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Brussels, October 14th 2008

Dear Fortis-shareholder,

Our aim is to defend your interests as Fortis-shareholder as good as possible, in cooperation with the shareholder organisations in the Benelux.

Below we will inform you on some recent developments at Fortis.

1. Net asset value of 3,35 euro per share
Fortis has announced this morning issued a press release in which it gives information on the assets that will remain in Fortis Holding. The (net) value of these assets is, according to Fortis, 8,3 billion euro or 3,35 euro per share.

2. Share price today -63 percent to 2 euro.
At 11.00 trading in the Fortis share resumed after 6 days suspension.  The share price dropped below 2 euro, which is more than 40 percent below the value presented by Fortis. This discount illustrates the lack of trust in the (value of) the structured products that will remain in Fortis.

3. Legal Actions: to the Enterprise Chamber of the Amsterdam Court
Euroshareholders has announced yesterday that it is starting legal actions in the Netherlands and will request the Enterprise Chamber of the Amsterdam Court to start an investigation into mismanagement and the blocking of the sale transactions of October 3rd and October 5th until a shareholdersmeeting has approved those transactions. Euroshareholders supports in this respect the requests made by the Dutch Association, the VEB.

4. More than 8000 shareholders registered at FORTISACTION.COM
During the first 5 days of the Euroshareholder-action more than 8000 shareholders have registered. Euroshareholders’ aim is to reach more than 10.000 supporters in order to have a strong position in this case. That would also improve the negotiating position. We encourage you to inform fellow Fortis-shareholders about our website(s). In contrast to some other initiatives, there are currently no costs attached to participation to the Euroshareholders actions.

5. Sweetener proposed by the Belgian state
The Belgian state has on Sunday October 12th announced a plan to allow some Fortis shareholders to share in the possible profit on its stake in BNP Paribas. Although Euroshareholders is positive about the idea of a compensation, the proposed structure is unacceptable. The proposal discriminates between different groups of shareholders, has an arbitrary record date and makes the compensation extremely complicated.

We hope you appreciate our efforts and this information.

Sincerely,

On behalf of Euroshareholders,
Peter Paul de Vries, president