1. Continental Europe

2. Agenda
1. Profile and track record
2. Strategic update
3. Conclusion
FORTIS I 9/25/2009 I page 2

3. Multi-channel distribution in 8 countries
Luxembourg
(50% Life; 100% Non-Life):
Life + Non-Life
Inflow* FY 08: 1,055;
H1 09: 288
Market share of 11%
Top 2 player in Life FOS market
France (100%):
Life
Inflow* FY 08: 433;
H1 09: 153
Own agency force, IFA’s
Portugal (51%):
Life + Non-Life
Inflow* FY 08: 2,430;
H1 09: 1,282
16% market share in Life
Market leader in pension funds
Millenniumbcp Fortis
Turkey (100%):
Life
Inflow* FY 08: 82;
H1 09: 35
Bancassurance via Fortis Bank
and agents
Germany (100%)
Start-up in FY 07
Credit Life and Unit Linked
products
Von Essen Bank / Fortis
Finanz
Russia (100%)
Start-up in FY 07
Term Life/savings
Bancassurance and agents
Ukraine (100%)
Acquisition # 7 Life Insurer
in FY 06
180,000 customers
Life
Agent network
Italy (50%)
Joint acquisition with BNP
Paribas Assurance
Non-Life
Bancassurance
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
FORTIS I 9/25/2009 I page 3

4. Focus on Life, with EUR 19 bn of funds under management
Business breakdown (Gross inflows FY 08: EUR 4 bn)
(1%)
Germany (2%) Turkey
France
(11%)
(5%) Non-Life
0.2 bn
Financials
EUR mio
FY 07
45
3.8 bn
(95%)
Life
(60%)
Portugal
(26%)
Luxembourg
VANB
Life
(5%) Agents
(27%)
Brokers
(6%) Agents
17
190
Life
196
214
128
Non-Life
(2%) Other
22
H1 09
Gross inflows (EUR mio)
Non-Life
Distribution breakdown (Gross inflows FY 08: EUR 4 bn)
747
55
Embedded Value
(8)
893
Net profit
(excl. general costs FII)
FY 08
3,214
3,686
3,819
FY 06
FY 07
FY 08
(4%) Other
(9%)
Brokers
1,648
H1 09
Funds under Management (EUR bn)
19.3
18.8
19.4
17.4
(66%)
Bancassurance
(81%)
Bancassurance
FY 06
FORTIS I 9/25/2009 I page 4
FY 07
FY 08
H1 09

5. Agenda
1. Profile and track record
2. Strategic update
3. Conclusion
FORTIS I 9/25/2009 I page 5

6. Aligning strategic priorities to a changed (economic) reality
Priorities
Criteria
1
Focus on core
competencies
Strengthen partnerships
Expand multi-channel distribution
Innovate and improve product portfolio
Improve operational excellence
2
Assess
current portfolio
Position in market
Critical size
Market attractiveness or potential
Potential to apply our core skills
Pay-back time
Other strategic considerations
Invest
in new markets
Leading position
Distribution strength
Value creating
3
Actively managing for value creation
FORTIS I 9/25/2009 I page 6
Illustration
Partnership with Millenniumbcp
Channel innovation in Turkey
Luxembourg FOS business
Develop / Reinforce / Divest
the existing business
Non-Life bancassurance
deal with UBI Banca in Italy

7. 1
Millenniumbcp Fortis created in 2005:
clear value creation through partnership …
Funds under Management (EUR bn)
Penetration (clients) (%)
CAGR
+9%
9.6
6.7
FY 05
FY 04
FY 08
Significant increase in Funds under Management
Outperforming the market in FY 08, both in Life and
Non-Life
Embedded Value – growth since its creation (%)
CAGR
+12%
32.2
31.3
30.1
FY 06
FY 07
33.0
FY 08
33.2
FY 09
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%
Net Profit (EUR mio)
Net Profit before VOBA
Net Profit after VOBA
995
125
112
626
70 70
87
83
71
63
49
28
FY 04
FY 08
Life insurance business increased its value
by in 4 years by 59%
FORTIS I 9/25/2009 I page 7
FY 04
FY 05
FY 06
FY 07
FY 08

8. … with leading bank, gaining access to vast network …
9,703
7,833
3,000
2,000
4,074
3,029
1,000
10,000
8,000
6,000
4,000
2,000
0
Lusitânia
CA Vida
Eurovida
537 911 548 607 60
0
AXA
Top 5 banks control 80% of
Life insurance distribution,
with bancassurance as
dominant distribution
channel for Life
2.6 mio customers and more
than 900 branches
9,585
Açoreana
Distribution
strength
4,000
Math Reserves (Mar 09)
BPI
Market with great upside given
the low levels of insurance
premiums penetration
Life insurance as important
growth engine
Premium income (#)
Santander
In an
insurance
market with
high growth
potential
MbcpF: # 2 in Life Insurance (H1 09)
BES
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
MbcpF
Leading
position
through
partnership
with top
league bank
CGD
(#) Roll last 12 months
MbcpF: # 6 in Non-Life Insurance (H1 09)
Premium income (#)
1,600
63.8%
Gross Claims Ratio (Dec 08)
54.9%
1,200
62.0% 80%
61.0% 61.0%
60%
52.6% 51.4%
800
40%
400
20%
0
FORTIS I 9/25/2009 I page 8
Global
Generali
Liberty*
MbcpF
Allianz
Açoreana
(#) Roll last 12 months
Zurich*
Axa*
CGD
0%
BES
1

9. 1
… allowing us to offer innovative products to customers …
Innovation at the heart of Marketing / Commercial Strategy …
Time to market is critical
Structuring and launch of a new unit-linked product in 3 days
… delivering results
Unit-linked: More volume
Gross Written Premiums (EUR mio)
-40%
New products will account for 15% to 20% of Life inflow in
FY 09
Illustrations (H1 09)
Innovation pays off, as well in Investment products …
H1 09: EUR 1 bn inflow in Investment products
952
577
FY 05
334
FY 07
New Pet Insurance, with innovative features and a new
brand
469
214
256
2 Savings products with segment approach
… as in Non-Life insurance
FY 06
1,235
866
FY 07
FY 08
New offer in Pension Savings: FY 08 Best Year Ever
New annualized premiums
36% YoY growth in savings
11 Unit Linked series
+44%
+48%
Special Series weighted
46% in total sales
FY 08
Personal Accidents: More Sales at higher Premiums
New Policies (+11% YoY)
30,419
Average Premium (+42% YoY)
49
33,631
21 visibility campaigns in the bank in the first six months
27
of FY 09
FY 07
FORTIS I 9/25/2009 I page 9
FY 08
FY 07
FY 08

10. … and managed in a lean and effective way
1
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 Portugal
Fortis fully aligns with the commercial structure of the retail bank by
perfectly matching structures at Marketing/Sales levels
Mutual advantage of shared and integrated services
Perfect matching of the distribution organisation
Insurer
Lean operations reflected in low
cost ratio’s
Bank
Marketing
Life cost ratio (as % of FuM)
Network Support
& Call Centre
Product Units
Marketing
Segment Units
Communication
Department
0.28%
Management
Information Unit
0.21%
FY 05
Sales
-9%
Commercial
Manager 4
Coordinating
Manager 4
Commercial
Consultant 51
Commercial
Manager 51
FY 08
Non-Life gross expense ratio
32.2%
-4%
28.9%
Branches
991
FY 05
FORTIS I 9/25/2009 I page 10
FY 08

11. 1
First mover advantage with new agency channel in Turkey
“
Because of chosen approach and
selection method, we grow faster than
the market in agency business, with
focus on high professionals
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
FORTIS I 9/25/2009 I page 11

12. 1
Luxembourg Life FOS activities: leading position in niche activity
Cross-border
insurance
activity
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
#2 in highly
international
market
Active in Belgium,
Luxembourg, France, Italy,
Switzerland, Germany,
Spain
Strong market positions in
France (#1), Belgium (#2),
Italy (#3)
GWP FY 08 – Freedom Of Services (FOS) (EUR bn)
%
Market share
2.7 29.5%
Lombard
1.0
Fortis
0.9
R+V Lebensvers.
0.7
Cardif Lux
Cali Europe
FORTIS I 9/25/2009 I page 12
0.4
10.5%
9.8%
7.7%
4.3%

13. 2
1
Assessing current portfolio following a three step approach
Analyse current portfolio
Portugal
Luxembourg
France
Turkey
Germany
Ukraine
Russia
FORTIS I 9/25/2009 I page 13
2
Review of businesses along criteria
Position in the market
Critical size
Market attractiveness
Relevance for Fortis
Capability to create value
for Fortis within 3 to 5 year
time frame
Potential to apply our core
skills in partnership or
stand-alone
Evaluate any strategic
considerations
3
Rebalance the portfolio
Develop / reinforce entities’
existing businesses
Reconsider and increase
sub-scale businesses
through partnerships, or
divest
Selective investments in
areas of growth meeting
the criteria or for strategic
purposes

14. 3
Selectively investing in new markets
Invest in new markets, based on 3 criteria
Today
Obtaining a leading position
Gaining access to strong distribution franchise
Creating value as of year 3
Profile of targeted markets
(Market position)
in 3 years time
leading
small
low
high
(Potential market growth)
FORTIS I 9/25/2009 I page 14

15. 3
UBI Banca: international partnership in P&C insurance between
Fortis and BNPP Assurance
Leading position
in Italy
# 5 in number of customers
# 4 in total loans and deposits
4 mio banking customers
Distribution strength
Large and growing network of 2,000 branches
Well-established operational platform to be used as platform to sell P&C products
through other distribution channels
Builds on core
competencies of Fortis
Fortis UK: Strong positions in Motor and Household
Non-Life bancassurance in Belgium
Value creating
Leverage the untapped potential of the relatively underdeveloped Italian non-life
bancassurance insurance market
Potential upside by broadening the product range with new products
Improve UBI Banca’s profitability by increasing the penetration rate of the bank’s
customer base and pre-approving bank customers
Share investment between Fortis and BNPP Assurance of EUR 120 mio upfront and
potentially EUR 40 mio over period of 10 years
FORTIS I 9/25/2009 I page 15

16. Agenda
1. Profile and track record
2. Strategic update
3. Conclusion
FORTIS I 9/25/2009 I page 16

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
FORTIS I 9/25/2009 I page 17