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S The Ageas Approach – Gary Crist | 29/9/11 1 9 CEOcreation Asia

2 New Swiss Restudyhighlights New Swiss protectiongap Growing mortality A viewonthegrowthpotentialinAsia   Source: report, September 2011 Re report,September Source: Swiss The Ageas Approach – Gary Crist |29/09/11 Crist Gary AgeasApproach – The Resources required analytics and segmentation. customers combined with broader channels withmoredirect accessto can movebeyondtraditional sales channels into Study highlights theopportunityforinsurerswho above marketratesfor lifeinsurance. 50% oftherespondent with breadwinner main the to death an early would ormight struggle fi 40% ofrespondentsto thesurveysaidfamilies maintain living living maintain Income to standard s willingtopayator Life nancially intheeventof the capacity forbetter protection Mortality Savings gap aUSD120bnsales

Resources readily available potnt o the industry inAsia: opportunity for awn132417155% 10% 7% 175 14% 41,411 197 29,437 305 365 21,372 234 15,762 225 240 103 170 142 Total 154 Taiwan 99 Singapore Vietnam aa ,0 ,5 ,1 ,4 3% 8,445 6,314 CAGR 6,555 2010 Korea South 6,204 2007 2004 2000 China USD bn noei 5 4 3 1 11% 6% 711 989 531 1,027 Malaysia 443 Hong Kong 822 256 Thailand 550 Indonesia Australia India 3,731 ,5 ,7 ,8 ,1 7% 3,615 3,688 2,477 1,759 2,045 171 396 294 3,061 6,521 224 401 321 11,162 4,876 288 425 465 18,745 6,676 380 473 533 13% 18% 8% 2% 6% 2 A view on the growth potential in Asia (ct’d) Insurance penetration vs. per capita income

Total (Life & Non-Life) Insurance Pentration 2010 Total Insurance Penetration (%) Taiwan 20 18 16 14 Korea Hong Kong 12 Japan 10 8 India Australia 6 Thailand Malaysia 4 China 2 0 Indonesia, Philippines, Vietnam 0 500 1,000 1,500 2,000 2,500 3,000 3,500

Per Capita Premium (EUR)

Penetration equals Total Premiums / GDP Source: Swiss Re Sigma report, No 2 / 2011 The Ageas Approach – Gary Crist | 29/09/11 3 A view on the growth potential in Asia (ct’d) Total premium growth and premium vs. GDP, Life only

Real total premium growth (%) in 2010* Premium Income (% of GDP 2010)

25 17.5 23

17 15 14 10.1

11 11 8.0 7.8 10 99 8 8 6.0 7 7 777 6 4.7 3.5 3.1 2.9 2 1 1 1.2 0.8 0.7 0

s n n e a a ia e a ea r ina and n r pa si si h India l iw a po India y iland hina e tnam C onesia ai Japan pi -3 a Ko J a la a C e d Taiwan h T a on ippines T Malays Vietnam th Korea th M Th d Vi In Singapore u In Hong Kong Philip(5) Hong Kong Sing Phil Sou So

Real Premium Growth Real GDP Growth

Source: Real GDP growth Japan – www..org. For other countries, Asian Development outlook 2011 published by the Asian Development Bank * Note: For India, Japan and South Korea data are FY 09 based. For the Philippines data shown are 09 based The Ageas Approach – Gary Crist | 29/09/11 4 A view on the growth potential in Asia (ct’d) Premium per capita and savings rates

Premium per Capita (2010)* In USD

3,191 3,184 3,124 2,485

1,376 261 140 116 50 34 13 8

n re d a ia a s m an rea d ysia na Kong apo a ailan Chin In nesi pine Taiw Japa Ko h ing Mal T do lip Viet In Hong S outh Phi S Savings (% of GDP 2009)

51 48 36 32 32 30 30 30 27 26 16 Source: Real GDP growth Japan – www.oecd.org. For other countries, Asian Development outlook a re ia d g n 2011 published by the Asian Development Bank in rea ilan iwa Ch apo nes India ha g Kon Ta *Note: For India, Japan and South Korea the data Malaysia do T Vietnam In Sing Hon Philippines shown is are FY09 based. For Philippines, the data South Ko shown are 09 based The Ageas Approach – Gary Crist | 29/09/11 5 2020 : Asian market expected to grow further Ageas well placed to strengthen its market position

India : 2010 2020 Hong Kong 2010 2020 Inhabitants : 1,217 m 1,387 m Real GDP/capita: USD 1,029 USD 2,046 . (100% owned) GWP: USD 78 bn USD 222 bn Inhabitants: 7 m 8 m Penetration: 6.3% 7.8% Real GDP/capita: USD 30,369 USD 42,669 GWP : USD 26 bn USD 36 bn . Penetration: 11.9% 10.9%

Thailand : 2010 2020 Inhabitants : 68 m 72 m Real GDP/capita: USD 3,081 USD 4,512 GWP : USD 14 bn USD 38 bn Penetration: 6.5% 11.5%

China: 2010 2020 Inhabitants : 1,355 m 1,386 m Malaysia: 2010 2020 Real GDP/capita: USD 2,831 USD 5,956 inhabitants : 28 m 33 m GWP : USD 215 bn USD 578 bn Real GDP/capita: USD 6,137 USD 8,192 Penetration: 5.6% 7.0% GWP : USD 12 bn USD 22 bn Penetration: 6.9% 8.0%

2010 GWP: USD 345bn 2020 GWP: USD 896bn Source : Sigma 2002 (Swiss Re), Global Insight The Ageas Approach – Gary Crist | 29/09/11 6 Profile: Ageas in Asia A strong base for continued growth

Key financial data Distribution Mix, December 2010*

EUR mio FY 07 FY 08 FY 09 FY 10 (9%) Other Gross inflow * 2,869 3,292 4,071 6,093 Life 2,570 2,955 3,689 5,578 Non-Life 299 337 382 515

Net profit ** 80 9 91 94 (32%) Core skills Agents . Partnership selection and management (59%) . Proven skill transfer Bancassurance . Bancassurance . Multi-Channel distribution Gross Inflow by Country, December 2010*  Agency management and training Hong Kong India (2%)  Affinity marketing (6%)  Direct marketing  Channel conflict management Thailand . Product development and Management (14%) . ALM and Risk management Malaysia 18% China 60%

*Gross inflow based on 100% company revenues ** Net profit based on Ageas’ stake The Ageas Approach – Gary Crist | 29/09/11 7 9/25/2011 Asia: Leading international Life insurers premium income 2010 Leadership positions in Ageas markets

In EUR mio

India 22,080 Hong Kong Thailand China Malays ia

10,994

6,498 5,791 5,164

2,759 2,507 2,202 1,972 1,927 1,699 1,577 1,268 1,173

fe G if a K) life XA i rd ife iv life AIG U IN a L v l ( geas A Y A HSBC Zurich A C N Met tia P n Manu Sun L e N d B Pru

Source: Asian Market update 2011, Towers Watson Premiums, unweighted for Single Premiums Premiums on a 100% basis, no adjustments for minority holdings is post divestment of its financial stake in Taikang Life The Ageas Approach – Gary Crist | 29/09/11 8 Asia: Leading international Life insurers premium income 2010 Leadership positions in Asia, ex Japan

In EUR mio

Philippines 22,942 Singapore Vietnam S. Korea Taiwan Indonesia 15,195 India Hong Kong 12,401 Thailand 11,095 China Malaysia 7,114

5,503 5,164 4,002 3,564 3,299 2,795 2,248 2,195 2,024

C G G fe fe A va fe e AI IN Li l (UK) urich lianz AX Avi HSB a Z Al Ageas Metli NYLif i Manuli Sun ent BNP ud Pr

Source: Asian Life Insurance Market update 2011, Towers Watson Premiums, unweighted for Single Premiums Premiums on a 100% basis, no adjustments for minority holdings AXA is post divestment of its financial stake in Taikang Life The Ageas Approach – Gary Crist | 29/09/11 9 Ageas’ approach in Asia The key to long term success

The general strategic approach of Ageas in Asia is focused on building market leading insurance businesses with strong distribution partners and leading financial institutions.

 Recognition that Ageas is a retail insurer where local distribution and expertise are critical success factors

 Focus on a limited number of select markets with attractive fundamentals where Ageas’ core skills can enhance returns

 Consistent, disciplined approach to investment opportunities

 Partner with strong institutions that share common goals and objectives where it is possible to align interests

 Combine partner’s skills, knowledge and local presence with Ageas’ insurance expertise

A strategy of focused & controlled growth, based on added value to the partnership, is key to long term success.

The Ageas Approach – Gary Crist | 29/09/11 10 High level strategy for the region Building sustainable growth

Growth by partnership or Organic growth acquisition

Building a critical talent pool for business Focused commercial growth Focus on activity reflected in selected growth in top-line and VANB markets Sustainable growth

Strong focus on Knowledge Brokers role, adding value to the partnerships resulting in Combine local and long term profitability partner’s skills, knowledge and presence Optimize with Ageas’ operating expertise efficiency

High standards of corporate governance The Ageas Approach – Gary Crist | 29/09/11 11 Basis for sustainable value adding partnerships Ageas’ approach to partnerships is both unique and effective

. Rigorous partner selection process, predicated on  Common Goals  Common Values  Alignment of interests Solid partners . Complimentary Value Added from each partner . Serious partners with good reputations

Ageas’ Asian Partnerships have weathered the dual stress test of the global financial crisis and the meltdown

. Strong formal agreements and documentation on  Governance structure Active governance  Defined terms of reference participation  Defined protections in joint venture agreements . Active, broad and deep participation in governance bodies (board + board committees)

. Management participation focused on control and risk functions Active management . Grooming & delivering quality people participation . Adaptability to changing needs

Active regional support: . Distribution: Bancassurance, Agency, Direct Knowledge brokers across . Products: Development and Management multiple domains . Risk Management, ALM, Investment Management . Corporate Governance

The Ageas Approach – Gary Crist | 29/09/11 12 Active governance participation Overview of governance committees in Asian activities

Board Committees in the Various Operating Companies

Nomination/ Risk Management Investment Audit Committee remuneration Executive Committee Committee Committee (mgt level committees) committee

Malaysia     

China     

Thailand      (mgt level committee)

Hong Kong    NA  (mgt levelcommittee) (100% Ageas subsidiary)

India     

The Ageas Approach – Gary Crist | 29/09/11 13 Active management participation with strong governance Supplemented by Ageas secondees in key management positions

Ageas Regional Structure  Asia CEO: Gary Crist  Asia CFO : Filip Coremans  Proportional Board and Committee representation  Regional functions: Hong Kong (100% owned)  Knowledge broking .  Board: 7 Ageas and 3 independent Directors  Reporting and Control  Management: local talent and 5 Ageas expats  Expansion of the franchise

.

India : Thailand :  Chief Financial Officer  Chief Actuary  Chief Operating Officer  Deputy Chief Financial Officer/  Chief Actuary/Appointed Actuary  Head of Bancassurance  Head of Motor Group  Adviser to the CEO on Technology China:  Chief Actuary/ Appointed Actuary  Chief Risk Officer/ Chief Investment Officer Malaysia:  Deputy GM Shared Service Centre   Chief Risk Officer Taiping Asset  Chief Risk Officer Management  Head of Bancassurance (at Maybank)  Ageas China representative office Note: The current CEO of Mayban Ageas Holdings , Hans De Cuyper, was seconded to Malaysia as CFO from 2007 to March 2011. Hans resigned from Ageas in March, was nominated by Maybank and elected CEO.

The Ageas Approach – Gary Crist | 29/09/11 14 Active regional support Governance, risk and commercial development

Management Board & Support & Board Management Secondees Governance Committees

Corporate Finance Finance Finance & & Audit , Risk Management & Investment Legal & Compliance Risk Reporting Management

Product Commercial Management Alternate & Agency Distribution Bancassurance Development & Direct Distribution Development

The Ageas Approach – Gary Crist | 29/09/11 15 Case study, Etiqa; ten year evolution in value added support Multiple roles and projects based on strategic needs with support across multiple levels

Major Projects General Risk & Product Agency Bancassurance Alternate IT/ Management Reporting Development Transformation Direct Operations Distribution

 Major M&A  Embedded  Product  Training  Branch redesign  DM/TM  Shared projects Value Management Academy services  Customer  Internet  & Positioning Value New  Redesigning  Project Business  Network re- Segmentation management, design  Social Media Operations  IFRS  Model design merging Etiqa  IT Projects and MNI  Risk Mgmt & Governance  Motor operations  Audit & Compliance Ageas Secondees; 22 over 10 years, average tenure – 3 years

 Deputy CEO  AA (2)  CMO (2)  Head of  Head of  COO Distribution Bancassurance Development  Head of IT  Two to three  Chief Actuary  Head of members of Non-Life Products  Customer  Business Analyst the Senior Segmentation (2) Management  CFO (2)  Head of Motor Claims Committee at  Retail  CRO Development any given  Dpty Head Project Project Mgmt time management (2) Ageas sourced support Regional Office / Regional Office, Regional Office, Regional Office, Regional Office / Regional Office, Regional Office / Head Office Head Office Millennium BCP AICA Head Office, AG Ageas UK Head Office, Insurance, BCP Ageas UK Millennium, MTL The Ageas Approach – Gary Crist | 29/09/11 16 Conclusion Transformed from a greenfield to a critical component of Ageas today

. Focus on continuing to build value

. Focus on partnerships and skill transfer

. Continued significant influence in management and governance of partnerships

. Bright future built on strong foundations

The Ageas Approach – Gary Crist | 29/09/11 17 Disclaimer slide

Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’s core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis.

In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future.

The Ageas Approach – Gary Crist | 29/09/11