Under an agreement between Fortis, BNP Paribas and the Société Fédérale de Participations et d'Investissement/Federale Participatie- en Investeringsmaatschappij (SFPI/FPIM) concluded on 12 May 2009, Fortis is the holder of a cash-settled call option written by the SFPI/FPIM that allows Fortis to benefit from an appreciation in the value of the BNP Paribas shares held by the SFPI/FPIM for a period of eight years.

The option entitles Fortis to the difference between the strike price and the market price of BNP Paribas shares at the time the option is exercised or the selling price of the underlying shares if the SFPI/FPIM opts to sell them. The option replaces the so-called 'Coupon 42' arrangement, a compensation mechanism benefiting certain Fortis shareholders that was proposed by the Belgian State.

The SFPI/FPIM and Fortis appointed Petercam as the independent calculation agent for the call option. The agent is responsible for making value calculations in the event of exceptional circumstances, e.g. super dividends, mergers and takeovers, and particularly share issues.

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Subsequent to BNP Paribas's recent rights issue with preemptive rights on 13 October 2009, the calculation agent has recomputed the strike price of the call option and has reduced it from EUR 68.00 to EUR 66.672.

Fortis (www.fortis.com), with insurance as its core business, employs over 10,000 people in Belgium and elsewhere. Its four key markets are Belgium, the United Kingdom, Continental Europe and Asia. Fortis's 75%-owned subsidiary AG Insurance is the undisputed leader of the domestic Belgian market for Individual Life and Employee Benefits and is also one of the top players in Non-Life. Outside Belgium, Fortis Insurance International, a wholly owned Fortis subsidiary, operates in the other three markets through its own network, joint ventures and local partnerships. Fortis is set to become the second largest motor insurer in the UK and it utilising its knowhow to form high value-added alliances in Asia. In 2008, 54% of Fortis's insurance revenues were generated in Belgium and 46% in the other three markets.

Fortis holds a 45% stake in Royal Park Investments, an entity that incorporates a structured credit portfolio, and is also the sole owner of several financial vehicles, whose assets and liabilities it manages.

Fortis is listed on Euronext (Brussels - Amsterdam).