Ping An and Fortis to enter into a global asset management partnership Press release

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(1)Press release Hong Kong / Shanghai / Brussels / Utrecht, 19 March 2008. Ping An and Fortis to enter into a global asset management partnership Ping An intends to acquire a 50% stake in Fortis Investments Fortis and Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or “Ping An Group”) today jointly announced the signing of a Memorandum of Understanding (“MOU”) to form a global asset management partnership. Ping An intends to acquire a 50% equity stake in Fortis Investments*, the global asset management arm of Fortis, for a consideration of EUR 2.15bn (RMB 24.02bn**). Through this partnership, Ping An would significantly advance its strategy to establish a global asset management business and a Qualified Domestic Institutional Investor (“QDII”) platform while Fortis would significantly accelerate the development of its business in both China and Asia Pacific.. The proposed transaction would create a unique asset management franchise with Fortis Ping An Investments benefiting from two sizeable home markets, the Benelux and China, while leveraging the obvious synergies and increased global scale brought by the integration of ABN AMRO Asset Management. The partnership, with its world class combined industry expertise and product diversification, would benefit from focused knowledge sharing, including the mutual exchange of employees and the provision of consulting services. Both parties firmly believe that the partnership will result in both a higher long term growth rate and a greater quality and diversity of earnings. Fortis Ping An Investments will continue to be consolidated by Fortis. Fortis Investments has approximately EUR 23 million (net of provision) in CDO and CLO exposure as at December 31, 2007. Fortis has agreed to fully indemnify Ping An against any impairment in their value. Last November, Ping An acquired a 4.18% equity stake in Fortis, which has subsequently been raised to 4.99%. Since then, both firms have explored several areas of potential business cooperation, with asset management taking priority. Asset management represents one of the most attractive sectors within the financial services industry, given growth of personal wealth, increased demand for retirement provision and burgeoning economic growth in China and other emerging markets. Mr Peter Ma Mingzhe, Chairman and CEO of Ping An said, “The proposed partnership is a unique and strong investment opportunity. It is perfectly aligned with Ping An's long term development strategy and at the same time fully consistent with our requirements for financial investments. This acquisition will generate high financial returns and stable cash flows, and also allows Ping An to benefit from the rich brand heritage, the world-class management and industry know-how in running a diversified product offering, which have. WorldReginfo - 6908bd01-b906-46c4-bb47-da2d048ac572. According to the MOU, Fortis Investments would be re-branded “Fortis Ping An Investments”, and “平安富通投资” in Chinese. Fortis Ping An Investments’ board will comprise twelve directors; that is six non-executive, two executive and four independents. Fortis and Ping An will each nominate three non-executive directors and propose two independents. The senior management of the company will remain unchanged and will benefit from the Asian expertise of key Ping An executives. The current strategy of Fortis Investments is fully supported by both shareholders..

(2) been cultivated by Fortis and ABN AMRO over decades. Combined, these benefits will considerably accelerate Ping An’s commitment to the development of a highly competitive global financial services platform. Given the asset management sector’s enormous growth potential globally, and in China in particular, Fortis Ping An Investments should quickly become an important earnings driver for Ping An. By elevating our core capabilities in asset management in the domestic market, this transaction also supports the strengthening of our overall competitiveness and the implementation of our balanced “three business pillars” strategy, focusing on insurance, banking and investments/asset management. Finally, Ping An’s brand will now be introduced to leading financial markets globally through our new partnership utilising a well established network and thereby becoming a truly international diversified, financial institution. ”. Jean-Paul Votron, CEO of Fortis commented, “The creation of a global platform by combining Fortis Investments and the majority of the ABN AMRO Asset Management activities*** with Ping An is a unique opportunity to accelerate our growth plans for asset management, particularly within high growth markets such as China and elsewhere in Asia. We have consistently stated that to compete effectively in this sector at a global level requires both scale and expertise. Recent developments such as the acquisition of ABN AMRO and the creation of this important partnership with Ping An exemplify the extent of our global ambitions as a company. Combining Fortis Investments and ABN AMRO Asset Management, with assets under management of around EUR 245 billion*** was a critical first step, creating important synergies and a significantly enhanced global footprint. Our partnership with Ping An will provide us with unique access to the fast-growing Chinese and Asian markets, leveraging Ping An’s well established brand and extensive distribution capabilities for the benefit of our clients. The strategic growth ambition of both Fortis and Ping An are aligned and together we are creating a truly global asset manager with a greater profit growth potential in the future. ” The transaction remains subject to final agreements and regulatory approvals.. * Fortis Investments is the commercial name for the Fortis Investment Management group of companies；For details of the transaction, please refer to announcements on the Shanghai Stock Exchange and Hong Kong Stock Exchange. **Based on exchange rate of RMB 11.17 for EUR 1, as at 17th March 2008. ***All figures are proforma and post the integration of the asset management activities of ABN AMRO Asset Management; Artemis, M&C, IAM, Teda, VAM and River Road AM are not included in the transaction with Ping An. Fortis intends to manage these entities separately from Fortis Investments. The Brazilian Asset Management activities that were sold to Santander earlier are also not included.. Fortis Investments Fortis Investments is a multi-centre, multi-product global asset management company. Following the integration with the asset management activities of ABN AMRO Asset Management, Fortis Investments will have proforma assets under management of EUR 245 billion*** with over 50% of its revenues generated by third party clients. With dominance and strength in Europe, a substantial position in Asia and an enlarged presence in the Americas, the company has a true global presence, with both sales offices and some 40 dedicated investment centres in Europe, Asia and the USA. Fortis Investments offers international investment solutions, while meeting the requirements and needs of local investors, both institutional and wholesale retail. Employees in the combined entity will number over 2,000 of whom 600 will be dedicated investment professionals. Activities range from institutional portfolio management to the development and management of mutual funds, such as the Fortis L Fund, which will have some 160 sub-funds. Fortis Investments is a client-driven organisation using a disciplined investment process to satisfy its clients’ varied needs.. 2. WorldReginfo - 6908bd01-b906-46c4-bb47-da2d048ac572. Merrill Lynch acted as exclusive financial adviser to Fortis. JPMorgan acted as exclusive financial adviser to Ping An..

(3) Ping An Ping An is the first integrated financial services conglomerate in China that blends its core insurance operations into securities brokerage, commercial banking, asset management and enterprise annuities to create a highly efficient and diversified business profile. It was established in 1988 and headquartered in Shenzhen, China, and has about 244,000 sales agents and more than 50,000 full-time employees as of 30 June 2007. As of 30 June 2007, under International Financial Reporting Standards (IFRS), consolidated total assets and total equity of the Group were RMB 617.8 billion (approximately EUR 60.1 billion) and RMB 97.6 billion (approximately EUR 9.5 billion), respectively. Its shares are listed on the Hong Kong (2318) and Shanghai Stock Exchanges (601318) with a combined market capitalization of RMB 483.0 billion (approximately EUR 44.7 billion) as of February 29, 2008. In terms of gross written premiums, policy fees and premium deposits, Ping An Life is the second largest life insurance company and Ping An Property & Casualty is the third largest P&C insurance company in China. For latest results of Ping An, please refer to 2007 results announcement. More information about Ping An is available at www.pingan.com. For further information regarding Ping An, Please log on Shanghai Stock Exchange website (http://www.sse.com.cn/sseportal/ps/zhs/home.html) and Hong Kong Stock Exchange website (http://sc.hkex.com.hk/gb/www.hkex.com.hk/index_c.htm ).. Fortis 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 32.3 billion (29/02/2008), 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 65,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available at www.fortis.com.. 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 :. 3. WorldReginfo - 6908bd01-b906-46c4-bb47-da2d048ac572. Fortis Press Contacts:.

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