On 27 July 2009, the European Commission published its decision to declare various elements of the revised Agreement between Fortis, BNP Paribas and the Société Fédérale de Participations et d'Investissement / Federale Participatie- en Investeringsmaatschappij (SFPI/FPIM), dated 12 March 2009, compatible with the common market.

Under the Agreement, Fortis is granted a non-standard, cash-settled call option by the SFPI/FPIM that allows Fortis to benefit from an appreciation in the value of BNP Paribas shares held by the SFPI/FPIM. These shares were acquired by the SFPI/FPIM in consideration for the Fortis Bank shares that the SFPI/FPIM contributed to the capital of BNP Paribas. The option entitles Fortis to the difference between the strike price of EUR 68 and the market price of the BNP Paribas shares at the time of the exercise of the option or the selling price of the underlying BNP Paribas shares, if the SFPI/FPIM opts for this possibility. The option replaces the so-called "Coupon 42" arrangement, a compensation mechanism created but not implemented by the Belgian State in favour of certain Fortis shareholders.

According to the Commission, the option granted to Fortis constitutes a state aid in favour of Fortis. The Commission nevertheless found such aid to be compatible with the common market, based, among other criteria, on the finding that distortion of the competition was minimised by the undertaking by Fortis to distribute to its shareholders the proceeds of the option.

Fortis has indeed undertaken that, to the extent permitted by law and taking into account certain practical constraints, it will propose to its shareholders the distribution of the advantage gained in the form of a dividend, if and when it receives any amount due to the partial exercise and/or monetisation of the option.

Fortis holding (Fortis SA/NV and Fortis N.V.) consists of (1) a 75% ownership of AG Insurance, (2) Fortis Insurance International, (3) a 45% stake in Royal Park Investments - a structured credit portfolio entity - and (4) financial assets and liabilities of various financing vehicles. AG Insurance is overall market leader and a leading player in the Employee Benefits market. The international insurance activities (Fortis Insurance International) are located in the UK, where Fortis is the third largest player in the market for private car insurance, France, Hong Kong, Luxembourg (Non-Life), Germany, Turkey, Russia, Ukraine and joint ventures in Luxembourg (Life), Portugal, with Millenniumbcp Fortis being a clear market leader, China, Malaysia, India and Thailand. Fortis currently employs over 10,000 people.