PRESS RELEASE Periodic Financial Information

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(1)PRESS RELEASE Periodic Financial Information Brussels/Utrecht, 12 May 2010 First quarter 2010 First quarter shows a continued strong commercial performance . Strong inflow levels up 20% on last year to EUR 5.0 billion  Increased inflow in both Life, EUR 4.0 billion (+20%) and Non-Life, EUR 1.0 billion (+16%)  Continued growth in Asia with total inflow first quarter at EUR 1.8 billion (+59%)  Inflow on a consolidated basis at EUR 3.3 billion (+5%). . Net profit Insurance after minorities up from EUR 21 million to EUR 85 million  Life net profit at EUR 91 million driven by strong recovery in all business segments  Non-Life net loss of EUR 10 million impacted by adverse weather conditions and an increased claims frequency and severity in Motor in both Belgium and UK.  Net profit UK Other Insurance at EUR 4 million. . Group net loss of EUR 209 million, due to a non-cash change in the General Account of EUR 271 million  Additional charge on RPN(I) of EUR 126 million and negative revaluation of the call option on the BNP Paribas shares of EUR 145 million. . Further rebalancing government bond portfolio  Since 1 January and up to 10 May, divestments of South-European government bonds for EUR 4.0 billion. Capital position remains strong; total insurance solvency stable at 229%  Excess capital of EUR 5.8 billion above regulatory minimum, including General Account. CEO Bart De Smet said : ”Exceptional growth from our partnerships in Asia contributed towards a strong overall commercial performance in the first quarter. For the full year we expect total inflows to exceed the 2009 levels however growth rates will be below the first quarter’s levels. The financial results of our Life operations remained solid and in line with the past quarters. Our Non-Life activities continued to be hit by extreme and adverse weather conditions. Despite the first positive impacts of tariff increases, it will take time before the full impact of the corrective measures is felt. Overall, the Insurance net result quadrupled compared to last year. The Group net result was negative due to volatility in the General Account related to the legacy issues. We have also taken steps to simplify the structure of the company with the announcement to liquidate Fortis Brussels. The positive financial tax impact of this action will only be visible in the second quarter but importantly, this will also result in higher potential returns for shareholders on the call option on the BNP Paribas shares. In line with previous announcements, Ageas took additional initiatives to adjust the risk concentration on government bonds. It reduced its position in Southern European government bonds and redeployed the proceeds into other fixed income securities. Going forward Ageas will continue to manage its investment portfolio in line with its overall investment strategy. Finally, we are pleased with the support for the name change to “Ageas”. This is an important next step in creating a new identity and moving forward as an international insurance company.”. Your partner in Insurance PRESS RELEASE. first quarter 2010 | 1. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. .

(2) Content Executive summary...................................................................................... 3 Insurance ............................................................................................................................... 4 General Account .................................................................................................................... 5 Group ..................................................................................................................................... 5. Description of the business segments ......................................................... 6     . Belgium ............................................................................................................................ 7 United Kingdom ................................................................................................................ 9 Continental Europe......................................................................................................... 11 Asia ................................................................................................................................ 12 General Account............................................................................................................. 14. Disclaimer .................................................................................................. 16. PRESS RELEASE 12 May 2010 Periodic Financial Information More information: INVESTOR RELATIONS Frank Vandenborre +32 (0)2 565 57 49 [email protected] PRESS Kathleen Steel +32 (0)2 565 22 66 [email protected]. Annexes ..................................................................................................... 17 Annex 1 : Quarterly inflow data ............................................................................................ 17 Annex 2 : Inflow per region................................................................................................... 18 Annex 3 : Evolution government bond portfolio.................................................................... 19. Analyst and Investor conference call 11.00 CET (10.00 UK Time). Replay: available until 12 June 2010 (Access Code: 311348#) + 32 2 401 89 89 (Belgium) Lines will be open ten minutes before the presentation starts, so please dial in five to ten minutes in advance. No press conference. PRESS RELEASE. first quarter 2010 | 2. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. Audiocast: www.ageas.com Listen only (Access code 10761005#): + 44 207 750 9926 (United Kingdom) + 32 2 404 03 05 (Belgium) + 1 703 621 9123 (US).

(3) Executive summary. Ageas’s first quarter results reflect the new reporting and management structure organized along four distinct insurance business lines : Belgium, United Kingdom, Continental Europe and Asia. This initiative should further enhance transparency and offer a better understanding of the business dynamics of each of the different activities. Ahead of the 2010 half year results, Ageas will publish pro forma 2009 segment information in line with the new reporting structure in the second half of June 2010. Ageas’s first quarter results are marked by a strong commercial performance with overall inflow levels up 20% compared to the same quarter last year. All segments reported better inflows, except Belgium, down 3% on last year. The latter should be seen against an exceptionally strong first quarter last year. Inflows in the Life business reflected an increased appetite for Unit-Linked products, especially in Belgium. Tariff increases in both Belgium and the United Kingdom, contributed to the increase in Gross Written Premiums in Non-Life. Asia grew almost 60% compared to last year in what is typically the peak season. In the past years the subsequent quarters typically showed more moderate volumes.. The net result of the General Account was impacted by the volatility in the fair value of some of the legacy assets, specifically the fair value of the call option on the BNP Paribas shares and the RPN(I). Finally and in line with earlier communication, Ageas continues to gradually adjust its investment portfolio and rebalance the concentration risk on some of the Southern st European government bonds. As per 10 May and since the 1 of January, Ageas reduced its position2 on Greece by EUR 0.5 billion, on Portugal by EUR 0.8 billion and on Italy by EUR 2.7 billion to respectively EUR 3.8 billion, EUR 2.2 billion and EUR 5.9 billion or a total reduction of EUR 4.0 billion, of which EUR 1.5 billion in the first quarter. The proceeds were mainly reinvested in Belgian government bonds, totaling EUR 8.4 billion as per 10 May. The remainder was invested in equities and corporate bonds. The total gross unrealized capital gains on the government bond portfolio and on the total bond portfolio evolved from EUR 871 million and EUR 1.5 billion end of December to EUR 1.2 billion and EUR 2.2 billion respectively at the end of March 2010. As a result of the significant widening of spreads on the Southern European government bonds in the recent past, unrealized capital gains on the government bond portfolio fell to EUR 538 million as per 10 May 2010. (see annex 3 for more details) Ageas has reviewed the situation on the financial markets up to 11 May 2010 and concluded that for the investments in sovereign debt, no impairment trigger was breached and thus no impairments needed to be reported.. The first quarter’s net result after minorities for Insurance amounted to EUR 85 million, compared to EUR 21 million1 last year. The net Group result after minorities amounted to EUR 209 million negative due to a EUR 294 million net loss in the General Account. While the financial performance of the Life operations was solid and not impacted by adverse financial markets, the Non-Life operations continued to suffer from unusual weather conditions and from an increase of the frequency and severity of claims..   1 Net result Insurance operations Q1 09 restated as a result of new segmentation. PRESS RELEASE. 2 Amounts at historical/amortized cost. first quarter 2010 | 3. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. On 28 and 29 April 2010 the respective General meetings of shareholders of Fortis SA/NV and Fortis N.V. approved the proposal submitted by the Board of Directors to change the company’s name from “Fortis” into “Ageas”. As of 30 April 2010, the company adopted the new name and as a consequence listing and all formal communication will take place under the name “Ageas”..

(4) Insurance. First quarter inflows in the Life activities, including nonconsolidated activities at 100%, reached EUR 4.0 billion, up 20% on the same period last year. This trend is in line with the overall inflow evolution: strong growth in Asia (+63%) and an improved performance in Continental Europe (+12%), mainly thanks to a continuation of the better performance in Luxembourg and France, already observed in the previous quarter. In Belgium, inflow levels at AG Insurance declined 6%, compared however to a very strong first quarter last year. First quarter’s gross written premiums in Non-Life reached EUR 1.0 billion, up 16%. All segments contributed to this increase with the United Kingdom and Asia growing respectively 20% and 15%. The start-up and first time consolidation of the new Italian operation contributed EUR 54 million to inflow. For more comments by segment we refer to the detailed comments by segments on p.7 to p.14. Life funds under management increased across all segments and amounted to EUR 70 billion, excluding funds under management in respect of our non-consolidated partnerships. Total funds under management amounted to EUR 75 billion compared to EUR 73 billion end of last year. Net profit Ageas’s Insurance net profit after minorities amounted to EUR 85 million of which EUR 64 million in Belgium, EUR 2 million negative in the UK, EUR 11 million in Continental Europe and EUR 12 million in Asia. This compares to a net profit of EUR 21 million last year, including a negative impact of EUR 96 million on the investment portfolio. The net profit of the Life activities amounted to EUR 91 million thanks to the strong recovery of all business segments especially in Belgium and in Continental Europe (Portugal), while the Non-. PRESS RELEASE. Life activities reported a net loss of EUR 10 million. Adverse weather conditions and an increase in the frequency and severity of claims in both Belgium and the United Kingdom are the main reasons for this performance being below expectations. This is also reflected in deteriorating combined ratios in both countries, at 113.7% in Belgium and 110.2% in the UK respectively, a result of higher claims ratios in Motor and Fire and a higher combined workmen’s compensation combined ratio in Belgium. Investment portfolio Ageas’s investment portfolio as at 31 March 2010 increased from EUR 56.3 billion to EUR 58.2 billion mainly thanks to new inflows and a revaluation of assets. The overall composition didn’t change significantly since year end with more than 90% invested in fixed income securities and around 3% in equities. 99% of the total portfolio is investment grade and about 90% of the total portfolio is rated A or higher. In line with previous communication, Ageas took further measures in 2010 to rebalance the concentration risk on some of the Southern European government bonds redeploying investments towards other European government st bond investments. Since the 1 of January 2010 and up to 10 May 2010, Ageas reduced its position on Greece by EUR 0.5 billion, on Portugal by EUR 0.8 billion and on Italy by EUR 2.7 billion or in total by EUR 4.0 billion. As at 10 May, Ageas’s total exposure to Greece, Portugal, Spain and Italy on a consolidated level amounted to EUR 13.8 billion3. The proceeds were mainly reinvested in Belgium government bonds, totaling as at 10 May EUR 8.4 billion. The total gross unrealized capital gains on the government bond portfolio and on the total bond portfolio evolved from EUR 871 million and EUR 1.5 billion at the end of December 2009 to EUR 1.2 billion and EUR 2.2 billion respectively at the end of March 2010. The changes in the first quarter are mainly related to higher unrealized gains on Belgian and German government bonds compensated by higher unrealized capital losses on Greece. As a result of the significant widening of spreads on the Southern European countries in the recent past, unrealized capital gains on the government bond portfolio fell to EUR 538 million as per 10 May 2010.  3 At historical/amortized cost. first quarter 2010 | 4. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. Gross inflows Total gross inflows for the first quarter, including EUR 1.7 billion from non-consolidated partnerships on a 100% basis, amounted to EUR 5.0 billion, up 20% compared to the same period last year. This significant increase is mainly due to the substantially higher inflow levels in the Asian operations, especially in China and to a lesser extent in Malaysia and Thailand. Overall Inflow levels also increased in Continental Europe and the United Kingdom by 16% and 21% respectively. Total gross inflows in Belgium declined 3%, mainly due to a somewhat lower inflow through the bank channel compared to last year..

(5) General Account The General Account segment reported a net loss of EUR 294 million in the first quarter of 2010, due to the volatility in the valuation of some of the legacy assets and liabilities. The fair value of the call option on the BNP Paribas shares declined to EUR 436 million net-of-tax at the end of March compared to EUR 581 million at the end of December, due to a lower volatility assumption and a higher dividend yield. The announced liquidation of the sub-holding Fortis Brussels SA/NV will result in a positive tax impact for the Group. Based on the situation end of March 2010, this will amount to EUR 330 million. It will also allow future taxable income including the potential proceeds from the call option on the BNP Paribas shares to be offset. The recovery of the formerly recognized deferred tax losses in the P&L at Ageas’s level will take place in the second quarter of 2010. The fair value of the RPN(I) was impacted by the increased value of the CASHES and a lower discount rate used. This resulted in a higher negative fair value for RPN(I), EUR 442 million compared to EUR 316 million end of last year. The available net cash flow projections do not indicate elements that would lead Ageas’s to conclude that the equity investment in Royal Park Investments needs to be impaired as per end of March.. PRESS RELEASE. Group Shareholders’ equity, net cash and capital position Shareholder’s net equity at 31 March 2010 amounted to EUR 8.5 billion compared to EUR 8.4 billion at the end of December. Positive revaluations of equities and bond investments (EUR 0.3 billion), currency revaluations of the Asian and UK participations (EUR 0.1 billion) more than compensated for the net loss of the first quarter. Capital Ageas’s core equity amounted to EUR 8.5 billion on 31 March 2010 and exceeded the total consolidated regulatory minimum requirements of the insurance activities by EUR 5.8 billion. This figure includes the capital available at the level of the General Account. Total available capital of the insurance activities amounted to EUR 6.5 billion, with a solvency ratio coming down slightly to 229% of the legally required minimum. The solvency ratios of Belgium and the new International segments, United Kingdom, Continental Europe and Asia, amount to 200%, 298%, 249% and 902% respectively. Net cash position The net cash position of General as at 31 March 2010, assuming full redemption of the European Medium Term Notes (EMTN) programme, amounted to EUR 2.8 billion. The level of discretionary capital the end of March 2010 was EUR 1.0 billion, the decrease being due to the negative result of the General Account, the scope change of the General Account, partially compensated by a lower valuation of the BNP call option.. first quarter 2010 | 5. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. The composition of the corporate bond portfolio remained stable compared to the end of last year with mainly investment grade investments and only minor investments in hybrid or non-Tier 1 related financial investments..

(6) Description of the business segments Ageas’s first quarter results reflect the new reporting structure along the lines of the four insurance business segments already reflected in the Management Committee: Belgium, United Kingdom, Continental Europe and Asia. This initiative should facilitate increased transparency and a better understanding of the business dynamics of each of the different activities. Hereafter a short business description of the new segments:. United Kingdom Ageas’s business in the UK is a leading national provider of Non-Life insurance solutions and a related Life protection business launched in 2008. The UK business has a strong presence in the personal lines market and is continuing to expand its commercial lines propositions. In Q1 2010, the product split in the UK was around 83% Personal lines products and 17% Commercial. The UK business is the affinity partner of a number of very strong brands including Tesco, John Lewis Partnership and Toyota. The UK business adopts a multi-channel distribution strategy across brokers, affinity partners and owned distribution. Its 100% owned subsidiaries include RIAS which has over a million customers in the growing over 50 age categories market segment and Fortis Insurance Solutions which provides white label solutions to affinity partners, outsourcing services as well as direct internet promotion of its own brands.. Continental Europe Continental Europe consists of the European insurance activities, except for Belgium and the United Kingdom. It includes seven countries and is a mix of leading positions in mature markets such as Portugal and Luxembourg and smaller positions in fast-growing markets such as Turkey or the new partnership in Non-Life in Italy. In 2009, about 95% of total inflows were Life related complemented with a NonLife activity in Portugal and Luxembourg. As part of the strategic review in 2009, the Continental Europe segment took a number of initiatives to align its portfolio that led to the decision to sell the Non-Life activities in Luxembourg and to place the Russian operations in run-off. Asia Ageas is active in five countries in Asia with its regional office based in Hong Kong and the subsidiary in Hong Kong being fully-owned. The other activities are organised in the form of joint ventures with leading local partners and financial institutions in China, Malaysia, Thailand and India. In terms of reporting, Ageas will report on a consolidated basis on Hong Kong while the other stakes are accounted for as equity investments.. In order to provide transparency regarding the contribution from its different business segments, Ageas will in the future be reporting the UK results in three sub-segments – Life, Non-Life and Other Insurance, which includes the results of its retail operations.. PRESS RELEASE. first quarter 2010 | 6. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. Belgium The Belgian insurance activities, operating since June 2009 under the name of AG Insurance, have a long standing history. Total gross inflows in 2009 amounted to nearly EUR 7 billion and the company serves more than 2.5 million customers. 75 to 80% of total inflow relates to Life insurance while 20 to 25% to Non-Life. It offers a comprehensive range of Life and Non-Life products sold to private individuals and SMEs. It operates a multichannel strategy with distribution via more than 3,000 independent brokers and via the bank channels of BNP Paribas Fortis and its subsidiaries. AG Employee Benefits is the dedicated business unit selling group life and health care products, mainly to larger enterprises. Since May 2009, BNP Paribas Fortis owns 25% of AG Insurance..

(7) Belgium . Total inflow first quarter at EUR 1.8 billion, 3% down on last year due to lower inflows in Life via the bank channel. . Sales of unit-linked products and term insurance up in first quarter. . Net profit at EUR 64 million thanks to a strong contribution from Life, partially offset by a disappointing performance in Non-Life. Belgium through AG Insurance reported a net profit before minorities of EUR 85 million (EUR 64 million after minorities). This compares to a net result of EUR 5 million for the same period last year. The net-of-tax impact related to the situation in the financial markets amounted to EUR 86 million negative last year compared to a EUR 12 million positive capital gain on the sale of equities and bonds in the first quarter of this year. The positive evolution of the Life results was partly offset by the negative result in Non-Life, suffering from adverse claims experience in Fire and Motor as a result of extreme winter conditions and the weather storm Xynthia. An increased frequency in permanent disability claims, affected Workmen’s compensation, which resulted in a combined ratio in the first quarter of 113.7% including Workmen’s Compensation, and a combined ratio excluding the impact of the Workmen’s Compensation of 110.8%. Life Life gross inflows amounted to EUR 1.3 billion, down 6% on the same quarter last year. Individual Life stood at EUR 1 billion, down 6% as last year’s inflow levels in the bank channel were boosted by specific commercial campaigns and favourable interest rates. Lower volumes in traditional savings products were partially offset by successful unit-linked products. The latter reached EUR 205 million of inflow in the first quarter compared to EUR 98 million last year. Inflows via the broker channel further recovered (+18%), confirming the positive trend of the second half last year.. PRESS RELEASE. Group Life business recorded a EUR 271 million inflow, down 6% on the same period last year, which included exceptional premium payments to cover the underfinancing of certain group unit-linked contracts. Life funds under management amounted to EUR 46.5 billion, up 10% on last year, supported by the sales in savings and the value increase related to unit-linked contracts. Life net profit before minorities amounted to EUR 95 million compared with EUR 5 million last year. The result includes EUR 10 million of realized capital gains on equities and bonds. Normalising net profit for the negative impact of the financial markets last year (EUR 82 million), and the capital gains of this year, the intrinsic performance of AG Insurance Life business remained at a stable level comparable to last year. Non-Life Gross written premiums in the first quarter of 2010 were at EUR 483 million, up 7% on the same period last year, positively impacted by factors such as tariff increases in Motor and Fire. In addition a higher proportional impact on inflows from traditional contract renewals in the first quarter and a strong performance in Health Care supported by the new sector plan for the construction sector, concluded in the second half last year, contributed to this positive evolution. Property and Casualty insurance increased by 6% to EUR 325 million, mainly thanks to Motor (+9% to EUR 144 million). Despite the negative ABEX-index evolution, Property premiums increased by 3% to EUR 137 million. Accident and Health noted a strong 8% growth to EUR 158 million of which EUR 71 million premium being Health Care related (+17%).. first quarter 2010 | 7. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. Total gross inflows for the first three months amounted to EUR 1.8 billion, a decrease of 3% on the same period last year. Non-Life gross written premiums increased 7% but could not offset the lower inflow levels in Life. The decrease in Life was explained by a number of exceptionally high inflows as well in Individual as in Group Life last year..

(8) At the end of the first quarter, the combined ratio amounted to 113.7% compared to 107.2% last year. Excluding Workmen’s Compensation, it reached 110.8% compared to 107.3% last year. Both quarters were hit by weather related events. Extreme winter conditions and the storm Xynthia impacted the results more than last year. In addition, the increased frequency and a less favourable development of prior year claims in both Motor and Workmen’s Compensation as well as some large claims in Fire explain the higher combined ratio. More specifically, Motor claims frequency peaked in both liability and material damage. Corrective measures such as tariff increases in Fire and Motor and changed product features are not yet fully reflected in the results as they have not yet gone through the entire portfolio renewal process.. PRESS RELEASE. first quarter 2010 | 8. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. In line with the worsened operational performance, Non-Life net profit before minorities declined compared to last year and was EUR 10 million negative. This compared to EUR 1 million positive last year..

(9) United Kingdom . Inflow first quarter at EUR 265 million, 21% up on last year. . Net result down to EUR 2 million negative, mainly due to adverse performance in the private motor book. . New underwriting partnership with Tesco on track and ready to start production by year end. Life Following its launch in July 2008, the UK’s Life business continued to make positive progress in the protection market, reporting gross inflows of EUR 5 million end of March. The business currently receives an average of more than 600 applications per day and is now providing cover to over 80,000 customers. The first quarter saw the UK Life business continue its roll out to a number of specialist IFAs, nationals and networks, including Simply Biz, extending its coverage in the overall protection market to over 18,000 advisers. It is planned that the UK’s protection products will be available to the whole of the IFA market by midyear 2010. The net loss for the first quarter was EUR 0.7 million compared to a EUR 1.8 million loss in the first quarter of 2009.. PRESS RELEASE. Non-Life Total gross written premiums for the first quarter increased by 20% to EUR 260 million over the same period in 2009 (EUR 217 million), driven by the continued development of Ageas’s Personal and Commercial lines accounts in the UK. Growth in Personal lines business has been supported by the development of the Household portfolio, where there has been a strong performance from a number of household partners. Total inflow of the Personal lines travel sub segment in the first quarter amounted to EUR 15 million. Complementing its strong Personal lines performance, the UK business also saw an 82 % growth in Commercial lines business to reach EUR 44 million, as a result of the insurer’s strategy to expand in this market. Noteworthy developments made in the first quarter of 2010 include the full launch into the Fleet market, broadening of its underwriting footprint, and the continued development of its electronic trading capability making it easier and more efficient for brokers to transact Commercial lines business. Momentum is expected to continue in the second quarter, with additional new product developments and progress with electronic trading on a full cycle basis. Against the background of difficult economic conditions, NonLife net profit has been impacted by an above average level of claims resulting from the severe cold weather events in January. In addition, poor performance in private motor continues to be an industry wide issue, driven by increases in third party injury claims and third party damage costs. Results in private motor are expected to improve during 2010 as a result of management actions and overall tariff increases on an industry level.. first quarter 2010 | 9. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. Inflow levels in the first quarter were up 21% to EUR 265 million thanks to strong growth in the UK’s Non-Life business both in Personal and in Commercial lines. The recently launched Life protection business continues to develop well with a substantial growth in the number of policies. The operating performance in Non-Life was touched by the severe winter weather conditions, resulting in an increased combined ratio. Especially in Motor, the increase in the claims ratio in the first quarter resulted in a negative net result. This was partially compensated by a positive contribution from the UK’s retail operations, including RIAS and Fortis Insurance Solutions. These continue to perform well in a competitive environment..

(10) The deterioration of the combined ratio resulted in a negative net result contribution of EUR 4.9 million compared to EUR 2.5 million net profit in Q1 2009. One-off start up costs for the new partnership with Tesco and higher realized capital gains last year explain for the remainder of the negative variance. Finally, significant progress continues to be made in setting up the new insurance underwriting business as a result of the partnership with Tesco announced last year, of which 50.1% is owned by Ageas’s UK business. The company is on track to start transacting business by the end of the year.. PRESS RELEASE. Other Insurance The retail operations of the UK business, RIAS and Fortis Insurance Solutions continue to trade well in a competitive environment, focusing on pricing, customer service and new offerings to support new business and retention levels. The retail operations produced a 6% year on year increase in income to EUR 29 million, driven by good performance on renewals, add-on income and growth in partnership income, building on the healthy pipeline of partnership opportunities secured by the UK business in 2009. Net profit was stable at EUR 3.6 million in the first quarter, despite pressure on retail margins and additional investments associated with the take-up of new schemes.. first quarter 2010 | 10. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. Non-Life combined ratio for the UK business in the first quarter of 2010 was 110.2% compared with 108.9% in the same period in 2009. This 2010 result reflected the impact of the severe winter weather experienced in January. The claims ratio Motor (Private Car + Van) went up from 82.5% last year to 87.5% this year, in line with expectations given the industry wide issue..

(11) Continental Europe . Strong commercial performance with inflow levels up 16% to EUR 1.1 billion. . Net profit substantially up to EUR 11 million. . Italian joint venture in Non-Life with BNP Paribas Assurance and UBI Banca operational as per 1 January. . Sale of Non-Life operations in Luxembourg closed early January; Realized capital gain accounted in General Account. Total gross inflow reached EUR 1,129 million in the first quarter, a 16% increase compared to last year, driven by the substantially improved performance in Luxembourg (+154%) and France (+34 %) Both entities suffered, especially in the first part of 2009, from the impact of the financial crisis in general but also from the turbulence around Fortis.. interest rate reduction and lower structured unit-linked sales. Nevertheless, similar to the trend in Belgium, unit-linked sales, Continental Europe’s main life business line, grew 17 % to EUR 488 million, mainly thanks to the Luxembourg operations, which is a predominately unit-linked driven business.. st As from 1 of January, the Italian partnership with BNP Paribas Assurance and UBI Banca in Non-Life is operational. It contributed EUR 54 million to the inflow levels of Continental Europe, whereas the Luxembourg Non-Life activities were excluded following the sale of this activity end of last year.. Net profit after minorities for the first quarter amounted to EUR 11 million substantially up on last year (EUR 4 million), as previous year first quarter’s net profit was still impacted by the financial crisis.. Life Life gross inflow reached EUR 1.0 billion, up 12 % compared to last year, with Luxembourg and France more than offsetting the lower inflow in Portugal. Renewed product offering and strong commercial focus have driven the recovery, translated into an encouraging pick-up of the sales performance. Moreover, in France, underwriting via Sicavonline, the internet site of Avenir Finance, will start to contribute as from the second quarter. Inflow levels in Portugal, the main Continental Europe operation, remained steady at EUR 554 million but nevertheless 19 % below last year’s levels. This is explained by an exceptionally strong first quarter in 2009 in pension business, reflecting the anticipation by clients of a potential. PRESS RELEASE. Non-Life Non-life gross written premiums reached EUR 119 million in the first quarter, compared to EUR 71 million last year. The increase is essentially related to the start of the Italian operations, contributing EUR 54 million, partially offset by the deconsolidation of the Luxembourg Non-Life operations. Portuguese Non-Life activities grew more than 10 % in an overall shrinking market, thanks to the strong development in health business driven by the strong brand Médis (2nd largest health company). Net profit after minorities reached EUR 1 million, compared to break-even last year, despite our Portuguese activity being negatively hit by the heavy weather in Madeira in February. The Combined ratio stood at 97.6%.. first quarter 2010 | 11. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. Net profit after minorities reached EUR 11 million, compared to EUR 3 million last year, mainly explained by the impact of the financial crisis on 2009’ first quarter, estimated to be some EUR 6 million negative last year. All countries contributed to this growth, with Portugal and France especially performing substantially above last year’s levels.. Funds under Management went up to EUR 22.4 billion, up 21% on the same quarter 2009. Luxembourg and Portugal, together more than 80% of the total amount, increased by 28% and 19% respectively. The higher Funds under Management are mainly due to inflow, reduced lapses and the overall shape of the financial markets, influencing the fair value of the unit-linked portfolio (more than 60% of the total Funds Under Management)..

(12) Asia . Total inflow first quarter at EUR 1.8 billion, 59% up on last year. . Double digit growth of inflows in all non-consolidated partnerships, with China excelling with a 77% growth. . Net profit increased to EUR 12 million. First quarter’s net profit after minorities was EUR 12 million, compared to EUR 9 million in the same period last year, an increase of 42%, largely supported by improved cost ratio’s and investment performance. Life First quarter total Life gross inflow, including nonconsolidated partnerships at 100%, amounted to EUR 1.7 billion, 63% up compared to last year. Excluding the exchange rate impact, the inflow increased by 70%. The quarterly gross inflow of the consolidated operations in Hong Kong reached EUR 68 million, 4% higher compared to the same period last year and up 10% at constant exchange rates. The development of the gross inflows of the non-consolidated partnerships was significant, EUR 1.6 billion or up 67%, with all activities strongly increasing the gross inflow as well as the new business volumes, and this despite unfavourable exchange rate movements.. Gross inflow was up 77% to EUR 1.3 billion. Single premium business contributed EUR 775 million (+98%) whereas regular premium new business grew with 30% to EUR 227 million. Despite the current political turmoil in Thailand, gross inflow levels increased 45% to EUR 156 million of which EUR 45 million new regular premium business (+66%). Muang Thai Life benefited significantly from the increased support of KASIKORNBANK, which became the largest shareholder at the end of last year. Our partnership with Maybank in Malaysia also developed well. Etiqa’s life insurance and takaful family operations grew strongly, supported by non-participating single premium product innovation and takaful mortgage related life insurance premium production through various local partnerships. Gross inflow levels increased by 28% to EUR 185 million of which EUR 125 million was single premium (+37%). IDBI Fortis Life Insurance Company in India successfully st completed its second financial year on 31 March 2010 with a first quarter gross inflow of EUR 41 million, up 88%. The growth was supported by the strong brands of both partner banks – IDBI Bank and Federal Bank – balanced investment in agency distribution and strong focus on product innovation.. Increased inflow levels in China were driven by further investments in distribution capacity, supported by regained investor and client confidence, and additionally boosted by single premium product innovation and related commercial campaigns in the Bancassurance channel. The continued expansion of the agency force, reaching almost 67,000 people at quarter’s end, translated into solid regular premium new business.. PRESS RELEASE. first quarter 2010 | 12. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. In the wake of further economic recovery and stabilizing financial markets in the Asian region, total gross inflow, including non-consolidated partnerships at 100%, in the first quarter reached EUR 1.81 billion, significantly above the inflow levels in the first quarter’ last year (+59%). This substantial growth was broad-based throughout the region with growth in all countries, both in Life as well as Non-Life business lines..

(13) First quarter’s net profit after minorities in Life amounted to EUR 10 million, compared to EUR 8 million last year (+27%). This was achieved through three main components:  The contribution of the consolidated Hong Kong subsidiary improved significantly to EUR 4.8 million from EUR 0.5 million negative mainly due to improved cost ratios and investment income.  The contribution of the non-consolidated partnerships declined to EUR 7.4 million, compared to EUR 10.1 million last year mainly due to increased acquisition costs (related to new business) and distribution expansion initiatives in line with the strong gross inflow growth.  Other income and costs of the Asia region were EUR 2.6 million negative, compared to EUR 2.1 million negative over the first quarter 2009. PRESS RELEASE. Non-Life Non-Life gross written premiums -at 100% and entirely attributable to our non-consolidated joint ventures- increased 15% over the first quarter to EUR 109 million. Both joint ventures in Malaysia and Thailand performed well, mainly driven by a strong development of the retail motor and corporate Marine, Aviation and Transport- lines. Gross written premiums increased to EUR 83 million (+15%) and EUR 26 million (+17%) respectively. Year-to-date net profit after minorities in Non-Life more than doubled to EUR 2.6 million, compared to EUR 1.0 million last year, mainly supported by significant improved claims experiences and better cost-ratios.. first quarter 2010 | 13. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. Funds under management (consolidated companies only) increased to EUR 1.2 billion, a growth of about 20% compared to the first quarter 2009. Including the nonconsolidated partnerships, funds under management reached EUR 13.8 billion (+31%)..

(14) General Account . Net result of EUR 294 million negative. . Value call option on BNP Paribas shares at EUR 436 million net-of-tax, down EUR 145 million. . Fair value of RPN(I) at EUR 442 million negative. The first quarter net profit of the General Account after eliminations amounted to EUR 294 million negative, including a EUR 145 million negative revaluation of the call option on the BNP Paribas shares net-of-tax, an additional charge of EUR 126 million related to the fair value of the quarterly interest payments related to the Relative Performance Note (RPN(I)) and a capital gain of EUR 12 million on the sale of the Non-Life activities in Luxembourg to La Bâloise.. Value of the call option on BNP Paribas shares granted by SFPI/FPIM Using the same methodology as in the past quarters, based on standard Black-Scholes models, Ageas estimated the value of the 121.2 million BNP Paribas options to be EUR 660 million before tax as of 31 March 2010 compared to EUR 880 million end December 2009. The negative variance is mainly due to a higher dividend yield market expectations and a reduced volatility to 24%.. The equity investment in Royal Park Investments was not impacted by periodic impairment testing.. Fair value of RPN(I) For the calculation of the fair value of the RPN(I), Ageas adopted the level 3 valuation model based on valuation techniques for financial derivative instruments, introduced end 2009. At the end of March the total liability for RPN(I) amounted to EUR 442 million compared to EUR 316 million end of December 2009. This reflects an additional negative charge of EUR 126 million in the first quarter and is the result of the increased market value of the CASHES and a decrease of the discount rate used. The main assumptions used in the model as per 31 March 2010 are a market value for CASHES of 60.4%, an initial Ageas’s share price of EUR 2.64, reflecting the closing price at the end of the first quarter, an implied share price volatility of 43% and a decrease of the discount spread used with 75 bps to 470 bps, reflecting the improved spread on Ageas’s related liabilities such as FRESH. The quarterly interest payment for the first quarter amounted to EUR 1.6 million.. PRESS RELEASE. first quarter 2010 | 14. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. Operating expenses in the first quarter amounted to EUR 19 million, including a number of one-off items. The net interest margin for the period was EUR 4 million negative..

(15) The following table provides an overview of the main parameters used, including a comparison with the assumptions used on 31 December 2009.. 31 March 2010. 31 December 2009. BNP Paribas share price (EUR). 56.85. 55.85. Strike price (EUR). 66.672. 66.672. Volatility Dividend yield. 24%. 27%. 4.476%. 3.565%. Price option (EUR). 7.78. 10.37. Theoretical value of 121.2 mio options (EUR mio). 943. 1,257. Discount because of non-standard features call option. 30%. 30%. Estimated value before tax (EUR mio). 660. 880. Deferred tax (EUR mio). 224. 229. Estimated Value net-of-tax (EUR mio). 436. 581. *) The volatility as well as the dividend assumption have a relatively important impact on the outcome of the theoretical option value before discount. A change in the volatility by 5%, keeping the other input variables equal, results in a 32% change of the theoretical value. Lowering the dividend assumption to 4%, keeping the other input variables equal, results in a 7% increase of the theoretical value, while an increase of the dividend assumption to 5%, all other input variables kept equal, results in a 6% decrease of the theoretical value.. Ageas announced on 13 April 2010 its intention to liquidate its sub-holding Fortis Brussels SA/NV. This will lead to a positive tax impact on ageas SA/NV as a result of the tax deduction corresponding to the losses suffered on the disposal of the banking assets in October 2008, being estimated at EUR 11.6 billion. This estimated tax loss carried forward from ageas SA/NV can be used to offset future taxable income including any proceeds from the call option on the BNP Paribas shares. As a result, Ageas will record a benefit equal to the current net deferred tax liabilities of ageas SA/NV, including the tax liabilities recorded on the accounting value of the call option on the BNP Paribas shares. Based on the situation end of March 2010, this will amount to EUR 330 million. This will be applicable as from the second quarter of 2010 only and as a result Ageas has still accounted for a deferred tax liability of EUR 224 million related to the BNP Paribas call option at the end of the first quarter.. Royal Park Investments (RPI) End of March 2010, the fair value of the loan portfolio under IFRS and the net debt outstanding amounted to EUR 7.3 billion and EUR 8.2 billion respectively. Total interest payments and principal collections for the first quarter of 2010 amounted to EUR 41 million and EUR 358 million respectively. The available net cash flow projections do not indicate elements that would lead Ageas to conclude that the equity investment in Royal Park Investments needs to be impaired. For more information on RPI and its assets, please refer to www.royalparkinvestments.com. Other items General Net interest income for the first three months amounted to EUR 4 million negative due to the current mismatch between assets and liabilities. Furthermore the net result of the General Account includes a capital gain of EUR 12 million, following the closing of the sale of the Non-Life operations in Luxembourg to La Bâloise early January. Operating expenses amounted to EUR 19 million and still include some one-off costs related to separation, restructuring and legal issues.. PRESS RELEASE. first quarter 2010 | 15. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. The main sensitivities of the valuation model have remained unchanged compared to previous quarters..

(16) Disclaimer. The forward-looking statements are no guarantee of future performance and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Ageas’s ability to control or estimate precisely, such as future market conditions and the behaviour of other market participants. Other unknown or unpredictable factors beyond the control of Ageas could also cause actual results to differ materially from those in the statements and include but are not limited to the consent required from regulatory and supervisory authorities and the outcome of pending and future litigation involving Ageas. Therefore undue reliance should not be placed on such statements. Ageas assumes no obligation and does not intend to update these statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable law.. PRESS RELEASE. Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. They are grouped around four segments : Belgium, United Kingdom, Continental Europe and Asia. It is an undisputed leader in the Belgian market for individual life and employee benefits, as well as a leading Non-Life player through AG Insurance. Internationally Ageas has a strong rd presence in the UK, where it is the 3 largest player in private car insurance. The company also has subsidiaries in France, Germany, Turkey, Ukraine and Hong Kong. Ageas has a strong track record in developing partnerships with key distributors in different markets and successfully operates partnerships in Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand. Ageas employs more than 11,000 people and has annual inflows of almost EUR 16 billion.. first quarter 2010 | 16. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. The information on which the statements in this press release are based may be subject to change and this press release may also contain certain projections or other forward lookingstatements concerning Ageas. These statements are based on current expectations of the management of Ageas and are naturally subject to uncertainties, assumptions and changes in circumstances. The financial information included in this interim management statement is unaudited..

(17) Annexes Annex 1 : Quarterly inflow data YTD 10. YTD 09. Variance. Q1 10. Q1 09. Variance. 1,109 206 1,315. 1,285 116 1,401. (14%) 78% (6%). 1,109 206 1,315. 1,285 116 1,401. (14%) 78% (6%). 483. 453. 7%. 483. 453. 7%. 1,798. 1,854. (3%). 1,798. 1,854. (3%). 5 0 5. 1 0 1. 351%. 1 0 1. 351%. 351%. 5 0 5. Gross Written premiums Non-Life. 260. 217. 20%. 260. 217. 20%. Total inflow United Kingdom Continental Europe Gross written premiums Investment contracts without DPF* Gross Inflow Life. 265. 218. 21%. 265. 218. 21%. 538 472 1,010. 498 402 900. 8% 17% 12%. 538 472 1,010. 498 402 900. 8% 17% 12%. 119. 71. 68%. 119. 71. 68%. 1,129. 971. 16%. 1,129. 971. 16%. 47 21 68. 48 17 65. (2%) 19% 5%. 47 21 68. 48 17 65. (2%) 19% 5%. 0. 0. 0. 0. 68. 65. 5%. 68. 65. 5%. Non-consolidated partnerships at 100%. 1,741. 1,074. 62%. 1,741. 1,074. 62%. Total inflow Asia Total inflow. 1,809 5,001. 1,139 4,182. 59% 20%. 1,809 5,001. 1,139 4,182. 59% 20%. YTD 10. YTD 09. Variance. Q1 10. Q1 09. Variance. 1,315. 1,401. (6%). 1,315. 1,401. (6%). 5. 1. 400%. 5. 1. 400%. Belgium Gross written premiums Investment contracts without DPF* Gross Inflow Life Gross Written premiums Non-Life Total inflow Belgium United Kingdom Gross written premiums Investment contracts without DPF Gross Inflow Life. Gross Written premiums Non-Life Total inflow Continental Europe Asia Gross written premiums Investment contracts without DPF* Gross Inflow Life Gross Written premiums Non-Life Total inflow consolidated. By type (EUR mio). 351%. Life Belgium United Kingdom Continental Europe. 1,010. 900. 12%. 1,010. 900. 12%. Asia. 1,700. 1,044. 63%. 1,700. 1,044. 63%. Fully consolidated. 68. 65. 5%. 68. 65. 5%. Non-consolidated partnerships at 100%. 1,632. 979. 67%. 1632. 979. 67%. Total inflow Life. 4,030. 3,346. 20%. 4,030. 3,346. 20%. Belgium. 483. 453. 7%. 483. 453. 7%. United Kingdom. 260. 217. 20%. 260. 217. 20%. Continental Europe. 119. 71. 68%. 119. 71. 68%. Asia. 109. 95. 15%. 109. 95. 15%. 0. 0. 0. 0. Non-Life. Fully consolidated Non-consolidated partnerships at 100% Total Gross Written Premiums Non-Life Total inflow. PRESS RELEASE. 109. 95. 15%. 109. 95. 15%. 971 5,001. 836 4,182. 16% 20%. 971 5,001. 836 4,182. 16% 20%. first quarter 2010 | 17. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. By segment (EUR mio).

(18) Annex 2 : Inflow per region Key Figures per region (at 100%) Gross inflow Life. in EUR million. GWP Non-Life. Total. % ownership. Q1 10. Q1 09. Q1 10. Q1 09. Q1 10. Q1 09. Belgium. 75%. 1,315. 1,401. 483. 453. 1,798. 1,854. United Kingdom. 100%. 5. 1. 260. 217. 265. 218. Continental Europe. 1,009. 899. 120. 71. 1,129. 970. Portugal. 51%. 554. 683. 66. 59. 620. 742. France. 100%. 100. 74. 50%/100%. 327. 117. Luxembourg. 12. 100. 74. 327. 129. Germany. 100%. 12. 8. 12. 8. Turkey. 100%. 16. 17. 16. 17. Italy. 25%. Asia. 54 109. 54. 1,700. 1,045. 95. 100%. 68. 66. Malaysia. 31%. 185. 144. 83. 73. Thailand. 31%/13%. 26. 22. 1,809. 1,140. 68. 66. 268. 217. Consolidated entities Hong Kong. 156. 108. 182. 130. China. 25%. 1,250. 705. 1,250. 705. India. 26%. 41. 22. 41. 22. 4,029. 3,346. 5,001. 4,182. Total. PRESS RELEASE. 972. 836. first quarter 2010 | 18. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. Non-consolidated partnerships’s at 100%.

(19) Annex 3 : Evolution government bond portfolio Fair Value. EUR mio. Belgium The Netherlands. Gross unrealized gains (losses)*. 10-May-10**. 31-Mar-10. 31-Dec-09. 10-May-10**. 31-Mar-10. 31-Dec-09. 8,993. 8,233. 6,941. 546. 536. 369. 876. 650. 681. 39. 29. 17. Germany. 2,154. 1,909. 1,675. 145. 111. 43. Italy. 6,075. 7,429. 8,913. 175. 344. 315. France. 2,378. 1,962. 1,719. 143. 122. 81. 551. 551. 553. 9. 9. 8. Greece. 3,098. 3,853. 4,077. (746). (377). (241). Spain. 1,912. 2,026. 2,002. 28. 90. 58. Portugal. 2,182. 3,160. 3,072. (21). 109. 109. Austria. 2,139. 1,730. 1,557. 100. 85. 30. Finland. 435. 211. 187. 12. 10. 6. Others. 2,399. 2,319. 2,058. 108. 118. 77. 33,191. 34,033. 33,435. 538. 1,186. 871. Great Britain. Total. * Gross unrealized gains are before tax and before shadow accounting. PRESS RELEASE. first quarter 2010 | 19. WorldReginfo - 1f04e7a1-495b-451c-ae8c-655f47b88599. ** Data are best estimates based on the most recent information available.

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