Presentation Agoria | 18 December 2007 | 1 Getting you there. Presentation of Fortis to Agoria Simon van der Burg Deputy Director External Affairs

Presentation Agoria | 18 December 2007 | 1

Getting you there.

Presentation of Fortis to Agoria

Simon van der Burg

Deputy Director External Affairs


Contents

An introduction to Fortis– Ranking and key figures 3– Three leading businesses: Retail, MPB & Insurance 7

Vision, mission and strategy– Vision and mission 15– Fortis: raising the bar 18– Three key levers for sustained growth 17

Fortis + ABN AMRO: together a true European leader 18


An introduction to Fortis

Impressive history in banking and insurance

− 1720: roots of MeesPierson and ASR− 1788: trading with the Russian tsarina

Catherine the Great− 1803: financing the United States’

purchase of Louisiana from Napoleon− 1889: ASLK-CGER is the first to combine

banking and insurance− 1902: Generale Bank develops in China− 1990: Fortis, first cross-border merger

To be proud of

− Strong performance driving net profit to record

EUR 4.4 billion in 2006 (+24% before divestments)− Strong position: No. 20 in Fortune Global 500,

based on revenues− Strong profitable and sustainable growth strategy− Excellent track record in insurance joint ventures− Unique cross-border network for SME and HNWI− Strong ratings and sound solvency position− One strong brand

Over 60,000 dedicated professionals

− 33% work outside Benelux region− 47% are women− 17% are part-timers− 44% have at least a bachelor degree− 77% are in banking ; 23% in insurance− Average of 4.6 training days per FTE in 2006− 40 years is the age on average

Present in more than 50 countries

− Key player in Europe (28 countries); niche player

in Asia (13 countries) and North America− More than 1,500 retail branches ; 260 credit

shops; 180 business centres & private banking

offices;

13 representative offices− Insurance sales via bank branches, brokers, tied

agents, bank alliances, affinity groups, …


Strong growth through acquisitions & partnerships

BGL, ASR, Intertrust

Creation ofFortis

ASLK-CGER, MeesPierson,Generale Bank

CaiFor

Millenniumbcp

Mayban

Acquisition Partnership

1990 2000

1990-2006

Staff: x 3

Net profit: x 8

Market cap: x 16

Total assets: x 28

Taiping Life

Muang Thai

Divestment

Assurant

Seguros Bilbao

2005

Acquisitions Integration and consolidation

Disbank, Dryden WM, Von Essen Bank, O’Connor & Co,

Atradius Factor, OutRight, MNIH

2011

Sustainable growth strategy

Etalon Life, Cinergy M&T, Dominet, Gutingia, Cadogan, Global Finance

IDBI Fortis Life Insurance (India)

Postbank (Ireland)

KIT Fortis Investment

Management

Captive Finance,Pacific Century Insurance

CaiFor

Selected ABN AMRO activities


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Market capitalisation: Fortis no. 15 in Europe(15 October 2007, in EUR billion)H

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Fortis: key figures (IFRS, in EUR million)

9M 2007 FY2006

Net profit before results on divestments 3,580 (-1%)* 4,351

Net profit 3,580 (-1%)* 4,351

Total income 88,449 96,602

Total assets 875,766 775,229

Assets under management 423,443 421,817

Core equity 21,403 19,532

Employees (FTE) 61,770 56,886

Return on Equity 21.5% 22.0%

Cost/income ratio (Banking) 60.5% 61.2%

Tier 1 ratio (Banking) 6.8% 7.1%

Total capital ratio (Banking) 10.8% 11.1%

Combined ratio (Insurance) 99.7% 96.1%

Share of non-Benelux net profit 18% 21%

Operating leverage:– Bank (5.9%)

2.1% – Insurance (8.7%)

(4.3%) * Change from 9M 2006


Three leading businesses: a balanced portfolio

Insurance

Merchant & Private Banking

Retail Banking23 % *

49 %

28 %

– Market leadership in Benelux – one of Europe’s wealthiest regions• No. 2 in retail financial services and No. 1 credit card issuer• 4 million credit card holders in Benelux and Turkey

– Strong footprint in Europe: over 1,500 branches, 260 credit shops in Germany and

Poland, Post office network in Belgium and Ireland

– Strong leadership position in Benelux– Leading worldwide position in specialised sectors (top 10 in renewable energy and

in offshore oil and gas services)– Worldwide leader in trust and corporate services– Top 20 worldwide in assets under management from high net worth individuals– Leading service provider in funds administration (worldwide) and in derivatives

clearing (Europe)– Top European player in cross-border leasing and factoring

– Top 10 player in Europe– Largest insurer in Belgium: no. 1 Life, no. 2 Non-life, leading position in group life– Top 3 insurer in the Netherlands, leading market position in niche markets (travel

and leisure, funeral policies)– Leadership positions in bancassurance in Portugal, Malaysia and Luxembourg– UK’s third largest private car insurer– No. 6 life insurer in China, no. 6 in Thailand. No. 1 in Malaysia for new individual Life

* 9M 2007 Contribution to Fortis’s net profit. Excluding Other Banking and General.


Retail Banking: successful leverage of our franchise in Europe

• Market leader• 4 M active customers• 1,072 branches /

343 agents / around 1,000 post offices

Belgium

• Top 4 (3-5% market share)

• 0,9 M active customers

• 158 branches /1,000 brokers

Netherlands

• 20% market share Individuals, 40% market share P&S

• 278 K customers

• 37 branches

Luxembourg

• 1-2% market share (niche)

• 280 K customers

• 200 sales points/branches

Poland

• 1.5 – 3.6% market share

• 700 K customers

• 226 branches

Turkey

• Active in 7 countries• #1 card issuer in

Benelux• 4 M credit cards• Focus on credit cards

and consumer loans• Distributing via credit

shops and branches

Consumer Finance

• An Post joint venture

• 1,384 post offices /~3000 post points

Ireland

• Net profit 9M 2007: € 3,580m

• Net profit contribution of Retail Banking: € 864m

Retail Banking

Net Profit Fortis

Retail Banking

23 %

• N°6 in multi-funds sales (Europe)

• EUR 131bn FuM

Fortis Investments


Market Position Contribution to Fortis

ECAP (2006)

46%

Key Data FY 2006Profile

Merchant & Private BankingStrong client franchise, excellence in product skills

– Core client areas are Corporates (selected large and mid-sized), Institutionals and HNWIs

– Strong client franchise in the Energy, Commodities and Transportation segment

– Global Markets, Investment Banking, SFS and CFC service all client groups

– 13,000 FTEs

– Recent acquisitions include Cinergy Marketing and Trading (’06), O’Connor (’05) and Dryden Wealth Management (’05), Dreieck (’05)

– N°1 Bank in Benelux, Top 20 Private Bank Worldwide, Global Top 3 in Commodities and Top 10 in Shipping, Top 5 in US Energy

– Global Top 3 in Trust, European Top 5 in Factoring, Top 5 in pan-European Leasing

– Second largest global administrator in the hedge fund industry

Net profit (9M 2007)

49%

– Total Income: 5,246 m

– Net Profit: 2,020 m

– Assets under Administration: 131 bn

– Assets under Custody: 313 bn

– Funds under Mgmt: 79 bn

– Credit RWCs: 154 bn

– ECAP: 7,501 m

– RARORAC: 23%

(EUR)


Leading market position Solid profit contribution to Fortis

– Fortis has significant market positions in its markets:– Market leader in Belgium– Top three player in the Netherlands– Second largest player in Luxembourg– Third largest car insurer in the UK– Largest Chinese/Foreign JV in China– Leader in bancassurance in Belgium, Portugal,

Malaysia, Thailand and China– Top three in Malaysia (Life, Non-Life and Takaful)

Net profit 100% = EUR 3,580 million (9M 2007)

49%

Insurance 28%

Retail23%

MPB

Profile/description

– Composite insurer with focus on life insurance when entering new markets

– Multi-channel distribution with strong base in broker and bancassurance

– Top 3 position in key markets and top 10 player in European Insurance market

– Rapidly and swiftly expanding internationally

– Excellent track record in operating and managing partnerships

Key financial data 2006

– Gross inflow– Life– Non-life

– Operating costs

– Net profit– Life– Non-life

– Combined ratio

– APE

EUR 17.2 billion– EUR 12.1 billion

– EUR 5.0 billion

EUR 1.3 billion

EUR 1.4 billion– EUR 924 million– EUR 496 million

96.1%

EUR 1.3 billion

InsuranceA significant and solid contributor to Fortis’ results


Vision and mission

Our mission

Fortis provides compelling customer solutions creatively.

One of Europe’s most dynamic and sustainable financial services brands,

we deliver specialised, innovative and pragmatic customer solutions

across a network of channels and by leveraging our operational and

entrepreneurial expertise

Our vision

In a more complex yet more convergent world, innovation, speed and agility will

be as crucial as scale, track record and reach. Fortis will stand out as a

professional international financial services brand, recognised for its ability to

deliver superior and sustainable stakeholder value by constantly anticipating and

surpassing the needs of customers, investors, employees, partners and

communities wherever we do business.


Fortis: raising the bar

The excellent results in the period 2004-06, combined with the organisational structure, allow Fortis to reconfirm and accelerate its

strategy of becoming a leading European financial services provider,

with a strong customer focus, renowned for the quality of its services, and growing in the enlarged Europe, and selectively in Asia and

North America.

It will achieve this by:

− strengthening its leadership positions

− invest in growth engines

− continue external growth


Disciplined external growth

Strict criteria

-Strategic fit

-Financial fit

-Resource fit

expand

Invest in growth engines

- Identify core skills and expertise

-Mobilize management focus, talent and capital

-Roll outto new markets

grow

Three levers to sustain growth

Leveraging the Enhanced Operating Model perform

Strategy - Communication - Values

Controlled growth

Group resources

Finance

Risk

Investments

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Fortis + ABN AMRO: a unique opportunity…

StrategicRationale

■ Market leader in Benelux financial services, with top positions in all segments ■ Strong European platforms in asset gathering with more than EUR 500 billion Assets

under Management

Strong GrowthOpportunities

■ Steady recurrent earnings streams in wealthy Benelux home market, funding international growth

■ Strong growth engines: roll-out of proven models in Private Banking, Asset Management, Merchant Banking niches, multi-channel distribution Insurance, Consumer Finance, …

SignificantValue Creation

Potential

■ Natural fit and proven integration skills on both sides to drive annual pre-tax synergies of EUR 1.3 billion by 2010

■ Target return on investment of 11.1% by 2010

Scope

■ BU Netherlands(excl. former Dutch wholesale clients, Interbank, DMC Consumer Finance, EC remedies)

■ BU Private Clients globally

■ BU Asset Management globally

■ 33.8% of Shared Assets


…making sum worth more than the parts

– Leading retail bank in Belgium and Luxembourg

– Leading commercial banking network serving exporting companies in Europe

– Unique private banking offering– Growing consumer finance

activities– Prominent player in the

European insurance market

– Strong and undisputed position in the commercial market in the Netherlands

– Extensive private banking network

– Solid asset management operations

– Distinctive transaction banking services

– Long and distinct heritage


Fortis + ABN AMRO: top player in Europe set for growth

Growth Strategy Well-balanced business mix(% of FY 2006 net profit, pro forma)

Note: all data on this slide are pro forma, based on FY 2006 public information and company estimates

Retail Banking

Asset Management

Commercial Banking

MerchantBanking

Insurance

25% 16%

4%

8%

23%24%

Private Banking

Key figures

More than 10 million retail banking clients

2,500 retail branches in Europe, 145 Business Centres

Total AuM: EUR ~ 500 billion

More than 80% of banking income in Net interest income & Commissions

Continued commitment to achieve 30% of net profit from outside Benelux

More than 80,000 FTEs

2006 2008 2009

ABN Amro Stand-alone

3.8

2010

1.2

5.0

2007

FortisStand-alone

Synergies / Financing Costs

Fortis Stand-alone

>7.2


# 1 in the Benelux

Benelux Germany France UK

GDP / Capita (EUR) 2006

32,304 27,967 29,212 31,395

Real GDP CAGR 2006-11 est

2.4% 2.2% 2.1% 2.4%

Population (milions)

27 82 60 59

Personal financial assets pool / Capita (EUR)

69,148 36,634 32,550 94,644

Unique customer access The Benelux Leader

Rich and mature markets havesignificant wealth accumulation potential

Complementary models

Serving more than 10 million customers through the Benelux’ largest network of almost 2,000 branches

High penetration of multi-channel distribution in all three countries

Strong presence in wealthiest regions of Benelux: Flanders, Luxembourg, Randstad

Undisputed leader across Benelux:

Mortgages: #1

Consumer lending: #1

Investments: #1

Savings accounts: # 1

Business lending: # 1

Similar retail segmentation(Mass Retail, Affluent/Preferred Banking, Professionals/Small Enterprises) allowing a swift replication of best practice

Performance-driven sales organizations, packaging as cornerstone of product offering

Customer centric approach (Huisbank/ Service)


The Netherlands truly becomes a retail home market

Strong position in affluent and professionals segment

ABN AMRO second prompted brand within banks

Relatively high share of internet transactions ABN AMRO customers

3rd nationwide network of bankshops and advisory branches

Consistent historic strong rankings of ABN AMRO on list of favourite employers in NL

‘First in mind’ positioning

Strong position in consumer finance with ICS

Growth/retention of Fortis share of wallet in mass and affluent driven by sales mindset

Integrated commercial and consumer, generalist branches

Number 1 employer of 2007

Strong market penetration:

- Top 2 household penetration in Mass, Affluent

- Top 2 position in Professionals

Customer centric mindset

Strong brand

Solid internet platform

3rd branch network

Strong talent base

‘First in mind’ positioning

Joint entity

# 1 Consumer Finance (incl. cards)

# 1 Funds

# 2 Mortgages

# 2 Professionals

# 3 Savings Accounts

Top 3 player


Creation of a leading European asset manager…

Highly profitable & sizeable

A winning combination

Leading provider ofasset management solutions

Top tier European Asset Manager

764688

583543 538

490416 405

354 326 314

FY 2006AuM

(EUR bn)

Barc-lays

Natixis DB UBS CS SGAM Fortis + ABN

BNPAM

1,092

(736)

-

(17)

236

67.4%

347

(208)

-

(3)

98

59.9%

745

(528)

-

(14)

138

70.9%

Total Revenues

Oper. Expenses

Loan Losses

Minorities

Net Profit

C/I ratio

CombinedFortis

ABN AMRO businesses

FY 2006 (EUR m) ■ True multi-product investment and structuring solutions

■ Autonomous investment centers for a broad range of asset classes

■ Each investment center with core proprietary research process designed specifically to extract alpha

■ 100% accountability aimed at motivating investment specialists to create alpha

■ Range of investment styles from traditional long only to long-short products focused on absolute return strategies

■ Common management philosophy & similar strategy■ Strong product complementarities: highly diversified

range of strongly performing products■ Firm European footprint combined with global reach &

scale■ Deep pool of talent to lead and manage the combination■ EUR 160 million synergy potential■ Access to high growth markets &

capabilities in high growth product areas

Note: all data on this slide are pro forma, based on FY 2006 public information and company estimates

CASA INGAllianz AXA

1,374

1 2 3 4 5 6 7 8 9 10 11 12


■ ■ Hong Kong■ ■ Shanghai■ Taipei■ Seoul■ Singapore

■ Boston■ New York■ Toronto■ Chicago■ Atlanta

■ ■ Amsterdam■ Brussels■ Antwerp■ Düsseldorf■ ■ Frankfurt■ ■ London■ ■ Luxembourg■ ■ Paris■ ■ Madrid■ ■ Milan

■ Vienna■ Warsaw■ ■ Zurich■ Oslo■ Stockholm■ Helsinki■ Copenhagen■ Brno■ ■ Athens

■ ■ Jakarta

■ ■ Tokyo

■ Istanbul

■ Mumbai

■ Sydney

■ Buenos Aires■ Sao Paulo

■ Willemstad

■ St Petersburg■ Moscow■ Almaty

Fortis

ABN AMRO

… with leveraged capacities in New territories


Top 3 European Private Bank

AuM(EUR bn)

UBS CS Fortis + ABN

DB Pictet HSBC Barc-lays

BNPP CASA

1,220

487

221189 182 176

138 130 104 88

LO-DH

1 2 3 4 5 6 7 8 9 10

Creation of a Top 3 European Private Bank…

A winning combination

One integrated international Private Bank

■ Service Provider of choice for HNW and UHNW clients

■ Dedicated, broad and differentiated service offering

■ Leading position in Benelux and relevant presence in international Private Banking centers

■ Strengthened European footprint &creation of strong growth platform in Asia

■ Similar client segmentation, service philosophy and geographical focus

■ Leverage best practices and local market strengths into the international network

Note: all data on this slide are pro-forma, based on FY 2006 public information and company estimates

Market leader in wealthy Benelux marketBenelux Germany France UK

GDP / Capita (EUR) 2006

32,304 27,967 29,212 31,395

Real GDP CAGR 2006-11 est.

2.4% 2.2% 2.1% 2.4%

Population (million)

27 82 60 59

Personal financial assets pool / Capita (EUR)

69,148 36,634 32,550 94,644


… with a growth platform in Asia

ABN AMRO Fortis

Hong Kong Singapore

UAE

Spain Luxembourg Switzerland Germany

Netherlands Belgium France UK Italy Poland Jersey/Guernsey

Indonesia India

Curacao

Taiwan


Getting you there.

Thank you

Documents

Presentation Agoria | 18 December 2007 | 1 Getting you there. Presentation of Fortis to Agoria Simon van der Burg Deputy Director External Affairs