Ageas NV and ABN AMRO Agree to Settle Legal Proceedings

Ageas SA/NV and Ageas NV (Ageas) and ABN AMRO Group NV and ABN AMRO Bank NV (ABN AMRO) have agreed to settle the legal proceedings concerning ABN AMRO Capital Finance Ltd. (former Fortis Capital Company Ltd.-FCC) and the Mandatory Convertible Securities (MCS). This settlement also brings to a close all outstanding disputes between the Dutch State and Ageas in relation to the equity transactions which resulted in the take-over of the Dutch activities of the former Fortis group by the Dutch State on October 3, 2008. NL Financial Investments, the majority shareholder of ABN AMRO, co-signed this agreement on behalf of the Dutch State. The settlement will lead to a one-off cash payment by ABN AMRO to Ageas of EUR 400 million at the latest on July 5, 2012. This payment will be recorded as a net profit in the half year results of Ageas representing about EUR 0.16 per share. The preference shares of FCC and the MCS were issued in 1999 and 2007 respectively by entities that belonged to the former Fortis group. Following the break-up of the former Fortis group, there was no agreement on whether and/or how to share the cost of conversion of these instruments among the entities involved. On June 29, 2009 Ageas made a EUR 362.5 million cash payment for the FCC and on December 7, 2010 Ageas converted the MCS into Ageas shares. Ageas initiated two legal proceedings in the Netherlands regarding these disagreements. This settlement discontinues these legal proceedings.