Press release Brussels/Utrecht, 8 November 2007

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(1)Press release Brussels/Utrecht, 8 November 2007. Nine Months Results 2007. Under embargo: 8 November 2007, 7:30 CET. Fortis nine-month net profit at EUR 3.6 billion, as banking and insurance continued strong commercial performance in summer months Strong third quarter despite turbulent market conditions: net profit at EUR 797 million. •. Fortis’s nine-month 2007 net profit of EUR 3,580 million is fully in line with the trading update of 21 September and with the exceptional profit level of the first nine months of 2006. Robust commercial performance more than compensated for the impacts of the global capital markets turmoil and extreme weather-related claims. • Banking - Solid third-quarter result brings nine-month net profit to EUR 2.6 billion - Robust commercial momentum demonstrated by steady increase in net interest income and commissions and fees; treasury and financial markets results above the exceptionally high level of last year - Funds under management up 8% to EUR 206 billion, EUR 8.6 billion in net inflows in 2007 - Underlying loan growth of 17% compared with third quarter of 2006 - Credit, liquidity and market risks well contained thanks to stringent risk management; credit loss ratio 11 basis points, in line with earlier guidance • Insurance - Nine-month net profit comes in at EUR 1,058 million, despite impact of Windstorm Kyrill, UK floods and global capital markets turmoil, thanks to higher volumes and capital gains - Life gross inflow soars to EUR 9.9 billion, up 26%, benefiting from successful campaigns - Non-Life gross written premiums advance 9% to EUR 4.3 billion supported by various product innovations Third-quarter net profit comes to EUR 797 million, down 51% from the EUR 1,616 million record net profit for the second quarter of 2007, which typically benefits from seasonally high revenues in banking and insurance - Banking net profit of EUR 587 million in third quarter benefits from commercial strength, capital gains and excellent treasury and financial markets results, yet higher impairments - Insurance net profit in third quarter comes in at EUR 294 million, affected by EUR 59 million after-tax impact of the claims related to severe flooding in the UK. Nine Months Results 2007 | 8 November 2007 |. 1. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. •.

(2) Fortis CEO Jean-Paul Votron comments: “These results demonstrate Fortis’s capacity to achieve resilient earnings even under exceptional conditions. Despite the sustained commercial activity, our nine months net profit was virtually unchanged compared with last year, as extreme weather related claims and the global capital markets turmoil affected third quarter results. Yet, even during this turbulent period, our strong balance sheet, robust recurrent earnings and sustained client activity have proven a virtuous mix, as highlighted in the trading update issued prior to the launch of our rights issue. The sales performance at our insurance companies remains excellent, with gross inflow rising 21% to EUR 14.2 billion in the first nine months of this year. In our banking business underlying loan growth went up 17% and deposits gained 7% on the same period last year, as growth was sustained in the third quarter. Importantly, half of the total revenue growth on the banking side is now being generated by those activities earmarked as growth engines, with Asset Management, Energy, Commodities & Trading and Clearing, Funds & Custody turning in vigorous performances. Fortis has benefited from a strong funding base – crucial in safeguarding our healthy liquidity position - and from rigorous and autonomous risk management. This has allowed us to manage the turmoil without our results suffering a material impact. Fortis was recently named best employer in both Belgium and the Netherlands in two independent surveys. As a company, we place great emphasis on the significance of employee satisfaction as a leading indicator of customer satisfaction. This important accolade demonstrates that our efforts to create a dynamic and international financial services company that appeals to clients and staff alike are paying off. Moving forward we will continue to invest heavily in our people and to further bolster our performance-oriented corporate culture.. According to the financial information delivered to us, the ABN AMRO businesses which Fortis shall acquire following transition performed in line with ABN AMRO’s trading update in September demonstrating the stability and recurrent nature of these profit streams. Client and staff attrition are in line with normal experience. Together with our new colleagues and consortium partners, we have started the first phase of the transition and integration process extremely positively and with strong cooperation and commitment across the ABN AMRO Managing and Supervisory Board. Good progress is being made on all fronts and we remain confident and committed to delivering the benefits we have promised to our stakeholders following separation and integration of the businesses. The next important milestone will be the submission of a detailed transition plan to the DNB by midDecember. We look forward to continuing our constructive and professional working relationship with all regulatory bodies to make this transition and the subsequent integration a success in the shortest possible time frame. We will of course continue to inform the financial markets on the progress we are making. The recently announced new Fortis organisation and the transition and integration teams create an appropriate framework to ensure dual focus on our ongoing commercial developments as well as on the transformation and integration of the assets we have acquired.. Nine Months Results 2007 | 8 November 2007 |. 2. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. One of the most significant events in the last few weeks was of course the completion of the consortium’s takeover of ABN AMRO, including the successful execution of the Fortis rights issue, a core element in our capital raising initiatives. With currently over 98% of ordinary shares tendered, the consortium will now take the necessary steps to start the squeeze-out procedure for acquiring the remaining shares. Meanwhile, the consortium's priority is to ensure a smooth and diligent transformation and subsequent integration of the respective businesses of ABN AMRO, which will allow Fortis to strengthen its market leadership in the Benelux home market while reinforcing its growth engines in commercial and private banking and asset management globally. Therefore, the acquisition of ABN AMRO by the consortium represents an important strategic step for Fortis..

(3) Nine Months Results 2007 | 8 November 2007 |. 3. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Finally, I want to thank again all our shareholders for their confidence and for making our rights issue an unprecedented success. We remain fully committed to our long-term targets and to sustained commercial momentum across all of our businesses.”.

(4) 1. Fortis 1.1. Results Net profit Fortis Net profit attributable to shareholders – EUR 3,580 million – was virtually stable in the first nine months of 2007 compared with the same period in 2006. Results across Banking, Insurance and General were all similar to those posted in the same period last year. Third-quarter net profit, at EUR 797 million, came down from the level achieved in the same quarter last year, depressed by claims related to flooding in the UK and the turmoil in global capital markets. Net profit halved compared with the record net profit of EUR 1,616 million in the second quarter, which typically benefits from seasonally high revenues in banking and insurance. Net profit Banking Nine-month Banking net profit clocked in at EUR 2,649 million, exceeding the very solid results achieved in the same period last year. This demonstrates the resilience of Fortis’s diversified earning sources to the market turmoil and its sustained commercial progress. Total income growth was, however, offset by rising expenses, as investments in growth programmes continued. In line with earlier guidance, impairments at the nine-month stage stood at EUR 200 million. The lower tax charge was the combined result of a structurally lower tax rate and a more favourable revenue mix. Despite the global market turmoil in the third quarter, net profit for this period remained robust and, at EUR 587 million, was virtually stable compared with the same period last year.. Third-quarter net profit at total Insurance level came in at EUR 294 million, down 29% on the previous quarter due to traditionally lower dividend inflow, the impact of the global capital markets turmoil on Life and the claims related to the aforementioned UK floods at Non-Life. Net profit General The net negative result for the first nine months of 2007 came to EUR 127 million, about the same as last year. This was because negative and positive factors offset each other. Positive contributors were the EUR 128 million capital gains realised on the sale of an equity participation, lower negative eliminations of treasury shares, favourable changes in the fair value of other derivatives and higher tax credits. Negative contributors were unfavourable fair value changes relating to the Assurant Mandatory Exchangeable Bond (MEB), the absence of the one-off EUR 77 million surrender penalty that enhanced the 2006 results, increased financing charges and higher costs. The net result for the third quarter ended up about EUR 128 million lower than for the second quarter, reflecting, on balance, the capital gain realised on the divested equity stake in the second quarter.. Nine Months Results 2007 | 8 November 2007 |. 4. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Net profit Insurance Fortis Insurance continued to perform well in the first nine months of 2007, with net profit amounting to EUR 1,058 million, down only slightly on the first nine months of last year. This robust result was achieved despite the severe impact of Windstorm Kyrill in the first quarter (EUR 59 million after tax) and flooding in the UK in June and July (EUR 92 million after tax). These effects were almost fully offset by an 18% rise in Life results to EUR 799 million..

(5) 1.2 Update on Fortis’s risk exposure and profit outlook Fortis' third quarter results are fully in line with the trading update, published at the start of our rights issue. The turmoil in the global capital markets has had no material impact on our overall results. The environment has deteriorated since mid October, as evidenced, for example, by the downgrade of more than 2,000 CDO's by the rating agencies and the fall of the ABX Index. Fortis has a well diversified and highly rated structured credit investment portfolio. More than 97% of the EUR 53 billion assets are rated AAA, AA or A. This includes the EUR 18.2 billion assets of the Scaldis conduit. Scaldis is performing well. None of its assets have been downgraded or put on negative watch. Maturing paper is fully financed externally while spreads have neared pre-crisis levels. If the current market environment persists, it is envisaged that by year-end the net exposure of the subprime CDO portfolio will be less than 10% of the total structured credit portfolio and will consist only of Super Senior tranches in High Grade and Mezzanine. The net exposure to Mezzanine tranches at year-end is expected to be around EUR 0.4 billion with a coverage ratio of approximately 40%. Taking these factors into account we still expect - baring unforeseen circumstances and in particular no further deterioration in asset values - to reach a net profit of EUR 4.2 billion before divestments. 1.3. Solvency. The model consists of three components: • a capital target for Fortis Bank equal to a ratio of 7% extended core equity to risk-weighted commitments, including 1% hybrid capital. This implies a target of 6% core equity to risk-weighted commitments • a capital target for Fortis Insurance equal to 225% of the regulatory minimum, which includes 50% of hybrid capital. This implies a core equity target of 175% of the regulatory minimum • a Group leverage target (at General) equal to 15% of the target core equity of Banking plus the target core equity of Insurance, implying that 15% of Banking and Insurance’s combined target core equity could be financed by group debt. Nine Months Results 2007 | 8 November 2007 |. 5. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Introduction Fortis uses a target-based model to manage and communicate solvency..

(6) Consequently, the Group’s core equity stood at EUR 1.4 billion above target at the end of the first nine months of 2007, compared with EUR 1.8 billion at the end of the fourth quarter of 2006. Core equity increased by EUR 0.4 billion in the third quarter on the back of retained third-quarter profits partly offset by negative revaluations of the equity portfolio, while the core equity target went up by only EUR 0.1 billion due to control of the growth in risk-weighted commitments. Group leverage decreased to 14.2% thanks to stable group debt combined with increased group core equity. Fortis Bank The Tier 1 ratio of Fortis Bank decreased from 7.1% to 6.8%. The decline in the Tier 1 ratio was caused mainly by the 14% increase in risk-weighted commitments, mitigated by the first nine months’ net profit. Extended core equity amounts to EUR 18.8 billion after inclusion of the year-to-date net profit (EUR 2.6 billion), the goodwill paid on Dominet (EUR 0.2 billion) and the one-off negative impact of revised BFIC rules (EUR 0.3 billion on core equity). Nine Months Results 2007 | 8 November 2007 |. 6. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Fortis Group Fortis's core equity increased by EUR 1.9 billion to EUR 21.4 billion. The main driver of this rise was retained net profit in the first nine months of the year (EUR 2.7 billion after EUR 0.9 billion paid out in interim dividend) offset by the negative effects of goodwill paid for Dominet and Pacific Century Insurance Holdings Limited (PCI) (EUR 0.5 billion) together with the one-off negative impact of amendments to the rules of Belgium's Banking, Finance and Insurance Commission (BFIC) (EUR 0.3 billion). The core equity target increased by EUR 2.3 billion to EUR 20.0 billion as a result of a 14% increase in risk-weighted banking commitments and a 10% rise in the required minimum for insurance..

(7) The 14% or EUR 34.4 billion increase in risk-weighted commitments to EUR 274.5 billion was driven mainly by the robust growth in lending activities and committed credit lines in the first half of 2007. The total capital ratio remained strong at 10.8%, supported by Lower Tier 2 issues totalling EUR 1.5 billion during the first nine months of 2007, partly compensated for by the runoff of subordinated loans. Fortis Insurance Fortis Insurance’s total solvency ratio declined from 269.3% to 242.3%. The decrease in total capital was the net effect of net profit (EUR 1.1 billion), interim dividend (EUR 0.9 billion) and goodwill (EUR 0.3 billion) paid on the acquisition of PCI. The solvency ratio was also impacted by the 10% rise in the required minimum, of which one percentage point relates to the acquisition of PCI. 1.4. FTE developments. Nine Months Results 2007 | 8 November 2007 |. 7. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. The number of FTEs at Fortis continued to grow in the first nine months of 2007, rising by 4,884 (from 56,886 to 61,770). Acquisitions added 2,229 to the number of FTEs (46%), the most important of which in Banking were Dominet in Poland (916 FTEs) and Fortis Energy Marketing and Trading GP in the US (237 FTEs). Insurance saw an increase of 896 FTEs related to acquisitions, including Pacific Century Insurance Holding Ltd in Asia (290 FTEs) and Etalon Life in Ukraine (183 FTE's). At the end of September 2007, 36% of the workforce was based outside the Benelux countries..

(8) • • • • •. Very strong nine-month net profit of EUR 2,649 million, just topping last year’s level Resilient third-quarter net profit despite market turmoil, in line with trading update Total income up 7% to EUR 8.4 billion, thanks to increases in all major revenue lines Credit loss ratio of 11 basis points, in line with earlier guidance Funds under management up 8% year-to-date to EUR 206 billion. Nine-month Banking net profit clocked in at EUR 2,649 million, exceeding the very solid results achieved in the same period last year. This demonstrates the resilience of Fortis’s diversified earning sources to the market turmoil and its sustained commercial progress. Compared with last year, the top line increased 7% to EUR 8.4 billion in the first nine months. Growth stemmed virtually equally from net interest income and commissions on the one hand, and market-driven capital gains and treasury and financial markets results on the other.. Nine Months Results 2007 | 8 November 2007 |. 8. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. 2. Banking.

(9) Year-to-date commercial activity remained buoyant, as evidenced by 14% underlying growth in lending, a 6% increase in deposits and an 8% rise in funds under management. Higher capital gains were mainly related to the financing of the ABN AMRO acquisition. Total income growth was, however, offset by rising expenses, as investments in growth programmes continued. In line with earlier guidance, impairments at the nine-month stage stood at EUR 200 million, reflecting higher additions at Merchant & Private Banking related to the global capital markets turmoil as well as a one-off item in Retail Banking in the third quarter. The lower tax charge was the combined result of a structural reduction of the Dutch corporate tax rate, the establishment of the Belgian treasury centre, the structure of treasury and financial markets results and the capital gains mix. Despite the global market turmoil in the third quarter, net profit for this period remained robust and, at EUR 587 million, was virtually stable compared with the same period last year. Although revenues were up a stellar 18% year-on-year, this was completely offset by a 14% rise in expenses, sharply higher impairments and a higher effective tax rate, leaving net profit virtually unchanged. Compared with the record second quarter of this year, net profit halved due to the effect of seasonally lower income, higher impairments and the planned expense growth of 2.6%. Total income for the first nine months progressed to EUR 8,370 million, up 7% on the same period last year. Underlying growth, however, came to 9%, excluding accounting, timing and exceptional factors that distort the year-on-year comparison and including the grossing up effect on the trading results. Last year’s revenues benefited from EUR 146 million of the non-qualifying hedge, higher mortgage prepayment fees of EUR 66 million and a EUR 14 million timing difference in revenues related to the Global Securities business, but were also brought down by a EUR 77 million penalty on an internal financing repayment. This year’s revenues were depressed by a EUR 38 million one-off correction at Fortis Hypotheek Bank in the second quarter.. Nine-month net interest income on interest-margin products amounted to EUR 3,937 million, up 3% on last year. Underlying growth was actually 6%, excluding the above-mentioned lower prepayment fees and the oneoff correction at Fortis Hypotheek Bank. This healthy increase was clearly driven by volume growth, more than offsetting a lower average duration of equity and lower margins as a result of competition and the shape of the yield curve. Double-digit growth rates in net interest income in those businesses that are mostly loan-based – such as Turkey, Consumer Finance, Commercial Banking, Corporate, Institutional & Public Banking, Energy, Commodities & Transportation and Specialised Financial Services – more than offset slight decreases at the deposit-taking businesses, such as Retail Banking Belgium and Private Banking. As a result, 21% growth at Merchant & Private Banking and the slim rise at Retail Banking (both adjusted for transfer of Fortis Bank France) more than compensated for the drop in ALM results at Other Banking. Third-quarter net interest income on interest-margin products was up 1% on the second quarter, at EUR 1,319 million, thanks mainly to higher margins on deposits at Retail Banking Belgium. Equity duration decreased from 6.0 years at the end of the second quarter to 5.0 years at the end of the third quarter as the flat yield curve offers no significant opportunities for mismatch results.. Nine Months Results 2007 | 8 November 2007 |. 9. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. As the underlying growth was well balanced across all major revenue lines, net interest income and net commissions together still account for about three-quarters of total income, providing a very stable and recurring revenue base. Two-thirds of the underlying growth in net interest income and commissions was generated by activities earmarked as growth engines..

(10) Sustained business growth was supported by a steady increase in both underlying loan volumes and deposits. Loan volumes, excluding securities lending and reverse repurchase agreements, rose by 14% in the first nine months of 2007, with commercial loans advancing 22%, consumer loans 13% and residential mortgages 4%. Total customer deposits were up 6% on the 2006 year-end level. However, retail customers continued to prefer time deposits to saving deposits, impacting the overall margin. Credit risk-weighted commitments climbed to EUR 255.1 billion, up 15% on the year-end 2006 level and stable compared with the previous quarter. This rise was driven by strong volume growth particularly at Merchant & Private Banking. At EUR 19.4 billion, market risk-weighted commitments went up 5% year-todate, but came down 5% during the third quarter. Total risk-weighted commitments amounted to EUR 274.5 billion, up 14% on year-end 2006 and stable on the previous quarter. Funds under management amounted to EUR 206 billion, up 8% on year-end 2006. Half of this increase was driven by strong inflow and the remainder was due to the favourable impact of capital markets. Funds under management posted a 1.6% decrease compared with the previous quarter due to a negative market effect of EUR 0.9 billion and a net outflow of EUR 1.7 billion. The latter was caused by the anticipated exit of a trust customer, whose temporary position was withdrawn. Excluding this factor, net inflow in the third quarter still came to EUR 1 billion, a good performance considering the adverse market conditions. Consequently, net inflow remained strong in the first nine months, at EUR 8.6 billion, with Asset Management accounting for three-quarters of this result and Private Banking for the rest. Net commissions and fees year-to-date advanced 8% to EUR 2,231million. Two-thirds of this growth stemmed from fees generated by funds under management on the back of a substantially higher fee base, supported by the positive net intake at Asset Management and Private Banking. Fees earned on payment transactions, insurance and securities brokerage all contributed roughly in equal measure to the remaining part of the increase.. Capital gains on the investment portfolio amounted to EUR 602 million in the first nine months of 2007, up 66% on the same period last year. This jump can be explained by the sale of a number of non-strategic equity holdings (including Banco Comercial Português and Kasbank) in the run-up to the financing of the ABN AMRO acquisition. These sales were booked in the second and third quarters of 2007. Capital gains in the third quarter stood at EUR 187 million, dropping 17% from the second quarter, as the majority of sales of equity holdings occurred in the second quarter. Treasury and financial markets income for the first nine months of 2007 climbed 7% to EUR 1,277 million. Treasury and Financial Markets’ revenues consist of trading and non-trading income. The latter was the driving force behind the year-to-date increase in the results, offsetting weaker – yet still positive – trading results in the difficult market environment of the third quarter. The third-quarter results were also impacted by a higher cost of funding. Treasury and financial markets activities have thereby demonstrated their capacity to generate strong and resilient results under challenging market conditions, thanks to their diversified nature. Treasury and financial markets income clocked in at EUR 269 million in the third quarter of 2007, more than four times the figure for the same period last year. This was chiefly due to the strong results in private equity and a positive contribution made by the credit hedge, which benefited from a widening credit spread that helped to temper the turmoil in the CDO market. The quarter-on-quarter drop in results can be fully attributed to the seasonal peak of the results of the Global Securities & Financing Group in the second quarter.. Nine Months Results 2007 | 8 November 2007 |. 10. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Net commissions and fees inched down 3% compared with the all-time-high previous quarter, which was due almost entirely to lower fees on new inflows..

(11) Non-trading revenues (mainly Private Equity, Global Securities & Financing Group, Credit Hedging and the fair value part of the ALM portfolio) soared in the first nine months of 2007, thanks to the strong performance of Private Equity. - Private Equity (reported under Investment Banking) benefited from revaluations in funds of funds combined with exits, generating EUR 226 million in revenues, up 37% - Global Securities & Financing Group (GSFG) contributed EUR 299 million, slightly more than the same period last year. Three-quarters of these revenues were realised in the second quarter. - The Credit Portfolio Management unit, which manages the credit risk of Merchant & Private Banking, recorded a total negative revaluation of EUR 14 million for the first nine months of 2007. The widening of the credit spreads in the third quarter led to a positive revaluation of EUR 24 million, which partly reversed the EUR 37 million loss of the first half. - Treasury and financial markets income reported under Other Banking reflects sharply higher results from open derivative positions and prepayment fees on long-term deposits. Trading revenues (adjusted for grossing up) amounted to EUR 552 million in the first nine months of 2007, down 21% year-on-year. This decrease can mainly be attributed to the global capital markets turmoil and subsequent liquidity crisis. The Forex and Rates Group continued to perform strongly, supported by market volatility, despite the higher cost of funding in money markets. The Capital and Markets Group suffered from adverse market conditions, leading to negative revaluations in the structured credit business. The Global Equity Group continued to capitalise on volatile markets, although activity slowed and equity markets declined in the third quarter, resulting in a negative gross-up of the results (taxation effect). The EUR 552 million in trading results for the first nine months of 2007 are already firmly above the EUR 500 million considered to be the cycle-neutral annual floor for this activity. The resilience of Global Markets' trading results should also be considered in the light of an average daily Value at Risk (VaR) that remained at a moderate EUR 27.5 million in the third quarter, compared with EUR 32.5 million in the first half.. The overall credit loss ratio for the first nine months (calculated as a percentage of average credit riskweighted commitments) rose to 11 basis points, in line with earlier guidance. Total expenses in the first three quarters of 2007 were up 13% on the same period last year, reaching EUR 5,062 million. Two-thirds of this growth was generated by the rapidly expanding businesses of Merchant & Private Banking and the remainder stemmed from Retail Banking and Asset Management. Excluding scope changes and some one-offs, underlying growth came to 11%. The various investments for growth account for 8% of this rise and the remaining underlying organic growth was 3%. Expenses in the third quarter grew by only 2.6% compared with the second quarter. The cost/income ratio for the first three quarters of 2007 amounted to 60.5%. The 13% increase in expenses stemmed virtually equally from staff expenses and other operating expenses. Staff expenses reached EUR 2,950 million in the first three quarters of 2007, climbing by EUR 281 million or 11% compared with the same period in 2006. More than half of the rise in staff expenses was due to wage drift and an increase in the number of staff, and an additional 3% was caused by recruitments made in support of investments in growth programmes. Finally, the consolidation of acquisitions and last year’s one-off pension provision release each accounted for 1% of the increase. Nine Months Results 2007 | 8 November 2007 |. 11. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. At EUR 200 million, the change in provisions for impairments after nine months reflected overall growth of our credit portfolio, higher additions at Merchant & Private Banking related to the global capital markets turmoil and a one-off in Retail Banking. The EUR 155 million quarter-on-quarter decline was caused by substantially lower releases in Merchant & Private Banking and Retail Banking, the EUR 20 million one-off in Retail Banking and additions at Merchant Banking related to the structured credit market..

(12) Total Banking FTEs reached 46,913 at the end of the third quarter, up 3,898 or 9% on the previous year. Almost one-third of staff additions were related to recent acquisitions, including Dominet and Cinergy. Excluding scope changes, the balance of FTE hiring essentially took place at the growth engines and was divided equally between Merchant & Private Banking and Retail Banking. In particular, recruitments were made to support the robust expansion of Consumer Finance, Turkey, Global Markets, Specialised Financial Services, Clearing Funds & Custody and Services to Hedge Funds. Staff expenses in the third quarter rose 2% mainly due to continued hiring in Turkey, Poland and Germany at Retail Banking and at Asset Management. Other expenses advanced to EUR 2,112 million, rising 17% from EUR 1,799 million in the first three quarters of 2006. Here too more than half the increase can be attributed to strategic investments, such as updating of the bank technology infrastructure, expansion of distribution networks in Germany, Turkey and Poland, and Merchant & Private Banking’s business expansion in the US, UK and Asia. The remainder was due to 4% organic growth, consolidation of acquisitions (2%) and one-offs (2%). Other expenses continued to grow in the third quarter, up 3% on the second quarter of 2007, reflecting the effects of the continued yet controlled expansion policy.. Nine Months Results 2007 | 8 November 2007 |. 12. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. The effective tax rate was a low 14% for the first nine months of 2007, compared with 18% for the same period last year. This lower rate was due mainly to the structure of treasury and financial markets results, the mix of capital gains (largely tax-exempt equity deals), the reduced corporate tax rate in The Netherlands and the establishment of the Belgian treasury centre..

(13) 2.1. Performance per Banking Business (For full details see Financial and Operational Review) 2.1.1. Retail Banking. • •. Nine-month net profit at Retail Banking stands at EUR 864 million Total income rises to EUR 3.6 billion on higher net commissions and fees in both the Retail Banking Network (up 12%) and Fortis Investments (up 27%) Retail Banking Network customer deposits rise 7% year-on-year to EUR 95 billion; loans to customers up 10% to EUR 83 billion Fortis Investments posts nine-month net profit of EUR 80 million, up 25%, driven by continued generation of net inflow and underlying positive markets. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. • •. Net profit at Retail Banking came in at EUR 864 million. Total income amounted to EUR 3.6 billion in the first nine months of 2007, up 1% on the same period in 2006. Total expenses ended 6% higher as a result of continued investment in our distribution networks in Germany, Turkey, Poland, and in Fortis Investments.. Retail Banking Network’s net profit in the first nine months of 2007 amounted to EUR 785 million, EUR 20 million (3%) lower than in the same period last year. Although revenues continued to grow at 3%, this was more than offset by an increase in credit provisions and a 9% rise in expenses, more than half of which was due to investment in growth engines. The impact of the latter two factors was curbed by the lower effective tax rate, as a large proportion of allocated ALM income (in Other Income) related to non-taxable capital gains on equity stakes.. Net profit of EUR 202 million was achieved in the third quarter. This was 5% more than in the same quarter last year, as year-on-year income growth outpaced cost growth by 240 basis points. Compared with the EUR 323 million net profit in the second quarter, however, third-quarter net profit declined substantially due to exceptionally higher impairments (up EUR 53 million) and lower ALM allocation income (down EUR 118 million).. Nine Months Results 2007 | 8 November 2007 |. 13.

(14) Nine Months Results 2007 | 8 November 2007 |. 14. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Fortis Investments posted strong results, with nine-month net profit clocking in at EUR 80 million, up 25% on the same period last year. Third-quarter net profit stood at EUR 27 million, virtually equal to the previous quarter. Net inflow was essentially flat in the third quarter, leaving net inflow for the first nine months at EUR 6.6 billion compared with EUR 9.9 billion in the same period last year. Assets under management were EUR 131 billion at the end of September 2007, virtually equal to the second quarter and 9% higher than at year-end 2006. This sustained performance was fuelled by strong sales figures earlier in the year and illustrates Fortis Investments’ highly diversified distribution platform and product solutions..

(15) 2.1.2. Merchant & Private Banking. •. Stable net profit in the first nine months of 2007 despite difficult market conditions Net interest income up 26%, in line with increase in loans to customers Treasury and financial markets results stable year-on-year thanks to strong performance of Private Equity and resilience of trading activities Deterioration in the credit environment in the third quarter due to global capital markets turmoil, but loan portfolio remains sound. Net profit for the first nine months was stable at EUR 1,824 million, compared with the high 2006 base. This reflects the continued commercial drive at all activities and ability to withstand the difficult market conditions in the third quarter. Third-quarter net profit declined by 53% from the very high second-quarter base, which benefited from the strong seasonal contribution of securities lending and arbitrage activities. Total income increased by 12% year-on-year to EUR 4,646 million, on the back of the 26% rise in net interest income. Net interest income growth was mostly organic, supported by higher volumes as well as interestrelated fees earned on corporate deals. Higher volumes more than compensated for the margin pressure felt mainly at Private Banking, Commercial Banking and Specialised Financial Services. Other drivers of the rise in total income were net commissions and fees, up 6%, and realised capital gains. Treasury and financial markets results remained stable year-on-year, as the excellent performance at Private Equity and GSFG offset lower trading figures. Trading results for the first nine months of 2007, at EUR 552 million, were nevertheless firmly above the EUR 500 million considered the cycle-neutral annual floor for this activity. Total expenses increased by 24% year-on-year to EUR 2,556 million, or by 20% when adjusted for the inclusion of Fortis Bank France. Staff expenses were up 23%, or 20% when adjusted for FBF with 17% organic growth. The increase in staff expenses was due to new hiring (mainly at growth engines and outside the Benelux region), higher bonuses and some wage drift. Non-staff expenses increased by 27% year-on-year, 3% of which was due to scope changes and the remainder to investment in growth in the US, Asia and the UK. Adjusted for the inclusion of Fortis Bank France, total expenses increased by 3% compared with the second quarter due to the 2% increase in FTEs. Nine Months Results 2007 | 8 November 2007 |. 15. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. • • •.

(16) • • • •. Despite impact of Windstorm Kyrill, UK floods and global capital markets turmoil, net profit comes in at EUR 1,058 million, thanks to higher volumes and capital gains Gross inflow at Life soars 26% to EUR 9.9 billion, up in all countries due to successful campaigns promoting both individual and group business Gross written premiums at Non-Life grow by 9% to EUR 4.3 billion, supported by various product innovations Pacific Century Insurance Holdings Ltd (Hong Kong) delisted and rebranded to Fortis Insurance Company (Asia) Limited. Fortis Insurance continued its solid operating performance with net profit coming in at EUR 1,058 million. Net profit at Life improved sharply, increasing by a total of 18% to EUR 799 million. This advance was offset by a decrease in the Non-Life result, which came in at EUR 259 million, depressed by the combined impact (EUR 151 million after tax) of Windstorm Kyrill in the first quarter and floods in the UK in June and July. Excluding these exceptional factors, Fortis Insurance posted solid and sustainable results founded on profitable volume growth. Third-quarter net profit (EUR 294 million) came in lower than in the second quarter due to traditionally lower dividend inflow and the impact of the global capital markets turmoil on Life and the higher impact of the floods on Non-Life (after tax impact in Q3 EUR 59 million compared to EUR 33 million in Q2). Nine Months Results 2007 | 8 November 2007 |. 16. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. 3. Insurance.

(17) Fortis Insurance continued to deliver an excellent commercial performance with total inflow reaching EUR 14.2 billion in the first nine months, up 21% on the same period last year. Life grew significantly – by 26% to EUR 9.9 billion – thanks to considerable sales efforts in all countries, including EUR 118 million gross inflow from our newly acquired Hong Kong Life insurance business, which has been consolidated since May 2007. Annual premium equivalent (APE) increased 32% to EUR 1,026 million in the first nine months of 2007 (2006: EUR 779 million). Non-Life gross written premiums, with the focus on profitable growth, increased by 9% to EUR 4.3 billion across all countries. Both Life and Non-Life inflow came in slightly lower than in the second quarter as a result of the traditionally lower inflow during the holiday period. At Life, the operating margin for the first nine months was EUR 584 million, slightly lower (-1%) than for the same period in 2006. Higher volumes and better investment result were more than offset by the impact of the global capital markets turmoil. Net profit increased by 18% to EUR 799 million, driven by an improved underlying performance, supported by higher capital gains and a lower effective tax rate. The capital gains were triggered by portfolio protection techniques (CPPI) as well as market opportunities. At Non-Life, the impact of Windstorm Kyrill and floods in the UK (totalling EUR 214 million pre-tax) almost halved the technical result to EUR 264 million. These events also trimmed Non-Life net profit by 37% to EUR 259 million. Operating costs of Fortis Insurance increased by 7%, while total inflow was up by 22%. The rise in operating costs was because of overall business growth as well as the inclusion of the newly acquired Hong Kong business and various growth initiatives, such as the start-up costs of new product-market combinations in Europe.. Multi-channel distribution is being adopted by all our businesses. For example, Fortis Insurance Netherlands has made further progress with the implementation of a direct channel, labelled ‘Ditzo’, which became operational in the fourth quarter of this year. At International, Fortis UK has started a new affinity relationship with Marks & Spencer, which is well on track to adding significantly to total car insurance sales. We further strengthened our bancassurance channel. For instance, a senior manager from Insurance Belgium was put in charge of the bancassurance channel in The Netherlands in order to share our Belgian bancassurance skills. Fortis Assurances France strengthened its relationship with Fortis Bank France, selling its products to the private banking clients of Fortis Bank France. Product-Market Innovation is well on track with several new initiatives. For example, the broker channel in Belgium introduced a new packaged insurance product, Bakery Pack, which covers the risks specific to the bakery industry. In the UK Fortis Insurance secured further deals with several well known brands, becoming a white-label underwriter of car and household insurance for an affiliate of Kwik-Fit’s insurance subsidiary among others. In Portugal the strategy of developing innovative products proved successful and resulted in higher penetration rates among clients of our partner bank as well as higher inflow, while in Thailand we developed new Takaful products with the assistance of Mayban Fortis. Operational excellence is being achieved and Fortis Insurance was recognised several times in the third quarter for its services or product offering to clients or brokers. For instance, an extensive broker survey reconfirmed Fortis Insurance Belgium’s broker channel as the preferred partner of the broker community, thanks to the excellent service it provides (for non-life) and comprehensive product range (for individual life). Nine Months Results 2007 | 8 November 2007 |. 17. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Fortify Strategy Implementation of the Fortify Strategy is well on track and the first results are becoming visible. The strategy is based on five levers, i.e. multi-channel distribution, product market innovation, operational excellence, international expansion and fortified organisation..

(18) In The Netherlands, annual research by IG&H significantly raised the ranking of Fortis ASR in non-life (to third place) and continued the high ranking of specialist label De Amersfoortse for accident and health-related products (remains in first position). The Dutch brokers surveyed were especially pleased about the comprehensiveness of the product range and internet support via ‘Cockpit’ and ‘Dubbelklik’. International expansion was further pursued with the delisting of Pacific Century Insurance (Hong Kong) and its rebranding as Fortis Insurance Company (Asia) Limited (FICA). FICA has now been fully integrated into the Fortis organisation. The new management team has commenced a comprehensive strategic analysis of the FICA business and several strategic initiatives are being implemented, such as the transfer of investment management to Fortis Investment Management and changes to the investment mix. The fortified organisation is facilitating business growth by applying the principle ‘optimise locally by sharing globally’. We have established ‘Knowledge Communities’ to (i) enhance cross-border exchange of knowledge and (ii) apply a common insurance approach within the individual fields of expertise. The ‘Knowledge Communities’ encompass multi-channel distribution, product market innovation and operational excellence and will be developed further. For example, we have set up an IST Architecture Board to optimise and streamline IST-related investment decisions. We have also put in place a global Risk organisation leveraging the best practices of the operating companies and the group functions. Life Gross inflow increased by 26% to EUR 9,919 million in the first nine months of 2007, driven by growth initiatives in all countries. In Belgium, strong sales campaigns promoting individual life products continued to boost new business in the banking and broker channels, resulting in remarkable 31% growth compared with the first nine months of 2006. The Netherlands achieved excellent 21% growth for both individual and group life products, based on sound margins in a challenging market. All countries at Insurance International contributed to the increase (+24%), which was driven by various growth initiatives, underpinned by product innovation in Portugal and the inclusion of the recently acquired FICA in Hong Kong (EUR 118 million in gross inflow).. Life technical result slipped 7% to EUR 434 million. Higher volumes and better investment income were offset by the impact of the turmoil in the global capital markets, which affected results in both Belgium and The Netherlands. At International, the technical result almost doubled, thanks to volume growth and the continued focus on profitability particularly in Portugal and Luxembourg. Net profit increased to EUR 799 million in the first nine months, up 18% on the same period last year, driven by higher volumes, an improved investment result (including capital gains triggered by protection techniques and market opportunities) and a lower effective tax rate Technical result and net profit ended lower in the third quarter than in the second, primarily due to the global capital markets turmoil in the third quarter. Fortis announced in July that Fortis and “la Caixa” had mutually decided to end their CaiFor joint venture after 15 fruitful years. The transaction is expected to be finalised in the fourth quarter. Non-Life Gross written premiums advanced 9% to EUR 4,317 million in the first nine months of 2007. All businesses contributed to this growth, which was supported by all product segments and based on a strategy of focusing on customer needs without compromising underwriting discipline. Belgium posted a solid 7% increase, driven by continuous product innovation. In The Netherlands, 7% growth was achieved driven by the excellent performance of Accident & Health, which further strengthened its solid market position by entering the newly privatised long-term disability market. Nine Months Results 2007 | 8 November 2007 |. 18. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. The third quarter is traditionally lower than the second quarter, due to the holiday period, and consequently Life inflow was lower (-8%) than in the second quarter..

(19) International delivered 13% growth, driven by the UK, which benefited especially in the Motor market from its outstanding cost advantages, and by FCI, which managed to achieve solid 12% growth based on sound margins in a competitive market. Despite the traditionally lower sales during the holiday season, premium income almost remained stable in the third quarter (-2%) compared to the second quarter. As a result of the renewed and heightened impact of flooding in the UK, impacting technical result, net profit came in lower in the third quarter than the second.. Nine Months Results 2007 | 8 November 2007 |. 19. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. The effect of Windstorm Kyrill and the floods in the UK (totalling EUR 214 million pre-tax) almost halved the technical result to EUR 264 million in the first nine months of 2007, with the combined ratio amounting to 99.7%. Excluding the natural disasters, the combined ratio remained at an excellent 93.8%, thanks to the continued focus on profitable growth and to efficient operations, as demonstrated by the improved expense ratio for the first nine months..

(20) 3.1. Performance per Insurance business (for full details see Financial and Operational Review) 3.1.1. Insurance Belgium. • • • •. Nine-month net profit reaches EUR 403 million; impact of Windstorm Kyrill and global capital markets turmoil mitigated by improved operational performance Total gross inflow at Life clocks in at EUR 4.8 billion, up 31% on last year, further consolidating FIB’s market leadership in individual and group life Non-Life gross written premiums grow by a solid 7%, underpinned by innovative product offering Independent broker survey confirms FIB’s position as preferred partner for the broker community. Third-quarter net profit was EUR 29 million lower than in the second quarter, due to the impact of the global capital markets turmoil and the seasonality of dividend income, the latter of which lifted second-quarter results. Fortis Insurance Belgium kept up the first half’s excellent commercial momentum during the summer months. Total inflow reached EUR 5,824 million in the first nine months of 2007, 26% ahead of last year’s level. Inflow at Life went up by 31% compared to 2006, strongly driven by the successful campaigns early in the year. Gross written premiums at Non-Life climbed 7% to reach EUR 1,046 million. Thanks to the successful Summer Heat campaign, inflow in the third quarter was only EUR 136 million lower than in the second quarter, when this business still benefited from highly effective life marketing campaigns launched in the first quarter. Operating costs remained tightly under control in the first nine months, rising only 2% compared with the same period last year. Staff expenses increased by 3% on new FTE hiring to support the business’s ambitious growth plans. Profitable volume growth further brought down the cost ratio at Life (operating costs as a percentage of technical reserves; down from 0.44% to 0.42% year-on-year) and the expense ratio at Non-Life (down from 38.2% to 37.0% year-on-year), underlining our commitment to continuously improve our operational performance.. Nine Months Results 2007 | 8 November 2007 |. 20. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Net profit of Fortis Insurance Belgium reached EUR 403 million in the first nine months of 2007 compared to EUR 419 million in the same period in 2006, impacted by Windstorm Kyrill and the global capital markets turmoil, and partly offset by capital gains and a lower effective tax rate resulting from the capital gains mix. Excluding both elements, the operating performance improved, driven by profitable volume growth at both Life and Non-Life..

(21) 3.1.2. Insurance Netherlands. • • • •. Nine-month net profit up 10% to EUR 525 million, despite impact of Windstorm Kyrill and global capital markets turmoil Life and Non-Life sustain strong commercial performance, lifting gross inflow by 15% to EUR 4,170 million Improved operational performance, acknowledged by independent market surveys, leads to strong growth of business Initiatives in multi-channel distribution and product innovation implemented, improving competitiveness. Net profit for the third quarter was down 31% on the second quarter of 2007, due to the global capital markets turmoil and the seasonal pattern of investment income in the second quarter. These elements were partly offset by higher capital gains. Nine-month total gross inflow rose 15% to EUR 4,170 million, fuelled by pensions at Life (up 21%) and by Accident & Health at Non-Life (up 7%). Operating costs increased to EUR 417 million. Investments in growth initiatives, such as the launch of a direct channel, and wage drift were partly offset by an ongoing focus on tight cost control as part of Fortis Insurance Netherlands’ growth strategy. Fortis Insurance Netherlands made progress in implementing various new strategic initiatives under this growth strategy, important elements of which are reinforcing distribution and innovation. Fortis ASR launched a website (FortisASR.nl) providing web-based sales support to brokers. This initiative opens up the internet market to brokers at a reduced commission. A new direct channel, called Ditzo, launched in the fourth quarter of this year offers customers non-life insurance products (starting with motor insurance). Specialist label Ardanta, which handles all new sales of pre-need (funeral) insurance, broadened its scope - within the ‘Fortified’ organisation - by entering the Belgium market, benefiting from Fortis Bank Belgium’s distribution experience.. Nine Months Results 2007 | 8 November 2007 |. 21. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Net profit of Fortis Insurance Netherlands advanced 10% to EUR 525 million during the first nine months of 2007. The nine-month operating margin came to EUR 416 million, compared with EUR 459 million in the same period of 2006. This figure was depressed by the global capital markets turmoil and Windstorm Kyrill, but positively affected by higher volumes and an improved investment result (including higher capital gains triggered by portfolio protection techniques (CPPI) and market opportunities)..

(22) 3.1.3. Insurance International. • • • •. Nine-month Life net profit up 65% to EUR 104 million; Non-Life net profit down to EUR 26 million, impacted by Windstorm Kyrill and floods in the UK (EUR 107 million after tax) Strong performance at Life driven by Luxembourg and Portugal, boosting inflow 24% to EUR 2,659 million Non-Life gross written premiums increase 13% to EUR 1,583 million on strong UK and FCI performance Acquisition of PCI in Hong Kong finalised; PCI delisted and rebranded into Fortis Insurance Company (Asia) Limited (FICA). Nine-month gross inflow at consolidated companies went up 20%, from EUR 3,547 million to EUR 4,242 million. This increase was fuelled by various growth initiatives such as continued successful product development under freedom of services in Luxembourg, a further rise in market share in the UK and the acquisition of FICA, formerly known as Pacific Century Insurance Holdings, in Hong Kong, which has been consolidated into Fortis’s accounts since May 2007. Gross inflow at non-consolidated companies (excluding CaiFor) increased by 17% to EUR 2,001 million, driven by growth in China and Thailand. Operating costs came to EUR 329 million, up 10% on last year. Half of this increase can be attributed to the inclusion of FICA’s operating costs. The remainder can be attributed to strong growth, investments in business development and start-up costs in new markets.. Nine Months Results 2007 | 8 November 2007 |. 22. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Nine-month net profit at Life advanced 65% to EUR 104 million due to overall growth in funds under management to EUR 19.5 billion, higher profit contributions from Asian joint ventures and the consolidation of the newly acquired Fortis Insurance Company Asia. This increase, however, was offset by the combined impact of Windstorm Kyrill and floods in the UK (EUR 107 million). These events severely depressed Non-Life’s healthy underlying net profit, which fell to EUR 26 million from EUR 130 million. Total net profit for the first nine months of 2007 came to EUR 130 million..

(23) Please see the Financial and Operational Review, the Analyst Presentation and the Consolidated Quarterly Financial Report for a detailed analysis of the first nine months 2007 results. These documents are available on our website: www.fortis.com. Analyst and Investor Call 8 November, 14.00 CET (13.00 UK time) Participants should mention 8954686 when dialling into the conference Webcast: www.fortis.com Listen-only: +44 20 7138 0813 (United Kingdom) +32 2 400 3463 (Belgium) +1 718 354 1157 (US) Replay: available until 29 November (Password: 8954686#) +44 207 806 1970 (UK) +32 2 400 3465 (Belgium) +1 718 354 1112 (US) Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners. With a market capitalisation of EUR 48.5 billion (31/10/2007), Fortis ranks among the 15 largest financial institutions in Europe. Our sound solvency position, our presence in over 50 countries and our dedicated, professional workforce of 60,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available at www.fortis.com.. Press Contacts: Brussels:. +32 (0)2 565 35 84. Utrecht:. +31 (0)30 226 32 19. +32 (0)2 565 53 78. Utrecht:. +31 (0)30 226 65 66. Investor Relations: Brussels:. Nine Months Results 2007 | 8 November 2007 |. 23. WorldReginfo - ea3c640e-133c-424d-b68a-163527bd442d. Press Conference 8 November, 10.30 CET (9.30 UK time) Participants should mention 8166421 when dialling into the conference Webcast: www.fortis.com Listen-only: + 44 207 806 1953 (United Kingdom) +32 2 789 8726 (Belgium) +31 20 707 5512 (Netherlands).

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