Euroshareholders: Fortis proposal slightly improved

Euroshareholders has taken notice of the agreement that has been reached between the Belgian State, BNP Paribas and Fortis Holding on March 7.

Euroshareholders concludes that:

• The new proposal has slightly improved in comparison with the transaction submitted to the shareholders in Brussels on February 11, 2009;
• the net equity will increase by 0,5 billion euro to 7,0 billion euro;
• Less is invested in the SPV containing the structured credits portfolio;
• More cash will remain in the holding company (+825 million euro)
• Fortis shareholders in both Belgium and the Netherlands are allowed to vote on the proposed transaction.

Euroshareholders is pleased that the unequal treatment of shareholders (exemplified in the vote on the sales transactions of October 2008) will not be continued.

Euroshareholders will request that Fortis's Directors inform shareholders in an open and thorough manner about the new proposals, so that shareholders can vote on the transaction freely and without threats.

Euroshareholders