Annual Results 2008 Fortis Bank Nederland: Net Operating Profit EUR 604 Million

AMSTERDAM - All businesses - Retail Banking, Private Banking and Merchant Banking -
made a positive underlying contribution to net operating profit. The net
result was EUR 18.5 billion negative, mainly as a result of the loss of the
transfer of the stake in RFS Holdings B.V. In addition, a provision of
approximately EUR 0.9 billion was created in relation to the Madoff affair.

All businesses contributed to the 2008 net operating profit of EUR 604
million, despite the difficult and challenging circumstances. The credit
crisis, which struck the financial markets and the real economy, depressed
net operating profit for the year. On top of that, the turbulence surrounding
Fortis Group and its ultimate break-up pushed down Fortis Bank Nederland’s
numbers. These effects were felt almost entirely in the second half of the
year.

The Management Board has forgone any and all bonuses for 2008. Senior
management will not receive their bonuses under the professional remuneration
scheme for 2008 and will be exclusively eligible for variable remuneration
under the collective wage agreement.

Net result: EUR 18.5 billion negative

The net result was depressed by a one-off book loss of EUR 17.7 billion
on the stake in RFS Holdings B.V. (the holding company which acquired ABN
AMRO in which Fortis Bank Nederland had a 33.8% stake, reflecting the ABN
AMRO businesses allocated to it). These ABN AMRO businesses were recorded on
the Fortis Bank Nederland balance sheet until 24 December, when they were
transferred to the Dutch State. In addition, a provision created in relation
to the Madoff affair depressed the net result by EUR 922 million.

Key events

- Net operating profit of EUR 604 million; net result EUR 18.5 billion
negative

- Year-end 2008 solvency ratio was 11.2%, tier 1 ratio 7.4% under Basel
I; year-end 2008 solvency ratio 16.6%, tier 1 ratio 11.1% under Basel
II, mainly due to a lower risk weighting of Dutch mortgages

- Operating expenses, adjusted for the effect of separation and
integration costs, stable compared with 2007

- Commercial loans up 5.6% and consumer loans up 4.1% in 2008

- No investments in US mortgage-related investment products or
collateralised debt obligations (CDOs)

- In the fourth quarter, Fortis Bank Nederland raised funds in the
interbank market, with the average amount coming to EUR 12 billion in
December 2008. The outflow of funds, caused partly by the turbulence
surrounding Fortis Group, came to an end and an inflow of customer
funds got under way in the last quarter of the year.

- Customer focus, risk management and cost control top priorities in
2009, with separation from Fortis Group and integration with ABN
AMRO key aims.

- To visually promote Fortis Bank Nederland as a separate entity from
Fortis Group, the ‘Fortis Bank Nederland’ logo was introduced along
with an adjusted house-style for external and internal communications.
For the same reason, Private Banking changed its name from Fortis
MeesPierson to MeesPierson.

Jan van Rutte, Chairman of the Board of Fortis Bank Nederland:

“The credit crunch, the planned integration with ABN AMRO, the break-up
of Fortis Group and the nationalisation of Fortis Bank Nederland - all in
all, 2008 was a tumultuous and unusual year. Despite these seismic events, we
achieved a net operating profit across the board. Our performance
demonstrates that Fortis Bank Nederland is a sound, independent company and
offers a promising outlook for the year ahead as we work towards creating a
new bank.

Our net operating profit is largely attributable to the flexibility and
perseverance of our staff. A recent survey reveals that, amid all the change,
our employees are as motivated and as committed to the bank and its customers
as ever. Our customers - from small savers to big investors, from one-man
businesses to multinationals - have remained loyal to us during these
turbulent times. We are very grateful for their loyalty and thank them
sincerely for their trust.

At the same time, we suffered an enormous net loss in the wake of the
one-off book loss on the sale of the ABN AMRO activities originally to be
transferred to Fortis Bank Nederland for EUR 6.5 billion; these businesses
were recorded on Fortis Bank Nederland’s balance sheet for EUR 24.2 billion
in 2007. We also created a EUR 0.9 billion provision in relation to the
Madoff affair.

Operating expenses in 2008, excluding integration and separation costs,
were stable compared with 2007. Against the background of a 2.5% inflation
rate, this is a good result. Cost control will remain a top priority in 2009.

After a year filled with uncertainty and major changes, we are now eager
to focus on building a new bank in 2009. Our separation from Fortis Group and
subsequent integration with ABN AMRO will bring many changes to the company.
We will rise to these challenges by doing even better what we do best:
putting our customers first.

Now that Gerrit Zalm, the designated CEO of the new bank, has announced
his appointments to the Transition Team, we can get down to the business of
integration. We have confidence in the future and look forward to embarking
on the challenge of creating a strong, new bank.”

Full press release

The full press release is posted on www.fortis.nl.

Source: Fortis Bank Nederland

More press information: Press Office Fortis Bank Nederland, telephone number +31(0)30-2263219; More information for professional market parties: Institutional investors and other professional market parties can direct any questions to the Financial Institutions Group on tel. +31(0)20-5272963