SOURCE: FORTIS

November 28, 2007 19:24 ET

Fortis welcomes Ping An as a key shareholder - Additional information

BRUSSEL, BELGIUM--(Marketwire - November 28, 2007) - On 28 November 2007, after the closing of trading hours on Euronext Brussels and Amsterdam, Ping An and Fortis entered into an agreement setting forth the rules applicable to Ping An's shareholding in Fortis.

This agreement, concluded for an initial term of three years and which results in an action in concert between Ping An and Fortis, provides, in particular, that (i) Ping An will be entitled to make a proposal for the appointment of one non-executive director to the Fortis Board, as long as Ping An will hold at least 4% of the Fortis Shares Capital, and that (ii) Ping An may acquire up to 4,99% of the capital of Fortis and may acquire Fortis Shares exceeding such threshold subject to the prior consent of the Fortis Board (except if another shareholder acquires, with the support of Fortis' Board of Directors, a shareholding in Fortis greater than the shareholding held by Ping An in which case Ping All is authorized to buy additional interest in Fortis to match such greater shareholding).

Fortis further agreed to assist Ping An in reaching and maintaining such level of shareholding, to the exclusion of any acquisition of control over Fortis, Ping An having confirmed that it does not intend to acquire such control.


Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners. With a market capitalisation of EUR 48.5 billion (31/10/2007), Fortis ranks among the 15 largest financial institutions in Europe. Our sound solvency position, our presence in over 50 countries and our dedicated, professional workforce of 60,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available at www.fortis.com.

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