3M results 2011

118 May 2011 |

Insurance performance improved Group Combined ratio better Inflow levels as expected Funds under management further up

Group result negative due to RPN(I)

Lower shareholders’ equity Insurance Solvency down but well

above required minimum

Highlights Q1 2011

218 May 2011 |

Key information Q1 2011

Shareholders’ equity end Q1 2011 at EUR 7.4 bn, EUR 2.88 per share Negative impact of increased unrealized losses of EUR 0.5 bn

Total solvency ratio Insurance down to 201% Available capital EUR 4.7 bn above regulatory minimum requirements

Net cash position General Account at EUR 2.1 bn Discretionary capital at EUR 0.2 bn

Q1 2011 Group net result : EUR 154 mio negative; Q1 2011 General Account net result : EUR 288 mio negative

EUR 257 mio non-cash charge related to fair value RPN(I) Value call option on BNP Paribas shares nearly stable at EUR 611 mio Equity stake RPI nearly stable at EUR 913 mio

Q1 2011 inflows at EUR 4.8 bn, -3% Steady growth in Non-Life (+27%), decrease in Life (-11%) Inflow consolidated operations nearly stable at EUR 3.2 bn (-3%) Inflows UK +82% thanks to Tesco Underwriting, Belgium stable, CE & Asia down Funds under management up to EUR 78.5 bn (+4% vs. end Q1 2010)

Q1 2011 Insurance net profit : EUR 134 mio (vs. EUR 94 mio in Q1 2010) Belgium : EUR 82 mio; UK: EUR 5 mio; Continental Europe : EUR 18 mio;

Asia : EUR 30 mio Life : EUR 106 mio; Non-Life : EUR 25 mio; Other : EUR 4 mio Group Combined ratio at 102.6% vs.110.5%

Solid balance sheet but impacted by increased unrealized losses

Group result negative

Inflows slightly down as expected

Steady growing FUM levels

Improved financial performance across all Insurance segments

318 May 2011 |

Key financials Q1 2011

EUR mio

* Based on average number of outstanding shares

10/03/2010 I page 3

Q1 11 Q1 10

Gross inflows (EUR bn) 4.8 5.0

Net profit Insurance attributable to shareholders 134 94Belgium 82 64UK 5 (2)Continental Europe 18 11Asia 30 21

General Account (288) (295)Net profit attributable to shareholders (154) (201)

Funds under management (EUR bn) 78.5 75.4

Net shareholders' equity 7,446 8,641Belgium 2,282 3,170UK 751 535Continental Europe 852 1,031Asia 1,378 1,355General Account 2,183 2,549

Discretionary capital (EUR bn) 0.2 1.0

418 May 2011 |

Gross Inflow Life TotalGWP Non-Life

Q1 11 Q1 10 Q1 11 Q1 10 Q1 11 Q1 10

Belgium 75% 1,311 1,316 511 483 1,822 1,799

United Kingdom 100% 10 5 471 260 481 265 0 0

Continental Europe 669 1,009 120 119 789 1,129 Portugal 51% 368 554 68 66 436 620 France 100% 89 100 0 0 89 100 Luxembourg 50% 202 327 0 0 202 327 Germany 100% 10 12 0 0 10 12 Turkey 100% 0 16 0 0 0 16 Italy 25% 0 0 52 54 52 54

Asia 1,611 1,700 128 109 1,740 1,809 Hong Kong 100% 75 68 0 0 75 68 Non-consolidated partnerships 1,536 1,632 128 109 1,664 1,741 Malaysia 31% 140 185 96 83 236 268 Thailand 31%/15% 212 156 32 26 244 182 China 25% 1,140 1,250 0 0 1,140 1,250 India 26% 45 41 0 0 45 41

Total 3,602 4,031 1,230 971 4,832 5,002

% OwnershipEUR mio

Detailed overview inflows Q1 2011By region/ country

518 May 2011 |

InsuranceLife resilient, Non-Life strongly improved in a traditionally challenging quarter

Net profit at EUR 134 mio (vs. EUR 94 mio) Solid contribution from Asian & CE operations; Belgium remains

largest profit contributor

UK Non-Life impacted by high prior year claims in Household

Life at EUR 106 mio (vs. EUR 100 mio) Strong contribution from Asia & CE, benefiting from higher investment

margins

Net profit Belgium remains solid but below Q1 2010 due to lower investment yield and newly introduced contribution levied by the State on the Insurance industry;

Non-Life at EUR 25 mio (vs. EUR 10 mio negative) Strong performance across all segments, especially Asia & Belgium;

Asia helped by EUR 3 mio extraordinary tax recoveries

Significant operational improvement driven by previous years actions, esp. in Motor Belgium & UK;

Household bears EUR 11.6 mio net-of-tax exceptional weather related costs

Combined ratio at 102.6% (vs. 110.5%), esp. driven by Motor results

Other at EUR 4 mio (vs. EUR 4 mio) KFIS contribution of EUR 1.5 mio, incl. EUR 1.2 mio amortisation

costs for intangible assets

Incl. EUR 1.0 mio acquisition costs related to Castle Cover

10/03/2010 I page 5

EUR mio Q1 11 Q1 10

Gross inflow 4,832 5,001

Operating costs 206 192

Technical result 137 94

Operating margin 155 112

Profit before tax 231 167

Net profit after tax & non-controlling interests 134 94

Life FUM (EUR bn) 72.9 70.2

618 May 2011 |

158 160

144 156

137 14944 46

483 511

Q1 10 Q1 11

75 79

764 886

205 88271 258

1,315 1,310

Q1 10 Q1 11

(0.4%)

Life In EUR mio

Non-LifeIn EUR mio

Unit-Linked

Savings

Traditional

Other

Fire

Accident & Health

Motor

+6%

Individual Life Up to EUR 1.1 bn, higher sales in savings partly offset by

lower Unit-linked sales

Bank channel at EUR 836 mio; strong inflows supported by the increased guaranteed interest rate (from 2.25% to 2.75%)

Broker channel at EUR 216 mio, + 3%, also driven by sales guaranteed saving products

Group Life At EUR 0.3 bn, -5%; timing differences in quarterly

contributions for a number of large sector and statutory plans

Funds under Management Up 1% to EUR 48.5 bn vs. end 2010

Non UL-linked funds at EUR 42.0 bn; UL funds at EUR 6.5 bn, -2%

Property and Casualty (Fire, Motor & others) Inflows up 8%, all product lines contributing well

Growth across all distribution channels; a combination of tariff increases and portfolio growth

Accident & Health Healthcare down 3% due to exceptional premia in 2010.

Group Life

BelgiumInflows slightly up

718 May 2011 |

BelgiumImproved performance thanks to the Non-Life business

10/03/2010 I page 7

Net profit at EUR 82 mio (vs. EUR 64 mio) Life down on lower net investment yield but remains solid

Non-Life recovery despite significant amount of winter weather related claims costs in Fire

Life at EUR 67 mio (vs. EUR 72 mio) Overall lower investment yield compensated by capital gains

on equities and bonds

0.15% contribution levied by the Belgian State on Life funds under management effective as of 1st January 2011, gross impact of EUR 10 mio (EUR 5 mio net-of-tax & non-controlling partnerships)

Non-Life at EUR 15 mio (vs. EUR -8 mio) Positive evolution in Motor and Workmen’s Compensation, the

latter benefitting from a positive prior year claims result

Fire includes EUR 9 mio net-of-tax impact of severe winter end 2010 & early 2011

EUR mio Q1 11 Q1 10

Gross inflow 1,822 1,799







818 May 2011 |

61.6 63.6 64.9 64.2

37.4 36.7 35.9

99.0% 100.3% 100.8% 103.1%107.4%

113.6%

100.9%

71.0 76.666.3

36.436.7

37.0

36.8

2006 2007 2008 2009 2010 Q1 10 Q1 11

Combined ratio AG Insurance FY 2006 – Q1 2011

Belgium, combined ratio substantially betterEspecially Motor improved, Fire better but still too high

Expense ratioClaims ratio

Operational performance significantly better Less weather related events in Q1 2011, contrary to Q110; Tail

end bad weather end 2010 & snow January 11 led to additional claims cost

Motor performance benefited from tariff increases 2009 & 2010, adapted product features & improved claims frequency. CR Q1 2011 at 94.9% vs.112.7% in Q1 2010.

Workmen’s Compensation benefited from a positive prior year claims result.

PY loss ratio release of -8.6% vs.-5.1% in Q1 2010

Corrective set of measures taken Motor : tariff increases of 4.5% in 2011, adapting product

offering as from Jan 2011

Fire: impact of prior year tariff increases start to pay off

Workmen's Compensation: 2.5% tariff increase as from Jan 2011

Favourable evolution but further progress possible Combined ratio Q1 2011 excluding Workmen’s Compensation

at 100.1% vs.110.8% in Q1 2010

Combined ratio Workmen’s Compensation at 106.8% vs. 134.3% benefiting from positive prior year claims result

* Impact on technical result AG Insurance from storm & CATNAT coverage before tax, reinsurance and non-controlling interests

918 May 2011 |

15 16

145287

65

125

35

44

260

471

Q1 10 Q1 11

260

471

265

48110

5

Q1 10 Q1 11

Motor

United KingdomInflow levels substantially up thanks to successful start Tesco Underwriting

Non-Life

Life

Other

Property

Accident & Health

+81%

+82%

Total In EUR mio

Non-LifeIn EUR mio

* including other income

Life Successful roll out of its proposition across the IFA

market (6.4% market share)

Over 135,000 customers

Non-Life Up 82% driven by inclusion Tesco Underwriting &

growth in both Commercial and Personal lines

Within Personal lines, Household +48%; Private car and Travel in line with Q1 2010 (excl. Tesco)

Commercial lines +29%, strong growth in Van and increase in products available to brokers

Partnership with Tesco Bank started underwriting as of mid October 2010; now 575,000 customers in portfolio

Other Insurance (Retail) YTD total income of EUR 62.7 mio vs. EUR 29.5 mio in

Q1 2010 thanks to inclusion KFIS;

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

1018 May 2011 |

United KingdomBetter overall financial performance despite exceptional claims in Household

10/03/2010 I page 10

Net result at EUR 5 mio (vs. EUR -2 mio) Improved performance overall but especially in private Motor

Solid return from Retail activities thanks to inclusion KFIS

Life at EUR -0.7 mio (vs. EUR -0.6 mio) Continued progress in roll-out of protection business; 6.4% market

share among IFAs end 2010

Non-Life at EUR 1.6 mio (vs. EUR -4.9 mio) Improved Motor result through positive impact of management

actions

Higher than anticipated prior year Escape of Water claims at EUR11.6 mio net-of-tax

Other Insurance at EUR 4.0 mio (vs. EUR 3.5 mio) Strong commission income and partnership growth

KFIS integrated in Q3 2010; net result at EUR 1.5 mio including EUR 1.2 mio amortisation of intangible assets;

Result includes EUR 1.0 mio Castle Cover related acquisition costs

EUR mio Q1 11 Q1 10

Gross inflow 481 265


Technical result (5) (11)

Operating margin (4) (10)

Profit before tax 5 (4)

Net profit after tax & non-controlling interests 5 (2)

1118 May 2011 |

UK strong progress in Motor, Household impacted by prior year claimsCombined ratio in Continental Europe up as well, due to weather conditions

Expense ratioClaims ratio

Combined ratio UK FY 2006 – Q1 2011 UK : continued positive impact from corrective measures Improved overall combined ratio at 106.0% including Tesco

Underwriting

Selected tariff increases in 2010 in line with underlying risk resulted in an improved Motor combined ratio (100.3% vs 111.9% in Q1 2010)

PY loss ratio charge of 3.4% vs. 0.5% in Q1 2010

Household combined ratio at 121.9% taking into account prior year claims ratio of 17.9% (Q1 2010 110.0%).

Travel combined ratio (106.7%) improved from Q1 2010 (115.2%); continued rating actions being taken

Other segments : combined ratios remain below 100%

Continental Europe: 99.4% Portugal : combined ratio at 95.8% vs 96.8% in Q1 2010)

Italy : first impact of implemented corrective measures noticeable

Asia : 89.6%

70.279.7 73.1

28.227.7

28.827.7 28.0 30.2 27.6

98.4%107.4%

101.9%108.1% 109.5% 110.2% 106.0%

78.480.4 80.081.5

2006 2007 2008 2009 2010 Q1 10 Q1 11

1218 May 2011 |

Acquisition Castle Cover Limited in the UKA strengthening of the Retail distribution segment

Acquisition price of EUR 62.5 mio; EUR 52.2 mio initial goodwill and EUR 8.8 mio intangibleassets

Expected total annual Retail revenues above EUR 200 mio*

Financials

Gaining further market share in over 50s, UK's fastest growing segment.

Reinforces Ageas’s position as 4th largest Personal lines intermediary distributor and Top 10 General Insurance intermediary in the UK

Further strengthens retail operations creating a collective owned retail customer base of 2 mio clients.

Increases contribution of Retail to revenues and profit in a generally very dynamic UK market

Strategic rationale

Castle Cover Limited is an insurance intermediary, selling Personal lines products direct to customers aged 50 and over, leveraging the Castle Cover brand;

2010 revenues of GBP 22 mio

The purchase is part of Ageas UK’s multi-distribution strategy & increases its customer numbers to around 8 mio

Transaction

* Based on 12 months of Kwik Fit Insurance Services, RIAS and UKAIS revenues.

1318 May 2011 |

Life Less underwriting in Luxembourg, Q110 benefiting from

European Savings Directive.

Portugal: difficult economic environment continued to impact sales

Savings business affected by general economic situation & competition banking products. Unit-linked business managed to cope with difficult market conditions; only down by 5%

Funds under Management Stable at EUR 23.0 bn vs. year-end 2010

Average FuM up 5% vs Q1 2010

Non-Life GWP nearly unchanged

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

Italy :almost unchanged with last year, while substantial measures taken to address the profitability in Motor66 70

28 2415 1611 10

119 120

Q1 10 Q1 11

69 44

395

101

488

466

58

58

1,010

669

Q1 10 Q1 11

+0%

Accident & Health

Motor

Unit-LinkedSavingsTraditional

Group

(34%)

OtherFire

Life In EUR mio

Non-LifeIn EUR mio

Continental EuropeLower inflows in line with trend 2nd 2010

1418 May 2011 |

Continental EuropeSolid results thanks to sound margins and positive impact of streamlining insurance portfolio

10/03/2010 I page 14

Net profit at EUR 18 million (vs. EUR 11 mio)

Life net profit at EUR 17 million (vs. EUR 10.7 mio) Higher investment margins in Portugal pushed by higher bond

yields and higher average FUM

Positive cost impact streamlining insurance portfolio

Non-Life net profit of EUR 0.7 million (vs. EUR 0.6 mio) Improved performance in Portugal & Italy esp. in A&H

Total combined ratio: 99.4%, slightly up versus Q1 2010 (97.6%) but better than Q4 10 (101.5%)

Italy: measures to improve Motor performance start to pay off

EUR mio Q1 11 Q1 10

Gross inflow 789 1,129







1518 May 2011 |

AsiaStable commercial performance, very close to last year’s record first quarter

Life Hong Kong (+10%) Solid growth, especially in new business,

following agency expansion & improved productivity China (-9%) Q1 2010 single premium campaign not repeated

this year because of new banca regulations and monetary tightening; Strongly increased renewal premiums, compensating for the shortfall in single premiums.

Malaysia (-24%) Lack of single premium campaigns, following bank partners shifting focus to growing their deposit base. New business regular premiums up 40% vs. Q1 2010

Thailand (+36%) Continued strong growth in both bank and agency channel, the latter outperforming all major competitors

India (+10%) Entirely driven by renewals. New business impacted by regulatory changes; market share slightly up.

Funds under Management EUR 16.4 bn slightly down on end 10 due to currencies Consolidated FUM (Hong Kong) stable at EUR 1.4 bn

Non-Life Malaysia (+16%) driven by Takaful Motor Thailand (+21%) driven by Non-Motor business through bank

channel

76 47

1,4881,563

7760

Q1 10 Q1 11

71 71

3857

Q1 10 Q1 11

(5%)

Non-Motor*

Motor

Unit-LinkedGroup

Traditional

* Non-motor includes Fire, MAT, Accident & Health and other lines** MAT: Marine Aviation & Transport

Life

Non-LifeIn EUR mio

In EUR mio

1,700 1,612

+17%109

128

1618 May 2011 |

AsiaStrong performance across all entities in Life & Non-Life

10/03/2010 I page 16

* Including Inflow (100%) & Profit (Ageas share) from partnerships respectively** Including partnerships, FUM end Q1 2011 rose to EUR 16.4 bn compared to EUR 13.8 bn end Q1 2010

EUR mio Q1 11 Q1 10

Gross inflow* 1,740 1,809

Operating costs 8 8



Profit before tax* 31 21

Net profit after tax & non-controlling interests* 30 21

Life FUM (EUR bn)** 1.4 1.2

Net profit of EUR 30 mio (vs. EUR 21 mio) Hong Kong : improved technical result and moderate increase

operating costs led to growth net profit

Non-consolidated partnerships : up to EUR 25 mio (vs. EUR 18 mio), driven by organic growth and a non-recurring tax recovery in Malaysia Non-Life

Life net profit at EUR 23 mio (vs. EUR 18 mio) Hong Kong : EUR 8 mio (vs. EUR 5 mio in Q1 2010)

Non-consolidated partnerships : EUR 18 mio; strong contribution across all countries

Other costs & income: marginally down to EUR 3 mionegative

Non-Life at EUR 7 mio (vs. EUR 3 mio) Strong intrinsic performance and technical results in both

Malaysia and Thailand

EUR 3 mio non-recurring tax recovery in Malaysia

1718 May 2011 |

General AccountNegative net result impacted by higher fair value RPN(I) liability

Negative result of EUR 288 mio, volatility remains EUR 257 mio negative impact on fair value RPN(I) liability, driven

by increased market price CASHES (from 50% to 63%)

Fair value RPN(I) liability up to EUR 722 mio

Equity value RPI at EUR 913 mio Net result of EUR 26 mio negative (EUR 12 mio Ageas’s share)

Revaluation interest rate swaps lead to a EUR 18 mio negative result at RPI at 100%, accounted via equity (EUR 8 mio for Ageas)

Call option on BNP Paribas shares nearly stable At EUR 611 mio vs EUR 609 mio end 2010

Other items Net interest margin of EUR 2 mio negative, further down thanks to

lower funding costs of EMTN program

Capital gains of EUR 5 mio on investment portfolio

Operating expenses down 12% to EUR 12 mio

10/03/2010

EUR mio Q1 11 Q1 10

Net interest income (2) (4)

Realised capital gains 5 13

Other capital gains (265) (345)

Change in impairments (0) 0

Total expenses (11) (14)

Profit before tax (288) (355)

Tax (0) 59

Net profit after tax & non-controlling interests (288) (295)

Balance sheet items Q1 11 FY 10

RPI 913 933

Call option BNP Paribas 611 609

RPN(I) (722) (465)

Net cash/deposits (EUR bn) 2.1 2.2

1818 May 2011 |

see www.royalparkinvestments.com

Net IFRS result EUR 493 mio at 100%; EUR 26 mionegative including goodwill impairment of EUR 520 mio

Negative P&L impact Ageas of EUR 12 mio (44.7%)

Value equity stake RPI at EUR 913 mio, includingimpact fair value interest rate swaps**

Outstanding debt end Q1 2011: of which Commercial paper program: Equity end Q1 2011:

Total net interest payments in Q1 2011: Total principal collections in Q1 2011:

Face value remaining portfolio: IFRS fair value:

More information

Value as per 31/03/11

Financing structure

Cash collection

Asset Value as per31/03/2011

EUR 6.5 bnEUR 4.4 bnEUR 2.04 bn

EUR 37 mioEUR 308 mio

EUR 14.8 bnEUR 7.0 bn*

* Ageas refers to fair value while RPI reports Recovery value under B-GAAP corresponds to the estimated recovery value of the remaining lines of the structured credit portfolio, based on the assumptions used at closing date. This net book value amounted to EUR 9.3 bn on 31/03/2011.

** In early 2010, RPI concluded a number of interest rate swaps exchanging variable interest streams into fixed interest streams. Fair value adjustments flow through equity. Ageas’s share amounts to EUR 8 million negative in Q1 2011.

General AccountFinancial performance Royal Park Investments

1918 May 2011 |

General AccountFair value interest mechanism related to RPN(I)

EUR 621 mio negative marked-to-market value RPN(I) EUR 101 mio negative for guarantee Belgian State Cash interest cost Q1 2011 : EUR 2.5 mio to Fortis Bank Belgian State guarantee costs Q1 2011: EUR 1.4 mio to Belgian State

Valuation

Valuation model most sensitive to price CASHES CASHES +/- 10% (to 53% or 73%) : EUR 541 mio < RPN(I) < EUR 904 mio Detailed sensitivity analysis : see Annual Financial Statements 2010

Sensitivities

Ageas’s share price (B-S model) :EUR 2.01 per share (closing price 31/03/11)dividend yield of 4.0% share price volatility of 41% (based on implied volatility end March 2011)

LT-value CASHES:62.8% of par (closing price 31/03/11) vs 50.2% end 2010evolution based on forward spread curves

LT i-rate: Standard arbitrage-free i-rate model

Assumptions

Evolution Ageas’s share price Evolution theoretical market value CASHES Evolution short term interest rate Conversion option embedded in CASHES

Drivers quarterly interest payments

Net discounted value all future interest payments until a potential reimbursement of the CASHES No change to methodology applied as per end 2009 (based on valuation techniques for financial

derivatives) Decision to include additional cost related to guarantee Belgian State as per June 2010

Valuation methodology

► EUR 722 mio

2018 May 2011 | 20

Ageas’s investment portfolio on 31 March 2011Increased investment in Corporate bonds & equities

Investment portfolio (EUR 58.7 bn)*Fixed Income

No major shifts in composition

90% portfolio rated A or higher, 97% investmentgrade

Pre-tax unrealized loss end Q1 2011 at EUR 1.2 bn mainly due to the Belgian, French, Portugueseand German government bonds & lower valuationcorporate bonds

Equities

Up to EUR 2.4 bn despite CPPI triggered sales

Pre-tax unrealized gains at EUR 149 mio

Real Estate

Pre-tax unrealized gains slightly up to EUR 1.0 bn

Sovereign bonds54%

Real Estate7%

Equities4%

* At fair value (incl. Interparking)

Corporate bonds

34%

Structured Credit Inst1%

Total pre-tax unrealized gain on investmentportfolio breakeven (EUR 1 mio)

2118 May 2011 |

Corporate bonds EUR 20.2 bn*Government bonds EUR 31.8 bn*

Government & Corporate Bond portfolio of EUR 52.0 bnSituation as per 31 March 2011

Gross unrealized losses before tax and shadow accounting (UCG) of EUR 1.3 bn vs EUR 0.5 bn year-end 2010.

No significant changes in exposure on GIPS in this quarter. Net exposure (after non-controlling interests) at fair value of EUR 5.2 bn (or EUR 6.0 bn at amortized cost)

In EUR bn

Gross unrealized gains of EUR 0.1 bn end Q1 2011; 86% single A or higher; 65% rated AA or higher; only 2% below investment grade or unrated

Banking/ Other financials : 83% single A or higher; 61% ratedAA or higher

* All values at fair value

Austria2.6

Banking/Other financials

6.8

Othercorporates4.6

Supra-national2.2

Government related6.6

Greece1.2

Belgium10.4

Spain1.6

Italy 3.6

Germany2.6

Others3.7

Portugal1.2

France4.2

Ireland0.4

2218 May 2011 |

(288)

7,4468,247

(104)(543)

134

FY 2010

Net resu

lt Ins

uranc

e

Net resu

lt Gene

ral Acc

ount

Change

unrealize

d gain

s

Foreign

exch

ange &

Othe

r

Q1 2011

Shareholders’ equity down to EUR 7.4 bnContinued impact from volatile financial markets

Shareholders’ equity / share

FY 2010 Q1 2011EUR 3.19 EUR 2.88 Trend in line with evolution H2 2010

Adverse evolution unrealized gains & losses impacted investment portfolio. Total impact since H1 2010 of EUR 1.2 bn

Negative Q1 2011 result & currency exchange evolution (GBP/Asian currencies)

Shareholders’ equity by segment Belgium down to EUR 2.3 bn, CE down to

EUR 0.9 bn

Asia stable at EUR 1.4 bn, UK up to EUR 0.8 bn (inclusion Tesco Underwriting & KFIS)

General Account at EUR 2.2 bn due to RPN(I)

2318 May 2011 |

1.60.1

0.5

Total available capital

3.1

6.2

Solvency down but remains well above required minimumImpact fixed income valuation on Belgium & CE, Tesco inclusion on UK

* Asia : Investments in partnerships are deducted from Total Capital; given the significant investments in partnerships** Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for AICA of 468% end of March 11.

Belgium United Kingdom

Insurance

Required Regulatory minimum

EUR 3.1 bn excess capitalInsurance + EUR 1.6 bn

General Account = EUR 4.7 bn

ActualActual Min Minimum

177% 247%Total Solvency Ratio

Actual Min Actual MinContinental

EuropeAsia

*/**

Actual Min

198% 984%

ActualGeneralAccount

201%

End March 2011

2.2

3.9

0.1

0.30.7 0.6

1.1

2418 May 2011 |

0.2Discretionary Capital * (if available in cash)(0.2)Dividend 2011 upstream & M&A commitments(1.0)Contingent asset off balance (Fortis Bank Tier 1 loan due Sep 11)1.4Total Capital

(2.0)Invested in non-current assets on balance sheet3.4Shareholders’ equity + FRESH

2.2Net equity0.6Call option on BNP P shares

9.39.3Balance sheet total0.5Loan to operating cies

1.2FRESH0.9Royal Park InvestmentsDiscretionary Capital on balance sheet0.7RPN(I)0.7Other0.7OtherLT assets & LT liabilities2.4Provision Dutch State2.4Claim ABN AMRO BankMCS / FCC1.7NITSH I, II & Hybrone1.7Due from Fortis Bank & AG InsPassed on0.5ST (EMTN + Bank)2.6Cash & Deposits at banksNet Cash/ deposits : EUR 2.1 bn

LiabilitiesAssetsIn EUR bn, 31 March 2011

Discretionary Capital of the General AccountA view on liquidity & capital

Q1 2011 evolutions:Discretionary capital down from EUR 0.5 bn end 2010 to EUR 0.2 bn at the end of Q1, mainly as a result of the increased fair value of the RPN(I) liability and the acquisition of Castle Cover in the UK mid March 2011.

* Ageas defines discretionary capital as the lower of the available cash and total capital of the General Account corrected for (contingent) illiquid assets and existing investment commitments

2518 May 2011 |

Insurance Better net result across all segments but further

room for improvement

Inflows slightly down but in line with expectations

Group Continued volatility due to accounting impact

legacy issues e.g. RPN(I) in Q1 2011

Outlook 2011 reconfirmed Improved financial performance Insurance

operations barring significant events outside our control

Inflow levels at least in line with 2010

Volatility General Account remains

Conclusions

2618 May 2011 |

Financial Calendar 2011

2 May Ex-dividend date –Start dividend election period

27 AprilAnnual shareholders’meeting Brussels

9 MarchAnnual results 2010

28 April Annual shareholders’meeting Utrecht

18 May Q1 2011 Interim financial statements

31 May Payment 2010 dividend

20 May End of dividend election period

24 August First half results 2011

29 September Investor DayLondon

4 May Record date

9 November Q3 2011 Interim financial statements

2718 May 2011 |

Cautionary Statements

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.

2818 May 2011 |

Investor Relations

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Investor Relations

Economy & Finance

3M results 2011