Ageas Corporate Presentation

Our history
Our company now
Company profile
Our key financials
Our share
Our future - Vision 2015
Selected topics
4 insurance segments
Investment portfolio
Legacy issues
A developing company
Partnerships 1

Corporate Presentation I March 2014 2
1824: Creation of AG Life in Belgium
1830: Creation of AG Fire
1919: AG introduces Group policies
1969: The different AG companies become AG 1824
1990:Creation of Fortis, a Belgo-Dutch insurance group out of AMEV/ VSB +
AG
1993: Fortis acquires a majority interest in ASLK-CGER and lays the foundations
of the bancassurance model
1998-2000: Fortis acquires the Generale Bank and becomes a solid bancassurer
2001: Fortis starts insurance activities in Asia
2007: Fortis acquires selected ABN AMRO-activities
2008: Fortis sells its banking activities
and becomes a pure insurance player
September 2009: the insurer reveals its new strategy
A long history starting in 1824

Fortis becomes Ageas in April 2010
Aiming to become the insurance partner by excellence in Europe & Asia

Ageas presents its vision for the years to come - Sept. 2012
Vision 2015 is all about ….

Some milestones for Ageas over the past few years
Growing our Business
inflows: EUR 15.8 bn in 2009
 EUR 23.2 bn in 2013
net profit Insurance: EUR 456
mio in 2009  EUR 654 mio in
2013
capital increase to
support growth
Taiping Life
(China)
leading market positions in:
Takaful (Islamic Insurance -
Malaysia)
Health Insurance (Médis – Portugal)
acquisition
Groupama
UK
 n°2
position in
UK Private
Motor
appointment COO to
support business
development & realization
Vision 2015
from scratch in 2000 to
n°5* foreign insurer in
2012
in Asia (excl. Japan)
partnership with
Aksigorta in
Turkey Non-Life
entrance in
Non-Life
Italy
streamlining & selective
strengthening insurance
* Based on 100% premium levels
acquisition Kwik Fit Insurance
Services in UK Non-Life

Solving legacies
call/tender
financial
instruments –
Hybrone, Nitsh I,
Nitsh II in 2013
deal Dutch State & ABN AMRO
settling all related outstanding
legal disputes in 2012
deal on RPI & BNPP
call option in 2013
legal simplification &
reverse stock split in
2012
agreement BNP Paribas on Tier
1 financial instrument & CASHES
/ RPN(i) in 2012
various judgments received - legal
legacies managed in interest of
shareholders
final judgments starting to
come in: annulment AFM fine re
subprime 2007, confirmation AFM fine on
misleading communication in June 2008

strong cash buffer
≈ EUR 2 bn
successful
debt issue
for AICA &
AG Insurance
in 2013
Solvency Insurance
consistently >200%
recurrent cash dividend
despite turbulent market
conditions
EUR 0.80 per share in 2009
 EUR 1.40 in 2013
share price strongly
outperforming the market
market cap:
≈ EUR 2 bn Jan. 2009
 > EUR 7 bn
Financial achievements
2 completed share buy backs
(EUR 450 mio)
3rd buy-back of EUR 200 mio
ongoing
capital reduction of EUR 1.00 per
share approved – paid out in
December 2013
changing shareholdership
towards long term
shareholders

successful 3rd
Partnership
days in June
2013
high reputation among brokers in
UK & BE outperforming industry &
competitors standards
extensive coverage
>20 sell-side analysts
26 awards in 2012
including
Award Best Financial
Information in Belgium
recognized
consumer brand
awareness HK
retail investor
brand awareness
BE
continued improved financials
disclosures since 2009
Appreciation from the outside world

Our history
Our company now
Company profile
Our key financials
Our share
Our future - Vision 2015
Selected topics
4 insurance segments
Legacy issues
A developing company
Partnerships

Company profile
Active in 12 countries in Europe & Asia
Portugal - 51%
Life: € 1,486 mio
Non-Life: € 251 mio
UK – 100%
Life: € 108 mio
Non-Life: € 2,176 mio
France - 100%
Italy - 25%
Non-Life: € 211 mio India - 26%
Thailand
Life – 31%: € 1,476 mio
Non-Life– 15%: € 214 mio
China - 25%
Life: € 6,397 mio
Malaysia - 31%
Belgium - 75%
Life € 4,101 mio
Non-Life: € 1,855 mio
Hong Kong - 100 %
Luxembourg- 33%
Life: € 2,252 mio
* Inflow included non-consolidated partnerships @ 100%
Turkey - 36%
Situation on 31 December 2013

Active under many local brands with solid market positions
Italy
UK
Portugal
Malaysia
China
# 7 Life
> 100,000 agents
India
Belgium
# 1 Life 27%
# 2 Non-Life 16%
Portugal
# 1 Life
Italy
# 1 Bancassurance
Non-Life
Malaysia #2
#1 in Islamic insurance
Thailand
# 2 in Life (#1 New Business),
# 7 in Non-Life
Turkey
# 4 Non-Life
*
Partners
Distributioncompanies
UK - # 2 Motor
3.6 million Motor policies
Largest Belgian Real
Estate Group
EUR 6.1 billion
Situation on 31 December 2013

Corporate Presentation I March 2014
Life: leading position in Belgium, Portugal & Luxembourg
AXA
Belgium: n°1 in % technical liabilities
Lombard Int
Sogelife
Other
Cali Europe
Cardif Lux Int
Source : FSA data - 2012
(27%)
AG Insurance
Ethias
KBC
Dexia
Others
AXA
EthiasKBC
P&V
Others
AG Insurance
(16%)
Company profile
We have strong market positions in Europe…
Luxembourg: n°2 in % technical liabilities
Non-Life: leading position in Belgium & UK, growing in Italy, Turkey & Portugal
Belgium: Solid n°2 in % GWP UK: 2nd largest car insurer in # vehicles insured
Source: Assuralia – 2012 market shares
InMiocarsinsured
0
1
2
3
4
5
6
DLG Ageas LV Aviva AXA esure RSA Co-op NFU Allianz
12

Company profile
…While significant growth potential in Asia
Hong Kong
Malaysia
India
Thailand
China

Company profile - Legal structure simplified
Insurance clustered around 4 segments, General Account manages legacies
AG Insurance
SA/NV
Ageas UK Ltd
Various legal
enitities part of
Ageas Asia
Various legal
entities part of
Cont. Europe
Ageas Insurance
International N.V.
ageas SA/NV
Royal Park
Investments
Dutch permanent
establishment
Ageas Hybrid
Financing S.A
Ageasfinlux S.A.
Ageas Finance
N.V.
Ageas B.V.

Company profile
The organization reflects the business structure and emphasis on insurance
Executive Committee
Emmanuel Van
Grimbergen
GRO
Antonio Cano
CEO Belgium
Andy Watson
CEO UK
Gary Crist
CEO Asia
Steven Braekeveldt
CEO CEU
Management Committee
Board
Bart De Smet
CEO
Barry Smith
COO
Kurt De Schepper Filip Coremans
CRO CROChristophe Boizard
CFO
current function:
CFO/CRO Asia
change as from
1 July 2014

Solid full year
Insurance
performance
– weaker Non-Life Q4
Group net result
driven by Insurance
– Q4 impacted by RPN(i)
Balance sheet
remains strong
Proposed 2013
gross dividend
Progress in legal
legacies
 Insurance net profit of EUR 654 mio (+5%) - Q4 EUR 157 mio
 Inflow @ 100% of EUR 23.2 bn (+9%) - Q4 EUR 5.5 bn
 Group combined ratio at 98.6% (vs.99.1%)
 Life Technical Liabilities at EUR 69.2 bn* (stable)
 Group net profit of EUR 570 mio (-23%) - Q4 EUR 57 mio, incl. RPN(i)
 General Account net result of EUR (85) mio
 Shareholders’ equity at EUR 8.5 bn or EUR 37.65 per share
 Insurance solvency at 207%, Group solvency at 214%
 Net cash position General Account at EUR 1.9 bn
 Cash EUR 1.40 per share (+17%)
 AFM fine II re communication on subprime exposure annulled (14/02/14)
Main messages
Ageas reports solid FY 13 results & proposes 17% dividend increase
* Consolidated entities only

What we said at Investors Update 2013
Realizing ROE target based on 2 tracks & combining a series of small steps
Numerator
1. Consolidated Life operating margin
2. Consolidated Non-Life combined
ratio
3. Focus on higher ROE activities &
product lines
4. Gradually increase profits from fast
growing emerging market activities
Denominator
1. Capital efficiency is an operational
day-to-day concern
2. Capital allocation of means is a
strategic choice

Actions to improve ROE - numerator
Progress made with respect to most operating objectives
Operating margin Guaranteed: above target
range of 85-90 bps
In % avg technical liabilities
Gradually move towards higher ROE
products in Life
0.99% 0.96%
FY 12 FY 13
99.1% 98.6%
FY 12 FY 13
125
153
FY 12 FY 13
83%
74%
17%
26%
FY 12 FY 13
Unit-linked
Guaranteed
In EUR mio
Non-Life combined ratio: all segments below 100%
- objective of 97% in current low interest rate environment
In % NEP
Increased profit from non-consolidated
partnerships

New strategy
announced at
Investors Update
2013
Partly on-lend FRESH capital to operating companies* via internal SII
compliant hybrid loans against upstream of around EUR 400 mio capital
Optimizing capital structure improves Insurance ROE - Liquidity neutral for holding
* only consolidated entities
In EUR mio
Actions to improve ROE - denominator
Increase leverage in Insurance Opco’s
1° realization
Belgium near
optimal leverage
Subordinated
liabilities
Subordinated
liabilities
 AG Insurance issued EUR 450 mio Subordinated Note @ 5.25% rate
 EUR 150 mio to replace existing loan & EUR 300 mio to increase leverage
 EUR 350 mio subscribed by Ageas & EUR 100 mio by BNP P
50% RMM
2,044
50% RMM
1,225
6M 13
1,945
6M 13
899
FY 13
2,012
FY 13
1,177
Ageas Belgium

Actions to improve ROE - denominator
Upstream of dividend from operating companies more than EUR 600 mio
Significant
upstream from
Insurance companies
243
225
82
Portugal 20
France 5
Turkey 6
Luxembourg 5
Malaysia 11
Thailand 5
Hong Kong 36
36
52
Belgium
ordinary
Belgium
extra
UK Continental Europe Asia
 All segments contributing
 Upstream more than covering dividend & holding costs
 Extra-ordinary dividend in Belgium as part of active capital management
 Upstream with respect of local solvency requirements & Ageas 200% IFRS
solvency ratio target
In EUR mio

Status on Vision 2015 targets
FY 13 at 67/33 (vs. 67/33)
Steady growth Non-Life – target cannot be reached with organic growth alone
Calculation based on Inflows @ Ageas’s part
FY 13 at 98.6% (vs. 99.1%)
Improving in UK & CEU, Belgium impacted by governmental measures
Calculation based on Non-Life Net Underwriting result in % Net earned premiums
FY 13 at 12.6% (vs. 12.1%)
Capital increase & retained earnings in Asia, high upstream in Belgium
Equity of Turkey, China, Malaysia, Thailand & India as % total Insurance equity
FY 13 at 8.3% (vs. 8.7%)
ROE excl. UGL FY 13 at 10.4% (vs. 10.7%)
Higher net profit not compensating for higher average shareholder’s equity - higher
UGL, retained earnings & acquisition Groupama
Insurance result in % average Insurance equity (Beginning of period + End of period)/2

What we said at Investors Update 2013
Net cash General Account allocation priorities
Disciplined cash management
Use funds in priority to invest in business
& return to shareholders
1. Disciplined M&A approach along precise criteria
2. Existing dividend policy reconfirmed
3. Intention to return cash to shareholders
if no adequate M&A opportunities
4. Continued active capital management

Ageas proposes a gross cash dividend of EUR 1.40 per share
In line with dividend policy, 17% up on 2012
Proposed gross
dividend in cash
456
391
(313)
624 624 654
188 197 188
270
493
310
2009 2010 2011 2012 2012
dividend +
cap reduction
2013
Insurance result
Dividend
To be approved at
AGM
gross amount / share 0.80 0.80 0.80 1.20 2.20 1.40
pay-out ratio 41% 50% - 43% - 47%
dividend yield* 4.2% 4.6% 6.3% 4.7% - 4.5%
In EUR mio
 EUR 1.40 per share - up 17% on 2012
 In line with 40%-50% pay-out ratio of Insurance result
set out in dividend policy
 AGM: 30 April Brussels
 Ex-dividend date: 5 May – Record date : 12 May
 Payment dividend : 13 May
Dividend payments
in line with
announced policy
* calculation based on day before ex-dividend date closing price – 2013 yield based on 31/12/2013 share price

Simple shareholder
return*
 Since end ‘08: 243%
 Since end ’10: 86%
 Since end ’12: 43%
€ 7.53
€ 31.88
12/08 04/09 08/09 12/09 04/10 08/10 12/10 04/11 08/11 12/11 04/12 08/12 12/12 04/13 08/13 12/13
Total shareholder
return*
outperformance vs.
Stoxx Insurance 600
 Since end ‘08: 321% +221% vs Stoxx Insurance 600
 Since end ’10: 122% +61%
 Since end ’12: 55% +26%
≈ EUR 1.4 bn
dividends & capital reduction
≈ EUR 850 mio dividend over 09, 10, 11 & 12
EUR 222 mio capital reduction paid in 2013
≈ EUR 310 mio proposed dividend over
2013
EUR 650 mio share buy-backs
EUR 450 mio share buy-backs finalized
early 12 & 13
EUR 200 mio ongoing share buy-back
launched 12/08/13
Use of net cash General Account: Return to shareholders
Ageas substantially outperformed Stoxx Insurance 600 since 2009
* calculation ended 31/01/2014 – external source
Ageas share price
evolution

12
FY 12 FY 13
Other Life Non-Life
1
79
30
Q4 12 Q4 13
5.7
5.9
FY 12 FY 13
Non-Life Life
4.5 4.1
1.3
1.4
5.8
5.5
Q4 12 Q4 13 FY 12 FY 13
Non-conso Conso
9M 13 FY 13
FY 12 FY 13 Q4 12 Q4 13 FY 12 FY 13 Q4 12 Q4 13 FY 12 FY 13 Q4 12 Q4 13
Net result: Strong Q4 in Asia, lower
in UK & Belgium
In EUR mio In EUR bn
Non-Life combined ratio: improving
CY claims ratio
Inflow*: strong growth in Asia & CEU
In EUR bn
Total Insurance: Headlines
Solid FY performance, Q4 impacted by weaker Non-Life results
Life Technical liabilities: stable in
consolidated, up in non-consolidated
Operating margin Guaranteed: above
target range due to one-offs in Asia
Operating margin Unit-Linked: out of
target range due to one-offs in Asia
In % avg technical liabilities In % avg technical liabilities
430 438
137 126
223 204
624 654
175
157
15.6 17.4
21.3
23.2
68.8 69.2
36.5 40.9
105.3
110.2
99.1% 98.6% 102.3% 101.5% 0.99% 0.96% 1.37% 1.23%
0.48%
0.28%
0.28%
(0.28%)
(28) (41)
69.0 69.2
39.9 40.9
108.9 110.2
* incl. non-consolidated partnerships @ 100%
In % NEP

Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Inflow @ Ageas’s part
Strong growth in emerging markets, Guaranteed Life sales down in Belgium
In EUR mio
3,845
3,076
86 108
1,397
1,862 2,233
2,745
7,561 7,791
1,319
1,391
1,780 1,916
381
398 203
203
3,684
3,907
(13%)
8% 27%
21%
4%
5,164
4,467
1,865 2,024
1,779
2,260 2,436
2,947
11,245
11,698
FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13

Insurance net result
Further up despite negative FX impact, all segments up except UK
Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life Other
Life Non-Life
Life Non-Life
Life Non-Life Other
260 274
(0)
(2)
50 44
121 122
430
438
65
61
137
90 13 32
8 21
223
204
(28)
12
(28)
12
324 335
108
100
64
77
129
142
624 654
FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13
In EUR mio

10/03/2010 I page 29
Overview impairments & net capital gains on investments
Impairments substantially lower vs. FY 12
*
EUR mio FY 12 FY13 FY 12 FY13 FY 12 FY13
Life 115 89 (71) (25) 44 64
Non-Life 22 15 (4) (4) 18 11
Total Belgium 137 104 (75) (29) 62 75
Life
Non-Life 20 11 (6) 14 11
Other
Total UK 20 11 (6) 14 11
Life 4 15 (1) (13) 4 2
Non-Life 0 0 0 0
Total CEU 5 15 (1) (13) 4 3
Life 31 36 (16) (7) 15 29
Non-Life 2 4 (0) (0) 2 4
Total Asia 33 40 (16) (7) 17 33
Life 150 140 (88) (44) 63 95
Non-Life 44 30 (10) (4) 34 26
Other
Total Ageas 195 170 (98) (48) 97 122
Capital gains/losses
Impairments &
Profit sharing
Net impact

Inflow @ 100%
Growth driven by China, Portugal & Thailand
* Ageas holds a 50% stake in Tesco Underwriting
EUR mio FY12 FY13 FY12 FY13 FY12 FY13
Belgium 75% 5,127 4,101 1,759 1,855 6,886 5,956
United Kingdom 100%* 86 108 2,143 2,176 2,229 2,2840 0
Continental Europe 3,246 4,092 1,026 1,064 4,272 5,156
Consolidated entities 1,034 1,840 459 462 1,493 2,302
Portugal 51% 763 1,486 240 251 1,003 1,737
France 100% 271 354 271 354
Italy 25% 219 211 219 211
Non-consolidated JV's 2,213 2,252 567 602 2,779 2,854
Turkey (Aksigorta) 36% 567 602 567 602
Luxembourg (Cardif Lux Vie) 33% 2,213 2,252 2,213 2,252
Asia 7,131 9,058 751 766 7,882 9,824
Consolidated entities 447 485 447 485
Hong Kong 100% 447 485 447 485
Non-consolidated JV's 6,684 8,574 751 766 7,436 9,340
Malaysia 31% 786 594 570 552 1,357 1,145
Thailand 15%/31% 1,224 1,476 181 214 1,405 1,690
China 25% 4,565 6,397 4,565 6,397
India 26% 109 108 109 1080 0
Total 15,590 17,359 5,680 5,861 21,269 23,2200 0
Consolidated entities 6,693 6,534 4,362 4,493 11,054 11,027
Non-consolidated partnerships 8,897 10,826 1,318 1,368 10,215 12,194
Life Non-Life Total

Shareholders’ equity roll forward
Net profit offset by lower unrealized gains, return to shareholders & put option
In EUR mio
5,510
6,206 6,333
430
1,939 1,2801,742
1,655
912
654
49
(85)
(720) (149) (270) (223)
(357) (175)
EUR 42.27 EUR 37.65
7,683
9,799
8,525
FY 11 FY 12 Net result
Insurance
Net result
Gen Acc
Change
UG/L
Treasury
Shares
Dividend Capital
reduction
Reval
put option
Forex Other FY 13
Insurance
UG/L
Insurance
UG/L
FY 12 FY 13 FY 12 FY 13
Belgium 3,974 ► 3,676 Asia 1,837 ► 1,592
UK 1,149 ► 1,121 Insurance 8,145 ► 7,613
Continental Europe 1,185 ► 1,224 General Account 1,655 ► 912
Shareholders’
equity per
segment
Shareholders’
equity per share
2013 return to
shareholders

Insurance Solvency up on Net result & capital injection China
Group Solvency down on returns to shareholders, revaluation put option & RPN(i)
2.4 2.5
0.5 0.5 0.6 0.6 0.5 0.6
4.0 4.1 4.0 4.1
1.7
2.0
0.6 0.6
0.8 1.0 0.9 0.7
4.1
4.4
1.0
0.3
5.1 4.7
4.1 4.5
1.1 1.0 1.4
1.6
1.4 1.3
8.1
8.5
9.1 8.8
FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 FY 12 FY 13
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
In EUR bn
173% 183% 220% 223% 243% 271% 268% 221% 204% 207% 229% 214%Solvency ratio

situation 31/12/2012 situation 31/12/2013
Total Issued Shares 243,121,272 233,486,113
Shares not entitled to dividend and voting right 15,886,832 11,648,176
1. TREASURYSHARES Share buy-back 7,056,442 2,489,921
FRESH 3,968,254 3,968,254
Other treasury shares 218,232 546,097
2. CASHES 4,643,904 4,643,904
Shares entitled to dividend and voting rights 227,234,440 221,837,937
Cancellation bought back
shares + new buy back
Total number of outstanding shares
4% of outstanding shares (9.6 mio) cancelled during 2013

Shareholders structure
Based on number of shares as at 31 December 2013
Ageas
3.02%
Ping An
5.18%
BlackRock, Inc.
5.02%
Franklin Mutual
Advisers
2.97%
Norges Bank
BNPP & Fortis
Bank Identified retail
investors
16%
Identified
institutional
investors
39%
Other investors
23%
Ageas Based upon press release 6 January 2014
Ping An Based upon the number of shares mentioned in the notification received 6 May 2013
Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 22 August 2013
BlackRock, Inc. Based upon the number of shares mentioned in the notification received 22 July 2013
Norges Bank Based upon the number of shares mentioned in the notification received 20 August 2012
BNP P & Fortis Bank Based upon BNP Paribas notification 01 October 2012
Identified retail investors Estimate by
Identified institutional investors Estimate by

Sell-side analyst coverage overview for Ageas
Country Company Analyst
Autonomous Farquhar Murray
Bank of America Merrill Lynch Michael Van Wegen
Citi Group Farooq Hanif
Credit Suisse Chris Esson
UK Goldman Sachs William Elderkin
HSBC Steven Haywood
Mediobanca Maarten Altena
JP Morgan Cazenove Ashik Musaddi
KBW Will Hawkins
Morgan Stanley David Andrich
Nomura Fahad Changazi
Société Générale Jason Kalamboussis
Bank Degroof Dirk Peeters
Belgium KBC Securities Matthias De Wit
Petercam Tom Van Kempen
The Netherlands ING Albert Ploegh
Kepler Chevreux Benoit Pétrarque
Rabo Securities Cor Kluis
Oddo Securities Maxime Dupuis
France Alpha Value Jérôme Cassagne
Exane BNP Paribas François Boissin

Financial calendar 2014
19 February
Annual results
2013
14 May
3M 2014
results
30 April
Ordinary & Extraordinary
shareholders’ meeting - Brussels
5 May
Ex date
19 March
Annual report
2013
13 May
Payment 2013 dividend
6 August
6M 2014
results
5 November
9M 2014
results
12 May
Record date

Challenges & opportunities in the Insurance sector
No easy ride for insurers
“ Apart from
low interest rates, peripheral sovereigns, corporate
downgrades, lack of growth, bank competition, too much capital in reinsurance, poor
equity markets, volatility, austerity, de-leveraging, Solvency II, bank competition,
lack of distribution, poor product design, claims inflation, increasing severity and
frequency of large losses, opacity, poor cost efficiency (maybe improving),
longevity, persistency and spread risk,
what's the problem with insurance....?"
Chris Hartwell, RBC Capital Markets, 2 February 2012

Challenges & opportunities in Insurance sector
Largely unchanged since 2012
 Continued low i-rate
environment
 Spread sovereigns &
corporates
 Big impact monetary
authorities on financial
markets
 Forex volatility
 Low Economic growth
 Position of banks: need
to improve capital ratios
& adjust funding
structure
 Change in distribution
trends – aggregators,
direct
 Solvency II
 Basel III
 Distribution & transparency
(e.g. MIFID)
 More rigid regulatory
environment
 Tax treatment of products
Economic
environment Customers
Distribution Regulation
 More demanding & better
informed
 Risk aversity: strong
preference guaranteed
products
 Local influence important
 Use multiple channels at
each step of the process

Vision 2015
Outcome of the exercise
 not a complete new strategy
 but with much more focus on the internal embedding
 through full involvement of 13000+ motivated employees
 Vision 2015 does not represent a radical strategic shift
from where we are today
 what we have done & learned in the past 3 years
 an improved understanding of where our customers and
distribution partners are heading
 where we believe we, as a company, can have
most impact
Based on
Shows
continuity

Vision 2015
Outcome of the exercise

Vision 2015
5 strategic choices
To have a diversified product offering
To capture growth in mature and emerging markets in
Europe and Asia
To commit to our partners and their customers
To be where our customers want us to be
To focus on our insurance capabilities

Five strategic choices
1. Focus on our Insurance capabilities
Increasing demand from
customers and partners for top
products and insurance related
services
Developments Strategy
 Exclusively focus on insurance
capabilities
 Invest in skills and capabilities
 Primary objective to ensure that our
partners and customers benefit from
our insurance skills and experience
 Improve knowledge sharing

2. To be where our customers want us to be
 Customer decides what, where, when
and how he wants to buy insurance
 Increase of hybrid customer
 Rise in aggregators and price
comparison sites
 Increased influence social media
 Remain a diversified multi-channel
distributor
 Invest in new channels
 Knowledge sharing in distribution

3. To commit to our partners and their customers
 JV structures may change: Change in
regulation may result in (bank)
partners to focus on distribution
 Non financial groups are looking for
new sources of revenues by
leveraging their client base
 Relying on strong and dynamic
partnerships that are well embedded in
their markets is a corner stone of our
strategy
 Partnership is in our DNA
 We continue to invest our expertise in
partnerships with top distributors
 Existing partnerships may provide entry
to new markets and geographies

4. To have a diversified product offering
StrategyDevelopments
 Volatile financial markets and ultra
low interest rates may persist for a
number of years
 Increased competition with Banks for
deposits due to new regulations likely
to remain in place
 Focus on products and competences that
results in insurance/risk income to reduce
dependence of investment income and
financial markets
 Manage the balance between Life and
Non-Life portfolio
 Increase proportion of fee income
Target
 To balance our portfolio between Life and
Non-Life toward 60%/40% of gross
inflows

5. Capturing growth in emerging markets in Europe & Asia
 Volume growth is levelling off in
mature markets and margins are
under pressure
 Emerging markets with low insurance
penetration show robust growth on the
back of an emerging middle class
 Further grow the relative proportion of
emerging markets in Ageas market
portfolio
 Profit streams in mature markets can be
used to finance growth in emerging
markets and fund the dividend to our
shareholders
 We stick to Europe and Asia
Target
 Grow the amount of capital invested in
emerging markets in Europe and Asia
outside HK to 25%
StrategyDevelopments

Our four targets are clear
And status @ 31 December 2013
To balance our portfolio between Life and Non-Life towards
60/40 in terms of inflows @ Ageas part (67/33)
To be efficient in Non-Life with a combined ratio structurally
below 100% (98.6%)
To increase our Return On Equity in Insurance to a minimum
of 11% (8.3%)
To deploy at least 25% of our capital in emerging markets in
Europe and Asia (12.6%)

Six important values

Vision 2015
The way forward to 2015
Our project to reshape Ageas started in 2009
In 2012, the work is not finished but foundations are strong to unlock
the full potential of Ageas by 2015
 Clear strategic choices
& Financial targets
 People make the difference
 Organization build on local empowerment
& knowledge transfer
 Enhanced financial communication

Ageas @ Mercurius I March 2014 53
Belgium
Full product range for individuals & SME through multi channel distribution

* Figures after minority interest as consequence of the divestiture of the 25% stake in AG Insurance to BNP Paribas Fortis
Key financial data Mission
The general objective of AG Insurance is:
 To be a leading and profitable multi-distribution service
provider of insurance products
 To strengthen its market leadership position in three
main market segments: Individual Life, Group Life and
Non-Life
By focusing on the following strategic levers:
 Multi-channel distribution
 Product and service innovation
 Operational excellence
Market Position/ Key competences Business mix
 Market leader in Belgium
 # 1 in Life FuM (excl. 1st pillar): 27.4%
 # 2 in Non-Life inflow: 16.0%
 Multi-channel operating model
(Brokers, Bancassurance, Assurfinance and B2B)
 Full product range, covering the needs of all
market segments
(69%) Life
(31%) Non-Life
By Product (GWP) By Distribution (GWP)
(44%) Bank
(23%) Employee Benefits
(33%)
Broker
EUR mio FY 12 FY 13
Gross inflow 6,886 5,956
Life 5,127 4,101
Non-Life 1,759 1,855
Net profit* 324 335
Life 260 274
Non-Life 65 61
Life FUM (EUR bn) 52.7 53.2
Combined ratio (%) 99.5% 99.9%
Belgium
Full product range for individuals & SME through multi channel distribution

FY 12 FY 13FY 12 FY 13
Net result: solid YTD performance
In EUR mio
In EUR bn
Operating margin Guaranteed: at
high end of target range
Non-Life combined ratio: solid
full year, despite weaker Q4
Inflow*: Individual Guaranteed Life
down, Unit-linked & Non-Life up
Life Technical liabilities stable
In EUR bn
Belgium : 2013 headlines
Strong FY Life operating margin & Non-Life combined ratio
**
Operating margin Unit-Linked:
Satisfactory YTD margin
In % avg technical liabilities In % avg technical liabilities
FY 12 FY 13
Life Non-Life
95 84
13
4
88
Q4 12 Q4 13
5.1
4.1
1.8
1.9
6.9
6.0
FY 12 FY 13
Life Non-Life
1.5
1.1
0.4
0.4
1.8
1.5
Q4 12 Q4 13
Q4 12 Q4 13
In % NEP
Q4 12 Q4 13FY 12 FY 13Q4 12 Q4 13
99.5% 99.9% 101.5% 106.3%
0.34%
0.42%0.41%0.47%
1.03%1.45%0.89%0.96%
260
274
65
61
324
335
FY 12 FY 13 9M 13 FY 13
52.7 53.2 52.9 53.2
108

UK
Non-Life insurance for individuals & SME through multi channel distribution

* Not including commission & fees from Retail distribution
** Includes net profit other distribution channels
 To be the natural choice for insurance, in whatever way
the consumer decides to purchase their insurance
 Delivering on its promises through its dynamic and
responsive team dedicated to customer satisfaction
This vision has to be achieved through the continued
pursuit of the existing 3-axes for growth strategy:
1. Manufacturing a wider range of products
2. Distribution through owned and 3rd party routes to
market
3. Leveraging the combined capability of Ageas UK to
deliver cost effective solutions
Strong foothold in Personal Lines market
 # 2 Private car insurer (# cars insured)*
 # 4 Personal Lines intermediary*
 The acquisition of Groupama UK will impact these
positions (see later: A developing company)
A number of core strengths including
 Customer focused credentials
 High levels of efficiency, with low unit costs of
production
 Multi-channel capabilities (to client and consumer)
(87%) Personal Lines
(5%)
Protection
By Product (GWP) By Distribution (GWP)
(34%) Direct
(9%)
Partners
(44%) Brokers
*Based on AM Best analysis of 2012 FSA data
(9%)
Commercial Lines
EUR mio FY 12 FY 13
Gross inflow* 2,229 2,284
Life 86 108
Non-Life 2,143 2,176
Net profit** 108 100
Life 0 (2)
Non-Life 137 90
Other (26) 12
Segment UK
Non-Life insurance for individuals & SME through multi channel distribution
(8%)
Agents
(4%)
IFA’s

Better Non-Life operating result
offset by Retail & FX impact
In EUR mio
United Kingdom: 2013 headlines
Stable inflow, strong contribution from acquired Groupama activities
Non-Life combined ratio: improved
underwriting mainly in Household
12(0) (2)
90
FY 12 FY 13
Other Non-Life Total
1
(1)
(0)
64
13
22
14
Q4 12 Q4 13
FY 12 FY 13 Q4 12 Q4 13
99.8% 98.4%
102.8% 99.2%
137
108
100
(28) (41) (12) (15)
28 24
16
9
FY 12 FY 13
Holding costs Retail
In EUR mio
2012 adjusted from EUR (28) mio
to EUR 16 mio for :
• impairment charge
• accel. amortisation
• GICL acquisition costs
2013 adjusted for EUR 4
mio deferred tax benefit
87 90
FY 12 FY 13
2012 adjusted from EUR 137 mio
to EUR 87 mio:
• badwill on GICL
• reorganisation costs
Non-Life adjusted result: 2012
impacted by exceptionals
In EUR mio
In % NEP In EUR bn
Inflow* up 2% after negative FX
of 5%
Other Income further down in a
competitive market
In EUR mio
0.1 0.1
2.1 2.2
2.2 2.3
FY 12 FY 13
Life Non-Life
0.0 0.0
0.5 0.5
0.5 0.5
Q4 12 Q4 13 FY 12 FY 13
64 54
Q4 12 Q4 13
276 235
Other adjusted result: 2012 &
2013 impacted by exceptionals

Continental Europe
5 different countries, Life & Non-Life, mix between mature & emerging

 Continental Europe wants to be the preferred
insurance partner for leading distributors in Non-Life &
Life protection
 Our value proposition to these partners is
 Ensuring operational excellence
 A market-adapted product offering
 Focused on risk activities in Non-Life and Life
Mix of leading and challenger positions in Europe:
 Portugal: # 1 Life insurer
 Luxembourg: #2 FOS market
 Italy: # 1 Non-Life bancassurer
 Small position in France
 Turkey: #4 Non-Life insurer
Key competences include :
 Joint venture & partnership management
 Bancassurance
 Multi-channel distribution
(78%) Life
(22%) Non-Life
By Product (GWP) By Region (GWP)
EUR mio FY 12 FY 13
Gross inflow * 4,272 5,156
Life 3,246 4,092
Non-Life 1,026 1,064
Net profit** 64 77
Life 50 44
Non-Life 14 32
Life FUM (EUR bn) 28.1 28.9
France
(7%)
Italy
(4%)
* Gross inflow and FUM based on 100% of company revenues
** Net profit based on Ageas’ stake and including allocated Insurance International holding costs
(44%) Luxembourg
Portugal (34%)
Turkey (12%)
Continental Europe
5 different countries, Life & Non-Life, mix between mature & emerging

Net profit increase driven by
EUR 9 mio one-off in Turkey
Non-Life combined ratio still good
despite adverse weather in Portugal
227% 210% 207%
Inflow* boosted by strong sales,
especially in Portugal & Turkey In EUR bn
Continental Europe: 2013 headlines
Excellent top line performance & increased Non-Life net profit including positive one-off
**
Operating margin Guaranteed:
lower risk margin vs. excellent 2012
Life Technical liabilities stable
Operating margin Unit-Linked: FY
margin in line with objective
50 44
13
32
64
77
FY 12 FY 13
Life Non-Life
14
8
1
6
15 14
Q4 12 Q4 13
3.2
4.1
1.0
1.14.3
5.2
FY 12 FY 13
Life Non-Life
1.1 1.2
0.3
0.3
1.4
1.5
Q4 12 Q4 13 FY 12 FY 13
Non-conso Conso
9M 13 FY 13
FY 12 FY 13 Q4 12 Q4 13 FY 12 FY 13 Q4 12 Q4 13 FY 12 FY 13 Q4 12 Q4 13
93.4% 93.7%
102.8% 91.4%
1.02% 0.91% 1.02% 0.94%
0.44% 0.47%
0.23% 0.20%
14.0 15.0 14.4 15.0
14.1 13.9 14.0 13.9
28.1 28.9 28.4 28.9
In % NEP

Asia
Strong growth mainly in Life for individuals

(8%) Non-Life
Achieve strong growth in shareholder value through
 the application of Ageas’ core capabilities in selected
high growth Asian markets.
 the identification of emerging Asian trends (multi-
channel distribution, increasing need for higher skill
levels in risk management, distribution, product
development)
Market Position/ Key competences Business mix*
 China: # 7 Life insurer
 Thailand: #2 Life, #5 Non-Life insurer
 Malaysia: # 1 Life, #2 Non-Life insurer
 Hong Kong: #5 agency force
 Small presence in India
 Joint venture and partnership management
 Bancassurance
 Multi-Channel distribution
 Agency management and training
 Affinity marketing including direct marketing
 Channel conflict management
 Product development
 ALM and Risk management
By Product (GWP) By Region (GWP)
* Gross inflow and FUM based on 100% of company revenues // **Net profit based on Ageas’ stake & including allocated Insurance International holding costs
(92%)
Life
EUR mio FY 12 FY 13
Gross inflow * 7,882 9,824
Life 7,131 9,058
Non-Life 751 766
Net profit** 128 142
Life 121 122
Non-Life 8 21
Life FUM (EUR bn)* 24.4 27.9
Hong Kong
(5%)
India
(1%)
Thailand (17%)
Malaysia (12%)
(67%) China
Asia
Strong growth mainly in Life for individuals

Net result: Excluding one-offs,
strong growth of underlying profit
Non-Life combined ratio improved
over 2013
Inflow growth fuelled by China &
Thailand
Life Technical liabilities up
across all entities
In EUR bn
Asia: 2013 headlines
New business boost & underlying profit growth Life / Strong Non-Life underwriting result
**
In % avg technical liabilities In EUR mio
Life operating margin Hong Kong:
Q4 13 margin impacted by one-off
Result non-conso partnerships:
excluding one-offs up almost 20%
8
21
FY 12 FY 13
Life Non-Life
28 35
2
6
30
41
Q4 12 Q4 13
7.1
9.1
0.8
0.87.9
9.8
FY 12 FY 13
Life Non-Life
1.9 1.7
0.2 0.2
2.1
1.9
Q4 12 Q4 13
1.9 2.0
FY 12 FY 13
Non-conso Conso
2.0 2.0
9M 13 FY 13
24 21
2 6
26 28
Q4 12 Q4 13
8 21
FY 12 FY 13
Life Non-Life
Q4 12 Q4 13FY 12 FY 13Q4 12 Q4 13FY 12 FY 13
99.3% 95.4% 94.5% 97.4% 1.98% 1.95% 1.75% 3.59%
22.5 25.9 25.8 25.9
24.4
27.9 27.8 27.9
121 122
129
142
101 100
109
120
In % NEP

In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized costs
Asset mix
 Asset mix relatively stable
 Increased positions in equities & customer loans at the
expense of cash continued
Gross unrealized gains/losses on Available for Sale
 Total portfolio: down to EUR 4.0 bn (EUR 5.4 bn FY 12);
exclusively down in fixed income
 Fixed income: at EUR 3.5 bn (EUR 5.2 bn FY 12)
Sovereigns at EUR 2.3 bn (vs. EUR 3.3 bn)
Corporates at EUR 1.2 bn (vs. EUR 1.8 bn)
 Equities: up to EUR 0.5 bn (vs. EUR 0.2 bn)
Gross UG/L on Real Estate: stable at EUR 1.3 bn - not
reflected in shareholders’ equity
EUR 0.9 bn unrealized gains/losses on Held to Maturity
- not reflected in shareholders’ equity
Sovereign
bonds 34.7
Sovereign
bonds 34.5
Corporate
bonds 25.1
Corporate
bonds 24.5
Structured 0.3
Structured 0.4
Loans
6.3
Loans
5.7
Equities 2.4 Equities 3.2
Real Estate 4.7 Real Estate 4.6
Cash 2.4 Cash 2.2
75.9 75.1
FY 12 FY 13
UG/L fixed income down, increased allocation equities & customer loans

Belgium
18.4
Belgium
18.3
France 4.8 France 5.1
3.3 3.4
Austria 2.9 Austria 2.6
1.4 1.1
0.7 0.6
Others 2.8 Others 3.3
34.7 34.5
FY 12 FY 13
In EUR bn
 Gross UG/L at EUR 2.3 bn (vs. EUR 3.3 bn)
 95% investment grade; 88% rated A or higher
 Maturity sovereign bond portfolio unchanged & close to
maturity liabilities , limited interest rate sensitivity
Sovereign bond portfolio*
Sovereign & Corporate bond portfolio
Value fixed income portfolio impacted by evolution unrealized gains
 Gross UG/L at EUR 1.2 bn (vs. EUR 1.8 bn)
 Priority to investment grade industrials has led to
increased share within corporate bond portfolio of
42% (vs. 37% FY 12)
 Credit quality remains very good with 94% investment
grade; 72% rated A or higher
Corporate bond portfolio*
Banking 6.1 Banking 5.4
Other
financials 1.9
Other
financials 1.8
Non
Financials
9.3
Non
Financials
10.3
Government
related 7.9
Government
related 7.0
25.1 24.5
FY 12 FY 13
The Netherlands The Netherlands
Germany
Germany
Southern EuropeSouthern Europe

In EUR bn
Loan portfolio (customers + banks)*
Loan & Equity portfolio
More loans with guarantee
Loans to
banks 2.6 Loans to
banks 1.6
RE 0.1
RE 0.2
Infrastructure
0.1
Infrastructure
0.1
Mortgages 1.5
Mortgages 1.5
Other 2.0
Other 2.3
6.3
5.7
FY 12 FY 13
 Increase in other: long term lending to social housing
agencies in Belgium, benefiting from explicit guarantee by
the region
 Loans to banks – mainly short term bank deposits - down:
priority to long-term secured loans
Equity portfolio*
 Gross UG/L increased up to EUR 0.5 bn
(vs. EUR 0.2 bn)
 Increase in equity portfolio supported by
investments & strong equity markets
Equities 1.2
Equities 1.6
Equity funds
0.1
Equity funds
0.1
RE funds 0.7
RE funds 0.7
Mixed funds
& others 0.4
Mixed funds
& others 0.7
2.4
3.2
FY 12 FY 13

Real estate portfolio
 Gross UG/L stable at EUR 1.3 bn (not reflected in
shareholders’ equity but contributing to available
capital for solvency calculation)
 Real Estate exposure mainly in Belgium (+/- 70%)
Investment
Offices 1.5
Investment
Offices 1.5
Car Parks
1.1
Car Parks
1.0
Investment
Retail 1.3
Investment
Retail 1.4
0.6 0.4
0.3 0.3
4.7 4.6
FY 12 FY 13
In EUR bn
Real Estate portfolio*
* All assets at fair value except the ‘Held to Maturity’ assets, loans & real estate which are valued at amortized costs
Investment Warehouses
RE Development
Investment
Warehouses
RE Development

(5)
Q4 12 Q4 13
Q4 12 Q4 13 FY 12 FY 13
Net result driven by Q1 transactions
& revaluation RPN(i)
In EUR mio
Accounting value of remaining
legacies:
General Account: Headlines
Impacted by revaluation RPN(i) liability
Net cash position: increase driven by
settlement RPI & Call option
In EUR bnIn EUR mio
FY 12 FY 13
1.2
2.0 1.9
FY 12 9M 13 FY 13
119
(85)
50
(100)
RPN(i) impact on P&L RPI & Call Option impact on P&L
Staff & Operating expenses down
FY 12 FY 13
Call Option RPI
(273)
(205)
(91)
In EUR mio In EUR mio
In EUR mio
(165) (279) (370)
234
872
242
37
FY 12 9M 13 FY 13
RPN(i) Call Option RPI
104
276
(161)
(90)
60
14
1
Q4 12 Q4 13
17 18
33 27
50
45
FY 12 FY 13
Staff Operating
5 5
8 7
13 12
Q4 12 Q4 13
(57)
186

General Account: components of Net result
Result driven by transactions on legacies & valuation methodology RPN(i)
* Including Interest Margin, Other Expenses & Other Losses (Realised/Unrealised)
(132)
(161)
(2)
(17)
(33)
(41)
400
104
119
(90)
(205)
(18)
(27)
(21) (85)
276
Agreement
with ABN
AMRO &
Dutch State
Agreement
with BNP on
CASHES &
Tier 1
RPI Call Option Reval
RPN(i)
Staff
expenses
Other
operating
expenses
other* Net result
Net result 2012
driven by agreements
on legacy items
In EUR mio
Net result 2013
driven by agreements
on legacy items &
non-cash volatility
RPN(i)
legacy items solved
over 2012 & 2013
RPN(i) causing
non-cash volatility

688
1,216
1,913
(270)
(222)
(144)
(205)
(99)
(125)
1,176
462
FY 11 FY 12 paid
dividend
capital
reduction
share
buy-back
RPI &
call option
upstream &
capital
restructuring
capital
injections
other FY 13
Net cash position General Account at EUR 1.9 bn
Incoming cash partly returned to shareholders, partly invested in business
 EUR 1,176 mio cash received from transactions RPI & BNPP Call option
 EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than
compensating 2012 dividend & 2012 corporate centre costs
 EUR 1.0 per share capital reduction paid out in December
 EUR 75 mio of 2013 share buy-back already executed at YE – EUR 100 mio as per 14/02/2014
 EUR 205 mio capital injections in China over 2013
expected cash-out for
share buy-back
In EUR mio
≈

Only 2 alternative uses for General Account net cash withheld
About EUR 700 mio returned to shareholders in 2013
1. Invest in Businesses
 Organic growth
 Selective acquisitions
 Create new partnerships
2. Return to shareholders
 Dividend payment
 Share buy-back
≈ EUR 1.8 bn
 ≈ EUR 600 mio cash dividend over ‘09, ’10 & ‘11
 EUR 450 mio share buy-backs
finalized early ‘12 & ’13
 EUR 270 mio cash dividend over 2012
 EUR 200 mio share buy-back launched 12/08/13
 EUR 222 mio capital reduction from proceeds of
BNPP Call Option & RPI
≈ EUR 1.1 bn from net cash on
top of retained earnings
 ≈ EUR 600 mio UK (Tesco, KFIS, Castle
Cover, Groupama)
 ≈ EUR 200 mio CE (Italy, Turkey)
 ≈ EUR 100 mio Asia (India, HK, China)
 ≈ EUR 220 mio Asia (TPL)

Status on various legal procedures
Timing & (financial) outcome remains hard to estimate
H1 2014 expected
next steps
 Amsterdam Court of Appeal in Stichting FortisEffect case - first instance in favour of Ageas
 Brussels Commercial Court re alleged miscommunication 2007-08 (Deminor) -interim
judgment on procedural matters
 Brussels Commercial Court re Sep/Oct 2008 transactions (Modrikamen) – pleadings ongoing
February 11
Claim re FRESH
hybrid instrument
dismissed by
Brussels Court
Sep- Dec 10
Ageas starts legal procedure against
Dutch State & ABN AMRO to obtain
compensation in return for conversion
MCS (Mandatory Convertible Securities)
into Ageas’ shares
May 11
- Claim VEB/Deminor
& FortisEffect
dismissed by
Amsterdam Court
- Rotterdam court
confirmed fine AFM I,
appeal filed
AgeasinitiatorAgainstAgeas
February 12
BNP P tender for CASHES & subsequent
conversion into Ageas shares – partial
settlement of RPN/RPN(I) – call Fortis
Bank Tier 1 Debt Securities
February 12
Rotterdam court
confirmed fine AFM
II, appeal filed
Utrecht court re
communication Q2
2008 in favour of
plaintiffs, appeal filed
March 12
Brussels Commercial
Court rules in favour of
Ageas in MCS-case,
appeal filed
2011 20122010 ...
December 13
Supreme Court rejects appeal against
judgement Ondernemingskamer re
mismanagement mainly in favour of plaintiffs
June 12
Agreement with ABN AMRO to settle
legal proceedings concerning FCC &
MCS, closing all outstanding disputes
with Dutch State
2013
June 13
Fine imposed by
FSMA, appeal filed
February 14
Trade & Industry Appeals
Tribunal renders final
judgment on AFM II in
favour of Ageas
2014
March 14
Trade & Industry
Appeals Tribunal
upholds AFM I
fine

Legal proceedings
Managed in interest of shareholders
Administrative proceedings
 AFM fine imposed 05/02/10 re price sensitive info June 08
 AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07
 Final judgement 04/03/14, fine upheld
 Final judgement 14/02/2014 in favour of Ageas
 FSMA re communication in Q2 2008  Appeal filed before Court of Appeal
Criminal procedure  Public prosecutor requests referral of 7 individuals
Enterprise Court (Ondernemingskamer)
 At request of VEB re 2007-2008  Final judgement 06/12/13 re mismanagement, mainly in
favour plaintiffs.
Civil Lawsuits
 Amsterdam - VEB re alleged miscommunication 2007-08 against Ageas,
former directors/executives & banks
 Amsterdam - Stichting FortisEffect, re sale of Dutch activities against
Dutch State & Ageas
 Proceedings ongoing
 Judgement in appeal expected early March 2014
 Utrecht - Stichting Investor Claims Against Fortis re alleged
miscommunication 2007-08 against Ageas & 2 financial institutions
 Utrecht - 2nd case by Stichting on behalf of certain shareholders for
damages from same defendants & certain former directors/executives
 Proceedings initiated in August 2012 ; at present unclear
whether both actions will be joined
 Arnhem - Mr.Bos, re alleged miscommunication May June 2008  Appeal filed before Arnhem Court of Appeal
 Brussels - Modrikamen, re Sep/Oct 2008 transactions
 Brussels – Various lawsuits initiated by shareholders re alleged
miscommunication 2007 - 08
 Pleadings on the merits scheduled H1 2014
Financial instruments
 Brussels Court of Appeal - MCS-holders contesting validity of conversion  Judgment Brussels court 23/03/12 in favour of Ageas;
Appeal by certain MCS-holders; no judgment before 2015
Situation 19 February 2014

Main characteristics Hybrids General Account
Hybrone partly tendered, NITSH I & II reimbursed, no intention to buy back FRESH
In EUR mio Ageas
Ageasfinlux
Fresh
Ageas Hybrid Financing
Hybrone
Direct issue
FBB, 2004 CASHES
% 3m EUR + 135 bps 5.125% 4.625% 3m EUR +200 bps
Amount
outstanding 1,250 336 1,000 1,110
ISIN XS0147484074 XS0257650019 BE0119806116 BE0933899800
Call date
Undated exchange, strike
315.0, mandatory 472.5
Jun/2016 Step up to
3M Euribor +200 bps
Oct/2014 Step up to
3M Euribor+170 bps
Undated exchange, strike
239.4, mandatory 359.1
ACSM YES YES YES YES
Dividend pusher YES YES YES NO
Dividend stopper NO YES YES YES
Trigger < 0.5% dividend trigger Liabilities > asset <8% CAD <0.5% Dividend
Other on lent to AG Insurance
No stock settlement
feature
Coupon served by FBB,
trigger ACSM linked to
Ageas dividend
Market Price (31/12/13) 57.61 101.56 101.06 67.88
Fortis Bank (now BNP Paribas)

Optimization capital structure at AG Insurance
Successful debt placement of USD 550 mio & EUR 450 mio
December 2013: Successful placement Subordinated Note of EUR 450 mio
 5.25% rate, payable annually in June
 first call date June 2024
 after call date: 3m EUR + 4.316%, payable quarterly
 Subscribed by shareholders: Ageas (EUR 350 mio) & BNP Paribas Fortis (EUR 100 mio)
 Proceeds used to redeem outstanding internal loan & improve cost of capital
 probable to qualify as Tier 2 capital under Solvency II
March 2013: Successful placement Subordinated Note of USD 550 mio
 6.75% rate, perpetual, payable semi-annually, reset in year 6
 Subscribers: key institutional investors & global private banks in Asia & Europe  mix of stable,
long-term support & on-going retail buying interest
 Proceeds used to redeem Nitsh II on loan & EUR 163.6 mio nominal of Hybrone on-loan
 EUR 7 mio capital gains tender offer Hybrone on-loan
 Guarantees granted on AHF hybrid debt reduce significantly: lower financing costs, increased
transparency, new capital more likely to be Solvency II compliant

Changes in debt composition in Hong Kong
Successful debt placement for total amount of USD 250 mio in March-April 13
Successful placement debt by Hong Kong entity
 10-year senior debt of USD 250 mio
 4.215% rate
 issued early April 2013
 Subscribers: Key institutional investors & global private banks in Asia & Europe
 mix of stable, long-term support & on-going retail buying interest
 Proceeds used for refinancing & general corporate purposes

First priority: Invest in business
Optimize performance and stimulate growth
Streamline the portfolio of
insurance activities
 Russia, Luxembourg Non-Life,
Ukraine Life, Turkey Life, Germany
Optimize the operational
performance
 Restructuring investments, Non-Life
measures , Life guaranteed rate,...
Develop greenfield
operations
Acquire new
businesses in
attractive
markets by
building on
partnerships
expertise
 UBI, Aksigorta
Grow core entities organically
& through add-on acquisitions
 Tesco, Kwik Fit Services, Castle
Cover, Groupama UK

1. Streamline the portfolio of insurance activities
Pass the test on 3 key criteria
Critical size
 The local presence should be such that every entity can compete
effectively in its market or niche
 Critical size will ensure that each activity is able to comply with Ageas’s
quality standards
Meaningful contribution
 Each activity should make a meaningful contribution to insurance earnings
 The contribution to the insurance earnings should be significant enough to
justify management time
Return in excess of cost of equity
 The return of a business will have to exceed the cost of equity, which is
estimated to be around 11%, while taking into account the specificities of
the business
 The return of a growth business will also take into consideration the
expected value creation
Streamline the
portfolio of
insurance
activities
Going forward all
our insurance
activities have to
meet 3 key
criteria

1. Substantial progress made in streamlining insurance portfolio
Combined with selective expansion & strengthening partnerships
CEU :
18/02/11 : Ageas enters
Turkish Non-Life market;
acquisition 31% in
AKSigorta / stake
increased to 33%
GA :
23/06/11 : Transfer
reinsurance
liabilities Intreinco
to Swiss Re
UK:
24/03/11 : Acquisition
Castle Cover,
strenghtening market
position in over 50s
market
Asia :
09/11/09 : Ageas,
KasikornBank &
Muang Thai forge
stronger ties (Thailand)
CEU :
28/10/09 :
Discontinuation
Russian
Insurance activities
CEU :
16/09/10 :Sale
Ukrainian Life
Insurance activities
announced
CEU :
06/10/09 :
Sale Luxembourg
Non-Life to
La Bâloise
CEU :
08/06/11 : Ageas, BNP
Paribas Cardif & BGL
BNP Paribas conclude
Luxembourg Life
partnership
CEU :
17/09/09 : Ageas & BNP Paribas
Assurance into a Non-Life strategic
partnership in Italy; acquisition majority
stake in UBI Assicurazioni
UK :
11/09/09 : Tesco & Fortis
announce Non-Life
partnership
UK :
02/07/10 : Acquisition Kwik Fit
Insurance Services, consolidating
Personal Lines intermediary market
position
S
T
R
E
A
M
L
I
N
E
S
T
R
E
N
G
H
T
E
N
CEU :
26/07/10 : Sale Turkish
Life Insurance activities
announced
CEU :
03/10/11 : Sale
German Life Insurance
activities announced
201120102009
UK:
20/09/12 : Acquisition
Groupama UK,
strenghtening market position
in broker segment & entering
new product lines
2012

Partnerships are in our DNA
Ageas co-operates with many different partners
Thailand
Belgium
Italy
UK
Malaysia
China
India
Belgium
United Kingdom
Portugal
Italy
Malaysia
Turkey
Luxembourg
France

In all our partnerships we strive to…
… select the
right partners“understanding partner
needs and whether we
have the right solution
is more productive in
the short and long
term
… focus on the
strategic, not
the tactical
rationale
“
we focus on alignment
of core competencies
… base
cooperation on
customer need,
not short term
product sales
“
quick returns and
inflated commissions
are unstable. Creating
the platform for a
wider deeper
relationship results in
the partner having no
reason to go
elsewhere for their
insurance needs
… build on long
term loyalty, not
on financial return
only
“
a pure financial
motivation will never
result in long term
partnership that is
mutually rewarding.
Ability to evolve and
be flexible creates
more value

Corporate Presentation I March 2014
Importance of partnerships for Ageas
 Out of Ageas’ 12 operating companies, 9 are joint venture partnerships
 Not one size fits all, but adaptive to the local situation
 The partnerships vary widely in terms of size of stake, products sold, degree of integration
with distribution partner and market they are active in
 In Life and Non-Life
 We are flexible and practical in close cooperation with our business partners
 We bring expertise via our people
 Distribution relations and joint ventures (as both majority and minority shareholder)
 Partnership with strong distributors are at the heart of Ageas strategy
 In China we are 24.9% owner of Taiping Life, which has distribution agreements with all
major banks. In the rest of Asia, all our JV partners are banks distributing our insurance
products
 In the UK, we have distribution partnerships with a.o. Tesco, Age UK, Toyota and John
Lewis
 The recent entry in the Turkish market is also a joint venture, with Sabanci Holding
87

For more information on Ageas
…see our renewed website (www.ageas.com)

Your Ageas’s contacts
Investor Relations
+ 32 2 557 57 33
e-mail:ir@ageas.com
Media
+ 32 2 557 57 37
e-mail:press@ageas.com
Website:www.ageas.com

Ageas Corporate Presentation

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