Eureko Presentation H1 2010

WWW.EUREKO.COM

EUREKO PRESENTATION H1 2010

September 2010 2 Contents

1. Eureko Group

2. Strategy

3. Financial Review

WWW.EUREKO.COM 3 Eureko in H1 2010

Strong increase net profit helped by PZU settlement

Financial position further strengthened

On track for achieving structural cost reductions and efficiency ambitions

Economies of scale to come from complexity reduction and further streamlining

Restoration of sector confidence remains key; sharper focus on customer needs

WWW.EUREKO.COM 4 Stable and supportive shareholder base

June 2010

Achmea Other Preference Rabobank Association Shareholders1 Shareholders2

55.2% 39.4% 5.4%

Eureko Tussenholding 100.0% Ordinary Shares

94.5% 5.5% Eureko Strong (proven) support from major existing shareholders Rabobank has announced the intention to lower her capital share to 30%.

1 MillenniumBCP (2.7%), Gothaer (1.1%), LF Group (0.9%) and Swiss Mobiliar (0.7%). 2 No voting rights.

WWW.EUREKO.COM 5 Eureko group companies

June 2010 EUREKO

Core countries

Achmea Interamerican Eureko Sigorta1 Oranta Garanti Emeklilik (The Netherlands) (Greece) (Turkey) (Russia) (Turkey) 100% 100% 80% 100% 15%

Market share #2 in the market with Market share Active in Non-Life, Eureko has the right to Non-Life: 20% leading positions in Non-Life: 5% Health. acquire another 35% Health: 29% Non-Life, Health and mid 2010 to mid 2012. Life: 12% Life Garanti Emeklilik is a Life insurance GWP GWP GWP GWP Company. €9,943 mln €223 mln €158 mln €40 mln

Manage for value countries

Friends First Union Interamerican Eureko Asiguari (Ireland) (Slovakia) (Bulgaria) (Romania) 100% 97% 100% 100%

1 Garanti Bank has a put option on of the shares in Eureko Sigorta that can be exercised from July 2010.

WWW.EUREKO.COM 6 Contents

1. Eureko Group

2. Strategy

3. Financial Review

WWW.EUREKO.COM 7 Achmea market positions

Achmea ASR Allianz Delta ING Lloyd

ING SNS incl. Achmea ASR Delta AXA/ZL Lloyd

CZ Group incl. Fries- Achmea UVIT Delta Lloyd land

Delta Aegon ING SNS incl. Achmea Lloyd AXA/ZL

Achmea PGGM ING + MN AZL Services

ASR ING Achmea Delta Lloyd

Achmea KLM

WWW.EUREKO.COM 8 Strategic choices in the Netherlands

WWW.EUREKO.COM 9 Market expectations in the Netherlands (1)

€bln25 Non-Life 25% Non-Life

20 20% The market for Non-Life products is expected

Market share to remain fairly stable. Main growth is 15 15% expected in direct channel. 10 10% Due to operational excellence more 5 5% competitive products will be introduced to the Market size 0 0% market. This will allow Achmea to generate 2007 2008 2009 2010 2011 2012 growth above market levels. €bln Health1 50 35% Health 30% 40 25% The market is expected to grow as a result of 30 20% Market share increasing health care expenses, inflation 20 15% and increased longevity of the population. 10% 10 5% Achmea is assumed to be able to sustain its Market size 0 0% market share of around 30% (in 2009 some 2007 2008 2009 2010 2011 2012 4.8 mln insured).

€bln 25 Income 25% Income protection Market share 20 20% In the income market a slight growth is Market share 15 15% expected from 2010 through 2012. Growth is mainly expected from the privatisation of 10 10% (long term) disability. 5 5% Market size

Market size Achmea’s market share is expected to be 0 0% around 20% and an increase is expected in 2007 2008 2009 2010 2011 2012 the market share in disability (WGA).

1 Market share 2009 adjusted for impact from lower contributions received from the Dutch state (ZvF), mainly related to prior years (-€739 mln) WWW.EUREKO.COM 10 Market expectations in the Netherlands (2)

€bln Pension Insurance Pension2 25 25% The Pension market is expected to show 20 20%

Market share limited growth from 2009 through to 2012. 15 15% Focus on profitability instead of growth. 10 10% Market share under pressure. 5 5%

Market size 0 0% 2007 2008 2009 2010 2011 2012 Individual Life insurance Regulatory changes, transparency and banks as supplier of Life products (bank saving €bln Individual Life products) have and will continue to 25 25% fundamentally change the Life market. 20 20% Market share 15 15% For the years 2010 till 2012 a steady decline 10 10% of the market is expected, due to the decline

5 5% of the mortgage related products and lower

Market size 0 0% pricing of term insurance products. 2007 2008 2009 2010 2011 2012 Focus on profitability instead of growth. Achmea’s market share is expected to decline slightly.

2 Market share 2009 is excluding the impact from the merger of pension funds SPI/SPAP (+€1.1bln) WWW.EUREKO.COM 11 All improvement programmes in the ‘house of initiatives’

Most trusted insurer

Short term profitability Mid term improvement Long term strategic improvement initiatives choices

Focus on: Focus on: Focus on: Cost cutting programme SENS Market segments: Complexity reduction Non-life in products, processes Health and IT Income Protection Integration back in Direct and Banking offices channel and strengthen relationship with social partners Development of professional skills

The customer is key in “Achmea unburdens” Revitalise cooperative identity

WWW.EUREKO.COM 12 Achievements ‘house of initiatives’

Short-term profitability improvement Structural cost reduction of 7% achieved or €77 mln in first half of 2010; on track for target of €300 mln end of 2011 Targets for lower expense ratios met: Non-life: expense ratio improved Basic Health: expense ratio is lower than target of 3% FTE reduction of 1,930 since year-end 2008 (target -2,500 end of 2011)

Mid term improvement initiatives Investments in strategic projects like new IT infrastructure, shared domains, back offices and Solvency II In Q4 2010 roll out of complete new business process in Non-Life, supported by a new IT system Integration of our Health activities (Achmea Health and Agis) starts one year earlier than announced at the merger Number legal entities to be strongly reduced Streamlining of Syntrus Achmea

Long term strategic choices Transforming Dutch broker channel into marketing & sales organisation Focus on Income Protection has resulted in significant growth in H1 2010 In Life business focus on profitability instead of growth

WWW.EUREKO.COM 13 Strategic choices for the International portfolio

Other aspects international strategy Focus in short term will not be on international expansion but on developing sound operations in our core activities.

Based on long term strategic focus in core and manage for value countries we sold the activities in Cyprus and announced the sale of Avéro Insurance Belgium.

WWW.EUREKO.COM 14 Contents

1. Eureko Group

2. Strategy

3. Financial Review

WWW.EUREKO.COM EUREKO 2010 INTERIM RESULTS15 Net profit lifted by PZU, better investment results and 7% structural cost reductions

Key figures (in € mln) H1 2010 H1 2009 Change Net profit to €864 mln. Net profit 864 115 n.m. Net profit higher due to PZU Of which PZU settlement 725 0 n.m. settlement, better investment results but offset by additional Net profit excl. PZU settlement 139 115 +21% provision for unit linked of €143 mln. Profit before tax 835 94 n.m. Profit before tax €835 mln, Gross written premiums 10,713 10,502 +2% including PZU settlement of Operational expenses 1,603 1,599 0% €726 mln.

Gross written premiums up.

Key figures (in € mln) 30-06- 31-12- Change Structural cost reductions of 2010 2009 7% offset by investments in Total equity 10,720 10,127 +6% strategic projects. Solvency 225% 216% +9% pts Solvency improved to 225%.

WWW.EUREKO.COM EUREKO 2010 INTERIM RESULTS16 Profit before tax up corrected for large one-offs in € mln 1,000 Several large items impacted our 835 -726 profit before tax. 800 Corrected for these items profit before tax amounted to €142 mln compared to €94 mln in H1 600 2009.

400 83 -224 143

142 200 32 94

0 0 U A D P P O Z p n in d f e C B i l U r it d na t t o P T o s a h - it r B v li t i n e r H s i n r o im r P e 2 T e s a c 0 1 k n i B c H tt io te a p t 0 2 e a T e 1 l n d g l a 9 0 e l d m i i m c 1 c n t 0 a e p v e r n r k t o s t e je m ts c . t s

WWW.EUREKO.COM EUREKO 2010 INTERIM RESULTS17 Performance business lines: Gross written premiums in € bln 10.7 10.5 Gross written premiums (GWP) up 2% to €10.7 billion. 10 Non-Life achieved 3% growth Non-Life Non-Life despite pressure in some 2.44 2.37 +3% markets.

7.5 Life Life In Life GWP remains under 2.08 2.37 ‐12% pressure, premiums down 12%. GWP Health 7% higher due to higher contributions from 5 government and increased Health Health premiums from customers to 6.19 5.77 cover increased costs of health. +7% 2.5

0 H1 2010 H1 2009

WWW.EUREKO.COM EUREKO 2010 INTERIM RESULTS18 Performance business lines: Profit before tax

Profit before tax H1 2010 H1 2009 Change All business lines report higher results. (in € mln) Non-life 219 103 +116 Results in Non-life boosted by better investment results, lower claims ratio Health 162 143 +19 and lower expenses.

Life -100 -117 +17 Lower operating expenses and growth in premiums resulted higher results in Banking 49 13 +36 Health. Other activities 505 -48 +553 Life results improved due to higher Total 835 94 741 investment results and lower expenses. Negative impact result through provision for unit-linked of €143 million.

Increase in profit in Banking thanks to improved efficiency ratio and lower loan loss provision.

Result in Other activities higher due to PZU settlement, partly offset by investments in strategic projects.

WWW.EUREKO.COM EUREKO 2010 INTERIM RESULTS19 Structural cost savings of 7% achieved

in € mln In € mln H1 2010 H1 2009 Change

Total operating expenses 1,603 1,599 0%

1,300 Commission expenses 442 476 -7% 32 -77 Total operating costs 1,161 1,123 3% 83 1,161 excl. commission exp. 1,123

1,100 Significant investments in strategic projects (€83 mln) obscures achieved structural cost reductions of €77 mln.

900 Commission expenses down 7%, partly due to lower sales.

Other concerns costs made for the 700 IPO of PZU (€12 mln) and a vacancy H In O S H provision (€20 mln). e 1 s t r e 1 x t v h e tr x 2 r e u 2 c a s e d c l 0 r c l 0 . te t u t . c 0 m c u c 1 o 9 g t r o 0 i e i a m o c n o m o Number of FTEs decreased 4%. p n l p m p ts s c m e r o e . r o i . r e a j n s e a x t e t x t p in c p in e g ts e g n n s c s c e o e o s s s s t t

WWW.EUREKO.COM EUREKO 2010 INTERIM RESULTS20 Capital and solvency position further strengthened in € mln 11,000 Own equity position up 6%. 10,720 Net profit and revaluations are main 51 contributors. 10,127 -655 333 In H1 2010 €655 mln paid out in 10,000 864 dividend. Proposal is to pay out an interim dividend in H2 of € 471 mln or €1.15 per ordinary share.

Group solvency improved 9%-pts to 225%. 9,000

8,0000 3 N D R O 3 1 c i 0 e o v e t - t h v h - 1 y u id e 0 2 P a b p e l r 6 - r r o n u 2 o i 2 f d n d a 0 i t 0 0 t c p a io 1 9 a a n n 0 p y d ita m l e n ts

WWW.EUREKO.COM 21 Liquidity: debt position holding decreasing

(€ mln)

3.000 40% Hybrid 36.3% Debt leverage 2.500 35% Max. external debt

1,325 30% 2.000 22.7% 25% 21.4% 1.500 1,325 1,325 20%

1.000 15%

1,425 10% 500 881 851 5%

0 0% 2008 2009 H1 2010 31-12-08 31-12-09 30-06-10

Our external debt position improved slightly to €851 million Debt leverage improved from 22.7% to 21.4% due to increase in net profit and lower debt

WWW.EUREKO.COM EUREKO 2010 INTERIM RESULTS22 Conservative investment portfolio

30 June 2010 2% 5% 1% 6% 4% 5% 1% 6% 4% By credit rating

9% 82%

AAA AA A BBB

1% 3% 5% 11%

75% By instrument

12%

59% Fixed income Deposits/cash Real estate 9% Derivatives Equity Alternatives Government Bond Government related Corporate bonds Loans Asset Backed Sec. Covered Bonds Convertibles

WWW.EUREKO.COM EUREKO 2010 INTERIM RESULTS23 Sovereign exposure to GIIPS countries limited

(in € mln) 30-06-10 In % of fixed 31-12-09 In % of fixed Total exposure €814 mln or income income 2.5% of total fixed income Portugal 91 0.3% 110 0.4% portfolio. Italy 92 0.3% 205 0.7% Exposure on Greece and Ireland 476 1.5% 538 1.8% Ireland relates to our business Greece 107 0.3% 149 0.5% in those countries. Corrected Spain 48 0.1% 60 0.2% for this, exposure is only 0.7%. Total 814 2.5% 1,062 3.5% Current exposure is in line with our risk profile and no considerable reductions in this portfolio are expected in H2 2010.

WWW.EUREKO.COM 24 Uncertainties H2 2010

As at 30 June 2010 Eureko faces several uncertainties that may affect 2010’s second half performance and net profit.

Health insurance: Uncertainties in the health insurance industry remain. Despite the second final settlement for over/under financing for the claim year 2006, the College for Zorgverzekeringen (CVZ) has decided to reopen this settlement following an appeal.

Longevity: New life expectancy tables have been published by the Dutch Association of Actuaries. The tables project that people will live longer. Exact impact for Eureko is not known yet because we base our life expectancy table on the Dutch Association of Insurers which will publish their tables later in the year.

Summer storms and major fires: In July 2010, the Netherlands was hit by several severe storms that caused significant damage to private and corporate property and greenhouses. In addition to storms, our Non-Life business faced some severe fire claims in the corporate segment.

Foreign exchange rate exposure: Eureko hedges the foreign exchange risk in its equity investment portfolio through foreign exchange derivative contracts. As a consequence there is an inherent accounting mismatch.

PZU Settlement: After PZU’s IPO Eureko holds a 13% stake in PZU corresponding with a fair value of €951 million reclassified as Equity Investments as at 30 June 2010. Eureko’s Total equity, solvency margin can be impacted by PZU share price and the net profit by the Polish Zlotys exposure.

WWW.EUREKO.COM 25 Solvency II

Because of a strong capital position and relatively low risk profile, the stress test (CEIOPS) on 30 June 2009 numbers showed that Eureko’s solvency levels would remain significantly above 100% in all scenarios.

Main concerns on Solvency II: - Linked to the financial crisis CEIOPS has overreacted in its proposals resulting in a significant increase of capital requirements not in accordance with the real risk. - The proposals do not yet reflect the specificities of the Dutch basic health system. However, a European solution is under development, which will offer the opportunity to lower capital requirements.

Eureko actively participates in discussions on the development of Solvency II implementing measures and guidelines.

Eureko aims at using (partial) internal models and is participating in the pre-application process on internal models from July 2010.

Preliminary calculations for Eureko Group per end of 2009 show that even with the proposed higher charges compared to QIS4 and not taking into account the risk mitigating characteristics of the basic health insurance system, Eureko will be able to meet Solvency II capital requirements (own funds/group SCR ~125%).

Eureko will participate in QIS5, which takes place from 1 August 2010 until 15 November 2010. National guidance will be delivered on the treatment of Dutch basic health insurance in QIS5.

WWW.EUREKO.COM 26 Strong credit ratings

Insurer Financial Strength Rating: A+ (negative outlook) Holding Counterparty Credit Rating: A- (negative outlook)

S&P has confirmed its ratings on 31st March 2010

Strengths Strong competitive position in all business lines in the Dutch market Strong financial management evidenced by: very strong capitalisation in amount and quality strong and well diversified investment profile and asset-liability management strong liquidity profile based on substantial marketable and near-cash instruments Strong financial flexibility

Weaknesses Underperforming life and pensions businesses, particularly in the Netherlands High geographic concentration in the Netherlands

WWW.EUREKO.COM 27 Contact details

For further information, please contact:

Sandra van Gils Manager Investor Relations Group Balance Sheet Management Capital Management & Investor Relations +31 (0)30 693 7051

Gül Poslu Investor Relations Officer Group Balance Sheet Management Capital Management & Investor Relations +31 (0)30 693 7038

Email: [email protected] Internet: www.eureko.com

WWW.EUREKO.COM 28 Disclaimer

This document contains certain forward-looking statements with respect to certain plans and objectives of the Company and its subsidiaries (together the “Group”) and to the Group’s current expectations relating to its future financial condition and performance. The Group may also make forward-looking statements in other written materials. In addition, the Group’s senior management may make forward-looking statements orally to analysts, investors, representatives of the media and others. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations and revenues are forward-looking in nature. These forward-looking statements are based on management’s current views, estimates and assumptions about these future events. By their nature, forward- looking statements are subject to certain risks and uncertainty that may cause the Group’s actual results to differ materially from those set forth in the Group’s forward-looking statements. The Company undertakes no obligation to update the forward-looking statement contained in this presentation or any other forward-looking statement made in any form by the Group.

The information contained herein is not an offer of securities for sale in the United States of America or any other country. Eureko B.V. has not registered and will not register any securities under the U.S. Securities Act of 1933, as amended, and securities may not be offered, sold or delivered in the United States of America absent registration or an exemption from registration.