[PPT] - FY 2017 RESULTS Periodical Financial Information Analyst call 3 PowerPoint Presentation

SLIDE 1

Periodical Financial Information

FY 2017

RESULTS

SLIDE 2

Table of contents

Analyst call 3 Segment information 16 Equity / Solvency/ FCG 49 Investment portfolio 62 Legal Settlement 67 General Information 76

SLIDE 3

Main messages

Ageas reports record Insurance net result

3 Periodic financial Information I FY 17 results I 21 February 2018 *Consolidated entities only

Insurance performance Group result Balance sheet Gross dividend Fortis settlement

Insurance net profit of EUR 960 mio (+33%)
Inflow @ 100% of EUR 33.8 bn (+7%)
Life Guaranteed margin at 93 bps* (stable)
Unit-Linked margin at 27 bps* (vs. 25 bps)
Group combined ratio at 95.2%* (vs.101.1%)
Life Technical Liabilities at EUR 74.7 bn* (stable)
Group net profit of EUR 623 mio
General Account net loss of EUR 337 mio (vs. EUR 694 mio negative) including

additional provision for Fortis settlement

Shareholders’ equity at EUR 9.6 bn or EUR 48.30 per share
UG/L at EUR 2.8 bn or EUR 14.02 per share
Insurance Solvency IIageas at 196%, Group ratio at 196%
Operating FCG of Solvency II scope of EUR 702 mio
Total Liquid Assets General Account at EUR 1.8 bn (vs.EUR 1.9 bn)
Proposal of 2.10 EUR/share (+24% vs. 2016 regular dividend)
Hearings Amsterdam Court on 16 & 27 March 2018
Judgment on binding character expected by mid 2018

SLIDE 4

505 623 18 260 199 77 721 960

FY 16 FY 17 Life Non-Life cap gain divestments

In EUR mio In EUR bn In EUR bn

Total Insurance: Headlines

Record performance in both Life & Non-Life

4 Periodic financial Information I FY 17 results I 21 February 2018 In bps avg technical liabilities In bps avg technical liabilities * incl. non-consolidated partnerships @ 100% In % NEP

81 150 (163) 48 77 (82) 274

Q4 16 Q4 17

25.4 27.6 6.3 6.2 31.7 33.8

FY 16 FY 17 Life Non-Life

5.5 5.2 1.5 1.5 7.0 6.7

Q4 16 Q4 17

101.1 95.2

FY 16 FY 17

113.2 96.2

Q4 16 Q4 17

93 93

FY 16 FY 17

80 54

Q4 16 Q4 17

25 27

FY 16 FY 17

36 32

Q4 16 Q4 17

74.5 74.2 74.7 69.5 75.8 78.0 144.0 150.0 152.7

FY 16 9M 17 FY 17 conso non-conso

Net result: Solid result further underpinned by strong Q4 Non-Life combined ratio: excellent

perating performance in BE & CEU

Inflows*: Continuous growing inflows in Asia driven by regular premiums Life Technical liabilities up in non-conso Operating margin Guaranteed: absence of capital gains in Q4 Operating margin Unit-Linked: up in both BE & CEU

SLIDE 5

0.80 0.80 0.80 1.20 1.40 1.55 1.65 1.70

2.10

0.40

2.9% 3.7% 4.7% 4.6% 4.4% 5.0% 4.9% 5.3% 5.1% 2010 2011 2012 2013 2014 2015 2016 2017 2018 gross dividend / share additional dividend / share dividend yield*

5 Periodic financial Information I FY 17 results I 21 February 2018

Proposed regular gross cash dividend of EUR 2.1/ share, up 24%

Total 4.6 bn returned to shareholders since 2009

2010 2011 2012 2013 2014 2015 2016 2017 2018 since '09 Paid dividend 188 197 188 270 309 329 338 419 408 2,646 Share buy-back executed 230 160 144 209 250 244 244 247 1,728 Capital reduction 223 223 Total returned to shareholders

188 427 348 637 518 579 582 663 655 4,597 CAGR +13%

Payment 2017 dividend

n 30 May 2018

SLIDE 6

Belgium 268 Belgium 168 Belgium 294 Belgium 333 Belgium 391 UK 82 UK 64 UK 50 UK 47 CEU 36 CEU 150 CEU 53 CEU 19 CEU 48 Asia 52 Asia 106 Asia 43 Asia 89 Asia 77

42 438 488 440 487 516

2012 2013 2014 2015 2016 2017

6

Disciplined cash upstream from operating companies

Total upstream up 6% - well above EUR 500 mio

Belgium main contributor of cash
Upstream covering dividend & holding costs on FY basis

In EUR mio

Biggest part

f upstream

done in H1

Portugal 25 Italy 15 9 Malaysia 16 Thailand 15 China 46

Upstream during

based on net result of the year before Periodic financial Information I FY 17 results I 21 February 2018 * internal loan granted * * Luxembourg

SLIDE 7

Periodic financial Information I FY 17 results I 21 February 2018

Group Free Capital Generation roll forward

Operational FCG of EUR 702 mio, excl. Non-European NCP’s

In EUR mio

7

Calculation based on 175% of SCRageas
EUR 702 mio includes

 EUR 114 mio related to stop loss cover in UK  EUR 77 mio dividend upstream from Non-European NCP’s * Free Capital Generation

* Operational FCG generated by Non-European NCP’s of EUR 360 mio over 9M ’17 is not included in EUR 702 mio 194 265 511 114 77

1,111 702 1,264

(15) (318) (249) (5) (419)

FY '16 Model changes M&A Divestments Market impact Operational impact Exceptional items Capital transactions M&A Acquisitions Paid dividend FY '17

SLIDE 8

Non-Life combined ratio reaching target despite residual Ogden impact Solvency II ageas – comfortably above 175%

Ambition 2018 targets

Reaching all but one of the 6 targets

8

Operating margin Guaranteed above target range Operating margin Unit-Linked below target range but improving

* Calculated on insurance net result excluding UK exceptionals

ROE driven by record insurance result – excl. Cargeas @ 14% Proposed gross dividend in line with promised pay-out ratio

11% 15% 11%-13%

2016 2017 target

101.1 95.2 97 %

2016 2017 target

93 93 85 - 90 bps

2016 2017 target

45% 42% 40%-50%

2016 2017 target 25 27 40 - 45 bps 2016 2017 target

179% 196% 175%

2016 2017 target

* Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 9

9

Key dates Fortis’ settlement

Ageas announces agreement with Deminor, Stichting FortisEffect, SICAF & VEB
Additional support received from Mr. Arnauts & Mr. Lenssens
Filing done 23/05/2016
Interim decision Amsterdam Court of Appeal declares settlement agreement not

binding

Main concerns

1. Discrimination active/non-active shareholders 2. Dilution risk for buyers by holders compensation 3. Uncertainty about scope release

Deadline for amended agreement 17/10/2017
Court grants extension until 12/12/2017
Ageas announced EUR 100 mio final additional effort
Agreement reached on revised settlement proposal
Additional support by ConsumentenClaim
First hearing focussed on compensation models of claimant organisations
Second hearing on the merits

14/03/2016 16/06/2017 16/10/2017 12/12/2017

Periodic financial Information I FY 17 results I 21 February 2018

16 & 27/03/2018

SLIDE 10 4.2 3.8 1.9 1.9

6.1 5.7

FY 16 FY 17 Life Non-Life 288 292 102 146

391 438

FY 16 FY 17 Life Non-Life 55 47 26 24

82 72

Q4 16 Q4 17

In bps avg technical liabilities In bps avg technical liabilities In % NEP 10 Periodic financial Information I FY 17 results I 21 February 2018 In EUR mio In EUR bn In EUR bn

1.0 1.1 0.4 0.4

1.5 1.5

Q4 16 Q4 17 59.0 58.1 58.3 FY 16 9M 17 FY 17

86 85

FY 16 FY 17

96.0 91.0

FY 16 FY 17

92.8 95.2

Q4 16 Q4 17

64 41

Q4 16 Q4 17

31 34

FY 16 FY 17

70 42

Q4 16 Q4 17

Belgium : Headlines

Improvement supported by record performance in Non-Life

Life Technical Liabilities slightly down Net result: strong Non-Life – 2016 included impact terror & weather Inflows: anticipated lower Guaranteed - continued strong growth in UL Excellent Non-Life combined ratio Operating margin Guaranteed: absence of capital gains in Q4 Operating margin Unit-Linked: driven by high underwriting margin

SLIDE 11

112.2 103.2

FY 16 FY 17

In EUR mio 11 Periodic financial Information I FY 17 results I 21 February 2018 In % of NEP In EUR bn * incl. non-consolidated partnerships @ 100%

(156) 29

FY 16 FY 17

(210) 4

Q4 16 Q4 17

152.2 102.0

Q4 16 Q4 17

2.2 2.0

FY 16 FY 17

0.5 0.4

Q4 16 Q4 17

United Kingdom: Headlines

Residual Ogden rate impact on net results

EUR 46 mio in FY’17 net result
3.7pp on COR - impacting mainly Motor (3.9pp) & Other lines (10.0pp)
Impact of around EUR 5 mio in Q4, in line with earlier communication
Risk mitigation product portfolio through stop loss reinsurance cover
Q1 derisking of investment portfolio
EUR 77 mio capital injection executed in Q2
Solvency IIageas FY ‘17 @147%

Ogden impact

n results

Ogden rate change impact mitigated by various actions

Net result impacted by Ogden - EUR 213 mio exceptionals in Q4 ‘16 Inflows* 3% down at constant FX Non-Life combined ratio excl. Ogden at 99.5%

SLIDE 12

Continental Europe: Headlines

Remarkable operating performance & EUR 77 million capital gain on sale of Cargeas in Q4

12 Periodic financial Information I FY 17 results I 21 February 2018 * incl. non-consolidated partnerships @ 100%

49 62 41 53 77 90 193

FY 16 FY 17 Life Non-Life cap gain Cargeas

16 16 15 7 77 30 100

Q4 16 Q4 17

4.1 4.6 1.3 1.5 5.4 6.1

FY 16 FY 17 Life Non-Life

1.0 1.1 0.4 0.5 1.4 1.6

Q4 16 Q4 17

15.5 16.1 16.3 20.0 21.6 22.1 35.5 37.7 38.4

FY 16 9M 17 FY 17 conso non-conso

88.7 90.4

FY 16 FY 17

83.7 90.4

Q4 16 Q4 17

121 139

FY 16 FY 17

136 125 Q4 16 Q4 17 7 21

FY 16 FY 17

8 23

Q4 16 Q4 17

Net profit up 28% excl. cap gain on sales of Italian Non-Life activities Non-Life combined ratio @ excellent level despite fires in Portugal Inflows driven by strong growth in both Life and Non-Life Operating margin Guaranteed up on higher investment margin Life Technical liabilities up 8% Operating margin Unit-Linked significantly up on higher fees & commissions

In EUR mio In EUR bn In EUR bn In bps avg technical liabilities In bps avg technical liabilities In % NEP

SLIDE 13

In EUR mio In EUR bn In EUR bn 13 Periodic financial Information I FY 17 results I 21 February 2018 In % NEP * incl. non-consolidated partnerships @ 100%

168 269 27 24 199

394 293 FY 16 FY 17

Life Non-Life cap gain HK 17.1 19.2 0.9 0.8

18.0 20.0 FY 16 FY 17

Life Non-Life 3.5 3.0 0.2 0.2

3.7 3.2 Q4 16 Q4 17 86.4 81.8

Q4 16 Q4 17

85.1 87.4

FY 16 FY 17

Asia: Headlines

Excellent result thanks to better product mix, investment result & exceptional items

Life Technical liabilities up 13% Net result up 61% (excl. contribution HK) – Q4 reserve assumptions review Non-Life combined ratio remains strong - excellent Q4

13.1 15.8 3.7 3.4

16.9 19.2 FY 16 FY 17

regular single

In EUR bn

Regular premium: solid growth - exceeding 80% of Life inflows

49.5 54.2 55.9 FY 16 9M 17 FY 17

10 87 6 9

17 96 Q4 16 Q4 17

Inflows* up 15% @ constant FX – driven by regular NB & renewals

SLIDE 14

In EUR mio 14 Periodic financial Information I FY 17 results I 21 February 2018 In % NEP In EUR mio

Intreas: Headlines

Internal Non-Life reinsurance company established in July 2015

Net result Inflows Combined ratio

3 8

FY 16 FY 17

(1) 3

Q4 16 Q4 17

41 52

FY 16 FY 17

9 14

Q4 16 Q4 17

86.1 75.7

FY 16 FY 17

334.4 61.7

Q4 16 Q4 17

SLIDE 15

A record Insurance result stemming from excellent combined ratio & Guaranteed operating margin & confidence in cash generating capacity ... ...leading to a 24% higher proposed regular gross dividend

f EUR 2.1 in cash...

...confirmed by reassuring Operational Free Capital generation over the year

SLIDE 16

Table of contents

Analyst call 3 Segment information 16 Equity / Solvency/ FCG 49 Investment portfolio 62 Legal Settlement 67 General Information 76

SLIDE 17

Periodic financial Information I FY 17 results I 21 February 2018 17

Key financials

In EUR mio

FY 16

FY 17

Q4 16

Q4 17

Gross inflows

31,654

33,800

7%

6,962

6,738

(3%)

Net result Insurance

721

960

33%

(82)

274

By segment:

Belgium

391

438

12%

82

72

(12%)

UK

(156)

29

(210)

4

Continental Europe

90

193

114%

30

100

232%

Asia

394

293

(26%)

17

96

482%

Reinsurance

3

8

(1)

3

By type:

Life

704

623

(11%)

81

150

85%

Non-Life

18

337

(163)

125

Net result General Account

(694)

(337)

(8)

(11)

Net result Ageas

27

623

(91)

264

Earnings per share (in EUR)

0.13

3.09 Life Operating Margin Guaranteed (in bps)

93

80

54

Life Operating Margin Unit-Linked (in bps)

25

27

36

32

Combined ratio (in %)

101.1

95.2

113.2

96.2

FY 16

FY 17

Shareholders' equity

9,561

9,611

1%

Net equity per share (in EUR)

46.56

48.30

Insurance ROE excl.UG/L

10.6%

14.6%

Insurance Solvency IIageas ratio

179%

196%

For a definition see Lexicon in annex to the press release

SLIDE 18

505 623 18 260 199 77 721 960

FY 16 FY 17 Life Non-Life cap gain divestments

In EUR mio In EUR bn In EUR bn

Total Insurance: Headlines

Record performance in both Life & Non-Life

18 Periodic financial Information I FY 17 results I 21 February 2018 In bps avg technical liabilities In bps avg technical liabilities * incl. non-consolidated partnerships @ 100% In % NEP

81 150 (163) 48 77 (82) 274

Q4 16 Q4 17

25.4 27.6 6.3 6.2 31.7 33.8

FY 16 FY 17 Life Non-Life

5.5 5.2 1.5 1.5 7.0 6.7

Q4 16 Q4 17

101.1 95.2

FY 16 FY 17

113.2 96.2

Q4 16 Q4 17

93 93

FY 16 FY 17

80 54

Q4 16 Q4 17

25 27

FY 16 FY 17

36 32

Q4 16 Q4 17

74.5 74.2 74.7 69.5 75.8 78.0 144.0 150.0 152.7

FY 16 9M 17 FY 17 conso non-conso

Net result: Solid result further underpinned by strong Q4 Non-Life combined ratio: excellent

perating performance in BE & CEU

Inflows*: Continuous growing inflows in Asia driven by regular premiums Life Technical liabilities up in non-conso Operating margin Guaranteed: absence of capital gains in Q4 Operating margin Unit-Linked: up in both BE & CEU

SLIDE 19

Inflows @ 100%

Growth driven by Asian Life & inclusion Ageas Seguros – 3% negative FX

19 Periodic financial Information I FY 17 results I 21 February 2018

EUR mio

FY 16

FY 17

FY 16

FY 17

FY 16

FY 17

Belgium

75%

4,182

3,781

(10%)

1,883

1,915

2%

6,065

5,697

(6%)

United Kingdom

2,203

1,988

(10%)

2,203

1,988

(10%)

Consolidated entities

100%

1,720

1,546

(10%)

1,720

1,546

(10%)

Non-consolidated JV's 483

442

(9%)

483

442

(9%)

Continental Europe

4,122

4,604

12%

1,307

1,483

13%

5,429

6,087

12%

Consolidated entities 1,903

1,975

4%

740

843

14%

2,643

2,818

7%

Portugal

51% - 100%

1,497

1,541

3%

513

628

22%

2,010

2,170

8%

France

100%

406

433

7%

406

433

7%

Italy

50%

227

215

(5%)

227

215

(5%)

Non-consolidated JV's 2,219

2,629

18%

567

640

13%

2,786

3,269

17%

Turkey

36%

567

640

13%

567

640

13%

Luxembourg

33%

2,219

2,629

18%

2,219

2,629

18%

Asia

17,064

19,201

13%

893

827

(7%)

17,957

20,029

12%

Consolidated entities

100%

183 183 Non-consolidated JV's 16,881

19,201

14%

893

827

(7%)

17,774

20,029

13%

Malaysia

31%

587

721

23%

575

506

(12%)

1,162

1,227

6%

Thailand

31%-15%

2,485

2,681

8%

318

322

1%

2,803

3,003

7%

China

25%

13,611

15,541

14%

13,611

15,541

14%

Philippines

50%

5

15

5

15

Vietnam

32%

10 10

India

26%

193

233

21%

193

233

21%

Insurance Ageas

25,368

27,586

9%

6,286

6,214

(1%)

31,654

33,800

7% #DIV/0! ###### ######

Consolidated entities 6,269

5,756

(8%)

4,342

4,305

(1%)

10,611

10,061

(5%)

Non-consolidated JV's 19,100

21,831

14%

1,943

1,909

(2%)

21,043

23,740

13%

Reinsurance

41

52

41

52 Life Non-Life Total

SLIDE 20

Inflows @ Ageas’s part

Strong growth in Asian JV’s & Continental Europe, up 4% @ constant FX

In EUR mio 20 Periodic financial Information I FY 17 results I 21 February 2018 3,137 2,836 1,953 2,149 4,574 4,992 9,663 9,977 1,412 1,436 1,962 1,768 831 966 225 204 4,430 4,375

(6%) (10%) 12% 8% 2% 27%

4,549 4,272 2,783 3,115 4,799 5,197 14,093 14,351 41 52

FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17

Belgium: down on short-term savings – shift to more UL
UK 4% down @ constant FX
CEU driven by Luxembourg - Ageas Seguros contributing EUR 391 mio
Asia: up 11% @ constant FX

Non-Life Life Belgium UK CEU Asia Insurance Reins.

SLIDE 21

Insurance net result

Record result driven by operating performance & supported by cap gain on Italy

21 Periodic financial Information I FY 17 results I 21 February 2018

BE: Solid Life & Non-Life result – good operating & investment result vs. EUR 47 mio

terrorism & weather in 2016

UK: EUR 46 mio Ogden vs. EUR 213 mio exceptionals in Q4 ‘16
CEU: Good operating performance - transformation plan Ageas Seguros on track
Asia: Net result up on investments - contribution Hong Kong EUR 212 mio in 2016

Non-Life Life Belgium UK CEU Asia Reins. Insurance

In EUR mio 288 292 49 62 367 269

704 623 102 146 (156) 41 130 27 24 18 337

391 438 29 90 193 394 293 3 8 721 960

FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17

SLIDE 22 10/03/2010 I page 22

Overview of net realised capital gains* on investments

Low level of capital gains in 2016

22 Periodic financial Information I FY 17 results I 21 February 2018 * Net capital gains include capital gains, impairments & related changes in profit sharing, net of tax & @ ageas’s part – CEU JV’s not included EUR mio FY 16 FY 17 Q4 16 Q4 17

Life

76 96 (4) (6) All cap gains on investment portfolio

Non-Life

9 12 (3) (1) realized in first 9M

Total Belgium 85 109 (7) (7)

Non-Life

10 19 1 De-risking of portfolio in Q1

Total UK 10 19 1

to restore solvency

Life

(4) (0) 1 1

Non-Life

1

Total CEU (4) 2 1

Life

(8) 73 (19) 35 Spread over China,

Non-Life

3 3 2 Thailand & Malaysia

Total Asia (5) 76 (19) 36

Life

64 169 (22) 29

Non-Life

22 35 (2) 1

Total Ageas 86 204 (24) 31

SLIDE 23 69.0 68.1 64.3 64.4 62.2 67.0 59.7 79.0 59.9 31.1 31.0 34.0 35.2 34.7 34.1 35.5 34.2 36.3

100.1 99.1 98.3 99.6 96.9 101.1 95.2 113.2 96.2

(3.5) (3.1) (3.8) (4.0) (5.9) (3.0) (5.6) 6.6 (6.0) 2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

claims ratio expense ratio PY claims ratio 23 Periodic financial Information I FY 17 results I 21 February 2018

Insurance Combined ratio

Consistently below 97% target throughout the year

Combined ratio

UK Ogden rate change impact of 1.3 pp - mainly in Other

lines & Motor – vs. 3.7 pp in 2016

2016 combined ratio included 0.9 pp impact from

Brussels terrorism events & 1.7 pp from weather in Belgium & UK

Outstanding combined ratio in Belgium (91.0%) &

Continental Europe (90.4%)

Strong performance in all product lines

 Motor improvement in BE & UK  Accident & Health in Portugal  benign weather conditions helping Household Quarterly combined ratio

Another very strong quarter – Q4 ’16 incl. 14.8 pp Ogden

Claims ratio

CY claims ratio at 65.3% (vs. 70.0%)
PY claims: 2016 included full impact Ogden

Expense ratio up in UK

Net earned premium (In EUR mio)

In % Net earned premium

3,507 4,178 3,749 3,843 4,038 4,112 4,148 1,034 1,096

SLIDE 24

Insurance Combined ratio per product line

Exceptional items impacting COR comparison

24 Periodic financial Information I FY 17 results I 21 February 2018

Motor: excellent in BE & improving in UK – 2.1 pp Ogden

vs. 8.5 pp

Accident & Health: 2.0 pp terrorism in FY’16 – improving in Portugal Other: 4.3 pp Ogden vs. 4.0pp terrorism – extremely good claims ratio in CEU Household: very strong in BE & CEU – 6.8 pp BE & UK weather & terror impact in FY ‘16

71.9 70.5 70.0 67.3 65.4 67.5 64.8 25.0 25.5 25.6 27.0 28.3 27.2 27.5

96.9 96.0 95.6 94.3 93.7 94.7 92.3

2011 2012 2013 2014 2015 2016 2017 72.0 73.6 69.8 69.6 69.1 78.2 68.7 25.3 25.4 29.3 29.7 30.5 29.7 31.6

97.3 99.0 99.1 99.3 99.6 107.9 100.3

2011 2012 2013 2014 2015 2016 2017 61.9 55.6 51.5 51.5 50.4 50.5 43.8 41.5 41.6 44.0 44.6 41.6 42.7 45.1

103.4 97.2 95.5 96.1 92.0 93.2 88.9

2011 2012 2013 2014 2015 2016 2017 67.2 66.5 62.4 71.2 57.9 60.4 51.0 44.8 44.9 45.5 50.6 46.4 44.4 45.1

112.0 111.4 107.9 121.8 104.3 104.8 96.1

2011 2012 2013 2014 2015 2016 2017

NEP 736 763 813 813 811 838 884 NEP 1,571 2,058 1,557 1,616 1,724 1,790 1,782 NEP 892 1,007 986 1,029 1,078 1,067 1,072 NEP 308 349 394 385 424 418 410

SLIDE 25

In bps Avg techn. liabilities

Insurance Life operating margin per product line

Margins in Guaranteed above target range

Guaranteed: up in both BE & CEU Unit-linked: increase in both BE & CEU

Operating margin improving in both BE & CEU
Despite improvement, margin still below target range
Investment margin: good investment result in BE & CEU
Underwriting margin stable
Expense & other margin slightly deteriorating in BE & CEU

25 Periodic financial Information I FY 17 results I 21 February 2018

44 43 38 33 41 39 43 33 87 83 90 80 88 96 74 67 (33) (31) (39) (23) (36) (42) (37) (47)

99 96 89 90 93 93 80 54

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

Avg techn liabilities (In EUR bn)

54.0 55.5 56.9 57.9 57.3 55.9 57.3 55.9

11 13 12 17 4 3 6 3 1 (2) 2 1 2 2 37 18 6 18 19 24 30 27

48 28 20 36 25 27 36 32

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17 Operating margin Expense & other m. Investment m. Underwriting m.

Avg techn liabilities (In EUR bn)

11.8 12.3 12.6 13.0 12.1 15.1 12.1 15.1

SLIDE 26 4.2 3.8 1.9 1.9

6.1 5.7

FY 16 FY 17 Life Non-Life 288 292 102 146

391 438

FY 16 FY 17 Life Non-Life 55 47 26 24

82 72

Q4 16 Q4 17

In bps avg technical liabilities In bps avg technical liabilities In % NEP 26 Periodic financial Information I FY 17 results I 21 February 2018 In EUR mio In EUR bn In EUR bn

1.0 1.1 0.4 0.4

1.5 1.5

Q4 16 Q4 17 59.0 58.1 58.3 FY 16 9M 17 FY 17

86 85

FY 16 FY 17

96.0 91.0

FY 16 FY 17

92.8 95.2

Q4 16 Q4 17

64 41

Q4 16 Q4 17

31 34

FY 16 FY 17

70 42

Q4 16 Q4 17

Belgium : Headlines

Improvement supported by record performance in Non-Life

Life Technical Liabilities slightly down Net result: strong Non-Life – 2016 included impact terror & weather Inflows: anticipated lower Guaranteed - continued strong growth in UL Excellent Non-Life combined ratio Operating margin Guaranteed: absence of capital gains in Q4 Operating margin Unit-Linked: driven by high underwriting margin

SLIDE 27 479 488 578 587 633 643 194 197

+2% 1,883 1,915

FY 16 FY 17 3,779 3,005 404 776

10%

4,182 3,781

FY 16 FY 17

Life

In EUR mio

Non-Life

In EUR mio 27 Periodic financial Information I FY 17 results I 21 February 2018 Unit-Linked Guaranteed Other Household Accident & Health Motor

Belgium: Inflows@ 100%

Lower inflows in Guaranteed partly compensate by strong increase in UL

Guaranteed

Driven by the lowering of the guaranteed rate last year
Current guaranteed rate stands at 0.25%

Unit-linked

Inflows strongly increased under impulse of focused commercial

campaigns in the bank channel

Group Life

Stable

Non-Life

Slight increase in inflows across all product lines

SLIDE 28

28

Belgium: Combined ratio

Excellent operating performance benefiting from benign weather conditions

Net earned premium (in EUR mio) YTD Combined ratio

Excellent ratio driven by solid performance of all

product lines - 2016 combined ratio was impacted by  terrorism events of 22 March 2016 (2.1 pp)

Quarterly combined ratio

Slight increase mainly explained bya lower PY

releases

Claims ratio

CY ratio (60.8% vs. 66.5%) - operating improvement
vs. FY ’16 even after correction for terrorism
PY ratio: slightly lower

Expense ratio stable

64.3 62.7 63.2 63.5 56.9 58.3 53.1 56.2 58.0 36.8 36.8 36.7 37.7 37.8 37.7 37.9 36.6 37.2

101.1 99.5 99.9 101.2 94.7 96.0 91.0 92.8 95.2

(7.3) (4.5) (3.6) (3.4) (7.2) (8.2) (7.7) (5.7) (3.3) 2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

claims ratio expense ratio PY claims ratio

1,601 1,698 1,785 1,815 1,832 1,836 1,861 462 472

Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 29

Belgium: Combined ratio per product line

Solid combined ratio in all product lines

29

Accident & Health: Strong improvement in Workers Compensation (3.5 pp terrorism in 2016) Motor: Excellent combined ratio, driven by Motor Third Party Liability Household: Very strong ratio, benefitting from benign weather Other: 2016 heavily impacted by terrorism (8.8 pp, mostly

n TPL)

73.8 73.0 73.7 70.1 70.4 70.0 68.0 23.8 24.0 23.8 25.4 27.6 27.6 26.9

97.6 97.0 97.5 95.5 98.0 97.6 94.9

2011 2012 2013 2014 2015 2016 2017 58.9 64.7 64.7 62.6 56.2 59.7 58.0 35.3 35.8 36.3 37.2 36.4 36.4 36.8

94.2 100.5 101.0 99.8 92.6 96.1 94.8

2011 2012 2013 2014 2015 2016 2017 63.0 50.5 51.4 51.7 43.9 47.8 38.6 46.9 46.2 45.6 45.7 45.2 44.8 45.6

109.9 96.7 97.0 97.4 89.1 92.6 84.2

2011 2012 2013 2014 2015 2016 2017 58.2 65.9 66.1 87.5 65.8 58.3 46.8 49.5 48.1 47.2 47.6 45.0 44.6 44.8

107.7 114.0 113.3 135.1 110.8 102.9 91.6

2011 2012 2013 2014 2015 2016 2017

NEP 451 480 507 504 484 472 481 NEP 525 540 552 562 568 570 578 NEP 484 530 564 579 595 605 609 NEP 142 149 162 170 185 190 193

Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 30 4 4 (2) 1 1 17 1 44 38 32 31 31 33 47 40

47 41 30 32 31 34 64 41

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17 Operating margin Investment m. Expense & other m. Underwriting m.

Life operating margin per product line

Strong margins in Guaranteed & Unit-Linked

Guaranteed: both years supported by capital gains -

Q4 down on absence of capital gains

Unit-linked: slightly up thanks to higher expense & other

margin

30 In bps Avg techn. liabilities

Operating result at EUR 409 mio
Investment margin slightly up on cap gains
Underwriting margin slightly down on lower risk margin
Expense margin slightly lower
Operating result up from EUR 19 mio to EUR 26 mio
Operating margin driven by a strong underwriting result &

higher expense result

(29) (31) (38) (27) (34) (36) (32) (39) 32 32 30 25 29 27 30 21 93 88 95 88 91 94 72 60

96 89 87 86 86 85 70 42

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

Avg techn liabilities (In EUR bn)

44.9 46.4 47.5 48.1 48.7 48.0 48.7 48.0

Avg techn liabilities (In EUR bn)

5.2 5.4 5.7 5.9 6.1 7.6 6.1 7.6

Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 31

FY 14 FY 15 FY 16 FY 17 Guaranteed interest rate 2.71% 2.63% 2.49% 2.32% Fixed income yield 3.84% 3.71% 3.45% 3.34% Liabilities Guaranteed (EUR bn) 51.8 50.3 52.9 50.4 FY 14 FY 15 FY 16 FY 17 Fixed income yield 2.89% 2.11% 1.71% 1.88% Reinvested amount (EUR bn) 4.6 4.2 4.5 2.9

Newly invested money mostly government related loans, mortgage loans & infrastructure loans

Guaranteed retail Life:

Yield lowered from 1% to 0.75% as from 1 April 2016
Yield lowered to 0.5% as from 1 August 2016
Yield further lowered to 0.25% as from 1 November 2016

Margin evolution Assets & Liabilities Belgium

Yield & guaranteed rate on back book down at the same pace

Life Back book New money Life & Non-Life

31 Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 32

Margin evolution Assets & Liabilities Belgium

Evolution of the margin on the back book since 2014

32

1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Q1 2014 Q2 2014 Q3 2014 Q3 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Guaranteed interest rate Total fixed income yield

3.34% 2.32%

Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 33

112.2 103.2

FY 16 FY 17

In EUR mio 33 Periodic financial Information I FY 17 results I 21 February 2018 In % of NEP In EUR bn * incl. non-consolidated partnerships @ 100%

(156) 29

FY 16 FY 17

(210) 4

Q4 16 Q4 17

152.2 102.0

Q4 16 Q4 17

2.2 2.0

FY 16 FY 17

0.5 0.4

Q4 16 Q4 17

United Kingdom: Headlines

Residual Ogden rate impact on net results

EUR 46 mio in FY’17 net result
3.7pp on COR - impacting mainly Motor (3.9pp) & Other lines (10.0pp)
Impact of around EUR 5 mio in Q4, in line with earlier communication
Risk mitigation product portfolio through stop loss reinsurance cover
Q1 derisking of investment portfolio
EUR 77 mio capital injection executed in Q2
Solvency IIageas FY ‘17 @147%

Ogden impact

n results

Ogden rate change impact mitigated by various actions

Net result impacted by Ogden - EUR 213 mio exceptionals in Q4 ‘16 Inflows* 3% down at constant FX Non-Life combined ratio excl. Ogden at 99.5%

SLIDE 34

34 Periodic financial Information I FY 17 results I 21 February 2018 * incl. non-consolidated partnerships @ 100%

Non-Life

In EUR mio Other Household Accident & Health Motor

United Kingdom: Inflows@ 100%

Inflows down 10%, impacted by adverse FX – down 3% at constant FX

37 32 1,493 1,367 452 416 221 174

10%

2,203 1,988

FY 16 FY 17

Non-Life

Down 3% @ constant FX – Motor lines impacted by post

Ogden market dislocation; some growth in Commercial lines across Motor & Other lines

Motor down 2% @ constant FX driven by post Ogden

market dislocation; growing Commercial motor book

Household down 2% @ constant FX resulting from strategic

exits from underperforming business

Other lines down 16% @ constant FX reflecting planned run
ff in Special Risks; some growth in Commercial book
Accident & Health down 7% @ constant FX, reflecting

discontinued Travel scheme; marginal impact on total

SLIDE 35

35 Periodic financial Information I FY 17 results I 21 February 2018 Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other In % Net earned premium

United Kingdom: Combined ratio

COR impacted by Ogden rate change

Net earned premium (in EUR mio) Combined ratio 12M 17

Impact from Ogden (3.7pp) on Other lines & Motor
Combined ratio Tesco Underwriting 95.3% (vs. 114.4%)

Quarterly combined ratio

Impact from Ogden (1.7 pp)

Claims ratio

CY ratio (69.8% vs. 76.2%) – continued underlying

improvement in Motor, benign weather in Household & planned run off in Special Risks

PY releases : FY ’16 distorted by reserves

strengthening following February Ogden decision, above average large losses in Other

Expense ratio

Expense ratio reflecting improvement in underlying cost

performance more than offset by lower ancillary income

74.6 73.3 65.6 66.3 69.3 80.7 68.3 120.2 65.4 25.3 26.5 32.2 33.5 32.8 31.5 34.9 32.0 36.6

99.9 99.8 97.8 99.8 102.1 112.2 103.2 152.2 102.0

0.1 (2.1) (4.0) (4.6) (4.4) 4.5 (1.4) 31.0 (3.7) 2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

claims ratio expense ratio PY claims ratio 1,524 2,083 1,562 1,613 1,751 1,598 1,493 382 366

SLIDE 36

36 Periodic financial Information I FY 17 results I 21 February 2018 Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other

United Kingdom: Combined ratio per product line

Accident & Health: Lower volumes - marginal impact on total Motor: Improved CY claims performance – 3.7pp Ogden impact Other: 10.0pp Ogden impact – planned run off in Special Risks Household: Lower ancillary income – benign weather

NEP 65 57 79 71 72 39 30 NEP 949 1,420 907 958 1,062 1,014 947 NEP 366 434 374 399 413 361 341 NEP 143 173 202 185 204 185 175

87.7 78.1 76.2 66.0 55.8 58.4 56.1 23.2 28.2 34.3 38.7 43.3 40.9 46.7

110.9 106.3 110.5 104.7 99.1 99.3 102.8

2011 2012 2013 2014 2015 2016 2017 79.2 77.2 71.9 74.6 75.8 91.0 75.0 19.5 21.3 25.0 25.1 27.2 25.5 27.6

98.7 98.5 96.9 99.7 103.0 116.5 102.6

2011 2012 2013 2014 2015 2016 2017 61.4 62.3 51.4 51.0 62.2 57.6 51.7 35.3 36.7 42.4 43.3 37.3 40.6 47.8

96.7 99.0 93.8 94.3 99.5 98.2 99.5

2011 2012 2013 2014 2015 2016 2017 71.6 67.7 59.8 56.0 55.3 73.7 67.0 39.3 42.1 44.4 54.3 48.6 44.9 47.0

110.9 109.8 104.2 110.3 103.9 118.6 114.0

2011 2012 2013 2014 2015 2016 2017

SLIDE 37

Continental Europe: Headlines

Remarkable operating performance & EUR 77 million capital gain on sale of Cargeas in Q4

37 Periodic financial Information I FY 17 results I 21 February 2018 * incl. non-consolidated partnerships @ 100%

49 62 41 53 77 90 193

FY 16 FY 17 Life Non-Life cap gain Cargeas

16 16 15 7 77 30 100

Q4 16 Q4 17

4.1 4.6 1.3 1.5 5.4 6.1

FY 16 FY 17 Life Non-Life

1.0 1.1 0.4 0.5 1.4 1.6

Q4 16 Q4 17

15.5 16.1 16.3 20.0 21.6 22.1 35.5 37.7 38.4

FY 16 9M 17 FY 17 conso non-conso

88.7 90.4

FY 16 FY 17

83.7 90.4

Q4 16 Q4 17

121 139

FY 16 FY 17

136 125 Q4 16 Q4 17 7 21

FY 16 FY 17

8 23

Q4 16 Q4 17

Net profit up 28% excl. cap gain on sales of Italian Non-Life activities Non-Life combined ratio @ excellent level despite fires in Portugal Inflows driven by strong growth in both Life and Non-Life Operating margin Guaranteed up on higher investment margin Life Technical liabilities up 8% Operating margin Unit-Linked significantly up on higher fees & commissions

In EUR mio In EUR bn In EUR bn In bps avg technical liabilities In bps avg technical liabilities In % NEP

SLIDE 38

Life

In EUR mio

Non-Life

In EUR mio

Continental Europe: Inflows @ 100%

Excellent growth in Life with focus on Unit-Linked & strong overall growth in Non-Life

38 Unit-Linked Guaranteed Other Household Accident & Health Motor

417 455 473 579 276 293 141 156

+13% 1,307 1,483

FY 16 FY 17 2,282 1,708 1,840 2,896

+12% 4,122 4,604

FY 16 FY 17

Periodic financial Information I FY 17 results I 21 February 2018

Life

Inflows including non-controlling interests @ 100%, reached EUR

4.6 bn (+12%) with strong growth in Luxembourg & France.

Consolidated inflows up 4%

 Portugal: up 3%, on higher UL sales, retirement offer at Ocidental and inclusion of Ageas Seguros (EUR 108 mio).  France: remarkable growth of 7% in a market still slightly negative (-1% end of November 17). Business mix continues moving towards more Unit-Linked, representing 56% of inflows.

Luxembourg: up 18% year-on-year mainly realised in the High Net

Worth segment with Unit-Linked sales representing 69% (vs. 57% LY)

Technical liabilities

Consolidated at EUR 16.3 bn, up 5% mainly thanks to Portugal
Including non-consolidated JVs @ 100%: at EUR 38.4 bn, up 8%

Non-Life

Inflows consolidated entities up 13% driven by strong performance

in all entities & inclusion of Ageas Seguros (EUR 283 mio)

Turkey up 39% @ constant FX – strong growth in all product lines

especially in Motor & Household

SLIDE 39

39

Continental Europe: Combined ratio

Excellent combined ratio well below group target

* Scope: only consolidated companies

In % Net earned premium*

Net earned premium (in EUR mio)

Periodic financial Information I FY 17 results I 21 February 2018

66.4 63.6 63.7 61.3 55.9 58.6 59.2 51.0 56.1 30.3 29.8 30.0 30.8 29.5 30.1 31.2 32.7 34.3

96.7 93.4 93.7 92.1 85.4 88.7 90.4 83.7 90.4

(2.0) (2.5) (4.0) (4.3) (6.5) (6.5) (8.0) (13.0) (11.9) 2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

claims ratio expense ratio PY claims ratio

382 397 403 415 454 664 768 189 251

Combined ratio

Reflecting continued strong operating performance

with gradual improvement since 2011

2016 & 2017 slightly impacted by fires in Portugal and

inclusion of Ageas Seguros, still in the course of its transformation plan

Strong improvement in Turkey with solid combined

ratio @ 96.7% (vs. 98.1%) despite hail & floods in July

Quarterly combined ratio

Q4 17 above Q4 16 mainly due to lower PY run-off in

Italy and fires in Portugal

Claims ratio

CY ratio at 67.2% (vs 65.1%) due to an increase in

large claims in Italy and weather related events in Portugal in Household

PY ratio driven by positive run-off in all companies

Expense ratio

Slightly up on LY

SLIDE 40

Continental Europe: Combined ratio per product line

Continued good claims experience despite fires in Portugal

Motor: claims slightly up on large claims in Italy Accident & Health: improving on higher PY run-off in Portugal slightly offset by higher claims in Italy Household: claims ratio increasing on fires in Portugal & adverse weather in Italy, partly offset by lower expenses Other: extremely good claims ratio & higher run-offs

40 Periodic financial Information I FY 17 results I 21 February 2018

63.5 63.3 59.7 61.9 58.8 64.9 61.4 27.8 28.2 26.6 26.7 25.2 25.1 26.8

91.3 91.5 86.3 88.6 84.0 90.0 88.2

2011 2012 2013 2014 2015 2016 2017 71.8 69.8 79.3 60.1 71.5 65.5 70.4 29.2 28.1 29.2 31.6 32.3 32.5 35.0

101.0 97.9 108.5 91.7 103.8 98.0 105.4

2011 2012 2013 2014 2015 2016 2017 53.7 51.8 53.5 54.0 36.1 42.3 46.5 34.2 33.5 38.8 40.3 35.9 38.0 34.7

87.9 85.3 92.3 94.3 72.0 80.3 81.2

2011 2012 2013 2014 2015 2016 2017 94.5 62.8 59.6 72.3 31.7 12.1 3.9 50.0 43.3 43.7 45.1 40.8 41.3 39.2

144.5 106.1 103.3 117.4 72.5 53.4 43.1

2011 2012 2013 2014 2015 2016 2017

NEP 220 226 227 238 255 328 373 NEP 97 99 99 96 94 202 249 NEP 42 44 48 51 70 91 105 NEP 23 28 29 30 35 43 41

SLIDE 41

Continental Europe Life operating margin per product line

Guaranteed & Unit-Linked margins continue improving

Guaranteed: increase thanks to higher investment margin Unit-linked: significantly up on higher volumes

41

Expense & other margin improved mainly thanks to higher

fees & commissions

Underwriting margin up on higher surrender margin
Investment margin increasing in both France & Portugal
Underwriting margin stable compared to LY
Expenses & other margin decreasing in France

In bps Avg techn. liabilities Periodic financial Information I FY 17 results I 21 February 2018

118 106 95 100 110 111 118 111 69 68 77 59 76 106 89 113 (85) (83) (102) (71) (65) (78) (71) (99)

102 91 70 88 121 139 136 125

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17 2 1 1 2 5 (5) 4 41 51 9 4 5 16 12 15 4

44 47 10 7 7 21 8 23

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17 Operating margin Investment m. Expense & other m. Underwriting m.

Avg techn liabilities (In EUR bn)

6.4 6.3 6.2 6.1 5.9 7.8 5.9 7.8

Avg techn liabilities (In EUR bn)

7.8 7.7 8.3 8.5 9.6 8.5 9.6 8.5

SLIDE 42

Strategic development

Ageas sold its stake in Cargeas (Italian Non-Life activities)

42 Periodic financial Information I FY 17 results I 21 February 2018

Ageas reached an agreement with BNP Paribas Cardif to sell

its 50% +1 share in Cargeas Assicurazioni

Closed December 2017
Capital gain Insurance : EUR 77 mio
Capital gain General Account: EUR 10 mio
Net cash impact EUR 178 mio
No impact on Insurance Solvency IIageas
Impact on Group Solvency IIageas : 5pp positive
2017 contribution to ageas net result of EUR 16 mio
Focus investment on countries where the group holds stronger positions

& on Asian growth markets

Opportunity to crystallize the value created in the past years

Impact accounted for in Q4 Rationale Divestment Cargeas

SLIDE 43

In EUR mio In EUR bn In EUR bn 43 Periodic financial Information I FY 17 results I 21 February 2018 In % NEP * incl. non-consolidated partnerships @ 100%

168 269 27 24 199

394 293 FY 16 FY 17

Life Non-Life cap gain HK 17.1 19.2 0.9 0.8

18.0 20.0 FY 16 FY 17

Life Non-Life 3.5 3.0 0.2 0.2

3.7 3.2 Q4 16 Q4 17 86.4 81.8

Q4 16 Q4 17

85.1 87.4

FY 16 FY 17

Asia: Headlines

Excellent result thanks to better product mix, investment result & exceptional items

Life Technical liabilities up 13% Net result up 61% (excl. contribution HK) – Q4 reserve assumptions review Non-Life combined ratio remains strong - excellent Q4

13.1 15.8 3.7 3.4

16.9 19.2 FY 16 FY 17

regular single

In EUR bn

Regular premium: solid growth - exceeding 80% of Life inflows

49.5 54.2 55.9 FY 16 9M 17 FY 17

10 87 6 9

17 96 Q4 16 Q4 17

Inflows* up 15% @ constant FX – driven by regular NB & renewals

SLIDE 44

Life Non-Life

44 Periodic financial Information I FY 17 results I 21 February 2018

16,896 18,394 168 808 +13% 17,064 19,201 FY 16 FY 17 410 386 108 111 106 104 269 226

7%

893 827 FY 16 FY 17

Unit-Linked Guaranteed Other Household Accident & Health Motor In EUR mio In EUR mio

Asia: Inflow @ 100%

Strong Life growth across all markets – Business mix focused on more profitable lines

Life



New business premiums up 5% (8% @ constant FX) with EUR 4.6 bn regular premium (+20%) & EUR 3.4 bn single premium (-10%)



Renewal premiums increased to EUR 11.3 bn (+18%) benefiting from continued good persistency



China +18% @ constant FX - New business premiums up 9% mainly driven by regular premium business following successful sales campaigns & increased number of agents. Renewal increased strongly (+26%)



Thailand +6% @ constant FX – strong growth in renewals (+13%) thanks to continued customer loyalty



Malaysia +30% @ constant FX - new business up 37% - renewals up 23%



India +19% @ constant FX - growth in new business (+25%) mainly in unit linked attributable to the strong performance of the Indian market.



Philippines Inflows @ EUR 15 mio mainly from credit life products



Vietnam started sales as of March 2017 with YTD inflows @ EUR 10mio mainly contributed by banca channel

Non-Life



Malaysia -7% @ constant FX - lower MAT & Motor partly compensated by higher Personal Accident & Fire



Thailand -1% @ constant FX - growth in Fire offset by lower inflows in Motor &

ther Non-Motor

SLIDE 45

In EUR mio 45 Periodic financial Information I FY 17 results I 21 February 2018 In % NEP In EUR mio

Intreas: Headlines

Internal Non-Life reinsurance company established in July 2015

Net result Inflows Combined ratio

3 8

FY 16 FY 17

(1) 3

Q4 16 Q4 17

41 52

FY 16 FY 17

9 14

Q4 16 Q4 17

86.1 75.7

FY 16 FY 17

334.4 61.7

Q4 16 Q4 17

SLIDE 46

Result includes EUR 100 mio related to Fortis settlement in Q3

In EUR mio

Accounting value remaining legacies

General Account: Headlines

Impacted by revaluation RPN(i) liability & additional provision Fortis settlement

46 Periodic financial Information I FY 17 results I 21 February 2018

Total liquid assets – proceeds of sale Cargeas in Q4 ‘17

In EUR mio

Impact on P&L from RPN(i) Staff & Operating expenses down vs. 2016 inflated by Fortis settlement

In EUR mio In EUR bn In EUR mio

Accounting value on AG Insurance put

ption

(694) (337)

FY 16 FY 17

(8) (11)

Q4 16 Q4 17

1.8 1.6 1.7 0.2 0.1 0.04 1.9 1.7 1.8

FY 16 9M 17 FY 17 net cash liquid assets

(275) (437) (448) 42 17 18 (1,024) (1,124) (1,110)

FY 16 9M 17 FY 17 RPN(i) RPI Settlement

(1,266) (1,426) (1,449)

FY 16 9M 17 FY 17

32 26 63 50 95 76

FY 16 FY 17 Staff & Intercompany Operating

9 4 14 12 23 16

Q4 16 Q4 17

83 (173)

FY 16 FY 17

20 (11)

Q4 16 Q4 17

In EUR mio

SLIDE 47

47 Periodic financial Information I FY 17 results I 21 February 2018

Total liquid assets General Account

Upstream from opco’s covering dividend & holding expenses

In EUR mio

Cash-out in Asia mainly related to the Philippines
Cash inflow of divestment Italy received in Q4
Cash-out in UK related to capital increase following Ogden impact
Additional EUR 125 mio cash-out for running SBB over 2018
EUR 0.9 bn ring-fenced for Fortis settlement

1,943 Fortis settlement SBB 1,778 (417) (247) (29) (77) (68) (33) (15) 516 27 178

FY 16

Upstream Dividend Share buy-back RPI Asia Italy UK HQ expenses RO expenses Other FY 17

SLIDE 48

48 Periodic financial Information I FY 17 results I 21 February 2018

Main characteristics Hybrids

In EUR mio

Ageas

Ageasfinlux Fresh Fixed-to-Floating Rate Callable Fixed Rate Reset Perpetual Subordinated Loans Fixed Rate Reset Dated Subordinated Notes CASHES % 3m EUR + 135 bps 5.25% 6.75% 3.5% 3m EUR +200 bps Amount

utstanding

1,250 450 550 USD 400 948

ISIN XS0147484074 BE6261254013 BE6251340780 BE6277215545 BE0933899800 Call date Undated, strike 315.0 mandatory 472.5 Jun 24 Step up to 3M Euribor +413 bps Mar 19 Step up to 6yr USD swap + 533 bps June 2027 Step up after 12 years of 100bps Undated, strike 239.4, mandatory 359.1 Other Subscribed by Ageas & BNP Paribas Fortis Public issue Public issue Coupon served by FBB, trigger ACSM linked to Ageas dividend Market Price (31/12/17) 63.75 124.33 104.79 109.81 85.94

Fortis Bank

(now BNP PF)

AG Insurance

(Belgium)

SLIDE 49

Table of contents

Analyst call 3 Segment information 16 Equity / Solvency/ FCG 49 Investment portfolio 62 Legal Settlement 67 General Information 76

SLIDE 50

50 Periodic financial Information I FY 17 results I 21 February 2018

Shareholders’ equity stable at EUR 9.6 bn, per share up 4%

UG/L of EUR 14.02/share

In EUR mio 6,459 6,681 2,498 2,801 604 129

960 319 3

(337) (419) (248) (46) (170) (12)

EUR 46.56 EUR 48.30

9,561 9,611

FY 16 Result Insurance Result Gen Acc Change UG/L Dividend Treasury Shares Reval AG put option Forex IAS 19 Other FY 17

Insurance UCG/L Insurance UCG/L

Shareholders’ equity per segment Shareholders’ equity per share

Belgium 4,683

►

5,096 Asia 2,004

►

2,036 UK 815

►

852 Reinsurance 104

►

113 Continental Europe 1,350

►

1,385 Insurance 8,957

►

9,482 General Account 604

►

129

SLIDE 51

51

Tangible net equity

High quality capital structure

10/03/2010 I page 51

EUR bn FY 16 FY 17

IFRS Shareholders' Equity 9.6 9.6

Unrealised gains real estate 0.5 0.6 Goodwill (0.7) (0.6) VOBA (Value of Business Acquired) (0.1) (0.1) DAC (Deferred Acquisition Cost) (0.5) (0.4) Other (0.4) (0.4) Goodwill, DAC, VOBA related to N-C interests 0.4 0.3 25% tax adjustment DAC, VOBA & Other 0.2 0.1

IFRS Tangible net equity 8.9 9.1

IFRS Tangible net equity/ IFRS Shareholder's Equity 93% 95%

Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 52

Periodic financial Information I FY 17 results I 21 February 2018

Solvency IIageas Insurance up to 196%

General Account down following lower IFRS equity – Belgium impacted by model refinements

Solvency IIageas in %

In EUR bn

Own Funds SCR

Non EU Non-controlled participations*

52

Belgium UK CEU Reins.

Diversification

Insurance GA Group

Non-transferable

* Based on local solvency requirements

2.8 2.9 0.7 0.5 0.9 0.7 0.0 0.0 (0.3) (0.2) 4.2 3.9 0.1 0.1 4.3 4.0 1.6 1.9

6.9 6.9 0.7 0.8 1.2 1.5 0.1 0.1 (1.5)(1.9) 7.5 7.7 0.7 0.2 8.1 7.9 4.3 4.9

FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 244% 237% 100% 147% 127% 207% 278% 243% 179% 196% 191% 196% 264% 261%

SLIDE 53

53

Ageas Group Solvency IIageas

Main elements driving movement in Solvency ratio

Impact on Solvency IIageas* FY ’16  FY ’17 191%  196% 9M ’17  FY ’17 193%  196% Model refinements +0 pp

1 pp

Market movements (incl. RPN(i)) +7 pp +4 pp Exceptional items

Italy, put option, settlement

2 pp

+4 pp SBB

6 pp
1 pp

Expected dividend

10 pp
2 pp

Operational +17 pp +1 pp

* Impact including secondary impact, diversification & non-transferable Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 54

54

Ageas Insurance Solvency IIageas

Main model refinements

Model refinements Credit - Group wide ELM (Expected Loss Model) CEVA (Company EIOPA

Volatility Adjustment)

Credit Spread Volatility on MCBS not efficiently balanced by VA
ELM:
introduced in core Life companies, materially exposed to spread volatility
replaces current in-force EIOPA VA to absorb short term spread volatility by a

reflection of realized losses due to credit losses

align with ‘Lifetime Expected Credit Losses’ as put forward by IFRS 9
CEVA: replace EIOPA reference portfolio by company specific assets

Tax – Belgium New tax rate

LACDT

New corporate tax rate 34%  25%,
Increasing OF & SCR (lower LACDT) with similar amount
New directive LACDT:
Corporate tax rate
Applied on max 5 years taxable profit based on internal strategic plan
Under condition to pass recoverability test

Profit Sharing – Belgium

Better reflecting going concern philosophy
Triggered by growing insights as to requirements IFRS 17
Decreasing OF & SCR (higher LACTL) with similar amount

Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 55

( 1.5 ) ( 1.4 ) ( 0.5 ) ( 1.3 ) ( 1.0 ) ( 0.9 ) 4.3 4.8 0.3 0.3 0.6 0.7 0.4 0.5 0.8 0.7 0.7 0.7

4.2 3.9

FY 16 FY 17 Non Diversifiable Non-life UW Health UW Life UW Counterparty Default Market Loss-Absorption Deferred Taxes Loss-Absorption Techn. Liab. Diversification Periodic financial Information I FY 17 results I 21 February 2018

Insurance SCRageas per risk type

Market risk main factor in SCR

55 In EUR bn Diversification Loss-Absorption Deferred Taxes

Market risk up substantially due to spread risk

(higher exposure to longer duration & ELM model change)

LACTL up in BE with new PS modelling LACDT down in BE following new tax

rate

SLIDE 56

56

Ageas Insurance Solvency sensitivities

Updated sensitivities @ 3M ‘18 will reflect implemented model refinements

Periodic financial Information I FY 17 results I 21 February 2018

As per 31/12/’16

Based on Solvency IIageas SCR OF Solvency

Base case

Before stress 4,182 7,478

179% Yield curve down

Down 50 bps 4,456 7,407

166% Yield curve up

Up 50 bps 3,942 7,452

189% UFR

Down to 3.65% (from 4.2%) 4,235 7,396

175% Equity

Down 30% 3,958 6,954

176% Property

Down 20% 4,079 7,189

176% Spread

Spreads on corporate & government bonds up 50 bps 4,401 6,888

157% Corporate spread

Spreads on corporate bonds up 50 bps 4,054 7,501

185% Sovereign spread

Spread on government bonds up 50 bps 4,546 6,849

151%

SLIDE 57

Periodic financial Information I FY 17 results I 21 February 2018

Solvency PIM – as reported to the regulator under Pillar I

Solvency II PIM in %

In EUR bn

Own Funds SCR

Non EU Non-controlled participations*

57 * Based on local solvency requirements

Belgium UK CEU Reins.

Diversification

Insurance GA Group

Non-transferable 3.4 3.0 0.7 0.5 0.8 0.6 0.0 0.1 (0.3) (0.2) 4.6 4.0 0.1 0.1 4.7 4.1 1.6 1.9

6.8 6.6 0.7 0.8 1.7 1.7 0.1 0.1 (1.6)(1.6) 7.6 7.7 0.5 0.1 8.1 7.7 4.3 4.9

FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 201% 220% 96% 143% 211% 300% 259% 230% 166% 192% 174% 191% 264% 261%

SLIDE 58

Periodic financial Information I FY 17 results I 21 February 2018

Tiering of Group PIM own funds

High quality of own funds

58 In EUR bn

5.7 5.3 1.4 1.3 0.9 1.0 0.1 0.1

8.1 7.7

FY 16 FY 17

Tier 3 Tier 2 Tier 1 restricted Tier 1

Tier 2 up on overflow from Tier 1 Tier 2 debt capacity under Solvency II ≈ EUR 1 bn

SLIDE 59

Periodic financial Information I FY 17 results I 21 February 2018

Group Free Capital Generation roll forward

Operational FCG of EUR 702 mio, excl. Non-European NCP’s

In EUR mio

59

Calculation based on 175% of SCRageas
EUR 702 mio includes

 EUR 114 mio related to stop loss cover in UK  EUR 77 mio dividend upstream from Non-European NCP’s * Free Capital Generation

* Operational FCG generated by Non-European NCP’s of EUR 360 mio over 9M ’17 is not included in EUR 702 mio 194 265 511 114 77

1,111 702 1,264

(15) (318) (249) (5) (419)

FY '16 Model refinements M&A Divestments Market impact Operational impact Exceptional items Capital transactions M&A Acquisitions Paid dividend FY '17

SLIDE 60 10/03/2010 I page 60

Split of operational impact per segment

Operational impact driven by Belgium & CEU

60 Periodic financial Information I FY 17 results I 21 February 2018

EUR mio

OF SCR FCG = OF - 175%*SCR

f which UK

stop loss cover Specific movements in the quarter

Belgium

570 (6)

580

including EUR 52 negative impact from assumption changes

UK

42 (164)

328 208

new reinsurance cover in Q4 & product mix

CEU

198 33

139

Cargeas contribution up to 9M eliminated

Reinsurance

18 10

(25) General Account

413 11

394 Geographical

112 112

(84) (69) diversification Group eliminations

(657)

(657) Total Ageas Solvency II scope

696 (3)

702 114

Operational impact

SLIDE 61

Periodic financial Information I FY 17 results I 21 February 2018

Evolution SCR & OF split between types of impact

In EUR mio 61

Own Funds

adjusted for accrued expected dividend

SCR

4,257 4,010 2 (91) (60) (96) (3)

FY '16 Model refinements M&A Divestments Market impact Operational impact Exceptional items Capital transactions M&A Paid dividend FY '17

88 98 696 (174) (314) (249) (5) (419)

8,560 8,281

FY '16 Model refinements M&A Divestments Market impact Operational impact Exceptional items Capital transactions M&A Acquisitions Paid dividend FY '17

SLIDE 62

Table of contents

Analyst call 3 Segment information 16 Equity / Solvency/ FCG 49 Investment portfolio 62 Legal Settlement 67 General Information 76

SLIDE 63

63 Periodic financial Information I FY 17 results I 21 February 2018 In EUR bn

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

Asset mix

Asset allocation relatively stable
Loans & equities increased at the expense of corporate bonds

Gross unrealized gains/losses on Available for Sale

Total portfolio: down to EUR 7.7 bn (vs. EUR 8.3 bn); down in

fixed income & corporate bonds

Fixed income: at EUR 6.9 bn (vs. EUR 7.7 bn FY 16)
Sovereigns at EUR 5.3 bn (vs. EUR 5.8 bn)
Corporates at EUR 1.6 bn (vs. EUR 1.8 bn)
Equities: up to EUR 0.8 bn (vs. EUR 0.6 bn)

Gross UG/L on Real Estate: increased slightly to EUR 1.6 bn

(vs. EUR 1.5 bn) - not reflected in shareholders’ equity

EUR 2.2 bn unrealized gains/losses on Held to Maturity (vs.

EUR 2.4 bn) - not reflected in shareholders’ equity

Investment portfolio

Investment portfolio mainly down on unrealized capital gains on fixed income

Sovereign bonds 37.9 Sovereign bonds 37.5 Corporate bonds 24.1 Corporate bonds 20.8 Structured 0.1 Structured 0.1 Loans 8.7 Loans 9.4 Equities 4.4 Equities 4.9 Real Estate 5.3 Real Estate 5.3 Cash 2.2 Cash 2.6

82.7 80.6

FY 16 FY 17

SLIDE 64

Decrease driven by lower UG/L
Gross UG/L at EUR 5.3 bn (vs. EUR 5.8 bn)
99% investment grade; 86% rated A or higher
Belgium duration gap close to zero – matched portfolio

Belgium 19.0 Belgium 18.6 France 6.3 France 6.3 Austria 2.9 Austria 2.8 Portugal 2.4 Portugal 2.7 Italy 1.5 Italy 1.4 Spain, 1.5 Spain, 1.2 Germany 1.2 Germany 1.1 Ireland 0.7 Ireland 0.7 Other 2.5 Other 2.7

37.9 37.5

FY 16 FY 17

In EUR bn

Sovereign bond portfolio*

Sovereign & Corporate bond portfolio

Value fixed income down on lower allocation to corporate bonds

64 Periodic financial Information I FY 17 results I 21 February 2018

Gross UG/L at EUR 1.6 bn (vs. EUR 1.8 bn)
Credit quality remains high with 93% investment grade -

54% rated A or higher

Proceeds of maturities not fully reinvested

Corporate bond portfolio*

Banking 3.8 Banking 3.2 Other financials 1.9 Other financials 1.7 Non Financials 13.5 Non Financials 12.6 Government related 4.9 Government related 3.2

24.1 20.8

FY 16 FY 17 * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

SLIDE 65

Loan portfolio (customers + banks)*

Loan & Equity portfolio

More loans with guarantee

Loans to banks 1.3 Loans to banks 1.3 RE 0.2 RE 0.1 Infrastructure 0.5 Infrastructure 0.7 Mortgages 1.3 Mortgages 1.2 Other 5.4 Other 6.1

8.7 9.4

FY 16 FY 17

Higher exposure in loans to customers
Increase in other: loans benefiting from an explicit

guarantee by the Belgian regions, the French State or the Dutch State

65 Periodic financial Information I FY 17 results I 21 February 2018

Equity portfolio*

Gross UG/L up to EUR 0.8 bn (vs. EUR 0.6 bn)

Equities 2.5 Equities 3.2 Equity funds 0.3 Equity funds 0.3 RE funds 0.8 RE funds 0.8

Mixed funds &

thers 0.9

Mixed funds &

thers 0.6

4.4 4.9

FY 16 FY 17 * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

In EUR bn

SLIDE 66

66 Periodic financial Information I FY 17 results I 21 February 2018

Real estate portfolio*

10/03/2010

Gross UG/L increased slightly to EUR 1.6 bn (not

reflected in shareholders’ equity but contributing to available capital for solvency calculation)

Real Estate exposure mainly in Belgium

Investment Offices 2.2 Investment Offices 2.2 Car Parks 1.1 Car Parks 1.1 Investment Retail 1.4 Investment Retail 1.3 0.2 0.3 0.4 0.4

5.3 5.3

FY 16 FY 17

Investment Warehouses RE Development Investment Warehouses RE Development

In EUR bn

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

SLIDE 67

Table of contents

Analyst call 3 Segment information 16 Equity / Solvency/ FCG 49 Investment portfolio 62 Legal Settlement 67 General Information 76

SLIDE 68

68

Key dates Fortis’ settlement

Ageas announces agreement with Deminor, Stichting FortisEffect, SICAF & VEB
Additional support received from Mr. Arnauts & Mr. Lenssens
Filing done 23/05/2016
Interim decision Amsterdam Court of Appeal declares settlement agreement not

binding

Main concerns

1. Discrimination active/non-active shareholders 2. Dilution risk for buyers by holders compensation 3. Uncertainty about scope release

Deadline for amended agreement 17/10/2017
Court grants extension until 12/12/2017
Ageas announced EUR 100 mio final additional effort
Agreement reached on revised settlement proposal
Additional support by ConsumentenClaim
First hearing focussed on compensation models of claimant organisations
Second hearing on the merits

14/03/2016 16/06/2017 16/10/2017 12/12/2017

Periodic financial Information I FY 17 results I 21 February 2018

16 & 27/03/2018

SLIDE 69

69

Bringing total available budget to EUR 1.3 bn allowing for major improvements

1. Equal treatment of all eligible shareholders in terms of damages

No distinction between active & non-active claimants in terms of per share compensation & compensation add-on

2. Solidarity in dilution risk & buyer protection

Solidarity in terms of dilution across active & non-active claimants Ring-fencing buyer compensation for excessive holder dilution through separate boxes for buyers & holders

3. Clarity on scope of requested release

A clear & comprehensive list of events Cost addition based on empirical evidence & taking into account existing agreements between various parties in terms of litigation funding Additional EUR 100 million Aiming to address major concerns of the Court Cost & effort based compensation for shareholder activism

Main adjustments

Aiming to address concerns of the Court while honouring prior commitments  Resulting amended agreement improves significantly the proposition towards non-active claimants while materially honouring prior commitments to active claimants

Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 70

Settlement between Ageas & claimants organisations

Confirmed & strengthened support from other relevant representatives

All organisations participating to initial agreement:

Deminor, Stichting FortisEffect, SICAF & VEB

Reconfirmed: Mr. Arnauts, Mr. Lenssens & Archand
New support: ConsumentenClaim
Modrikamen: opposition related to list of events
Patrinvest: opposition not (yet) reconfirmed

Co-Petitioners acting for interest of all claimants Other supporting parties

70

 Widest possible support maximizes chances of success

Periodic financial Information I FY 17 results I 21 February 2018

Main opposing parties

SLIDE 71

71

A simplified structure...

Equal treatment of all eligible shareholders in terms of damages Per share compensation

In EUR Period 1 Period 2 Period 3

Buyers 0.47 1.07 0.31 Holders 0.23 0.51 0.15

Compensation add-on

EUR 0.5/share – max EUR 950 - calculated on highest # shares held between 28/02/07 cob & 14/10/08 cob

Cost addition

25% of per share compensation for buyer and/or holder All eligible shareholders Cost addition for active claimants

All amounts subject to potential dilution / increase depending on number of Fortis

shares that will ultimately be presented

Proposed settlement not yet declared binding
Ageas has termination right if amount represented by number of Fortis shares opting
ut exceeds 5% of settlement amount
Calculation module based on indicative amounts available www.FORsettlement.com

Be aware that All eligible shareholders

Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 72

72

...with higher compensation for all

Pro forma comparison with previous settlement agreement

In EUR Period 1 Period 2 Period 3

Buyers 0.38

0.47

0.85

1.07

0.25

0.31

Holders 0.19

0.23

0.43

0.51

0.13

0.15

Claim form add-on: EUR 0.5/share – max EUR 200 - Compensation add-on: EUR 0.5/share – max EUR 950

In EUR Period 1 Period 2 Period 3

Buyers 0.56

0.59

1.28

1.34

0.38

0.39

Holders 0.28

0.29

0.64

0.19

Retail add-on: EUR 0.5/share - max EUR 550 Claim form add-on: EUR 0.5/share – max EUR 400 Compensation add-on: EUR 0.5/share – max EUR 950 Formerly non-active shareholders Formerly active shareholders

for sake of comparison incl. 25% Cost addition Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 73

Notification process will ensure all eligible shareholders are duly informed
During the opt-out period, early filers can already receive 70% of their compensation
Ageas has a termination right at the end of the opt-out period if the amount represented by the

number of Fortis Shares opting out of the settlement exceeds 5% of the settlement amount

73

Indicative timeline subject to Court approval & administrative process

Early payment for fast filers

Written response from opposition 16&27/03/2018 Hearings 12/12/2017 Filing Amended Settlement

Remaining payment

est. around

YE 2019 Claims submission deadline Court’s decision

est. mid 2018

& start claim filing End of notification process Decision on termination right

Early payment

8 weeks 7 months 6 months 3 months

pt-out period

6 weeks 3 months 3 months

Periodic financial Information I FY 17 results I 21 February 2018

SLIDE 74

74 Periodic financial Information I FY 17 results I 21 February 2018

NL Stichting Investor Claims Against Fortis (SICAF) – suspended
BE Deminor – suspended
BE – 2 claimants – awaiting decision consolidation with Deminor – de facto suspended
BE Mr. Lenssens – suspended pending criminal proceedings
NL Consumentenclaim – suspended
NL Stichting FortisEffect – suspended
BE Mr.Modrikamen – suspended awaiting outcome

criminal procedure

BE Mr. Arnauts – suspended pending criminal proceedings
NL VEB – suspended
NL Mr. Bos – within eligible period – suspended
NL 5 separate proceedings – Mr. Meijer – joined with 1 NL individual – within eligible period - suspended
NL Archand – within eligible period – suspended
BE Patrinvest – within eligible period – not

suspended – appeal filed by claimant

Ongoing civil litigations all in scope of WCAM procedure

2008 2007

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

September 07

Capital increase, Prospectus, Communication about subprime exposure

May 07

Press release re bid on ABN AMRO

January 08

Press release on subprime & solvency

SLIDE 75

75 Periodic financial Information I FY 17 results I 21 February 2018

AFM I : final - fine imposed
FSMA: Court of appeal reduced original fine – appeal filed

2008 2007

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 ABN AMRO

January 08

Press release on subprime & solvency

Criminal Investigation: referral to court asked for 7 individuals, not for ageas - additional investigation being

terminated - awaiting prosecutors decision on referral

Administrative proceedings Criminal proceedings

Other proceedings

RBS claim related to take-over of ABN AMRO: judgement 2/2/18 in favour of Ageas
MCS holders against conversion of MCS (Mandatory Convertible Securities): 23/03/12 decision in favour of

Ageas, certain MCS holders appealed, claiming EUR 350 mio - pleading session expected H2 2018

SLIDE 76

Table of contents

Analyst call 3 Segment information 16 Equity / Solvency/ FCG 49 Investment portfolio 62 Legal Settlement 67 General Information 76

SLIDE 77

situation 31/12/2016 situation 31/12/2017 situation 16/02/2018

216,570,471 209,399,949 209,399,949

15,143,439 14,304,863 14,924,863 7,170,522 6,377,750 6,997,750 3,968,254 3,968,254 3,968,254 45,804 3,958,859 3,958,859 3,958,859 201,427,032 195,095,086 194,475,086

77 Periodic financial Information I FY 17 results I 21 February 2018

Total number of outstanding shares

SBB & cancellation cancellation SBB

Total Issued Shares

Shares not entitled to dividend nor voting rights

1. TREASURY SHARES Share buy-back

FRESH Other treasury shares

2. CASHES

Shares entitled to dividend & voting rights

* After deduction of shares for management plans *

SLIDE 78

78 Periodic financial Information I FY 17 results I 21 February 2018

Shareholders structure

Based on number of shares as at 16 February 2018

Ageas 5.3% Ping An BlackRock, Inc. Schroders Fosun Identified retail investors 20% Identified institutional investors 45% Other investors 14%

Based upon press release 19 February 2018 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 17 March 2014 Based upon the number of shares mentioned in the notification received 06 February 2018 Based upon the number of shares mentioned in the notification received 5 October 2017 Estimate by Estimate by Ageas Ping An BlackRock, Inc. Schroders Fosun Identified retail investors Identified institutional investors

SLIDE 79

79 Periodic financial Information I FY 17 results I 21 February 2018

Financial calendar 2018

21 February FY 2017 results 16 May 3M 2018 results 16 May Ordinary shareholders’ meeting Brussels 28 May Ex-dividend date 6 April Annual report 2017 30 May Payment 2017 dividend 8 August 6M 2018 results 14 November 9M 2018 results

SLIDE 80

80 Periodic financial Information I FY 17 results I 21 February 2018

Rating

S&P MOODY'S FITCH Operating

AG Insurance (Belgium) A / stable A2 / stable* A+ / stable

entities

Last change 06/11/15 17/03/16 09/12/16

unsollicited

Ageas Insurance Limited A / stable A+ / stable Last change 06/11/15 23/11/16 Muang Thai Life BBB+ / stable BBB+ / stable Last change 29/12/10 27/07/16 Etiqa Insurance Berhad (Malaysia) A- / stable Last change 27/07/16 China Taiping Life A+ / stable Last change 06/04/17 Intreas A / stable Last change 11/11/16

Holding

ageas SA/NV BBB / stable Baa3 / positive* A / stable Last change 15/03/16 30/11/16 09/12/16

unsollicited

* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process. Ageas does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities.

SLIDE 81

81 Periodic financial Information I FY 17 results I 21 February 2018

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

r 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

perations or financial condition that may be achieved in the future.

Investor Relations

Tel: E-mail: Website: + 32 2 557 57 34 ir@ageas.com www.ageas.com