Dividend

Fortis SA/NV’s net assets fell below 50% of its registered capital as a consequence of the problems in the financial markets and the sale of the Dutch banking and insurance activities of the group. This situation was submitted to the Extraordinary General Meeting of Shareholders on 19 December 2008, at which the proposal to continue the group’s operations was approved by a 96.98% majority.

Fortis SA/NV recorded a statutory loss in 2008, leaving no room for the payment of a dividend. The Board of Directors of Fortis Holding therefore concluded that no dividend should be proposed for the financial year 2008 (see also the press release of 15/03/2009: www.holding.fortis.com/press/info/EN_Fortis_DIV_15032009.pdf).

To restore financial flexibility and to make it possible to pay a dividend in the future, the General Meeting of Shareholders of Fortis SA/NV on 28 April 2009 approved the proposal that the losses carried forward be set off and that subsequently distributable reserves again be set aside through a double capital reduction.

The General Meeting’s approval of the double capital reduction made it legally possible once again for the Board of Directors to propose the payment of a dividend for the financial year 2009. On 27 May 2009, the Board of Directors announced its intention to resume the payment of a dividend for the financial year 2009. The specific details have, however, yet to fixed (see also the press release of 27/05/2009: www.holding.fortis.com/press/info/EN_Fortis_Div_27052009.pdf).

Dividend policy

The events to which Fortis Holding was subject between October 2008 and April 2009 meant that the dividend policy pursued by Fortis for several years could not be maintained.

A new dividend policy will be drawn up as part of the new strategy that Fortis Holding will pursue in the future. This will be communicated to shareholders and to the market after the summer of 2009.

Dividend overview

Dividend (in EUR)

Coupon nr	Gross amount	Payment date	Type
42	-	-	Compensatory coupon *
41	0.59	27 May 2008	Final dividend 2007
40	-	-	Right to subscribe to October 2007 capital increase
39	0.70	6 September 2007	Interim dividend 2007
38	0.82	14 June 2007	Final dividend 2006
37	0.58	7 September 2006	Interim dividend 2006
36	0.64	22 June 2006	Final dividend 2005
35	0.52	15 September 2005	Interim dividend 2005
34	1.04	16 June 2005	Dividend 2004
33	0.92	17 June 2004	Dividend 2003
32	0.88	18 June 2003	Dividend 2002
31	0.88	20 June 2002	Dividend 2001
3	0.88	8 June 2001	Dividend 2000
2	0.76	26 May 2000	Dividend 1999

* Coupon 42 entitled the holder to participate in a compensation mechanism set up in October 2008 by the Belgian state on behalf of certain categories of Fortis shareholders. That mechanism never came into operation and was subsequently replaced in the new Memorandum of Understanding between the Belgian state, BNP Paribas, Fortis Bank and Fortis Holding with a purchase option in favour of Fortis group on the BNP Paribas shares held by the SFPI/FPIM (Federal Participation and Investment Corporation).

Dividend election procedure

Each Fortis share represents one share in each of the two Fortis parent companies, i.e. Fortis N.V. and Fortis SA/NV. Shareholders can therefore decide from which parent company they wish to receive dividend. They can choose Fortis SA/NV and receive dividend from the Belgian source or Fortis N.V. and receive dividend from the Dutch source. Shareholders must make their choice known during the dividend election period.

More information on Dividend Election in the "Fortis Governance Statement"

Timetable final dividend of 2009:

A timetable will be drawn up once the new dividend policy has been determined.

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