
20%
79%
59%
7%
*
63%
22%
1,704
1,336
369
285
6
279
1,080
971
109
1,565
82
-
1,483
4,634
1,701
1,345
356
234
2
232
803
747
57
983
75
-
908
3,721
1,798
1,315
483
265
5
260
1,129
1,010
119
1,809
68
-
1,741
5,001

Comparable inflow data H1 10
By type
Life
 Belgium
 United Kingdom
 Continental Europe
 Asia
- Fully consolidated
- Non-consolidated partnerships (100%)
Non-Life
 Belgium
 United Kingdom
 Continental Europe
 Asia
- Fully consolidated
- Non-consolidated partnerships (100%)
Total Inflow
EUR mio
10/03/2010 I page 36
H1 10 H1 09 Change Q2 10 Q2 09 Q1 10
7,747
2,651
11
1,981
3,104
151
2,954
1,889
852
538
229
270
-
270
9,636
6,305
2,746
3
1,647
1,909
141
1,768
1,600
808
449
128
214
-
214
7,905
23%
(3%)
*
20%
63%
7%
67%
18%
5%
20%
79%
26%
*
26%
18%
3,717
1,336
6
971
1, 405
82
1,322
917
369
279
109
161
-
161
4,634
2,957
1,345
2
747
864
75
789
764
356
232
57
119
-
119
3,721
4,029
1,315
5
1,010
1,700
68
1,631
972
483
260
120
109
-
109
5,001

7,8887,9059,6361,4371,5991,8896,4526,3067,747Total
343363***34336326%India
1,1421,2292,109***1,1421,2292,10925%China
26927640145445122423234931%/12%Thailand
34744465112317021922427443231%Malaysia
1,7921,9823,2241682142701,6241,7682,953Non-consolidated
partnerships*
156141151***156141151100%Hong Kong
1,9482,1233,3741682142701,7801,9093,104Asia
**108**108***25%Italy
283535***283535100%Turkey
241623***241623100%Germany
111***111100%Ukraine
837288657715*83027365750%/100%Luxembourg
182153208**182153208100%France
1,0941,2831,1781011131219931,1701,05751%Portugal
2,1661,7762,2101081282292,0591,6481,981Continental Europe
4614525504544495387311100 %United Kingdom
3,3133,5543,5037078088522,6062,7462,65175% -1Belgium
H2 09H1 09H1 10H2 09H1 09H1 10H2 09H1 09H1 10% Ownership(EUR mio)
Gross Inflow Life Gross written premiums Non-Life Total
Detailed overview inflows H1 10
By region/ country

1,768 1,594
277 379
544 515
157 163
H1 09 H1 10
(3%)
244 256
249 271
251245
70
74
H1 09 H1 10
Belgium
Life inflow
In EUR mio
Non-Life Gross Written Premiums
In EUR mio
2,746 2,651
808
852

Group Life
Unit-Linked
Savings
Traditional
Other
Property
Accident & Health
Motor 
Individual Life
 Down 3% to EUR 2.2 bn
 Bank channel inflow down 6%; due to decreased
guaranteed interest rates and absence of specific
campaigns
 Broker channel up 15%, in line with positive trend since
second half 2009
 Unit-linked up 37%, successful sales of 8 tranches of
structured unit-linked products
Group Life
 Down 5%; H1 09 inflow included exceptional premium
payments related to group contracts
Funds under Management
 Up 3% to EUR 47 billion
Property and Casualty
 Inflows up mainly thanks to motor (+9%), driven by tariff
increases and portfolio growth
Accident & Health
 +5% with strong growth in health care (+10%)
Combined Ratio
 107.1% vs 105.6% last year
 Second quarter combined ratio significantly improved to
100.5% vs 113.6% in the first quarter that was hit by
weather related winter events and storm Xynthia.
Workmen’s Compensation performed weak during first
half.
+5%

25 32
276 296
136
103
45
74
H1 09 H1 10
Motor
3 11
449
539
H1 09 H1 10
United Kingdom
Total inflows
In EUR mio


Non-Life (+20%)
 Driven by growth in Commercial and Personal lines
Life
 Successful roll out of its proposition across the IFA market
(5.1% market share)
 Over 90,000 customers
Other Insurance
 RIAS & FIS income up 11% on the back of greater primary
and add-on sales and growth in partnership income
 Sales of Whole of Life product ahead of expectations.
Collaboration between RIAS and the protection business
demonstrates combined capabilities within the UK
Personal lines (+15%)
 Strong performance in all personal lines
 Good growth in the Household account (+32%)
Commercial lines (+54%)
 Full launch into Fleet market & new Semploy product
 Successful extension of significant commercial
relationships
Combined Ratio
 106.5% vs 104.4% in H1 09 (but improved from Q1 10
110.2%)
 Results driven by severe weather and increasing motor
claims costs: an industry-wide issue
452
550
Non-Life
Life
Other
Property
Accident & Health
449
538
+20%
+22%
In EUR mio

131 133
553
861
912
884
79
75
H1 09 H1 10
Continental Europe
Life inflow
In EUR mio


Inflow
 Strong performance Luxembourg & France due to pick-up
sales
 Unit-linked sales up 3%, thanks to Luxembourg mainly
 Strongest growth in traditional savings, fueled by specific
product development
 Portugal steady although down on last year; Lower
structured unit-linked sales in H1 10 vs. Q1 09 benefiting
from high pension business sales (anticipated reduced i-
rate)
Funds under Management
 Up 16% to EUR 22.5 bn
 Increase in Portugal & Luxembourg (14% resp. 27%)
Inflow
 First time inclusion Italian operations (EUR 108 mio)
compensates for deconsolidation Luxembourg Non-Life
 Portugal up 8% thanks to strong development Médis brand
Commercial developments
 Mbcp Ageas Motor’ product elected ‘best choice’ by an
important Portuguese consumer rights organisation
26
31
11
21
124
80
53
11
H1 09 H1 10
128
229
+79%
In EUR mio
Accident & Health
Motor
Unit-Linked
Savings
Traditional
Group1,647
1,981
+20%
Other
Fire

142
187
72
83
H1 09 H1 10
+26%
Asia
Life inflow
In EUR mio


Inflow
 Very strong growth mainly in non-consolidated partnerships
across the region
 Hong Kong (+7%) moderate growth in the wake of
recovering agency force
 China (+72%) driven by continued expansion of distribution
capacity and product innovation. Agency force close to
67,000.
 Malaysia (+58%) driven by non-par single premium product
innovation and Takaful business through bank channel
 Thailand (+50%) in the wake of the intensified relationship
with K-Bank
 India (+93%) driven by successful local year-end campaigns
by the two partner banks and careful expansion of the
agency channel
Funds under Management (EUR 16.1bn, +50%)
 Impact of weakening EUR : +22%
 Consolidated FUM (Hong Kong) : +30% or EUR 1.4bn
Inflow
 Malaysia (+29%) driven by retail motor and MAT* lines
 Thailand (+16%) driven by non-motor business through
bank channel
2,889
1,471
14
278
109
87
73
92
H1 09 H1 10
214
270
In EUR mio
1,909
3,104
+63%
Non-Motor
Motor
Unit-Linked
Savings
Traditional
* Non-motor includes Fire, MAT, Accident & Health and other lines
Group
* MAT: Marine Aviation & Transport

Ageas’s investment portfolio on 30 June 2010
Investment Portfolio (EUR 58.5 bn)
In EUR bn
Fixed Income securities
 Southern European sovereign exposure reduced in
H1 10 to EUR 8.9 bn** by the end of June
 Investment in Corporate bonds up with EUR 2.2 bn
in H1 10
 >95% investment grade, 94% rated A or higher
 Gross unrealized gains on bonds end of June 10 up
to EUR 1.7 bn
Equities
 Increase to EUR 1.8 bn** (EUR 1.7 bn market value)
 Gross unrealized gains of EUR 24 mio
Real Estate
 Unrealized gain net-of-tax remained intact at EUR
0.6 bn
 Total unrealized gains on investment
portfolio of EUR 2.4 bn***
Sovereign bonds*
33.0
RE Inv Prop*
2.1
RE own use
(incl. Interparking)*
1.4
Equities*
1.7
* At market value (incl. Interparking)
** At historical/amortized cost
*** Before shadow accounting
Corporate bonds*
19.8
Structured
Credit Instruments
0.5

Fixed Income Securities of EUR 53.3 bn
Situation as per 30 June 2010
In EUR bn
Sovereign
Bonds*
33.0
62%
Structured Credits*
0.5
1%
Corporate
Bonds*
19.8
37%
AAA
24.2
45%
A
10.4
19%
AA
15.5
29%
BBB
1.6
3%
Below Inv grade/ Unrated
1.6
3%
 End of June gross unrealized gains before tax EUR
1.7 bn or EUR 1.0 bn after tax and after shadow
accounting
 >90% bond portfolio single A or higher
 74% rated AA or higher
 Below investment grade or unrated up to 3%
* At market value

Government & Corporate Bond portfolio of EUR 52.8 bn
 Gross unrealized gains before tax and shadow
accounting (UCG) of EUR 0.7 bn end of June 10
compared to EUR 871 mio end 09
 95% single A or higher; 78% rated AA or higher
In EUR bn
 Gross unrealized gains of EUR 1.0 bn end H1 10 vs EUR 650
mio end 09
 91% single A or higher; 69% rated AA or higher; only 1%
below investment grade or unrated
 Banking/ Other financials : 87% single A or higher; 63% rated
AA or higher
Government bonds EUR 33.0 bn* Corporate bonds EUR 19.8 bn*
* All values at fair value
Austria
2.3
Banking/
Other financials
8.5
Other
corporates
3.8
Supra-national
2.3
Government related
5.3
Greece
1.3
Belgium
10.2Spain
1.7
Italy
3.7
Germany
3.2
Others
5.1
Portugal
1.4
France
4.0

10/03/2010 I page 45
In EUR bn
Equity funds
0.12
Equities
0.75
Other segments
0.5
Belgium
1.1
Mixed funds
0.12
Real Estate funds
0.57
Others
0.12
Equity portfolio at EUR 1.6 bn
 Equities at historical cost up to EUR 1.8 bn vs EUR 1.6 bn end 09
 Gross unrealized gains of EUR 24 mio end H1 10 vs EUR 141 mio gross unrealized gains end 09
 Breakeven situation after shadow accounting

Real estate portfolio of EUR 3.6 bn
10/03/2010 I page 46
In EUR bn
Corporate Buildings
0.2 Belgium
2.6
France
0.3
Spain
0.2
Car Parks
1.1
Investment
Offices
1.3
Investment Retail
0.8
Europe/ Others
0.2Italy
0.1Germany
0.2
 Investment for own use EUR 1.4 bn
 Investment property at EUR 2.2 bn
 Sale Eurosquare building in Brussels region in Q2 10
 Net unrealized gains end June 10 nearly stable at
EUR 639 bn (not reflected in net equity)
- For own use : EUR 275 mio
- Investment property : EUR 364 mio
 Real estate exposure mainly in Belgium
- Mainly Brussels region
- Office buildings : occupancy rate of 94%
- Commercial assets : shopping centers & public car
parks across Europe (via Interparking)
- Stable income streams

83.1 79.8 76.7 76.5
86.0
23.6 23.2
21.6 22.6
22.0
2006 2007 2008 2009 H1 10
Belgium – Combined ratio by product
Property & Casualty
Motor Fire
10/03/2010 I page 47
52.7 57.0 59.9 62.2 63.8
43.1 42.2 42.0 42.5 42.7
2006 2007 2008 2009 H1 10
95.9% 99.2% 101.8% 104.7%
55.7 56.9
70.3 68.5 70.9
37.8 37.0
36.4 36.3 36.2
2006 2007 2008 2009 H1 10
93.5% 93.8%
106.6% 104.8%
Expense ratio
Claims ratio
48.3
56.8 50.7
60.5 56.6
46.9
45.5
45.8
47.1 47.9
2006 2007 2008 2009 H1 10
95.3%
102.3%
96.5%
107.6%107.1% 104.5%
Accident & Health
106.7% 103.0%
98.3% 99.1%
108.0%
Expense ratio
Claims ratio
106.5%

97.9
83.581.1
27.6
26.230.5
2008 2009 H1 10
United Kingdom – Combined ratio by product
Property & Casualty
Motor Fire
10/03/2010 I page 48
75.080.2
72.5
30.227.8
28.7
2008 2009 H1 10
101.2%
108.0% 105.2%
78.8
88.9 84.6
24.0
22.8 24.4
2008 2009 H1 10
102.8%
111.7%
Expense ratio
Claims ratio
60.561.260.0
37.838.039.9
2008 2009 H1 10
99.9% 99.2%
109.0%
98.3%
Accident & Health
111.6% 109.7%
125.5%
Expense ratio
Claims ratio

Ageas’s capital of a high quality
10/03/2010 I page 49
Reported net Shareholders’ Equity
Unrealised gains real estate
Goodwill (incl RPI)
VOBA (Value of Business Acquired)
DAC (Deferred Acquisition Cost)
Other*
Goodwill, DAC, VOBA related to minorities
25% tax adjustment DAC, VOBA & Other
Tangible net equity
Tangible net equity 80% of reported net shareholders’ equity
EUR bn
* Includes a.o. management contracts of public car parks
H1 10
9.2
0.5
(1.5)
(0.5)
(0.6)
(0.3)
0.4
0.3
7.4
H1 09
7.7
0.5
(1.3)
(0.5)
(0.5)
(0.3)
0.3
0.2
6.1
FY 09
8.4
0.5
(1.4)
(0.5)
(0.5)
(0.2)
0.4
0.32
6.9

Overview of main characteristics Hybrids
Ageas
ageas Finance,
Senior
outstandings Fresh Hybrone
Ageas Hybrid
Financing*
Nitsh I Nitsh II
% 3m EUR + 135 5.125% 8.25% 8%
Amount (EUR mio) 896 1,250 500 USD 750 625
ISIN EMTN XS0147484074 XS0257650019 XS0346793713 XS0362491291
Call date Debt in default, early
redemption at first
request of
bondholders
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
ACSM YES YES YES YES
Dividend pusher YES YES YES YES
Dividend stopper NO YES YES YES
Trigger < 0.5%
dividend trigger
Liabilities > asset Liabilities > asset Liabilities > asset
Other 500
on lent to AG
Insurance
USD 750
on lent to FBB
250 on lent to
AG Insurance;375 on
lent to FBB
Market Price
(30/06/10)
44.90 66.94 86.08 91.17
ASR instrument TOPrS -contingent liabilities with regard to former subsidiaries –
no longer exists as a result of an exchange on 4 August 2009
Fortfinlux

* Ageas paid EUR 362 mio after ruling in summary proceedings, proceedings on the merit of the case pending
Ageas not liable for remaining principle, parental support on coupon dependent on outcome proceedings
** Only in case of an accelerated conversion
*** Because of insufficient authorized shares, Ageas can exchange for cash, if CBFA consents; If no consent received, instrument remains outstanding with no liability for Ageas
Fortis Bank Nederland Fortis Bank
FCCL MCS
Direct issue FBB,
2001
Direct issue FBB,
2004 CASHES
% 3m EUR +260 8.75% 6.5% 4.625% 3m EUR +200
Amount (EUR mio) 88 2,000 1,000 1,000 3,000
ISIN GB0057047275 XS0328920862 BE0117584202 BE0119806116 BE0933899800
Call date FBNH did not call on
29-6-2009; coupon at
the discretion of
FBNH*
Exchange
7-12-2010
at EUR 18.74; #
106,723,586 shares
Sep/2011
Step up to 3M
Euribor+237
Oct/2014
Step up to 3M
Euribor+170
Undated exchange
strike EUR 23.94
mandatory EUR
35.91
ACSM YES** YES YES YES
Dividend pusher YES YES YES NO
Dividend stopper NO YES YES YES
Trigger Early conversion
<5% T1 <8% CAD or
default issuers
<5% T1 YES
<8% CAD
<0.5% Dividend
Other ABN AMRO will call
the remaining
outstanding
securities –
Contingent Liability
ceases to exist
Coupon at discretion
Issuers (FBNH &
FBB & Holdings)
If not called, holders
can opt to exchange
in Ageas shares***
No stock settlement
feature as for Direct
issue FBB 2001
Coupon served by
FBB, however, trig-
ger ACSM linked to
dividend Fortis’
holdings
Market Price
(30/06/10)
13.51 94.97 77.02 48.31
Overview of main characteristics Hybrids (ct’d)

(EUR mio)
Capital 740
(44%)
200
(12%)
760
(45%)
1,700
Senior 519 519
Commercial
Paper
5,057 5,057
Super Senior 2,980 2,980
Total Capital
& Debt
740 719 760 2,980 5,057 10,256
Funding structure Royal Park Investments
As per 30 June 2010**
* End of February 10, senior debt Fortis Bank fully replaced by commercial paper programme, benefiting from a Belgian State Guarantee.
Senior debt provided by BNP Paribas is not state guaranteed
** For more information see www.royalparkinvestments.com
State of
Belgium
(SFPI/FPIM)

Balance sheet Royal Park Investments (under IFRS)
30-06-10 31-12-09EUR mio
Assets
Securities
Deferred tax assets
Goodwill
Other assets
Liabilities and shareholders' equity
Liabilities
Other liabilities
Commercial Paper
Funding, super senior
Funding, senior
Shareholders’ equity
Share capital
Share premium (additional paid in capital)
Cash Flow hedge reserves
Retained earnings
10,588
7,583
955
1,724
325
10,588
8,710
154
5,057
2,980
519
1,878
850
850
127
51
10,152
7,204
943
1,724
281
10,152
8,452
237
1,431
3,375
3,409
1,700
850
850
10/03/2010 I page 53

Ratings
10/03/2010 I page 54
Operating entities
AG Insurance (Belgium)
 Insurance Financial Strength
 Outlook
 Last change
Milleniumbcp Ageas (Portugal)
 Insurance Financial Strength
 Outlook
 Last change
Group
Ageas
 Long-term
 Outlook
 Last change
Fitch S&P Moody's
A+
Negative
8-Dec-09
A
Stable
9-Jul-09
BBB+
Negative
8-Dec-09
A-
Negative
17-May-10
A-
Negative
17-May-10
BBB-
Negative
17-May-10
A2
Negative
15-Jul-09
NR
Baa3
Developing
15-Jul-09

Financial Calendar H2 2010 - 2011
2 May *
Ex-dividend date –
Start dividend
election period
27 April
Annual
shareholders’
meeting
Brussels
9 March
Annual results
2010
28 April
Annual
shareholders’
meeting
Utrecht
18 May
Q1 11 Interim
financial
statements
31 May *
Payment 2010
dividend
20 May *
End of dividend
election period
24 August
First half results 2011
9 November
Q3 11 Interim
financial
statements
4 May *
Record date
* Subject to decision of the Board of Directors and approval by the Annual Shareholders’ meeting
10 November
Q3 10 Periodic
financial
information

Cautionary Statements
Certain of the statements contained herein are statements of future
expectations and other forward-looking statements that are based on
management's current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied in such statements. Future actual results, performance or
events may differ materially from those in such statements due to,
without limitation, (i) general economic conditions, including in
particular economic conditions in Fortis’ 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 Fortis 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.

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

6M results 2010

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