Morgan Stanley European Financials conference 2013

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Information about Morgan Stanley European Financials conference 2013
Finance

Published on March 6, 2014

Author: Ageas

Source: slideshare.net

9M 2012 FY RESULTS Periodical Financial Periodical Financial Information Information Christophe Boizard CFO Morgan Stanley Conference London - 20 March 2013

Presentation Annexes 1

Headlines Ageas confirms strong insurance results Insurance net result: 2011 heavily impacted by impairments Insurance excl. impairments: improving Life & Non-Life Both Insurance & General Account contributing to group net result In EUR mio In EUR mio In EUR mio 624 +15% 595 223 30 683 743 11 119 172 119 (313) 82 430 (578) 30 FY 11 (425) FY 12 (28) 446 FY 11 (313) FY 11 Life Non-Life Other Combined ratio further improving in claims & expenses 624 501 Life FY 12 Non-Life Other Insurance solvency stable* FY 12 (265) Insurance General Account Shareholders’ equity up on net profit & unrealized gains 42.7 3,8 EUR per share 32.3 5,2 100.1% FY 11 207% 99.1% FY 12 227% FY 11 210% 206% 207% 27,1 FY 12 FY11 * Based on regulator’s view / ** pro forma recalculation for reverse 10 to 1 stock-split Periodic Financial Information I FY 12 Results I 20 February 2013 ** Tangible Equity 38,9 FY12 Intangible Equity 2

Ageas’s dividend and share buy back program over 2012  Proposed gross dividend in cash   For an amount up to EUR 200 mio  For period ending 19 February 2013 at the latest  1.2 Euro per share  Up 50% on 2011  on 24 April 2013 in Brussels  26 April : Ex-dividend date  6 May : Payment 2012 dividend Periodic Financial Information I FY 12 Results I 20 February 2013 Open market purchases on NYSE Euronext Brussels   Independent broker mandated to execute programme   In line with 40%-50% pay-out ratio set out in dividend policy  Dividend to be approved at AGM Buy-back programme launched as of 13 August Shares to be held as treasury shares until formal approval of cancellation On 27 February Ageas announces the completion of its EUR 200 mio buy back program  Total amount of 9.6 mio shares bought back (3.96% of total)  Total amount of shares owned by Ageas is 5.70%  Next step: propose at shareholders’ meeting the cancellation of the shares bought back 3

Evolution on realizing the targets set for 2015 As communicated at Investor Day 2012 FY 12 at 67/33 vs. 66/34 Calculation based on Inflows @ Ageas’s part (details slide 29) FY 12 at 99.1% vs. 100.1% Calculation based on Non-Life Net Underwriting result in % Net earned premiums FY 12 at 8.7% vs. (5.5%*) Calculation: Insurance result in % average Insurance equity FY 12 at 12.1% vs. 15.2% Calculation: Equity of Turkey, China, Malaysia, Thailand & India as % Insurance equity * ROE 2011 on adjusted basis of 7.1% Periodic Financial Information I FY 12 Results I 20 February 2013 4

Net cash wisely spent Balanced use of cash since 2009 Invest in Businesses    Organic growth Selective acquisitions Create new partnerships Return to shareholders   Dividend payment Share buy-back Return to debtholders  Redemption of Debt (EMTN) May 2009 – December 2012: +/- EUR 0.9 bn    +/- EUR 600 mio UK (Tesco, KFIS, Castle Cover, Groupama) +/- EUR 200 mio CEU (Italy, Turkey) +/- EUR 100 mio Asia (India, HK) +/- EUR 1.1 bn   +/- EUR 600 mio constant dividend over 2009, 2010 & 2011 EUR 450 mio share buy-back finalized early 2013 +/- EUR 0.8 bn  redemption in EMTN programme + EUR 270 mio proposed dividend 2012 Going forward :  Lower growth in capital intensive savings business  Increased proportion of Non-Life related business Periodic Financial Information I FY 12 Results I 20 February 2013 5

Inflows @ 100% Driven by Asia & scope changes in Continental Europe In EUR mio 21,269 Belgium UK CEU Asia Total Ageas Life Life Life Life Life Non-Life Non-Life Non-Life Non-Life Non-Life + 24% 17,220 5,680 4,891 + 28% + 11% 6,179 1,671 7,882 6,886 6,158 + 50% 1,759 5,127 FY 12 2,849 1,026 2,035 2,229 51 FY 11 12,329 607 4,272 + 10% 4,508 15,590 751 1,983 2,143 FY 11 FY 12 630 86 2,219 FY 11 7,131 5,551 3,246 FY 12 FY 11 FY 12 FY 11 FY 12 Periodic Financial Information I FY 12 Results I 20 February 2013 6

Inflows @ Ageas’s part Inflow up 16%, all segments showing double digit growth In EUR mio Belgium UK CEU Asia Total Ageas Life Life Life Life Life Non-Life Non-Life Non-Life Non-Life Non-Life 11,245 + 16% 9,722 3,684 3,262 + 11% 5,164 4,634 1,319 1,253 + 28% + 13% 3,381 1,657 1,865 3,845 1,526 1,779 1,905 1,780 86 51 FY 12 FY 11 FY 12 381 1,287 1,397 1,740 FY 11 FY 12 FY 11 Periodic Financial Information I FY 12 Results I 20 February 2013 203 164 239 1,606 FY 11 2,436 + 17% 7,561 6,460 2,233 FY 12 FY 11 FY 12 7

Insurance Combined ratio Further improvement to 99.1%, below Ageas 100% target Combined ratio 2009 – 2012 Combined ratio at 99.1% vs. 100.1%  33.1% 69.4% 106.0% 100.1% 99.1% 99.9% 101.9% 31.1% 31.0% 29.5% 30.3% 32.8% 73.2% 69.0% 68.1% 70.4% 97.2% 30.6% 71.6% 94.7% 30.7%  Motor at 99.0% (vs. 97.3%): non-recurring reserves strengthening for bodily injuries in Belgium, positive impact of management action in UK  102.5% Q4 impacted by reserves strengthening & normal seasonality Household at 97.2% (vs.103.4%): continued good performance in CEU; lower climate impact & higher tariffs in Belgium; weather events in UK  Accident & Health: at 96.0% (vs.96.9%): good performance confirmed in Belgium; reserves strengthening in CEU 102.3% 32.0% 64.1% 66.5% 70.3% (4.1%) (1.7%) (1.4%) Claims ratio at 68.1% vs. 69.0% (6.0%) 2009 (3.7%) (3.5%) 2010 (3.1%) 2011 2012 claims ratio (4.2%) Q4 11 (5.6%) Q1 12  Q2 12 expense ratio Q3 12 Q4 12 PY claims ratio Net earned premium in EUR mio 2,497 2,858 3,507 4,178 CY claims ratio improving in all segments  PY claims ratio slightly down to 3.1% (vs. 3.5%), driven by reserves strengthening in Belgium Expense ratio stable at 31% 965 989 1,034 1,044 1,111 Periodic Financial Information I FY 12 Results I 20 February 2013  Cost containment in CEU compensates for increasing commission in UK 8

Insurance Life operating margin All margins improving Operating margin 2010 – 2012 Operating margin at 0.90%  Operating margin: 2011 operating margin impacted by impairments on Greek sovereigns, equity & goodwill, offset by net capital gains on various rebalancing operation. On an adjusted basis, operating margin increased driven by better investment margin  Underwriting margin improved due to good mortality result in CEU & portfolio growth in Asia.  Investment margin 2011 impacted by financial turmoil  Expense & other margin stable 1.17% 1.05% 0.90% 0.74% 0.66% 0.66% 0.72% 0.48% (0.51%) 0.33% 0.34% 0.49% 1.08% 0.84% 0.47% 0.41% 0.51% 0.31% 0.40% 0.38% 0.46% (0.20%) (0.16%) 0.38% (0.23%) (0.18%) (0.19%) (0.24%) 0.30% (0.20%) (0.64%) (0.21%) 2010 2011 2012 Underwriting m. Q4 11 Q1 12 Investment m. Q2 12 Q3 12 Q4 12 Technical liabilities Expense & other m.  Year-end technical liabilities at EUR 68.8 bn, up 7% on a scope-on-scope basis. Strong growth in Belgium & Asia 65.0  Average technical liabilities up 2% reflecting an increase in Belgium & Asia and a decrease in CEU Average technical liabilities in EUR bn 70.6 64.7 65.8 64.7 64.8 Periodic Financial Information I FY 12 Results I 20 February 2013 65.4 65.8 9

IFRS Solvency as per 31 December 2012 Insurance ratio stable, Ageas ratio impacted by value put option on AG Insurance In EUR bn Belgium UK CEU Asia Total Ageas General Account RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital 231% 237% 9.2 206% 8.6 207% 8.2 7.5 5.2 4.2 174% 3.6 4.2 1.7 4.0 3.9 176% 3.9 5.0 1.8 268% 234% 2.3 2.4 0.9 0.5 0.4 FY 11 FY 12 224% 244% 172% 1.1 0.6 0.5 FY 11 FY 12 1.4 1.0 0.4 0.6 292% 1.3 1.4 3.6 0.8 0.8 0.9 0.6 0.4 0.5 4.0 FY 11 FY 12 FY 11 FY 12 Periodic Financial Information I FY 12 Results I 20 February 2013 1.1 FY 11 FY 12 1.0 FY 11 FY 12 FY 11 FY 12 10

Headlines Belgium Strong Life inflows, Good operating performance in Life & Non-Life Net result: 2011 impairments Result excl. impairments Robust inflow growth In EUR mio In EUR mio In EUR mio 324 65 +11% 6,886 383 6,179 39 70 1,671 321 313 4,508 5,127 FY 11 260 (327) 360 FY 12 FY 11 FY 12 1,759 3 FY 11 FY 12 (330) Life Life Non-Life Non-Life Combined ratio improving Life Non-Life Life Underwriting margin solid* Non-Life Investment result In EUR mio 532 113 419 101.1% 99.5% 227% 0.28% 210% 207% 0.29% (276) ** 68 FY 11 (344) FY 11 FY 12 FY 11 * in % of average technical liabilities Periodic Financial Information I FY 12 Results I 20 February 2013 FY 12 FY 12 Life Non-Life 11

Headlines UK Solid Non-Life results Net result Result excl. impairments Inflow flat at constant FX In EUR mio In EUR mio In EUR mio 108 2,035 (28) 11 86 30 30 137 1,983 80 2,143 51 61 (4) (0) FY 11 Life 2,229 91 86 (4) +10% FY 12 Non-Life Other 86 51 FY 11 Life FY 12 Non-Life Other Non-Life result adjusted* Other result adjusted** In EUR mio FY 11 Life FY 12 Non-Life In EUR mio 85 61 227% 210% 21 FY 11 FY 12 FY 11 Non-Life Combined ratio below 100% 207% 99.9%** 99.8% FY 11 FY 12 16 FY 12 * 2012 adjusted for EUR 63 mio badwill on GICL, EUR (15) mio reorganisation costs & EUR 4 mio net result GICL //** 2011 adjusted for EUR 9 mio incentive payment; 2012 adjusted for EUR (31) mio impairment charge , EUR (8) mio accelerated amortisation EUR (4) mio GICL transaction costs 12 Periodic Financial Information I FY 12 Results I 20 February 2013

Headlines Continental Europe Improved operational performance Net result: FY 11 hit by impairments Result excl. impairments Inflow growth due to scope change** In EUR mio In EUR mio In EUR mio 64 65 58 14 11 (8) 1,026 2,849 630 50 52 47 11 4,272 +50% 14 3,246 2,219 FY 11 (19) FY 12 FY 11 Life FY 12 Life Non-Life FY 11 Non-Life Non-Life Combined ratio improving Life Underwriting margin* Life FY 12 Non-Life Continued cost containment In EUR mio 96.7% 93.4% FY 11 227% 0.57% FY 12 FY 11 * in % of average technical liabilities // ** Luxembourg, Turkey Periodic Financial Information I FY 12 Results I 20 February 2013 210% 207% 0.67% FY 12 186 ** FY 11 154 FY 12 13

Headlines Asia Strong inflows, Excellent year for Life, Non-Life profits held back by impact Thai floods Net result* Result excl. impairments Inflow In EUR mio In EUR mio In EUR mio 128 8 144 8 +28% 6,158 7,882 751 607 121 (64) 8 FY 11 (72) 91 8 137 FY 12 83 FY 11 Life FY 12 Life Non-Life Non-Life Combined ratio 7,131 5,551 FY 11 Non-Life Net result Hong Kong FY 12 Life Non-Life Net result non-conso’s 34 109 102.0% FY 11 99.3% 227% (84) FY 12 210% ** 207% 32 FY 11 FY 12 * Includes net result Hong Kong, non-consolidated partnerships & regional costs Periodic Financial Information I FY 12 Results I 20 February 2013 FY 11 FY 12 14

General Account: components of Net result Excellent results RPI over the year, Q4 mainly up on revaluation BNP P call option In EUR mio 400 (132) 104 (161) 4Q 12 9M 12 14 (2) 3 90 (5) (221) (91) 60 (21) (70) 119 50 69 Deal with ABN Amro & Dutch State Agreement with BNP on CASHES & Tier 1 RPN(I) revaluation RPI BNP Call option Other General Account EUR 209 mio FY 12 impact of legacies Periodic Financial Information I FY 12 Results I 20 February 2013 15

Valuation Royal Park Investments as at 31 December 2012 Equity value up driven by positive RPI result, goodwill fully impaired Ageas’s equity Value Net book value assets RPI* In EUR mio In EUR bn Outstanding debt - IFRS In EUR bn 7.2 872 FY 11 8.9 FY 10 4.2 FY 10 10.0 7.8 FY 12 4.8 FY 11 FY 12 2.0 779 FY 10 0.6 6.0 0.6 0.6 4.6 933 FY 11 FY 12 Commercial paper Net result impact – part Ageas Fair value - IFRS In EUR mio In EUR bn FY 10 In EUR mio 104 FY 11 FY 12 7.0 Other Senior + Super Senior Principal & interest collections 1,709 169 131 4.7 0.5 6.0 6.2 FY 11 FY 12 1,540 1,364 156 1,368 128 1,208 1,240 (197) FY 10 FY 10 FY 11 FY 12 Principal collections Interest collections * Net book value = Economic recovery value as of 31 December 2012 at B-GAAP Periodic Financial Information I FY 12 Results I 20 February 2013 16

Net cash position General Account at EUR 1.2 bn Significantly up after agreements in H1; impact buy-back & acquisition Groupama  The agreements with Fortis Bank & BNP P on the CASHES & Tier 1 (Q1) & with ABN AMRO & Dutch State on legal proceedings (Q2) had a joined positive impact on net cash position of EUR 1.1 bn in EUR mio  2011 dividend of 8 eurocent per share brought cash down with EUR 0.2 bn (Q2) Net cash position  Further impacted by share buy-back programmes & funding of Groupama acquisition FY 11 FY 12 Cash and cash equivalents 345 402 Due from banks short term 600 1,000 (257) (187) 688 1,216 Debt certificates (EMTN) Share buy-back programme announced 6 August 2012 will further reduce net cash Quarterly evolution net cash position* 1.5 3 2.8 In EUR bn Net cash Discretionary capital 1.3 FY 09 1.0 3M10 2.6 2.3 0.9 6M10 2.2 0.7 0.5 9M10 FY10 2.1 1.3 1.3 1.3 1.1 3M12 6M12 9M 12 FY12 1.2 2.1 1.0 0.8 0.7 6M11 9M 11 FY11 0.2 3M11 1.4 * Until 6M 11 known Information FY 12 Periodic Financialas discretionaryIcapital Results I 20 February 2013 17

Conclusions Insurance :  Continued strengthening & solidifying of business model in all countries  Overall improvement of operational performance  Balance sheet remains strong General Account:  Important headway in solving legacies  Complexity General Account further reduced  2012 dividend strongly up  Full commitment to deliver against the Vision 2015 targets in 2013 and beyond Periodic Financial Information I FY 12 Results I 20 February 2013 18

Investor Day 2013 Update on Vision 2015 Investor Day 2013 18 September 2013 Andaz Hotel - London Periodic Financial Information I FY 12 Results I 20 February 2013 19

Presentation Annexes 20

Detailed overview inflows By segment/business @ 100% Life EUR mio Belgium United Kingdom Continental Europe FY 12 FY 11 FY 12 FY 11 Total FY 12 FY 11 5,127 86 3,246 4,508 51 2,219 1,759 2,143 1,026 1,671 1,983 630 6,886 2,229 0 4,272 6,179 2,035 0 2,849 1,034 763 271 0 0 0 2,213 0 2,213 2,219 1,071 290 814 44 0 0 0 0 459 240 0 0 0 219 453 237 0 0 0 216 567 0 177 0 1,493 1,003 271 0 0 219 2,213 567 2,213 0 2,672 1,308 290 814 44 216 0 177 0 0 7,131 5,551 751 607 7,882 0 6,158 0 447 447 6,684 786 1,224 4,565 109 353 353 5,198 622 907 3,552 116 0 0 751 570 181 0 0 0 0 607 478 129 0 0 447 447 7,436 1,538 1,794 4,746 109 0 353 353 5,805 1,229 1,385 3,681 116 0 15,590 12,329 5,680 4,891 21,269 17,220 Consolidated entities 6,693 7,131 4,362 4,107 11,054 11,239 Non-consolidated partnerships 8,897 5,198 1,318 784 10,215 5,982 Consolidated entities Portugal France Luxembourg Germany Italy Non-consolidated JV's Turkey (Aksigorta) Luxembourg (Cardif Lux Vie) 75% 100% * 0% Non-Life 0% 51% 100% 50% 100% 25% 36% 33% Asia Consolidated entities Hong Kong Non-consolidated JV's Malaysia Thailand China India Total 100% 31% 31%/15% 25% 26% * Ageas holds a 50% stake in Tesco Underwriting Periodic Financial Information I FY 12 Results I 20 February 2013 21

Insurance net result 2011 result heavily hit by impairments In EUR mio 624 (28 ) Belgium UK CEU Asia Total Ageas Life Life Life Life Life Non-Life Non-Life Non-Life Non-Life Non-Life Other 223 Other 324 65 430 108 260 86 (327) 30 (4) 3 FY 11 FY 12 FY 11 8 64 137 61 (8) (0) FY 12 (313) 128 (28 ) 11 (19) FY 11 (64) 14 50 FY 12 121 8 FY 11 (72) FY 12 30 82 FY 11 FY 12 (330) (425) 22 Periodic Financial Information I FY 12 Results I 20 February 2013

Overview impairments & net capital gains 2011 heavily hit by impairments, only limited influence of cap gains in Y-o-Y comparison Impairments Cap gains/losses Life Non-Life Total Belgium Equities FY 11 FY 11 FY 11 FY 12 FY 11 (53) (5) EUR mio (558) (94) (651) 142 (27) (10) (36) 104 20 (58) (584) (103) (687) 124 144 FY 12 * Goodwill Total Greek b onds 1 0 Life 2 56 (39) Non-Life Other Total UK 20 7 17 20 8 Non-Life Total CEU (2) (43) (22) (65) 6 (8) (1) (2) Life (0) (1) 0 0 (43) (22) (66) 6 (8) (16) Life Non-Life Total Asia (56) (99) (155) 33 36 (16) (56) (99) (155) 33 36 (600) (172) (99) (871) 171 (27) (10) (37) 143 39 (627) (182) (908) 182 180 (71) 51 Life Non-Life Other 9 (39) Total Ageas (59) (99) * Includes badwill & goodwill impairments of EUR 23 mio in UK Periodic Financial Information I FY 12 Results I 20 February 2013 23 10/03/2010 I page 23

Insurance net result adjusted for impairments Improved operational performance in Life & Non-Life In EUR mio Belgium UK CEU Asia Total Ageas Life Life Life Life Life Non-Life Non-Life Non-Life Non-Life Non-Life Other 683 11 15% Other 595 30 172 119 6% 360 39 383 70 501 446 321 313 86 (4) FY 11 FY 12 59% 6% 13% 91 58 11 30 61 80 FY 11 FY 12 0 8 14 47 52 FY 11 FY 12 Periodic Financial Information I FY 12 Results I 20 February 2013 8 91 65 11 144 137 83 FY 11 FY 12 FY 11 FY 12 24

Shareholders’ equity as per 31 December 2012 Up driven by unrealized gains, net profit & revaluation put option In EUR mio Shareholders’ equity / share EUR 42.75 EUR 32.30 1,540 624 7,760 (188) 8 208 (160) 1,673 119 1,931 1,755 Insurance UG/L 9,911 Insurance UG/L 423 6,306 5,582 FY 11 Net result Insurance Equity per segment Belgium UK Continental Europe Net result Change UG/L Gen Account FY 11 2,381 1,008 929 Dividend Buy back Revaluation put option FY 12 ► ► ► 4,028 1,183 1,190 Periodic Financial Information I FY 12 Results I 20 February 2013 Forex & other FY 11 Asia Insurance General Account 1,687 6,005 1,755 FY 12 FY 12 ► ► ► 1,837 8,237 1,673 25

Insurance Lexicon on new disclosures as from FY 2012 Life Non-Life + Underwriting result + Premiums received from policyholders - actual payments made in risk contracts + penalties deducted in case of surrender + reinsurance result + Expense & Other result + Net Underwriting + Net Earned Premium - all evolutions in claims reserves (CY & PY) result + expense loadings - actual expense charges + other results of technical nature + technical interest charges on technical liabilities - all expenses (marketing, intermediary, claims handling & administration) = Net Underwriting result + Other result + Investment result + Investment income on assets covering + Investment result + Investment income on assets covering Non-Life Life technical liabilities (recurring & cap gains) - what is paid out to policyholders (guaranteed income & profit sharing) technical liabilities (recur. & cap gains) - technical interest charges on technical liabilities + other results of technical nature = Operating result = Operating result Average technical = average between technical liabilities at the beginning & at the end of each quarter liabilities Net earned premium of current year. Life margins + Premiums received from policyholders - premiums covering risks future period - premiums paid to reinsurers All Life margins calculated as % of average Non-Life ratio’s technical liabilities All Non-Life ratio’s calculated in % of Net earned premiums Combined ratio Periodic Financial Information I FY 12 Results I 20 February 2013 Corresponds to 1minus net underwriting result in % of net earned premiums 26

Investment portfolio as per 31 December 2012 Value up as result of volume growth & unrealized gains/losses In EUR bn  75.9 2.4 4.7 67.9 2.7 4.3 1.8 0.5 2.8 2.9 2.4 0.3 3.7 2.6 Increase mainly explained by volume growth, both in existing & new business and by unrealized gains/losses  Investment portfolio* Gross unrealized gains/losses up to EUR 6.7 bn on portfolio (EUR 1.8 in FY 11) mainly in fixed income  Investments in Belgian government bonds & corporate Non-Financials up  Infrastructure loans (part of loans to customers): 2 projects on balance sheet for EUR 0.1 bn; further commitments & outstanding bids for EUR 0.3 bn Cash & equivalents Real Estate Equities Loans to customers 25.1 21.4 Loans to banks Structured credit instruments Corporate bonds 31.5 34.7 Fixed Income  Gross unrealized gains/losses at EUR 5.2 bn; EUR 0.6 bn FY 11  Unrealized gain Sovereigns at EUR 3.3 bn  Unrealized gain Corporates at EUR 1.9 bn Sovereign bonds Equities  FY 11 FY 12 Gross unrealized gains up to EUR 0.2 bn vs. nearly breakeven end 2011 Real Estate  Gross unrealized gains marginally up to EUR 1.3 bn * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Periodic Financial Information I FY 12 Results I 20 February 2013 27

Valuation Call option BNP Paribas shares at 31 December 2012 Value down due to decrease in volatility, up in H2 following BNP share price Valuation Balance sheet value In EUR mio Model parameters (Black & Scholes) FY 10 FY 11 FY 12 BNP Paribas share price 395 FY 11 EUR 66.67 EUR 66.67 EUR 66.67 Volatility 174 FY 10 EUR 30.35 EUR 42.54 Strike price 609 EUR 47.69 9M 12 234 Dividend yield 33% 49% 30% 5.29% 5.98% 4.69% FY 12 Net result impact In EUR mio 9M 12 FY 12 (161) (214) (271) (221) FY 11 FY 12 24.5% 47.5% Implied volatility -5% (23.6%) (41.3%) Dividend yield -1% 2.8% 4.0% Dividend yield +1% FY 11 Sensitivities Implied volatility +5% FY 10 (1.1%) (2.5%) Periodic Financial Information I FY 12 Results I 20 February 2013 28

Overview of main characteristics Hybrids Situation as per 31 December 2012 EUR mio Fortis Bank (now BNP Paribas) Ageas Ageas Hybrid Financing Hybrone Ageas Hybrid Financing Nitsh I Ageas Hybrid Financing Nitsh II Direct issue FBB, 2004 CASHES* 5.125% 8.25% 8% 4.625% 3m EUR +200 bp 500 USD 750 625 1,000 1,110 XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116 BE0933899800 Undated exchange strike 315.0 mandatory 472.5 Jun/2016 Step up to 3M Euribor +200 Aug/2013 No step up Jun/2013 No step up Oct/2014 Step up to 3M Euribor+170 Undated exchange strike 239.4 mandatory 359.1 ACSM YES YES YES YES YES YES Dividend pusher YES YES YES YES YES NO Dividend stopper NO YES YES YES YES YES Liabilities > asset Liabilities > asset Liabilities > asset <8% CAD <0.5% Dividend 500 on lent to AG Insurance USD 750 on lent to FBB 77.7 100.5 Ageasfinlux Fresh % 3m EUR + 135 bp Amount 1,250 outstanding ISIN Call date Trigger < 0.5% dividend trigger Other Market Price (31/12/12) 43.5 250 on lent to No stock settlement Coupon served by FBB, AG Insurance; 375 feature as for Direct trigger ACSM linked to on lent to FBB issue FBB 2001 Ageas dividend 100.7 95.5 53.1 * 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. Periodic Financial Information I FY 12 Results I 20 February 2013 29

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’s core 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 the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future.

Investor Relations Tel: + 32 2 557 57 34 E-mail: ir@ageas.com Website: www.ageas.com Investor Relations Periodic Financial Information I FY 12 Results I 20 February 2013

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