Ageas acquires Kwik-Fit Insurance Services - PRESS RELEASE

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Brussels / Utrecht, 2 July 2010

Ageas acquires Kwik-Fit Insurance Services
Ageas announced today the signing of an agreement with PAI Partners to acquire Kwik-Fit
Insurance Services (KFIS), a UK insurance intermediary servicing more than 600,000 customers,
for a total consideration of GBP 215 million. The transaction is expected to be completed in the
third quarter of 2010 subject to regulatory approval.

Following on from the announcement of the partnership with Tesco Bank last year, the acquisition of KFIS
is another important step in the execution of the successful multi-channel, multi-brand distribution strategy
of Ageas in the UK.

KFIS is an insurance intermediary, which sells predominantly personal line insurance products direct to
customers, primarily through the internet, leveraging the Kwik-Fit brand and two other brands owned by
KFIS: ‘The Green Insurance Company’ and ‘Express Insurance’.

The acquisition will consolidate Ageas as the fourth largest personal lines intermediary distributor in the
UK. It will further strengthen its retail operations providing additional capacity and creating a collective
retail customer base of 1.6 million, and combined 2009 pro forma revenues of GBP 189 million.

After completion of the transaction, an amount of cash is expected to be upstreamed resulting in a net of
cash investment of about GBP 185 million. The return on investment is expected to exceed Ageas's
minimum return requirement. In addition, this transaction will increase the level of distribution profits,
which in the dynamic UK market, tend to be a relatively stable source of income for successful

Announcing the transaction, Bart De Smet, CEO of Ageas said: “I welcome this acquisition on its strategic
and financial merits and as a next step in the execution of our strategy announced last autumn. It
broadens our base and will accelerate the growth of our business in the UK, one of our core insurance
markets and one that is frequently at the forefront of new developments in the insurance sector. I am
confident too that this transaction will accelerate value creation for all stakeholders.”

Barry Smith CEO of Fortis UK added: “This is a great acquisition for our company. It further reinforces our
retail capability by adding a respected business and their powerful brands to our portfolio. The purchase
of Kwik-Fit is part of Ageas’s strategy in the UK to increase the breadth and depth of our product offering
through a multi-channel distribution approach. The complementary strengths of Ageas and Kwik-Fit will
create an exciting retail business focused on customer needs whilst generating a greater return for our

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Kwik-Fit Insurance Services (KFIS) is the insurance broking division of Kwik-Fit Holdings, the automotive and parts repair
business established in 1971. It was launched in 1995 and has grown to become one of UK’s leading motor insurance distributors.
The number of staff has grown to approximately 1,000, and the call-centre based operation handles over 10 million calls each year.

KFIS is composed of three legal entities. Kwik-Fit Insurance Services Limited is the main entity, and accounted for 75% of revenues
in 2009. It has two further subsidiaries, Express Insurance Services Limited (20% of revenues; acquired in June 2007) and The
Green Insurance Company Limited (5% of revenues; formed in August 2007). KFIS reported GBP 89 million of revenues in 2009.

Fortis (Insurance UK) is a leading provider of award-winning personal, commercial and protection insurance solutions in the UK.
Fortis UK distributes both its non-life and life products through a range of channels including brokers, IFAs, intermediaries, affinity
partners and the internet, as well as through its retail strategy via its wholly or partially-owned companies (RIAS, Fortis Insurance
Solutions, Text2Insure and InsureTECH Systems).

Insuring in the region of 7 million customers and working with a range of partners, Fortis is recognised for delivering consistent and
high-quality customer experiences. It employs almost 3,000 people with a head office based in Eastleigh and others in Belfast,
Bournemouth, Gloucester, Haywards Heath, London, Redditch, Reigate and Stoke-on-Trent.

Fortis in the UK will soon become ‘Ageas’. The ‘Ageas’ brand will be introduced in a gradual and controlled way. The whole process
is expected to be complete by the first quarter of 2011.

  Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance
companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the
largest share of the global insurance market. They are grouped around four segments: Belgium, United Kingdom, Continental
Europe and Asia. It is an undisputed leader in the Belgian market for individual life and employee benefits, as well as a leading non-
life player, through AG Insurance. Internationally Ageas has a strong presence in the UK, where it is the third largest player in
private car insurance. The company also has subsidiaries in France, Germany, Turkey, Ukraine and Hong Kong. Ageas has a track
record in developing partnerships with strong financial institutions and key distributors in different markets around the world and
successfully operates partnerships in Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand. Ageas employs more than
11,000 people and has annual inflows of almost EUR 16 billion.

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