Press conference FY results 2014

1. FULL YEAR2014RESULTS
PRESS
CONFERENCE
12/02/2015

2. Insurance
performance
 Insurance net profit of EUR 737 million (+13%)
 Inflow @ 100% of EUR 25.8 billion (+11%)
 Inflows Asia > EUR 11 billion
 Group combined ratio at 99.6%* (vs.98.3%)
Main messages
Periodic financial Information I FY 14 Results I 12 February 2015 1
* Consolidated entities only

3. 12 49
438
533
204
154
FY 13 FY 14
Other Life Non-Life
1 24
126 91
30 43
Q4 13 Q4 14
Other Life Non-Life
Strong Life results more than offset lower Non-Life
In EUR million
Insurance profit + 13%
Periodic financial Information I FY 14 Results I 12 February 2015 2
654 737 157 158
Q4FULL YEAR

4. Insurance net result by segment
All segments improve except for Continental Europe
Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life Other
Life Non-Life
Life Non-Life
Life Non-Life Other
12
49
12
49
274
336
(2) (3)
44 45
122
156
438
53361
56
90
71
32 11
21
16
204
154
335
392
100
117
77
56
142
172
654
737
FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14
In EUR million
Periodic financial Information I FY 14 Results I 12 February 2015 3

5. BELGIUM
UK
CEU
ASIA
 +17% increase in net profit
 COR 101.2%: June hailstorm and poor performance in Third Party Liability
 Acquisition of Fidea Group Life portfolio
 Sale of Ageas Protect (Life)
 Total Gain EUR 33 million
 Upstream of EUR 193 million to General Account
 Buy outs in Portugal and Italy
 Strong inflows in Luxembourg (wealth management)
 Reserve strengthening in Turkey
 > EUR 11 billion inflows (at 100%)
 Number of agents and brokers in China: 140,000
 Regular premiums up 42%
Main messages per segment
Periodic financial Information I FY 14 Results I 12 February 2015 4

6. Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Inflows at 100%
Strong Life growth in China, Thailand and Luxembourg
In EUR million
Periodic financial Information I FY 14 Results I 12 February 2015 5

7. Insurance
performance
Group result
 Insurance net profit of EUR 737 million (+13%)
 Inflow @ 100% of EUR 25.8 billion (+11%)
 Inflows Asia > EUR 11 billion
 Group combined ratio at 99.6%* (vs.98.3%)
 Group net profit of EUR 476 million (-16%)
 General Account net result of EUR (261) million, incl. RPN(i) & FortisEffect
provision
Main messages
Periodic financial Information I FY 14 Results I 12 February 2015 6
* Consolidated entities only

8. Insurance
performance
Group result
Balance sheet
 Insurance net profit of EUR 737 million (+13%)
 Inflow @ 100% of EUR 25.8 billion (+11%)
 Inflows Asia > EUR 11 billion
 Group combined ratio at 99.6%* (vs.98.3%)
 Group net profit of EUR 476 million (-16%)
 General Account net result of EUR (261) million, incl. RPN(i) & FortisEffect
provision
 Shareholders’ equity at EUR 10.2 billion or EUR 46.60 per share
 Insurance solvency at 206%, Group solvency at 210%
 Net cash position General Account at EUR 1.6 billion (vs. EUR 1.9
billion)
Main messages
Periodic financial Information I FY 14 Results I 12 February 2015 7
* Consolidated entities only

9. Periodic financial Information I FY 14 Results I 12 February 2015 8
Disciplined cash upstream from operating companies
EUR 725 million upstream over 2014
 All segments contributing
 Upstream more than covering dividend & holding costs
 Extra-ordinary dividend in Continental Europe as part of active capital
restructuring or linked to M&A
In EUR million
168
64
Portugal
132
Portugal
61
Portugal
115
France 2
France
30
Italy 5
Luxembourg 4
Turkey 7
Malaysia
40
Thailand 8
Hong Kong
88
China 2
150
91
115
138
div div norm div div/cap
restr
div/M&A div
Belgium UK Continental Europe Asia
Mix of regular &
exceptional
upstream
356

10. Insurance
performance
Group result
Balance sheet
Proposed dividend
 Insurance net profit of EUR 737 million (+13%)
 Inflow @ 100% of EUR 25.8 billion (+11%)
 Inflows Asia > EUR 11 billion
 Group combined ratio at 99.6%* (vs.98.3%)
 Group net profit of EUR 476 million (-16%)
 General Account net result of EUR (261) million, incl. RPN(i) & FortisEffect
provision
 Shareholders’ equity at EUR 10.2 billion or EUR 46.60 per share
 Insurance solvency at 206%, Group solvency at 210%
 Net cash position General Account at EUR 1.6 billion (vs. EUR 1.9
billion)
 Gross EUR 1.55 per share paid in cash (+11%)
Main messages
Ageas reports higher Insurance profit & proposes to raise dividend to EUR1.55
Periodic financial Information I FY 14 Results I 12 February 2015 9
* Consolidated entities only

11. Periodic financial Information I FY 14 Results I 12 February 2015 10
Only 2 alternative uses for General Account net cash withheld
Balance clearly tipping towards return to shareholders
1. Invest in Businesses
 Organic growth
 Selective acquisitions
 Create new partnerships
2. Return to shareholders
 Dividend payment
 Share buy-back
≈ EUR 2.7 billion
 ≈ EUR 1.2 billion cash dividend over ‘09, ’10, ’11, ‘12 & ‘13
 EUR 650 million share buy-backs launched ‘11 , ‘12 & ’13
 EUR 222 million capital reduction from proceeds of BNPP
Call Option & RPI
 EUR 330 million cash dividend over 2014
 EUR 250 million share buy-back 2014-’15
≈ EUR 1.3 billion from net cash
on top of retained earnings
 ≈ EUR 600 million UK (Tesco, Kwik Fit IS,
Castle Cover, Groupama)
 ≈ EUR 200 million CE (Italy, Turkey)
 ≈ EUR 100 million Asia (India, HK, China)
 ≈ EUR 220 million Asia (Taiping Life)
 ≈ EUR 120 million Portugal
 ≈ EUR 40 million Italy

12. Ageas proposes a gross cash dividend of EUR 1.55
In line with 40-50% dividend pay-out, 11% up on 2013
456
391
(313)
624 654
737
188 197 188
270
309 331.7
2009 2010 2011 2012 2013 2014
Insurance result
Dividend
To be approved at
AGM
In EUR million
 AGM: 29 April Brussels
 Ex-dividend date: 6 May
 Payment dividend : 8 May
Total distributed
amount +70% since
2009
* calculation based on day before ex-dividend date closing price – 2014 yield based on 31/12/2014 share price
Periodic financial Information I FY 14 Results I 12 February 2015 11
gross amount / share 0.80 0.80 0.80 1.20 1.40 1.55
pay-out ratio 41% 50% - 43% 47% 45%
dividend yield* 2.9% 3.8% 4.7% 4.5% 4.4% 5.3%

13. Periodic financial Information I FY 14 Results I 12 February 2015 12
Status on Vision 2015 targets (vs. FY 12)
FY 14 at 67/33 (vs. 67/33)
Acquisitions in Non-Life in Portugal and Italy / Sales Life activity in UK
Strong Life inflow growth in emerging markets (for the first time > EUR10 billion)
FY 14 at 99.6% (vs. 99,1%)
2.3% impact of adverse weather in UK and Belgium
FY 14 at 17.5% (vs. 12.1%)
Disciplined capital management in Europe & strong increase in Asia
FY 14 at 8.8% (vs. 8.7%)
ROE exclusive Unrealised Gains and Losses on fixed income portfolio at 11.4%
(vs. 10.7%)

14. Takeaways
 Solid Insurance result – good underlying
progress in most activities
 Some important areas of improvement
remain – getting full attention
 Strategic progress made – not visible in
Vision 2015 targets
 Increased dividend – commitment to share
progress with shareholders
 Investor Day on Solvency II & “Beyond ‘15”
Conclusions: positive trend continued
Periodic financial Information I FY 14 Results I 12 February 2015 13

15. Periodic financial Information I FY 14 Results I 12 February 2015 14
Insurance Solvency
Find out more on Solvency II & “Beyond ‘15” @ Investor Day 2015
28 September 2015
Andaz hotel - London

16. Periodic financial Information I FY 14 Results I 12 February 2015 15
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.

17. Annexes
Insurance Activities
General Account
General Information

18. FY 13 FY 14FY 13 FY 14
Periodic financial Information I FY 14 Results I 12 February 2015 17
Net result: solid full year
performance, Q4 lower Life result
In EUR million In EUR
billion
Operating margin Guaranteed: well
within target range
Non-Life combined ratio: June
hailstorm & poor TPL performance
Inflow: sales in Guaranteed
Savings up despite lower rates
Life Technical liabilities up 8%, incl.
acquisition Fidea Group Life
In EUR billion
Belgium : Headlines
Strong FY net result & Non-Life strong second half year performance
**
Operating margin Unit-Linked:
out of target range
In % avg technical liabilities In % avg technical liabilities
FY 13 FY 14
Life Non-Life
84
54
4
16
Q4 13 Q4 14
4.1 4.0
1.9 1.9
6.0 5.9
FY 13 FY 14
Life Non-Life
1.1 1.1
0.4 0.4
1.5 1.5
Q4 13 Q4 14
Q4 13 Q4 14
In % NEP
Q4 13 Q4 14FY 13 FY 14Q4 13 Q4 14
99.9% 101.2% 106.3% 99.2%
0.23%
0.34%
0.30%
0.41%0.56%
1.03%0.87%0.89%
274
336
61
56
335
392
88
70
53.2 56.1 57.6
FY 13 9M 14 FY 14

19. In EUR million
United Kingdom: Headlines
Steady inflows; recovery from climatic events in the first quarter
In EUR billion
In % NEP In EUR million
* incl. non-consolidated partnerships @ 100%
18Periodic financial Information I FY 14 Results I 12 February 2015
54
89
Q4 13 Q4 14
0.1 0.1
2.2 2.3
2.3
2.4
FY 13 FY 14
Life Non-Life
0.0 0.0
0.5 0.5
0.5 0.5
Q4 13 Q4 14
(2) (3)
12
49
90
71
100
117
FY 13 FY 14
Life Other Non-Life
(0) (5)
1
2413
19
14
38
Q4 13 Q4 14
FY 13 FY 14
97.8% 99.8%
Q4 13 Q4 14
100.5% 101.4%
FY 13 FY 14
235 298
Recovery from impact Q1 weather
events – positive one-offs in Other
Inflow* up 5%, flat @ constant FX
Non-Life combined ratio: sub 100%
despite Motor large losses
Other Income includes one-off
benefits
Sale of UK Protect
 Sale closed in Q4 2014
 Total Gain booked
 EUR 21 million in UK Other
result
 EUR 12 million in General
Account
 Net cash General Account
up EUR 193 million

20. Net profit impacted by Turkey: reserves
strengthening vs. one-off FY 13
In EUR million In EUR billion
Non-Life combined ratio improved
thanks to lower Motor claims
227% 210% 207%
Inflow* up with strong sales in
Luxembourg
In EUR billion
Continental Europe: Headlines
Net result down on Turkey – Strong inflow growth in Luxembourg
**
Operating margin Guaranteed: lower net
U/W not offset by investment margin
Periodic financial Information I FY 14 Results I 12 February 2015 19
Life Technical liabilities in line with
growing volumes
In % avg technical liabilities
Operating margin Unit-Linked: lower
fee income in Portugal
In % avg technical liabilities
44 45
32
11
77
56
FY 13 FY 14
Life Non-Life
8 10
6 4
14 13
Q4 13 Q4 14
4.1
4.6
1.1
1.1
5.2
5.6
FY 13 FY 14
Life Non-Life
1.2 1.1
0.3
0.3
1.5
1.3
Q4 13 Q4 14
FY 13 FY 14 Q4 13 Q4 14 FY 13 FY 14 Q4 13 Q4 14 FY 13 FY 14 Q4 13 Q4 14
93.7% 92.1% 91.4% 96.3%
0.91% 0.70% 0.94% 0.73%
0.47%
0.10%
0.20%
0.08%
In % NEP
* incl. non-consolidated partnerships @ 100%
13.9 14.2 14.5
15.0 16.9 17.3
28.9
31.1 31.8
FY 13 9M 14 FY 14
Conso Non-conso

21. 21
16
FY 13 FY 14
Life Non-Life
21 26
6
4
28 30
Q4 13 Q4 14
0.8
0.8
9.8
11.
9
FY 13 FY 14
Life Non-Life
Net result: Strong results in China
& Thailand
In EUR million In EUR billion
Non-Life: Combined ratio
continued improvement
Inflow growth fuelled by China &
Thailand
Life Technical liabilities up
across all entities
In EUR
billion
Asia: Headlines
New business & renewals support excellent performance China & Thailand
Periodic financial Information I FY 14 Results I 12 February 2015 20
**
In % avg technical liabilities In EUR million
Life operating margin Hong Kong:
Increased net underwriting result
Result non-conso partnerships:
marked by China & Thailand
Q4 13 Q4 14FY 13 FY 14Q4 13 Q4 14FY 13 FY 14
95.4%
89.9%
97.4%
89.9%
1.95% 1.90% 3.59% 2.58%
In % NEP
* incl. non-consolidated partnerships @ 100%
172
142
120
153
100
137
9.1 11.1
21
16
FY 13 FY 14
Life Non-Life
2.0 2.3 2.8
25.9
33.1 34.9
27.9
35.4
37.7
FY 13 9M 14 FY 14
conso non-conso
122
156
35 33
6 4
41
37
Q4 13 Q4 14
1.7
2.7
0.2
0.2
1.9
2.9
Q4 13 Q4 14

22. Periodic financial Information I FY 14 Results I 12 February 2015 21
Status on various legal procedures
Civil proceeding initiated by (associations of) shareholders
20082007
September - October 08
Split up of Fortis Group,
spread over 2 WE’s
May – September 07
Press release re bid on Abillion AMRO
Communication Q2 figures
Capital increase, Prospectus, Subprime
January – June 08
Press release on subprime & solvency
Communication re solvency & EC
remedies
 BE - 1 professional investor re damages
following rights issue; exchange of written
arguments
 Enterprise Court (Ondernemingskamer) re certain facts relating to 2007-2008, Final judgement 06/12/13 mainly in favour plaintiffs
 Stichting Investor Claims Against Fortis (SICAF) against Ageas ML & billionPPF; 2° proceeding also against board members &
executives, awaiting ruling preliminary procedural questions
 Deminor against ageas & 2 banks; interim judgment 28/4/14 ruling +/- 25% claimants not eligible; exchange of written arguments ongoing
 BE – 2 claimants against ageas: awaiting decision consolidation with Deminor
 Mr Lenssens representing several claimants against ageas, 1 bank, Belgian state & several executives, suspended pending criminal
proceedings
 Stichting FortisEffect against ageas &
Dutch state; Judgement partly in favour of
plaintiffs, Supreme appeal filed
 NL - 1 shareholder claiming damages
referring to FortisEffect judgment
 Mr.Modrikamen against ageas, Belgian
state & 2 banks; Interim judgement 05/11/14
ruling +/- 50% claimants not eligible
 Mr. Arnauts representing several claimants against ageas
& 2 banks; suspended pending criminal proceedings
 VEB collective action against ageas, former directors / executives & banks; exchange of written arguments
 Mr. Bos representing 7 shareholders against ageas, board members & executive; 1° instance mainly in favour of claimants,
appeal filed
 2 separate proceedings - Mr Meijer representing in each case 1 claimant against ageas, awaiting decision consolidation SICAF

23. Periodic financial Information I FY 14 Results I 12 February 2015 22
Status on various legal procedures
Administrative & criminal proceedings*
 AFM I : final - fine imposed
 FSMA: appeal filed before Court of Appeal
20082007
May/June 08
Communication re solvency & EC
remedies
September -
October 08
Rescue operations & Split
up of Fortis Group,
spread over 2 WE’s
August 07
Communication Q2 figures
 AFM II : final - acquittal
September 07
Capital increase, Prospectus,
Communication about subprime
exposure
May 07
Press release re bid on Abillion AMRO
January 08
Press release on subprime & solvency
 Criminal Investigation: referral to court asked for 7 individuals - additional investigation ongoing
Administrative proceedings
Criminal proceedings
* For a complete overview of all legal procedures, please check the contingent liabilities in the Annual Report

24. Periodic financial Information I FY 14 Results I 12 February 2015 23
Best estimate of timings as of to date
Impossible to provide accurate timing for next steps
2015 2016
First instance
Pleadings
 VEB
 BE – 1 professional investor
 Mr.Modrikamen
 Deminor
Judgement on the merits
 VEB
 BE – 1 professional investor
 Mr.Modrikamen
Appeal
Pleadings  FSMA fine
Judgement preliminary matters  Mr.Bos
Judgement on the merits  FSMA fine
Supreme Court
Pleadings

25. Periodic financial Information I FY 14 Results I 12 February 2015 24
Shareholders structure
Based on number of shares as at 31 December 2013
Ageas
5.04%
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual
Advisers
Identified retail
investors
19%
Identified
institutional
investors
36%
Other investors
21%
Based upon press release 9 February 2015
Based upon the number of shares mentioned in the notification received 6 May 2013
Based upon the number of shares mentioned in the notification received 2 June 2014
Based upon the number of shares mentioned in the notification received 16 January 2015
Based upon the number of shares mentioned in the notification received 22 July 2013
Estimate by
Estimate by
Ageas
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual Advisers
Identified retail investors
Identified institutional investors