Continental Europe

FORTIS I 9/25/2009 I page 2

Agenda

1. Profile and track record

2. Strategic update

3. Conclusion

FORTIS I I page 3

Multi-channel distribution in 8 countries

Mix of leading positions in mature markets with smaller positions in fast growing markets

* Inflow = inflow (Life) or GWP (Non-Life) FY 08 in EUR mio, based on 100%; nr = market ranking; % = % Fortis ownership

Luxembourg (50% Life; 100% Non-Life):

Life + Non-LifeInflow* FY 08: 1,055; H1 09: 288Market share of 11%Top 2 player in Life FOS market

France (100%):Life Inflow* FY 08: 433; H1 09: 153Own agency force, IFA’s

Portugal (51%):Life + Non-LifeInflow* FY 08: 2,430; H1 09: 1,28216% market share in LifeMarket leader in pension fundsMillenniumbcp Fortis

Turkey (100%):LifeInflow* FY 08: 82; H1 09: 35Bancassurance via Fortis Bank and agents

Germany (100%)Start-up in FY 07Credit Life and Unit Linked productsVon Essen Bank / Fortis Finanz

Russia (100%)Start-up in FY 07Term Life/savingsBancassurance and agents

Ukraine (100%)Acquisition # 7 Life Insurer in FY 06180,000 customersLifeAgent network

Italy (50%)Joint acquisition with BNP Paribas AssuranceNon-LifeBancassurance

9/25/2009

FORTIS I

190 196 214

128

FY 06 FY 07 FY 08 H1 09

Non-Life Life

Gross inflows (EUR mio)

19.418.8

19.3

17.4

FY 06 FY 07 FY 08 H1 09

I page 4

Focus on Life, with EUR 19 bn of funds under management

Business breakdown (Gross inflows FY 08: EUR 4 bn)

France(11%)

(2%) Turkey

(60%) Portugal

(1%) Germany

Financials

Distribution breakdown (Gross inflows FY 08: EUR 4 bn)

(95%) Life

(5%) Non-Life

(81%) Bancassurance

(66%) Bancassurance

(5%) Agents(27%)

Brokers

(2%) Other

Life Non-Life

(9%) Brokers

(6%) Agents(4%) Other

Funds under Management (EUR bn)

FY 07 FY 08EUR mio

Net profit(excl. general costs FII)

Embedded Value

VANB

45

893

55

(8)

747

22

(26%) Luxembourg

H1 0917

3.8 bn

3,214 3,686 3,8191,648

0.2 bn

9/25/2009

FORTIS I I page 5

Agenda

1. Profile and track record

2. Strategic update

3. Conclusion

9/25/2009

FORTIS I

Aligning strategic priorities to a changed (economic) reality

I page 6

Focus on core competencies

Assess current portfolio

Investin new markets

Strengthen partnershipsExpand multi-channel distributionInnovate and improve product portfolioImprove operational excellence

Position in marketCritical sizeMarket attractiveness or potentialPotential to apply our core skillsPay-back timeOther strategic considerations

Leading positionDistribution strengthValue creating

1

2

3

Partnership with MillenniumbcpChannel innovation in TurkeyLuxembourg FOS business

Develop / Reinforce / Divest the existing business

Non-Life bancassurance deal with UBI Banca in Italy

Actively managing for value creation

Priorities Criteria Illustration

9/25/2009

FORTIS I

995

626

FY 04 FY 08

CAGR +12%

63

1251128370

28

7187

4970

FY 04 FY 05 FY 06 FY 07 FY 08

I page 7

Millenniumbcp Fortis created in 2005: clear value creation through partnership …

1

9.66.7

FY 04 FY 08 Penetration rates of insurance products in relation to some banking products have increased to levels that are among the European best in class:

Mortgage + Life Risk: 90% Mortgage + Fire: 82%

Funds under Management (EUR bn) Penetration (clients) (%)

33.233.032.231.330.1

FY 05 FY 06 FY 07 FY 08 FY 09

Embedded Value – growth since its creation (%)

Significant increase in Funds under ManagementOutperforming the market in FY 08, both in Life and Non-Life

Net Profit (EUR mio)

CAGR +9%

Life insurance business increased its value by in 4 years by 59%

Net Profit before VOBANet Profit after VOBA

9/25/2009

FORTIS I

… with leading bank, gaining access to vast network …

I page 8

1

MbcpF: # 2 in Life Insurance (H1 09)

MbcpF: # 6 in Non-Life Insurance (H1 09)

9,5857,833

3,029

537 548 607 60

9,703

4,074

9110

1,000

2,000

3,000

4,000

CG

D

Mbc

pF

BE

S

San

tand

er

BP

I

Aço

rean

a

AX

A

Eur

ovid

a

CA

Vid

a

Lusi

tâni

a

02,0004,0006,0008,00010,000

54.9% 61.0%62.0%

61.0%51.4%52.6%

63.8%

0

400

800

1,200

1,600C

GD

BE

S

Axa

*

Zuric

h*

Alli

anz

Mbc

pF

Aço

rean

a

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rty*

Gen

eral

i

Glo

bal 0%

20%

40%

60%

80%

Premium income (#) Math Reserves (Mar 09)Leading position through partnership with top league bank

Distribution strength

Immediate gain of critical mass in the Portuguese insurance market, reaching market leadership in Life‒ Life: market leader with

21% market share‒ Non-Life: 5% market

share‒ Health: dominant position

through Médis

Top 5 banks control 80% of Life insurance distribution, with bancassurance as dominant distribution channel for Life2.6 mio customers and more than 900 branches

In an insurance market with high growth potential

Market with great upside given the low levels of insurance premiums penetrationLife insurance as important growth engine

Premium income (#) Gross Claims Ratio (Dec 08)

(#) Roll last 12 months

(#) Roll last 12 months

9/25/2009

FORTIS I

30,419 33,631

FY 07 FY 08

1,235866

577952

FY 05 FY 06 FY 07 FY 08

I page 9

… allowing us to offer innovative products to customers …

Time to market is critical

Structuring and launch of a new unit-linked product in 3 days

New products will account for 15% to 20% of Life inflow in FY 09

1

Innovation at the heart of Marketing / Commercial Strategy … … delivering results

Unit-linked: More volumeGross Written Premiums (EUR mio)

-40% +44%+48%

New offer in Pension Savings: FY 08 Best Year Ever

Personal Accidents: More Sales at higher Premiums

256

334 214

FY 07 FY 08

New annualized premiums

469Special Series weighted 46% in total sales

New Policies (+11% YoY)

2749

FY 07 FY 08

Average Premium (+42% YoY)

Illustrations (H1 09)

Innovation pays off, as well in Investment products …

H1 09: EUR 1 bn inflow in Investment products

36% YoY growth in savings

11 Unit Linked series

2 Savings products with segment approach

… as in Non-Life insurance

New Pet Insurance, with innovative features and a new brand

21 visibility campaigns in the bank in the first six months of FY 09

9/25/2009

FORTIS I

… and managed in a lean and effective way

I page 10

Operating via lean and effective partnership

Fortis is an insurance expert, with extensive bank distribution know-how; Millenniumbcp is a strong retail bank and a strong retail distribution channel in PortugalFortis fully aligns with the commercial structure of the retail bank by perfectly matching structures at Marketing/Sales levelsMutual advantage of shared and integrated services

1

Perfect matching of the distribution organisation Lean operations reflected in low cost ratio’s

0.21%0.28%

FY 05 FY 08

Life cost ratio (as % of FuM)

Non-Life gross expense ratio

28.9%

32.2%

FY 05 FY 08

-9%

-4%

Network Support & Call Centre Marketing

Communication Department

Management Information Unit

Product Units Segment Units

Commercial Consultant

Commercial Manager

Commercial Manager

Coordinating Manager

Branches

Mar

ketin

gSa

les

Insurer Bank

4

51

4

51

991

9/25/2009

FORTIS I I page 11

First mover advantage with new agency channel in Turkey

Expanding multi-channel distribution through start-up of agency channel in FY 08

Currently working with about 100 of the top 250 agents of Turkey

Working with highly professional sales force ensures quality of customer base and quality of (after) sales process

Strongest agents are supported in hiring talented new sales people and in building the necessary infrastructure

Agency channel shows better collection and lapse rates, higher retention

knowledge is being transferred to bank channel

Because of chosen approach and selection method, we grow faster than the market in agency business, with focus on high professionals

“1

9/25/2009

FORTIS I

Luxembourg Life FOS activities: leading position in niche activity

I page 12

1

GWP FY 08 – Freedom Of Services (FOS) (EUR bn)

Cross-border insurance activity

#2 in highly international market

FOS: Operating from Luxembourg throughout Europe under Freedom of Services

Sophisticated product innovation focusing on providing life insurance solutions for (Ultra) High Net Worth Individuals ((U)HNWI)

Focus on estate planning and wealth preservation

Leveraging partnership skills with major Private Banks in different geographies

Capital efficient operation

Active in Belgium, Luxembourg, France, Italy, Switzerland, Germany, Spain

Strong market positions in France (#1), Belgium (#2), Italy (#3)

Market share%

2.7

1.0

0.9

0.7

0.4

29.5%

10.5%

9.8%

7.7%

4.3%

Lombard

Fortis

R+V Lebensvers.

Cardif Lux

Cali Europe

9/25/2009

FORTIS I

Analyse current portfolio Review of businesses along criteria Rebalance the portfolio

Assessing current portfolio following a three step approach

I page 13

PortugalLuxembourgFranceTurkeyGermanyUkraineRussia

2

1 2 3

Position in the marketCritical sizeMarket attractivenessRelevance for FortisCapability to create value for Fortis within 3 to 5 year time framePotential to apply our core skills in partnership or stand-aloneEvaluate any strategic considerations

Develop / reinforce entities’existing businessesReconsider and increase sub-scale businesses through partnerships, or divestSelective investments in areas of growth meeting the criteria or for strategic purposes

9/25/2009

FORTIS I I page 14

Selectively investing in new markets3

Today

in 3 years time

(Mar

ket p

ositi

on)

small

leading

(Potential market growth)low high

Profile of targeted markets

Invest in new markets, based on 3 criteria

Obtaining a leading position

Gaining access to strong distribution franchise

Creating value as of year 3

9/25/2009

FORTIS I

UBI Banca: international partnership in P&C insurance between Fortis and BNPP Assurance

I page 15

Leading position in Italy

Distribution strength

Value creating

# 5 in number of customers# 4 in total loans and deposits4 mio banking customers

Large and growing network of 2,000 branchesWell-established operational platform to be used as platform to sell P&C products through other distribution channels

Leverage the untapped potential of the relatively underdeveloped Italian non-life bancassurance insurance marketPotential upside by broadening the product range with new productsImprove UBI Banca’s profitability by increasing the penetration rate of the bank’s customer base and pre-approving bank customersShare investment between Fortis and BNPP Assurance of EUR 120 mio upfront and potentially EUR 40 mio over period of 10 years

3

Builds on core competencies of Fortis

Fortis UK: Strong positions in Motor and HouseholdNon-Life bancassurance in Belgium

9/25/2009

FORTIS I I page 16

Agenda

1. Profile and track record

2. Strategic update

3. Conclusion

9/25/2009

FORTIS I I page 17

Conclusion

Fortis Continental Europe will remain an important value contributor within the overall group portfolio

Our Portuguese activities are clearly a driver of net profit, and we will tap the upward potential

The Non-Life partnership in Italy is of prime strategic importance

We will continue to actively manage our portfolio along a three step approach: ‒ Focus on our core competencies‒ Assessing our current portfolio, where sub-scale

activities will be strengthened or divested‒ Making selective investments in areas of growth –

no greenfields, meeting our investment criteria and/or in line with strategic purposes

9/25/2009