New transparency legislation was introduced recently, requiring disclosure by Fortis of notifications to Belgian regulator CBFA (Banking, Finance and Insurance Commission) and to Fortis as prescribed.

In accordance with the above-mentioned transparency rules Ping An and Fortis SA/NV on 31 October notified the regulator of the common interest of Ping An and Fortis in Fortis SA/NV.

Given the radical differences between the new and previous rules, the government has imposed a transitional regulation whereby all holders of significant equity stakes prior to 1 September 2008 must re-notify. This implies that holders of equity stakes need to update their past notifications.

The law also prescribes that people and enterprises that act by mutual consent and that have concluded an agreement concerning the possession, acquisition or transfer of assets are obliged to submit such notification jointly.

Ping An holds a stake of 4.81%. Fortis SA/NV holds a stake of 1.62% through the companies it controls.

All percentages are based on the situation at Fortis on 1 September 2008. The join interest totals 6.43%.

More information can be found on www.fortis.com/shareholders/transparency_requirements.asp.

Fortis holding (Fortis SA/NV and Fortis N.V.) will, after the conclusion of the deal with BNP Paribas, include only (1) international insurance activities, (2) a 66% stake in a structured credit portfolio entity and (3) financial assets and liabilities of various financing vehicles.

The international insurance activities (Fortis Insurance International) are located in UK, France, Hong Kong, Luxembourg (Non-Life), Germany, Turkey, Russia, and Ukraine, and in joint ventures in Luxembourg (Life), Portugal, China, Malaysia, India and Thailand.

Fortis holding is therefore no longer involved in any banking activities, and once the deal with BNP Paribas is concluded, will concern only international insurance activities.