As required by law and the company’s articles of association, we report to you in the context of our appointment as the company’s statutory auditor. This report includes our opinion on the Financial Statements and the required additional disclosures and information.

Unqualified opinion on the Financial Statements

We have audited the Financial Statements of Fortis SA/NV as of and for the year ended 31 December 2007, prepared in accordance with the financial reporting framework applicable in Belgium, and which show a balance-sheet total of EUR (000) 28,099,786 and a profit for the year of EUR (000) 1,702,863.

The company's Board of Directors is responsible for the preparation of the Financial Statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of Financial Statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with the legal requirements applicable in Belgium and with Belgian auditing standards, as issued by the ’Institut des Reviseurs d'Entreprises/Instituut der Bedrijfsrevisoren’. Those auditing standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement.

In accordance with the auditing standards referred to above, we have carried out procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The selection of these procedures is a matter for our judgment, as is the assessment of the risk that the Financial Statements contain material misstatements, whether due to fraud or error. In making this risk assessment, we have considered the company’s internal control relating to the preparation and fair presentation of the Financial Statements, in order to design audit procedures that were appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. We have also evaluated the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by management, as well as the presentation of the Financial Statements taken as a whole. Finally, we have obtained from the board of directors and company officials the explanations and information necessary for our audit. We believe that the audit evidence we have obtained provides a reasonable basis for our opinion.

In our opinion, the Financial Statements give a true and fair view of the company’s net worth and financial position as of 31 December 2007 and of its results for the year then ended in accordance with the financial reporting framework applicable in Belgium.

Additional remarks and information

The company's board of directors is responsible for the preparation and content of the management report, and for ensuring that the company complies with the Companies’ Code and the company’s articles of association.

Our responsibility is to include in our report the following additional remarks and information, which do not have any effect on our opinion on the Financial Statements:

• The management report deals with the information required by the law and is consistent with the Financial Statements. However, we are not in a position to express an opinion on the description of the principal risks and uncertainties facing the company, the state of its affairs, its foreseeable development or the significant influence of certain events on its future development. Nevertheless, we can confirm that the information provided is not in obvious contradiction with the information we have acquired in the context of our appointment.
• Without prejudice to certain formal aspects of minor importance, the accounting records are maintained in accordance with the legal and regulatory requirements applicable in Belgium.
• We are unaware of any transactions undertaken or decisions taken in breach of the company's statutes or the Companies' Code such as we would be obliged to report to you. As disclosed in the notes to the statutory accounts, these accounts have been presented before appropriation of the result of the year.
• During the year 2007, the company distributed an interim dividend, in respect of which we prepared the attached report in accordance with legal requirements.

Sint-Stevens-Woluwe,
6 March 2008

The Statutory Auditor
PricewaterhouseCoopers Reviseurs d’Entreprises/Bedrijfsrevisoren

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