Investors Look Forward to a Decision on the Merits Following the Resolution of MCS Holders to Extend the Maturity Date Until December 7, 2030

By Qvt Financial Lp And Third Point Llc, PRNE
Sunday, November 7, 2010

BRUSSELS, November 8, 2010 - Earlier today, at a meeting of holders (the "Holders") of the Fortis euro
8.75% Mandatory Convertible Securities due 2010 (the "MCS"),
Holders representing over 89% of all outstanding MCS resolved unanimously to
extend the maturity date of the MCS from December 7, 2010 to December 7,

QVT Financial LP and Third Point LLC (together with certain funds managed
by them, the "Investors") had requested the meeting of Holders. Whether the
meeting could be held had been the subject of an urgent summary proceeding
brought by Ageas last week before the President of the Brussels Commercial
Court. In such proceeding, Ageas had sought to prevent the meeting from being
held. The Investors are pleased that earlier today, the President of the
Brussels Commercial Court ruled against Ageas in this respect, and decided
that the meeting of Holders could proceed.

Also, pursuant to the above-mentioned judgment, the effect of the
resolution is suspended until a decision on the merits is issued by the
Brussels Commercial Court in the legal action commenced by the Investors on
October 1st, 2010. In order to comply with the terms of the summary judgment,
the Investors today announce "that they will not oppose the conversion of the
MCS on their maturity date, i.e. on December 7, 2010." The Investors point
out, however, that included in such summary judgment is an acknowledgment
that the conversion can be annulled at a later stage following a favorable
decision on the merits.

The Investors intend to pursue the action commenced in the Brussels
Commercial Court and look forward to a decision on the merits. The Investors
continue to reserve all their legal rights.

Shawn Pattison or Patrick Clifford, The Abernathy MacGregor Group, +1-212-371-5999

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