The Brussels Commercial Court today ruled in favour of Ageas, dismissing all claims initiated by former Mandatory Convertible Securities (MCS)[1] holders. The plaintiffs requested the validation of a decision taken by the MCS bondholders' meeting to postpone the maturity date of the MCS until 7 December 2030. They also asked to annul the conversion into Ageas shares or, alternatively, to be awarded damages.

Hence, the conversion of the MCS into shares issued by Ageas on 7 December 2010 remains unaffected and no compensation is due.

Ageas welcomes this judgment as another positive step forward in solving its legacy issues, allowing the company to focus on the future.

2

3

Trading in Ageas shares and the FRESH securities will resume shortly after the publication of this press release.

[1] The Mandatory Convertible Securities ("MCS") were unsecured and subordinated convertible bonds with a nominal amount of EUR 2 billion, issued on 7 December 2007 by the former Fortis Bank Nederland (Holding) N.V. (now ABN AMRO Bank N.V.), Fortis Bank SA/NV, Fortis SA/NV (now ageas SA/NV) and Fortis N.V.(now ageas N.V.). ABN AMRO Bank N.V. was the primary co-obligor and has accounted for the MCS in its financial statements. The bonds were converted into Fortis (now Ageas) shares on 7 December 2010. This conversion was mandatory under the terms of the MCS. 2 ISIN BE0003801181 3 The Floating Rate Equity-linked Subordinated Hybrids ("FRESH") are undated capital securities with a denomination of EUR 250,000 per security and issued for a total nominal amount of EUR 1.250 billion. They were issued in 2002 by Fortfinlux (now Ageasfinlux), a Luxembourg company, to improve the capital position of the former Fortis group. The FRESH constitute mandatory convertible obligations of Ageasfinlux, with Ageas SA/NV and Ageas N.V. as co-obligors. Coupons on the FRESH are payable quarterly at a variable rate equal to 3-month EURIBOR plus 1.35%. To date, the FRESH securities have been treated as non-innovative capital instruments for regulatory purposes, due to their deeply subordinated characteristics and their mandatory conversion into Ageas shares. The number of underlying shares amounts to 39,682,540. The FRESH have no maturity date, but may be exchanged for Fortis (now Ageas) shares at a price of EUR 31.50 per share at the discretion of the holder. The FRESH will automatically be converted into Fortis (now Ageas) shares if the price of the Fortis (now Ageas) share is equal to or higher than EUR 47.25 for 20 consecutive stock exchange business days. ISIN XS0147484074 and XS0147484314 (144A).

Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK. It is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player, through AG Insurance, and in the UK, it has a strong presence as the third largest player in private car insurance and the over 50's market. It employs more than 13,000 people and has annual inflows of more than EUR 17 billion.

MEDIA CONTACT +32 (0)2 557 57 37 / +32 (0) 479 79 50 02

INVESTOR RELATIONS Brussels +32 (0)2 557 57 33 Utrecht +31 (0)30 252 53 05

Ageas Rue du Marquis 1 - 1000 Brussels - Belgium Archimedeslaan 6 - 3584 BA Utrecht - The Netherlands www.ageas.com

Ageasfinlux S.A. is a company with limited liability under Luxembourg law established in Luxembourg and registered with the Register of Commerce and Companies under number R.C.S. Luxembourg B-86976. Ageasfinlux SA was established to obtain financing through the issuance of the FRESH Capital Securities. It has no employees and no trading activities.

Ageasfinlux S.A.

65 Boulevard Grande-Duchesse Charlotte L-1331 Luxembourg