Full year results 2011

AGENDA

CEO update

Financials

Selected topics

220 February 2012 I

Insurance results affected by adverse financial markets, Strong operational improvement in Non-Life

Group net loss of EUR 578 mio

Resilient balance sheet

Highlights FY 2011*

Net loss of EUR 313 mio (vs. EUR 391 mio positive)

Total net impairment charges of EUR 908 mio Group combined ratio at 101.1% (vs.107.3%)

Inflow at EUR 17.2 bn, -4% FuM scope-on-scope stable at EUR 70.6 bn

General Account net loss at EUR 265 mio EUR 215 mio legacy related charges

Shareholders’ equity at EUR 3.23 per share Insurance solvency ratio resilient at 207%, Group

solvency at 237%

* All FY11 data are compared to the FY 10 figures unless otherwise stated

Proposed gross cash dividend of 8 eurocent per share

320 February 2012 I

(313)

908391595

FY 10 FY 11

223

(168) (265)

391

(313)

(578)

FY 10 FY 11

FY 10 9M 11 FY 11

Impairment charges cloud the insurance performanceBalance sheet remains strong & stableNet result : Capital gains partly offset impairmentsIn EUR mio In EUR mio

Strong Insurance solvency*, not impacted by impairments

Proposed gross dividend 2011 In eurocent

Combined ratio substantially improved

Group : General Account remains volatile

Insurance General Account

227% 2.893.233.26

FY 10 H1 11 FY 11

Shareholders’ equity upEUR per share

8 88

FY 09 FY 10 FY 11

FY 10 H1 11 FY 11

101.1%101.2%107.3%

210%

* Based on regulator’s view

207%

Reported Ins resultAdjusted Insurance resultImpairments Greece, equities, & AICACapital gains: EUR 167 mio (EUR 62 mio in 2010)

420 February 2012 I

Lower Life inflows, Non-Life up across all segmentsTotal inflows at EUR 17.2 bn, -4%; UK up 69%

Asia* :Life : EUR 5.6 bn, -1% Outstanding 2010 performance equalled; Increased focus on

regular premiums Banks across Asia focus on liquidity & growing deposit baseNon-Life : EUR 0.6 bn, +18%

Continental Europe* :Life : EUR 2.2 bn, -36% Portugal, -38% due to macro-economic environment Luxembourg, -37%, due to lower benefit FoS regulationNon-Life : EUR 0.6 bn, +42% Portugal : further up in Healthcare, driven by strong Médis brand Italy : stable premiums despite increased focus on profitability Turkey: EUR 0.2 bn inflows since August 11 (Ageas’s share)

Belgium :Life : EUR 4.5 bn, -12% Strong competition from banks & state bonds Overall lower appetite for insurance savings productsNon-Life : EUR 1.7 bn, +5% Growth outperforms the market Mix of portfolio growth & tariff increases

UK :Non-Life : EUR 2.0bn, +68% Tesco Underwriting : EUR 755 mio in 2011 Ageas Insurance : Inflows +14% Household +24% ex Tesco; Commercial +10% Life : EUR 51 mio, +82% Increasing market share of Ageas ProtectOther : EUR 272 mio, +51% Acquisitions KFFS & Castle Cover drive growth

* incl. Non-controlling interests at 100%

520 February 2012 I

EUR 2,381 mio

86

(327)

(64)(8)

Belgium UK CE Asia

Inflow breakdown by segment Gross inflow FY 11 = EUR 17.2 bn*

Result breakdown by segment Net result FY 11 = EUR 313 mio negative

Equity breakdown by segmentTotal shareholders’ equity FY 11 = EUR 7.8 bn

Asia 36%

Belgium 36%

ContinentalEurope 16%

Belgium 40%


Asia 28%

* Including non-consolidated partnerships at 100%: EUR 6.0bn

United Kingdom 12%

UK 17%

Life FuM breakdown by segmentTotal FuM FY 11 = EUR 82.9 bn*

Belgium 59%


Asia 24%

* Including non-consolidated partnerships at 100%

Asia non-consolidated JV’s

EUR 1,008 mio

EUR 1,687 mio

EUR 929 mio

General Account EUR 1,756 mio

AKSigorta, Turkey

Asia non-consolidated JV’s

Insurance: Various views on Ageas by segment Contribution UK nearly doubled vs. 2010

620 February 2012 I

Improve operational performance Underlying Insurance result up, driven by better

Non-Life performance

Strengthen Insurance activities Non-Life: successful start Tesco Underwriting

(UK) & acquisition stake (Turkey – CEU)

Life: focus on consolidation / strengthening market position, ao in Luxembourg

Make progress on legacy issues Progress in a number of legal files

Transaction with BNP P: partial settlement RPN(I) & full redemption Tier 1 Debt Securities

Disciplined capital management EUR 250 mio share buy-back programme

Dividend maintained despite negative Insurance result

Prepare for regulatory changes Solvency II preparations on track

Status realization strategic priorities in 2011Priorities published on 09/03/2011 (annual results 2010)

720 February 2012 I

UK

Deployment multi-channel distribution in Non-Life & strengthen market position

Qualify Life protection business across IFA market

Further diversify revenue base through development Retail distribution business

Belgium

≈ Strengthen Life & Non-Life market position

Further develop multi-distribution strategy

Focus on operational performance

Continental Europe

Focus on operational excellence

Streamline current Insurance portfolio

Selective investments in areas of growth

Focus on knowledge transfer

Asia

Strengthen local market positions and partnerships

Focus on value creation

≈ Increased focus on profitability

Status realization strategic priorities in 2011 by segmentPriorities published on 09/03/2011 (annual results 2010)

820 February 2012 I

Belgium : Combined ratio 103.3% vs. 107.4%excl. WC 99.9% vs. 104.2%

Q4 11 combined ratio excl. WC at 99.1%

Motor: FY 11 at 94.2%; Q4 at 92.1% (FY 10: 106.7%)

Fire: FY 11 at 109.9%; Q4 at 105.3% (FY 10: 122.6%)

UK : Combined ratio at 99.9% vs. 109.5%excl. Tesco Underwriting 98.8%

Q4 11 combined ratio at 99.8%

Motor: FY 11 at 98.7%; Q4 at 99.7% (FY 10: 106.2%)

Fire: FY 11 at 96.7%; Q4 at 88.0% (FY 10: 115.6%)

10/03/2010 I page 8

Non-Life combined ratio : Operational targets nearly achievedCombined ratio excluding Workmen’s Compensation below 100%

90

100

110

120

130

2008 2009 2010 2011

Belgium Motor Belgium Fire Belgium

% Combined ratio (excl. Workmen’s Compensation)

90

100

110

120

130

2008 2009 2010 2011

UK Motor UK Fire UK

920 February 2012 I

Substantial progress made in streamlining the insurance portfolioCombined with selective expansion & strengthening partnerships

CEU :18/02/11 : Ageas enters Turkish Non-Life market; acquisition 31% in AKSigorta / stakeincreased to 33%

GA :23/06/11 : Transfer reinsuranceliabilities Intreincoto Swiss Re

UK:24/03/11 : Acquisition CastleCover, strenghtening marketposition in over 50s market

Asia :09/11/09 : Ageas, KasikornBank & Muang Thaiforge stronger ties (Thailand)

CEU :28/10/09 : DiscontinuationRussianInsurance activities

CEU :16/09/10 :Sale Ukrainian LifeInsurance activities announced

CEU :06/10/09 : Sale LuxembourgNon-Life to La Bâloise

CEU :08/06/11 : Ageas, BNP Paribas Cardif & BGL BNP Paribas concludeLuxembourg Life partnership

CEU :17/09/09 : Ageas & BNP Paribas Assurance into a Non-Life strategicpartnership in Italy; acquisition majoritystake in UBI Assicurazioni

UK : 11/09/09 : Tesco & Fortis announce Non-Lifepartnership

UK : 02/07/10 : Acquisition Kwik FitInsurance Services, consolidatingPersonal Lines intermediary marketposition

STREAMLINE

STRENGHTEN

CEU :26/07/10 : Sale TurkishLife Insurance activitiesannounced

CEU :03/10/11 : Sale German LifeInsurance activities announced

201120102009

1020 February 2012 I

November 11Receipt report Belgian experts (Cats, Smets, De Bodt)

General Account: good grasp of outstanding legacy issuesAgeas does not expect new major litigation issues to rise

May 10US class action dismissed

June 10Receipt report Dutch experts (Ondernemingskamer)

Sep- Dec 10Ageas starts legal procedure against Dutch State & ABN AMRO to obtain compensation in return for conversion of Mandatory Convertible Securities (MCS) into Ageas’ shares

June 09Ageas claims compensation with respect to “FCC preferred shares” from Fortis Bank NL

June 09Receipt report Belgian experts (Van Gerven/Horsmans)

February 11Claim re FRESH hybrid instrument dismissed by Brussels Court

September 11Exchange of uncalled Fortis Bank Tier 1 Debt Securities for cash by Ageas

Timing and (financial) outcome remains hard to estimate….In many legal proceedings still at the stage of first instance

Judgment of Ondernemingskamer re mismanagement Judgment proceedings initiated by MCS holders (re conversion of MCS)

May 11- Claim dismissed of VEB/Deminor and

FortisEffect by Amsterdam Court- Rotterdam court confirmed fine AFM I:

appeal filed

Initi

ated

byAg

eas

Act

ions

agai

nstA

geas

To be expected before end June 2012

February 12BNPP tender for CASHES and subsequent conversion into Ageas shares – partial settlement of RPN/RPN(I) –call Fortis Bank Tier 1 Debt Securities

February 12- Rotterdam court confirmed

fine AFM II; appeal to be filed- Utrecht court re

communication May-June2008 in favour of plaintiffs; appeal to be filed

201120102009 2012


Agreement with BNP P on partial settlement of RPN(I) & call Tier 1A next step in simplifying the company with financial impact in Q1 12

Rationale for Ageas Reduced credit risk to Fortis Bank EUR 4.6 bn EUR 2.8 bn

Decreased volatility in results RPN(I) volatility

Improved liquidity position Settlement on 26 March 2012

Result of the offer Pick-up rate of 62.94%, corresponding to 7,553 CASHES, at offer rate of 47.50%

78,874,241 Ageas’s shares getting dividend and voting rights

Impact on Net Cash position: EUR 953 mio redemption Tier 1

EUR (287) mio indemnifications paid---------------------EUR 666 mio

Limited influence on equity & solvency of General Account +/- (2%)

Impact on Net Result (in Q1 12) : EUR 131 mio Tier 1 redemption

EUR 21 mio release RPN(I) liability

EUR (299) mio indemnifications paid---------------------EUR (147) mio


Ageas announced a share buy-back programme on 24 AugustProgramme successfully completed on 25 January 2012

24 August: EUR 250 mio share buy-back programme launched

31 December: Ageas had bought back175 mio shares

25 January: Ageas finalises the share buy-back programme:

192,168,091 shares bought back

corresponding to 7.33% of the total shares outstanding

Ageas now holds 8.93% of the total amount of outstanding shares as treasury shares.

Ageas’s Board has decided to propose thecancellation of the bought back shares at the next shareholders’ meetings (on 25/04/12 in Brussels and on 26/04/12 in Utrecht).


Ageas proposes a dividend over 2011

Proposed gross dividend in cash 8 eurocent per share

In line with 2009/2010 dividend

Sign of trust and belief in the underlying quality of the assets and our business

Dividend to be approved at AGM (25/04/12 in Brussels and on 26/04/12 in Utrecht)

30 April : Ex-dividend date & Start dividend election period

21 May : End dividend election period

31 May : Payment 2011 dividend


Upcoming...

Find out more about ourNon-Life activities...

Ageas’s Investor Day 2012London

24 & 25 September

AGENDA

CEO update

Financials

Selected topics


Key financials FY 2011

* Based on average number of outstanding shares** Life & Non-Life/ Scope on scope Fortis Luxembourg Vie excluded as a result of merger

10/03/2010 I page 16

EUR mio FY 11 FY 10 Q4 11 Q4 10 Q3 11

Gross inflows (EUR bn) 17.2 17.9 (4%) 4.3 4.2 3.9Incl. non-consolidated entitities at 100% 6.0 5.8 4% 1.5 1.3 1.4

Net profit Insurance (313) 391 (180%) (104) 58 (320)Belgium (327) 264 (224%) 4 58 (354)UK 86 (17) (612%) 24 (32) 4Continental Europe (8) 51 (116%) 4 24 (15)Asia (64) 94 (169%) (136) 7 18

Net profit General Account (265) (168) (58%) 60 (480) (155)Net profit Group (578) 223 (359%) (45) (423) (475)

Funds under management (EUR bn)** 70.6 71.0 (1%) 70.2

Net shareholders' equity 7,760 8,422 (8%) 7,927Belgium 2,381 2,632 (10%) 2,730UK 1,008 776 30% 941Continental Europe 928 893 4% 863Asia 1,687 1,440 17% 1,549General Account 1,755 2,677 (34%) 2,017

Net equity per share (EUR) 3.23 3.26 (1%) 3.15

Earnings per share (EUR) * (0.23) 0.09 (356%) *

Net cash General Account (EUR bn) 0.7 2.3 (70%) 0.8


Detailed overview inflows FY 2011By segment/ country/business

EUR mio FY 11 FY 10 FY 11 FY 10 FY 11 FY 10

Belgium 75% 4,508 5,118 1,671 1,591 6,179 6,709

United Kingdom 100% 51 28 1,983 1,179 2,035 1,207

Continental Europe 2,219 3,490 630 443 2,849 3,933 Consolidated entities 2,219 3,490 453 443 2,672 3,933

Portugal 51% 1,071 1,724 237 230 1,308 1,954 France 100% 289 375 0 0 289 375 Luxembourg 50% 814 1,293 0 0 814 1,293 Ukraine 100% 0 2 0 0 0 2 Germany 100% 44 45 0 0 44 45 Turkey 100% 0 51 0 0 0 51 Italy 25% 0 0 216 213 216 213

Non-consolidated partnerships 0 0 177 0 177 0 Turkey (AKsigorta) 33% 0 0 177 0 177 0

Asia 5,550 5,578 607 516 6,157 6,094 Consolidated entities 353 335 0 0 353 335

Hong Kong 100% 353 335 0 0 353 335 Non-consolidated partnerships 5,197 5,243 607 516 5,804 5,759

Malaysia 31% 622 717 478 405 1,100 1,122 Thailand 31%/15% 907 714 129 111 1,036 825 China 25% 3,552 3,681 0 0 3,552 3,681 India 26% 116 131 0 0 116 131

Total 12,329 14,214 4,891 3,729 17,220 17,943

Life Non-Life Total


Greek bonds Equities Goodwill Total EUR mio 9M Q4 FY 9M Q4 FY FY 9M Q4 FY FY

Belgium Life (449) (109) (558) (86) (7) (93) (535) (116) (651)Non-Life (21) (5) (27) (9) (0) (9) (30) (6) (36)Total (470) (114) (584) (95) (8) (103) (565) (122) (687) 144

UK LifeNon-LifeTotal 8

CEU Life (32) (10) (42) (17) (5) (22) (50) (15) (65)Non-Life (1) 0 (1) 0 (0) (0) (1) 0 (1)Total (33) (10) (43) (17) (5) (22) (50) (16) (66) (8)

Asia* Life (56) (56) (99) (155) (155)Non-LifeTotal (56) (56) (99) (155) (155) 23

Ageas Life (481) (119) (600) (103) (68) (172) (99) (584) (286) (871)

Insurance Non-Life (22) (5) (27) (9) (0) (9) 0 (31) (6) (36)Total (503) (124) (627) (113) (69) (182) (99) (614) (294) (908) 167

Impairments Net Realised Cap gains

* Asia includes EUR 20 mio capital gain on TPL/TPAM

Overview impairments & net realised capital gains by segmentSituation as per 31 December 2011


InsuranceLife underlying resilient, Non-Life strongly improved

Net loss of EUR 313 mio (vs. EUR 391 mio positive) Negative impact financial turmoil of EUR 809 mio, impacting mainly

Belgium, Continental Europe & Asia;

EUR 627 mio impairment charge on Greek bonds & EUR 182 mio on equities

Life at EUR 425 mio negative (vs. EUR 377 mio positive) Total impairment Greek bonds & equities of EUR 772 mio

Impairment goodwill AICA (Hong Kong) of EUR 99 mio

Belgium includes EUR 20 mio charge related to 0.15% state contribution introduced in 2011;

Non-Life at EUR 82 mio (vs. EUR 2 mio positive) Total impairment Greek bonds & equities of EUR 37 mio

UK returned to net profit at EUR 61 mio; Belgium hampered by impairment charges and adverse weather impact

Total adverse weather related costs of EUR 37 mio of which EUR 22 mio in Belgium, EUR 11 mio in the UK & EUR 4 mio in Asia;

Other at EUR 30 mio (vs. EUR 12 mio positive) Benefits from synergies with recently acquired activities.

EUR mio FY 11 FY 10

Gross inflow 17,219 17,943

Operating costs 849 808

Technical result 325 431

Operating margin (187) 432

Profit before tax (403) 704

Net profit after tax & non-controlling interests (313) 390

Life FUM (EUR bn)* 64.4 64.8**

* Consolidated entities only** Scope-on-scope, adjusted for the reclassification of Fortis Luxembourg Vie and Ageas Deutschland to “Assets & Liabilities Held for Sale”


BelgiumImpairments cloud Life performance; Intrinsic performance Non-Life on track

10/03/2010 I page 20

EUR mio FY 11 FY 10





Profit before tax (470) 481


Life FUM (EUR bn) 49.1 48.2

Net profit at EUR 327 mio negative (vs. EUR 264 mio) FY 11 net impairment charge on Greece & equities of EUR 687 mio

of which EUR 122 mio in Q4

FY 11 net profit excluding net impairments charges amounted to 360 mio, partly supported by capital gains

Positive evolution Non-Life performance confirmed, driven by positive turnaround in Motor

IFRS Solvency ratio down but remained solid at 174%

Life at EUR 330 mio negative (vs. EUR 252 mio) FY 11 net impairment charge on Greece & equities of EUR 651 mio

of which EUR 116 mio in Q4

Life FUM at EUR 49.1 bn, +2% vs. 2010

Non-Life at EUR 3 mio (vs. EUR 11 mio) FY 11 net impairment charge on Greece & equities of EUR 36 mio of

which EUR 6 mio in Q4

Net impact weather events of EUR 22 mio

Further improvement Motor and strong performance Health;

Fire impacted by weather conditions and a higher large claims costs

Continued underperformance in Workmen's Compensation.


United KingdomBetter overall financial performance despite exceptional claims in Household

10/03/2010 I page 21

EUR mio FY 11 FY 10



Technical result 59 (57)

Operating margin 66 (54)

Profit before tax 121 (29)

Net profit after tax & non-controlling interests 86 (17)

Net result at EUR 86 mio (vs. EUR -17 mio) Multi-distribution strategy creating good returns

Improved performance overall but especially in private Motor

Robust return from Retail activities

Life at EUR -4 mio (vs. EUR -9 mio) Continued progress in roll-out of protection business; over 8%

market share among IFAs (6.4% 2010)

Non-Life at EUR 61 mio (vs. EUR -21 mio) Improved Motor result through positive impact of management

actions

EUR 12 mio adverse weather impact (vs. EUR 49 mio in 2010)

Other Insurance at EUR 30 mio (vs. EUR 13 mio) Strong commission income and partnership growth

KFFS & Castle Cover contributed EUR 8 mio, including EUR 5 mioamortisation of intangible assets & acquisition and financing costs Castle Cover earlier this year


Continental EuropeNet profit impacted by impairments and net realised capital losses; solid Non-Life underwriting performance reflected in an excellent combined ratio

10/03/2010 I page 22

EUR mio FY 11 FY 10





Profit before tax 7 157


Life FUM (EUR bn)* 13.7 15.2*

* Scope-on-scope, adjusted for the reclassification of Fortis Luxembourg Vie and Ageas Deutschland to “Assets & Liabilities Held for Sale”

Net result at EUR 8 mio negative (vs. EUR 51 miopositive)

Life at EUR 19 mio negative (vs. EUR 48 mio positive) Impairment charge related to Greek bonds & net realised

capital losses, following de-risking portfolio, totalling EUR 73 mio

Operating costs further down on continued streamlining insurance portfolio and cost containment focus

Non-Life at EUR 11 mio (vs. EUR 3 mio) Operating margin increased by EUR 20 mio to EUR 27 mio

driven by better technical performance

Combined ratio fell by 5% to 96.8% (vs.101.5% in 2010)

Operating costs -3% explained by early retirement provision in Portugal last year

Net result Turkey (AKSigorta) : EUR 4 mio (5m contribution)


Net loss of EUR 64 mio (vs. EUR 94 mio positive) 2011 net loss included EUR 155 mio net non-recurring charges

Hong Kong: Significant impact from goodwill impairment; net profit down on a comparable basis due to strong sales

Non-consolidated partnerships: EUR 32 mio (vs. EUR 54 mio), impacted by equity impairments following financial market turmoil and Thai floods. Adjusted for impairments, the result evolved positively

Life net loss at EUR 72 mio (vs. EUR 85 mio) Hong Kong : EUR -84 mio vs. EUR 50 mio;

EUR 99 mio goodwill impairment due to impact of low interest rate environment on financial situation of AICA

Underlying result decreased due to new business strain and exchange rate impact

Non-consolidated partnerships : EUR 24 mio vs. EUR 45 mio;

2011 result includes EUR 56 mio equity impairments (vs. EUR 14 mio in 2010) and EUR 13 mio capital gain realized to restructuring Chinese activities

Underlying result evolved positively

Regional costs : slightly up to EUR 12 mio vs EUR 10 mio

Non-Life net profit at EUR 8 mio (vs. EUR 9 mio) Impact from floods in Thailand (EUR 3.5 mio), partly offset by tax

recoveries in Malaysia

10/03/2010

EUR mio FY 11 FY 10

Gross inflow* 6,157 6,094



Operating margin 19 50

Profit before tax* (62) 95

Net profit after tax & non-controlling interests* (64) 94

Life FUM (EUR bn)** 1.6 1.4

AsiaNet profit down due to impairments on equities & goodwill

* Including Inflow (100%) & Profit (Ageas share) from partnerships respectively**** Including partnerships, FUM increased to EUR 18.5 bn


Investment portfolio fairly stableSituation as per 31 December 2011

Investment portfolio* (EUR 59.3 bn) Fixed Income

Slight shift from government to corporate bonds

90% portfolio rated A or higher, 95% investment grade

Gross unrealized gains at EUR 0.6 bn vs. EUR 50 mioloss end 2010

Unrealized Gain Sovereigns at EUR 159 miofollowing impairments on Greek bonds

Unrealized Gain Corporates at EUR 432 mio

Equities

Down to EUR 1.8 bn (vs. EUR 2.3 bn end 2010) following sales, impairments and lower fair value

Gross unrealized gains/losses nearly breakeven

Real Estate

Gross unrealized gains up to EUR 1.2 bn

Sovereign bonds53%

Real Estate7%

Equities3%

Corporate bonds

36%

Structured Credit Inst1%

Gross unrealized gains on total investment

portfolio of EUR 1.8 bn end 2011

(vs. EUR 1.0 bn end 2010)

In EUR bn

* All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs


Germany : 1.6 2.8

Sovereign bond portfolio of EUR 31.5 bnSituation as per 31 December 2011 vs. 2010

In EUR bn

Sovereigns mainly at AFS; Belgium EUR 4.4 bn & Portugal EUR 0.5 bn at HTM

In 2011, investments mainly made in Belgian, French & Dutch sovereigns

Divestments of Southern European and German sovereigns

Quality of portfolio: 96% is investment grade out of which 94% is rated A of higher

Belgium: 14.2 10.0

France: 4.5 4.2

The Netherlands: 1.8 1.3

SE sovereigns :3.9 7.9

Sovereign bond portfolio* 2011 (EUR 31.5 bn) Sovereign bond portfolio 2010 (EUR 32.3 bn)


Portugal 1.0Greece 0.4

Spain 0.9

Italy 1.6Austria 2.4Ireland 0.4

Others 2.7Spain 1.6

Italy 3.6

Greece 1.2

Portugal 1.5

Austria 2.6

Ireland 0.5

Others 3.0


General AccountNegative net result driven by EUR 215 mio legacy related charges

Net loss of EUR 265 mio driven by legacy issues

RPN(I) liability at EUR 190 mio EUR 260 mio positive impact on 12M fair value RPN(I) liability,

driven by decreased market price CASHES (from 50% to 35%)

Negative quarterly impact of EUR 45 mio

Equity value RPI at EUR 779 mio Ageas’s share IFRS net result EUR 197 mio negative, including

goodwill impairment

Hedge reserves & realised gains on sold swaps lead to a EUR 43 mio for Ageas), accounted through equity

Call option BNP Paribas shares valued at EUR 395 mio Down EUR 214 mio vs. FY 10, mainly due to lower BNP

Paribas share price (EUR 30.35 vs. EUR 47.68)

Fortis Tier 1 Debt Securities valued at EUR 794 mio EUR 121 mio total negative FY 11 impact

EUR 159 mio loss partly compensated by EUR 10 mio interest income and EUR 28 mio deferred tax asset

Non-recurring tax settlement of EUR 56 mio

Other items Operating expenses at EUR 55 mio (down EUR 221 mio); 2010

included EUR 203 mio non-cash charge related to MCS

EUR 7 mio gain on restructuring of Chinese activities

EUR 30 mio positive result on Fortis Lux Vie & Cardif

EUR mio FY 11 FY 10

Net interest income 26 (16)Capital gains (115) (416)Result of associates (196) 127Change in impairments & provisions (10) 1Total expenses (55) (261)Profit before tax (353) (563)Net profit after tax & non-controlling interests (265) (168)

Balance sheet items FY 11 FY 10

RPI 779 933Call option BNP Paribas 395 609RPN(I) (190) (465)Tier 1 794 -Net cash/deposits 688 2,210

EUR 260 mio RPN(I) EUR -197 mio RPIEUR -214 mio Call optionEUR -121 mio Tier 1EUR 56 mio tax settlement

EUR -215 miolegacy issues


57

(265)(168)

(327)

(121)

154

421

(405)

203

56

FY 10 MCS

Conversion

DTA Fortis

Brussels

BNPP call

option

RPN(I) RPI Tier 1 Tax

settlement

Expenses &

Other

Tax FY 11

Snapshot General Account Roll forward Net Profit 2011 vs. 2010 : volatility remains

RPN(I) evolution: volatility in valuation EUR 424 mio; in interest charge EUR (3) mio Tier 1 Debt Securities: combined impact of fair valuation charge end 2011 (EUR (159) mio), minus deferred tax income

(EUR 28 mio) and interest income (EUR 10 mio) Tax benefit relates to a favorable evolution in The Netherlands which has led to a settlement of EUR 56 mio

Non-recurring items 2010

in EUR mio


8,4228,247

7,477

7,760

(313)

(230)(197)

(36)(265)

175

89291

FY 10

restatem

ent*

FY 10 res

tated

Net resu

lt Ins

uranc

e

Net resu

lt Gene

ral Acc

ount

Change

unrealize

d gain

s

Divide

nd

Buy-ba

ckReva

luation p

ut-op

tion

Foreign

exch

ange &

Othe

r

FY 11

FY 10 FY 10 restated FY 11EUR 3.19 EUR 3.26 EUR 3.23

Shareholders’ equity / share

Shareholders’ equity per share up thanks to buy-back Improved unrealized gains on investment portfolio

In EUR mio


Total available capital

IFRS Solvency remains solid & well above required minimumHigher requirements in Asia & UK; Belgium down on negative result

Required Regulatory minimum

Solvency Ratio

Actual / Min Actual / Min Actual / Min Actual / Min Actual / Min Actual Actual / MinBelgium United Continental Asia Insurance General Ageas

Kingdom Europe Account

End December 2011

FY 11 174% 234% 172% 292% 207% 237%

Insurance General AgeasExcess capital Account

EUR 3.9 bn EUR 1.1 bn EUR 5.0 bn

3.9

2.30.9 1.0 1.3

7.1

3.6

1.1

3.6

0.40.6

0.4

8.6

7.5


Net cash position General Account at EUR 0.6 bn end 11Expected to double in Q1 12 as result of agreement with Fortis Bank/ BNP P

FY 11 evolutions:Net cash of EUR 1.5 bn down mainly due to acquisition Tier 1 debt securities (EUR 1.0 bn), acquisition AKSigorta (EUR 0.2 bn) and Castle Cover, share buy-back program (EUR 0.2 bn) and dividend payments (EUR 0.1bn).Q4 11 evolutions:Decrease net cash mainly due to share buy-back program (EUR 0.2 bn)

Ageas, Fortis Bank & BNP P reached an agreement on a partial settlement of the RPN(I) and full call of the Tier 1 Debt securities with positive impact on Q1 12 net cash position of EUR 0.7 bn

in EUR mio FY 11 FY 10 FY 11 FY 10Assets LiabilitiesCash & Deposits at banks 0.9 2.7 ST (EMTN) 0.3 0.5Tier 1 debt securities 0.8 0.0Due from Fortis Bank & AG Ins 1.7 1.7 NITSH I, II & Hybrone 1.7 1.7Claim ABN AMRO bank 2.4 2.4 Provision Dutch State 2.4 2.4Assets held for sale 0.2 0.0 Liabilities held for sale 0.1 0.0Other 0.5 0.7 Other 0.3 0.5

RPN(I) 0.2 0.6Royal Park Investments 0.8 0.9 FRESH 1.3 1.3Call option on BNP Paribas shares 0.4 0.6 Written put option AG shares 0.7 0.7Loan to operating companies 0.4 0.5 Net equity 0.9 1.8 *

Balance sheet total 7.9 9.5 7.9 9.5* restated from EUR 2.5 bn


Inflows : Non-Life significantly up in line with strategy; Lower Life inflows impacted by the market

Net result : Negative but underlying resilient and driven by a good Non-Life performance

Strategy : Streamlining continued; selective expansion & strengthening of the businesses

Legacies : Important progress made

Dividend : Commitment to dividend policy and more

Conclusions


Confirm & further improve operational performance

Review/ Rethink strategic assetallocation

Make further progress on unwindinglegacy issues

Disciplined capital management

Prepare for regulatory changes

Ageas’s operational priorities 2012

SELECTEDTOPICS

Insurance Activities

Investment portfolio

General account

General Information

34

44

50

57


Ageas grows selectively its insurance portfolioA view on our latest acquisitions and partnerships

Partnership with Sabanci Holding: 50/50 partners, increasing from each 31% stake, 33% on 31/12/11

# 3 position in Non-Life with 8% market share Distribution supported by 15 y-exclusive distribution

agreement with Akbank Inflows 2011: EUR 486 mio (EUR 177 mio since August 11)

Merger of Fortis Luxembourg Vie and Cardif Lux International 2010 FuM > EUR 12 bn (pro forma) Shareholder structure new entity: Ageas 33.33%, BGL BNP Paribas

33.33% & BNP Paribas Cardif 33.34% Distribution supported by 10-y bancassurance agreement with BGL Establishes new entity as clear n°2 in the FOS market Transaction closed December 2011

Intermediary selling Personal lines products to the aged 50 and over

2010 revenues: GBP 22 mio Part of Ageas UK’s multi-distribution strategy,

increasing its # customer to +/- 8 mio Consolidating Ageas n°2 position in the over 50s

segment


381 366

3,101 2,868

587243

1,0501,031

5,1194,508

FY 10 FY 11

456 462

513 541

487 524135 144

1,591 1,671

FY 10 FY 11

(12%)

Life In EUR mio

Non-LifeIn EUR mio

Unit-Linked

Savings

Traditional

Other

Fire

Accident & Health

Motor

+5%

Group Life

BelgiumContinued lower inflows in Life, while Non-Life inflows confirm positive trend

Individual Life YTD down to EUR 3.5 bn vs. EUR 4.1 bn in 2010, due to

lower sales in Unit-Linked and savings products Bank channel at EUR 2.7 bn YTD, well below last year’s

levels (EUR 3.2 bn) due to competition from banking products Broker channel at EUR 0.8 bn YTD, -6%, similar trends bank

channel

Group Life At EUR 1.0 bn YTD, -2%, due to timing differences

Funds under Management Up 2% to EUR 49.1 bn vs. end 2010 Limited lapses and successful renewals Non-unit linked funds up 4% to EUR 43.2 bn, UL funds down

to EUR 5.9 bn, -11%

Property and Casualty (Fire, Motor & others) Inflows up 5%, all product lines contributing well, especially

Fire (+8%) and Motor (+6%) Growth driven by a combination of tariff increases and

portfolio growth

Accident & Health Health stable; new production & medical indexation impact

offset by exceptional Disability premium in 2010


Combined ratio AG Insurance FY 06 – FY 11

Belgium, combined ratio improved on last yearStrong technical performance in Motor

Expense ratioClaims ratio

61.6% 63.6% 64.9% 66.3% 71.0% 66.5%

37.4% 36.7% 35.9% 36.8%36.4%

36.8%

99.0% 100.3% 100.8% 103.1% 107.4% 103.3%

2006 2007 2008 2009 2010 2011

Strong Motor and Health performance Excluding Workmen's Compensation, Combined Ratio at

99.9% YTD vs.104.2%

Motor segment further improved to 94.2% YTD (Q4 11 at 92.1%) from favourable frequency evolution

Fire combined ratio at 109.9% YTD

Solid claims result in Health Care (combined ratio at 94.9%)

Workmen’s Compensation remains high at 132.2%; Q4 11 at 147.2%. Weak performance still related to a high number of deceased and permanent disability claims.

Action plan includes tariff increases & pruning Non-Life implements new tariff increases as of 1st January 2012,

including a Natural Catastrophe tariff increase representing a premium growth of 6% in the Fire portfolio on annual basis

Motor : review of material damage offer implemented as from January 2011 is paying off

Workmen's Compensation: on going corrective measures including a new tariff structure and pruning of portfolio


83.1% 79.8% 76.7% 76.5% 83.4% 81.8%

23.6% 23.2% 21.6% 22.6%21.9% 23.8%

106.7% 103.0% 98.3% 99.1%105.3% 105.6%

2006 2007 2008 2009 2010 2011

52.8% 57.0% 59.8% 62.1% 65.8% 60.5%

43.1% 42.2% 42.0% 42.6% 42.3%41.9%

95.9% 99.2% 101.8% 104.7% 108.1% 102.4%

2006 2007 2008 2009 2010 2011

55.7% 56.9%70.3% 68.5% 71.0%

58.9%

37.8% 36.9%

36.4% 36.3% 35.7%35.3%

93.5% 93.8%

106.7% 104.8% 106.7%94.2%

2006 2007 2008 2009 2010 2011

48.4% 56.8% 50.7% 60.5%75.5%

63.0%

46.9%45.5%

45.8%47.1%

47.2%46.9%

95.3%102.3%

96.5%107.6%

122.7%109.9%

2006 2007 2008 2009 2010 2011

Property & Casualty

Belgium – Combined ratio by product

Motor Fire

10/03/2010 I page 38

Expense ratio

Claims ratio

Accident & Health

Expense ratio

Claims ratio


1,179

1,983

1,207

2,03551

28

FY 10 FY 11

67 70

6561,280

295

455

162

178

1,179

1,983

FY 10 FY 11

Motor

United KingdomInflow levels substantially increased

Non-Life

Life

Other

Property

Accident & Health

+68%

+69%

Total In EUR mio

Non-LifeIn EUR mio

* including other income

Life Successful roll out of its proposition across the IFA

market (8% market share)

Launch of new distribution partnerships

190,000 customers, up 70,000 vs. 2010

Non-Life Up 68%, driven by successful launch of Tesco

Underwriting partnership & organic growth in both Commercial and Personal lines

Within Personal lines, Household +25%; Private car and Travel slightly up (excl. Tesco)

Commercial lines +23%, growth resulting fromexpanding product range via brokers

Partnership with Tesco Bank started underwriting as of mid October 2010; Inflows of EUR 755 mio & 1.56 miocustomers

Other Insurance (including Retail) YTD total income of EUR 272 mio up 51%;

Acquisition Castle Cover late March 2011 will further strengthen Retail capability & add together with KFIS an extra 1 mio customers


UK, continued improvement confirmedContinental Europe and Asia remain below 100%

Expense ratioClaims ratio

Combined ratio UK FY 06 – FY 11UK : continued positive impact from corrective measures Improved overall combined ratio at 99.9% including Tesco

Underwriting

Motor : Selected tariff increases in 2010 in line with underlying risk led to an improved combined ratio (98.7% vs. 106.2% at FY 10)

Household : Combined ratio at 96.7% (vs. 114.4% 2010)

Travel : Combined ratio for FY 11 (110.9%) improved from FY10 (121.9%) due to management actions over the last 12 months and Volcanic ash event in 2010

Continental Europe: 96.8% vs. 101.5% Portugal : Combined ratio at 93.0% vs 95.7%

Italy : First impact of implemented corrective measures noticeable

Asia : 102.0% vs. 95.4% impacted By Thai floods

70.2%79.7% 73.1% 80.4% 81.5% 74.6%

28.2%27.7%

28.8%27.7% 28.0%

25.3%

98.4%107.4%

101.9%108.1% 109.5%

99.9%

2006 2007 2008 2009 2010 2011


72.5% 80.2% 80.4% 74.0%

28.7%27.8% 28.3%

25.4%

101.2% 108.0% 108.7%99.4%

2008 2009 2010 2011

78.8% 88.9% 82.9% 79.2%

24.0%22.8%

23.3% 19.5%

102.8%111.7% 106.2%

98.7%

2008 2009 2010 2011

81.1% 83.5%97.9% 87.7%

30.5% 26.2%24.0%

23.2%

111.6% 109.7%121.9%

110.9%

2008 2009 2010 2011

60.0% 61.2%77.4%

61.4%

39.9% 38.0%38.2%

35.3%

99.9% 99.2%115.6%

96.7%

2008 2009 2010 2011

United Kingdom – Combined ratio by product

10/03/2010 I page 41

Expense ratio

Claims ratio

Expense ratio

Claims ratio

Property & Casualty

Motor Fire

Accident & Health


238 266

10319662

9240

75444

630

FY 10 FY 11

261 226

1,293

355

1,820

1,529

117

110

3,490

2,219

FY 10 FY 11

+42%

Accident & Health

Motor

Unit-LinkedSavingsTraditional

Group

(-38%)

OtherFire

Life In EUR mio

Non-LifeIn EUR mio

Continental EuropeInflows & performance impacted by adverse evolution financial markets

Life Portugal, -38% : Difficult economic environment continues,

inflow evolution in line with Portuguese market. Q4 inflow slightly up on Q3. Remains domestic market leader based on FuM with 25% share

Luxembourg, -37% : in a market that globally came down by some 50%, related to less appetite for FOS (Freedom of Services) product

France, -23% : decrease due to disappearance distribution network Fortis Banque France & worsening market. In line with market trends

Unit-linked business sales EUR 1.5 bn, Savings products at EUR 0.4 bn

Funds under Management Scope-on-scope at EUR 13.7 bn vs. EUR 15.2 bn end 2010

and excluding Luxembourg due to deconsolidation

Down on a like-for-like basis following impact volatile financial markets and portfolio refocus towards Unit-Linked business

Non-Life GWP up 42% year-to-date, thanks to first time inclusion

Turkey (EUR 177 mio)

Portugal : +3% thanks to strong performance Healthcare (Médis), in a stagnating market amidst economic uncertainty

Italy : slightly up on last year, with focus on profitability of the portfolio

4320 February 2012 I 43** MAT: Marine Aviation & Transport

AsiaOutstanding commercial performance, slightly up on 2010

Life Hong Kong, +5%, Strong growth of 17% in new business

following improved productivity in agency channel and growth in emerging IFA channel.

China, -4%, Because of new banca regulations and monetary tightening last year’s single premium campaign was not repeated this year. Good persistency resulted in strongly increased renewal premiums, compensating for the shortfall in single premiums. Regular premium up 30% vs 2010.

Malaysia, -13%, Lower single premiums in wake of monetary tightening. Regular premiums up +4%

Thailand, +27%, Continued strong growth in both bank and agency channel

India, -11%, New business down in line with market following regulatory changes. Renewals up 23%

Funds under Management Hong Kong : EUR 1.6 bn, +12% vs. end 10 Incl. partnerships (at 100%): EUR 20.0 bn, +18% vs. end 10

Non-Life Malaysia, +18%, driven by Motor and Corporate MAT** lines Thailand, +16%, across all lines and distribution channels

5,082 4,925

249 320227 287

20 18

FY 10 FY 11

331 365

185242

FY 10 FY 11

(0%)

Non-Motor*

Motor

SavingsGroup

Traditional

* Non-motor includes Fire, MAT, Accident & Health and other lines

Life

Non-LifeIn EUR mio

In EUR mio5,578 5,550

+18%516

607

Unit-Linked



General account

General Information

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44

50

57


Investment portfolio fairly stableSituation as per 31 December 2011

Investment portfolio* (EUR 59.3 bn) Fixed Income

Slight shift from government to corporate bonds

90% portfolio rated A or higher, 95% investment grade

Gross unrealized gains amounted to EUR 0.6 bn vs. EUR 50 mio loss end 2010

Unrealized Gain Sovereigns at EUR 159 miofollowing impairments on Greek bonds

Unrealized Gain Corporates at EUR 432 mio

Equities

Down to EUR 1.8 bn (vs. EUR 2.3 bn end 2010) following sales, impairments and lower fair value

Gross unrealized gains/losses nearly breakeven

Real Estate

Gross unrealized gains up to EUR 1.2 bn

Sovereign bonds53%

Real Estate7%

Equities3%

Corporate bonds

36%

Structured Credit Inst1%

Gross unrealized gains on total investment

portfolio of EUR 1.8 bn end 2011

(vs. EUR 1.0 bn end 2010)

in EUR bn



Germany : 1.6 2.8

Sovereign bond portfolio of EUR 31.5 bnSituation as per 31 December 2011 vs. 2010

In EUR bn

Sovereigns mainly at AFS; Belgium EUR 4.4 bn & Portugal EUR 0.5 bn at HTM

In 2011, investments mainly made in Belgian, French & Dutch sovereigns

Divestments of Southern European and German sovereigns

Quality of portfolio: 96% is investment grade out of which 94% is rated A of higher

Belgium: 14.2 10.0

France: 4.5 4.2

The Netherlands: 1.8 1.3

SE sovereigns :3.9 7.9

Sovereign bond portfolio* 2011 (EUR 31.5 bn) Sovereign bond portfolio 2010 (EUR 32.3 bn)


Portugal 1.0Greece 0.4

Spain 0.9

Italy 1.6Austria 2.4Ireland 0.4

Others 2.7Spain 1.6

Italy 3.6

Greece 1.2

Portugal 1.5

Austria 2.6

Ireland 0.5

Others 3.0


3.2

6.2

2.6 2.5

1.4

1.4

1.31.2

0.7

2.1

0.90.7

0.6

(0.9)(0.2)

1.41.2

1.3

FY 09 FY 10 H1 11 FY 11Impairment Greece Italy Spain Portugal

Exposure on Southern European sovereigns further reducedExposure down to EUR 3.9 bn at fair value and before non-controlling interests

At amortized cost

Exposure on S-E sovereigns after impairmentsand non-controlling interests at EUR 3.0 bn

Additional PIGS reduction in 2011 of EUR 3.1 bn, mainly Italian & Spanish sovereigns (EUR 1.7 bn)

Exposure on S-E sovereigns after impairments at fair value

Before non-controlling interests: EUR 3.9 bn

After non-controlling interests: EUR 2.5 bn

Gross impairment on Greek sovereigns of EUR 1,313 mio based on fair value end 11 on entire portfolio

FY 11 net impact of EUR 627 mio (after profit sharing, tax and non-controlling interests)

Q4 11 net impact of EUR 125 mio

Net of impairments, Greek bonds held at 23% of historical/amortized cost.

12.9

5.56.1

In EUR bn at amortized cost

3.0


Government related

Corporate bond portfolio of EUR 21.3 bn; Equities at EUR 1.8 bnSituation as per 31 December 2011

In EUR bn

Gross unrealized gains of EUR 0.4 bn end of December 11 vs. EUR 0.5 bn end of December 10

Quality of the corporate bond portfolio remains very high with 95% investment grade out of which 83% is rated A or higher.

Banking / Other financials : 88% single A or higher; 61% rated AA or higher; no single position > EUR 0.3 bn

Hybrid securities: EUR 0.6 bn down EUR 0.1 bn, >90% with Tier-1 or Tier-2 status

BankingOther corporates

Other financials

Corporate bond portfolio* (EUR 21.3 bn) Equity portfolio (EUR 1.8 bn)

Equity funds

Equities

Mixed funds & others

Real Estate funds

0.2

0.7

0.1

0.8

Equity investments at fair value down to EUR 1.8 vs. EUR 2.3 bn end 10 due to divestments, impairments and lower fair value of equities

Unrealized gains/loss breakeven vs. EUR 140 miounrealized gains end 10

Net impairment charge of EUR 182 mio following declining equity markets


6.2

8.4

1.8

4.9


Real estate portfolio of EUR 4.3 bn*Situation as per 31 December 2011

10/03/2010 I page 49

In EUR bn

Real Estate Development0.5

Car Parks1.1

Investment Offices

1.5

Investment Retail1.0

Investments for own use EUR 1.5 bn Investment property at EUR 2.8 bn Gross unrealized gains end 11 up to EUR 1.2 bn (not

reflected in net equity)- For own use : EUR 0.5 bn- Investment property : EUR 0.7 bn

Real Estate exposure mainly in Belgium

InvestmentWarehouses

0.2

* At amortized cost



General account

General Information

34

44

50

57


361 395

609

FY 10 9M 11 FY 11

Balance sheet valueIn EUR mio

Net result impactIn EUR mio

Valuation Call option BNP Paribas shares at 31 December 2011Value down mainly due to lower BNP Paribas share price

-1.1%-6.8%Dividend yield +1%

+2.8% +3.75% Dividend yield -1%

-23.6%-24.6%Implied volatility -5%

+24.5%+25.8%Implied volatility +5%

FY 119M 11Sensitivities

Valuation

EUR 66.672

5.29%

33%

EUR 47.69

FY 10

Strike price/share

Dividend yield

Volatility

BNP share price

Model parameters(Black & Scholes)

EUR 66.672

8.76%

49%

EUR 30.05

9M 11

EUR 66.672

5.98%

49%

EUR 30.35

FY11

(248)

(214)

(271)

FY 10 9M 11 FY


Balance sheet value

Detailed sensitivity analysis

EUR 103 mio decrease RPN(I) liabilityPrice CASHES from 35% 25%

EUR 99 mio increase RPN(I) liabilityPrice CASHES from 35% 45%

FY11Sensitivities

(127)(164)

(66)

(465)

(145)

(399)

(18)(26)

(190)

FY 10 9M 11 FY 11

50.2%

290 bps

46%

4.7%

EUR 1.71

FY 10

33.2%

685 bps

69%

6.1%

EUR 1.31

9M 11

35.4%Price CASHES (% of par)

757 bpsDiscount rate on top of risk free rate

57%Ageas’s Implied Share price volatility

6.7%Ageas’s Dividend yield

EUR 1.20Ageas’s Share price

FY 11Assumptions

320275

(149)

FY 10 9M 11 FY 11

In EUR mio

In EUR mio

Valuation RPN(I) as at 31 December 2011Fair valuation liability down on lower market price CASHES

Guarantee Belgian State Value RPN(i)

See AFS FY 2011

Net result impact

Valuation


(197)

(140)

131

FY 10 9M 11 FY 11

4.6 4.8

2.61.6

7.26.2

4.6

1.2

6.0

FY 10 9M11 FY 11

Ageas’s equity Value Net book value assets RPI*In EUR bn

In EUR bn

In EUR bn In EUR bn

Principal & interest collections In EUR mio

Outstanding debt - IFRS

Fair value - IFRS

Valuation items Royal Park Investments as at 31 December 2011Equity value down on lower marked-to-market value

Net result impact – part AgeasIn EUR mio

Commercial paper Other Senior + Super Senior

* Net book value = Economic recovery value as of 31 December 31 under B-GAAP 2010 minus Redemptions until December 31, 2011

6.4

6.0

7.0

FY 10 9M 11 FY 11

9191,208

169

112

1,709

1,031

1,540

1561,364

FY 10 9M 11 FY 11

9.18.9

10.0

FY 10 9M 11 FY 11

850

779

933

FY 10 9M 11 FY 11

Net result impact

Principal collections Interest collections


Overview of main characteristics HybridsSituation as per 31 December 2011

Ageas

35.42

Coupon served by FBB, trigger ACSM

linked to Ageasdividend

<0.5% Dividend

YES

NO

YES

Undated exchange strike 23.94 mandatory

35.91

BE0933899800

3,0003m EUR +200

CASHES*

EUR mio

AgeasfinluxFresh

Ageas HybridFinancingHybrone

Ageas HybridFinancing

Nitsh I

Ageas HybridFinancing

Nitsh IIDirect issue FBB,

2004

% 3m EUR + 135 5.125% 8.25% 8% 4.625%Amount 1,250 500 USD 750 625 1,000

ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116

Call dateUndated exchange

strike 31.50mandatory 47.25

Jun/2016 Step up to 3M Euribor +200

Aug/2013 No step up

Jun/2013No step up

Oct/2014 Step up to 3M Euribor+170

ACSM YES YES YES YES YES

Dividend pusher YES YES YES YES YES

Dividend stopper NO YES YES YES YES

Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset Liabilities > asset YES <8% CAD

Other500

on lent to AG Insurance

USD 750on lent to FBB

250 on lent toAG Insurance; 375 on lent to

FBB

No stock settlement feature as for Direct

issue FBB 2001

Market Price(31/12/11) 32.50 48.50 64.92 66.56 59.00

Fortis Bank (now BNP Paribas)

* On 31 January 2012 BNPP announced that 63% of the holders have tendered CASHES for purchase by BNPP @ purchase price of 47.5% of the principal amount of the CASHES.


General AccountLegal proceedings & investigations managed in interest of shareholders (1)

Appeal filed before the “College van Beroepvoor het bedrijfsleven” at The Hague; proceedings ongoing

AFM : fine imposed on 05/02/10 in relation to price sensitive info in June 08

The NetherlandsAdministrative proceedings

Appeal to be filed before the “College van Beroep voor het bedrijfsleven”

AFM: 2nd fine imposed on 19/08/10 in relation to price sensitive information in Sep 07

Proceedings ongoing FSMA re communication in second quarter 2008

Belgium

Investigation ongoingBelgiumCriminal investigation

Report filed in November 2011 At request of Deminor re transactions Sep/Oct 2008

BelgiumExpert investigations

Report filed in June 2010 VEB started legal proceedings to establish

mismanagement by Fortis; awaiting judgement

At request of VEB/ESG re 2007-2008 The Netherlands

Situation on 20 February 2012


Awaiting judgment MCS-holders contesting validity of conversion

Brussels, BelgiumFinancial instruments

Court decision 08/12/09 on competence and provisional measures; proceedings ongoing

Suspended, awaiting outcome of criminal investigation

Modrikamen, re Sep/Oct 2008 transactions

Deminor, re alleged miscommunication

Brussels, BelgiumCivil lawsuits

Judgement in favour of Ageas; appeal filed by Stichting FortisEffect

Proceedings against Ageas, former directors/executives and banks

Proceedings initiated in July 2011

Stichting FortisEffect, re sale of Dutch activities against Dutch State and Ageas

VEB re alleged miscommunication 2007-08

Dutch state re Oct 2008 transaction; claims for EUR 210 mio & EUR 674 mio

Amsterdam,The Netherlands

Judgment 15 February 2012 in favour of plaintiffs; Ageas will appeal

Proceedings initiated in July 2011 against Ageas and two financial institutions

Mr.Bos, re alleged miscommunication May – June 2008

Stichting Investor Claims Against Fortis re alleged miscommunication 2007 - 08

Utrecht,The Netherlands

Against ABN AMRO and Dutch State; proceedings ongoing

Against FCC, ABN AMRO and Dutch State; proceedings ongoing

Claim of EUR 2 bn re MCS Claim for reimbursement of EUR 362.5

mio

Amsterdam,The NetherlandsInitiated by Ageas

General AccountLegal proceedings & investigations managed in interest of shareholders (2)Situation on 20 February 2012



General account

General Information

34

44

50

57


Ratings

10/03/2010 I page 58

* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process.

S&P MOODY'S FITCH FITCH

Operating entitiesAG Insurance (Belgium)

Insurance Financial Strength A2 A+ A-Outlook negative stable stableLast change 19/12/11 20/04/11 29/11/11

Millenniumbcp Ageas (Portugal)Insurance Financial Strength BBB- BBOutlook negative negativeLast change 25/11/11 17/01/12

Holdingsageas SA/NV and ageas N.V.

Long-term Baa3 / P-3 BBB+ / F2 BBB- / A-3Outlook negative stable stableLast change 19/12/11 20/04/11 25/10/11


Total number of outstanding shares

Total Issued Shares 2,623,380,817

Shares not entitled to dividend and voting right 342,404,219

1. TREASURY SHARES Share buy-back untill 31/12/2011 175,163,656FRESH 39,682,540Other treasury shares 2,244,740

2. CASHES 125,313,283

Outstanding Shares entitled to dividend and voting right on 31/12/2011 2,280,976,598

Post 31/12/2011 events :

Agreement with BNPP: conversion of 63% of the outstanding CASHES into shares (63% of 125,313,283) 78,874,241

Share buy-back program finalized (Number of shares bought back after 31/12/2011) 17,004,435

Outstanding Shares entitled to dividend and voting right on 20/02/2012 2,342,846,404

* On 25th of January 2012 Ageas finalised the share buy-back programme : 192,168,091 shares bought back in total Ageas’s Board has decided to propose the cancellation of the bought back shares at the next shareholders’ meetings The Board will ask, as usual, for the renewed authorization from the shareholders to purchase up to 10% of its remaining outstanding shares.


Financial Calendar 2012

30 April Ex-dividend date – Start dividend election period

25 AprilAnnual shareholders’meeting - Brussels

20 FebruaryAnnual results 2011

26 April Annual shareholders’meeting - Utrecht

14 May 3M 2012 results

31 May Payment 2010 dividend

21 May End of dividend election period

6 August 6M 2012 results

7 November 9M 2012 results

14 MarchEmbedded Value & Annual Report 2011

24 & 25 SeptemberInvestor Relations Day - London


Disclaimer

Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’score markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis.

In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of thedates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future.


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Investor Relations

Full year results 2011

Economy & Finance

Transcript of Full year results 2011