CEO and Deputy CEO

Compensation of the CEO and Deputy CEO, who are also Board Members, relates solely to their positions as CEO and Deputy CEO. Their remuneration has been set in accordance with the remuneration policy approved on 11 October 2004 by the shareholders meeting of Fortis N.V. The policy states, in particular, that the effective annual incentive can, in principle, not exceed the target incentive (100% of the base salary) by more than two thirds. Considering the exemplary leadership of Mr Votron’s in a year which was truly transformational for Fortis, the Board has decided to set Mr Votron’s annual incentive for 2007 at EUR 2.5 million.

For 2007, Mr Votron’s remuneration consisted of a base salary of EUR 750,000, an annual incentive of EUR 2.5 million, the grant of 49,655 options, the commitment to grant 41,775 Fortis shares and an amount of EUR 660,800, representing the value of the other remuneration components (pension costs, long-term incentive paid in cash and other expenses).The exercise of Stock Appreciation Rights at the end of Mr Votron’s initial contract entitles him to an amount between the minimum amount of EUR 1.0 million and EUR 2.75 million depending on the performance of Fortis shares during the term of his initial contract. Based on the period considered, it is anticipated that Mr Votron will receive no more than the minimum amount (i.e EUR 1.0 million).

The proposal to the General Meetings of Shareholders on 29 April 2008 to re-appoint Mr Votron as executive member of the Board for a period of 3 years expiring after the 2011 shareholders meetings has no material effect on the terms and conditions agreed with him in 2004 (including the variable remuneration components, i.e. the Annual Incentive and the Long-term incentive) except for the following amendments thereto:

• Mr Votron annual base salary will amount for 2008 to EUR 1,300,000 (gross) to ensure alignment with the significantly higher amounts of base salary paid by Fortis peers to their CEO’s
• If Fortis terminates the contract, Mr Votron will be paid gross compensation amounting to a maximum of one year base salary instead of two years previously
• The pension contribution by Fortis will amount to EUR 500,000 plus 25% of the difference between the new base salary and the previous one (pension contribution previous contract: EUR 500,000)
• Mr Votron will not receive new Stock Appreciation Rights.

Mr Verwilst’s remuneration in 2007 consisted of a base salary of EUR 695,000, an annual incentive of EUR 1.0 million, the grant of 36,560 options, the commitment to grant 27,970 Fortis shares and an amount of EUR 403,370, representing the value of the other remuneration components (pension cost, long-term incentive paid in cash and other expenses). Should Fortis terminate the contract prematurely, Mr Verwilst will receive a gross sum equal to a maximum of three years cash compensation (base salary and target annual incentive). Mr Verwilst will receive no payment if the contract is terminated prematurely due to gross negligence or wilful misconduct.

Executive Committee

For the Executive Committee members, Fortis discloses figures on an aggregated basis. For this reason it is important to note that the composition of the Executive Committee has changed in 2007 as Mr Verwilst was appointed to the Board in May 2007 and has been fully excluded from the total indicated below, Mr De Boeck left the Committee on 1 November 2007 and Mr Kloosterman counts in 2007 for the whole year as he counted only for 3 months in 2006.

In 2007 it was also announced that Mr Clijsters and Mr De Mey would leave the Executive Committee on 1 January 2008.

Total remuneration in 2007 for the members of the Executive Committee during all or part of the year, was composed of EUR 10.9 million (2006: EUR 10.3 million). Total direct remuneration comprised an aggregate total base salary of EUR 4.0 million (2006: EUR 4.0 million), ranging from an annual EUR 545,000 to EUR 630,000 per member, an aggregate total annual incentive of EUR 6.3 million (2006: EUR 5.7 million), ranging from EUR 545,500 to EUR 1.3 million per member, and an aggregate total of other remuneration components of EUR 0.6 million (2006: EUR 0.6 million) for long-term incentives paid in cash and expenses other than pension costs. Based on the relative performance of Fortis shares in 2006, the long-term incentive for 2007 was set at 170% of the target long-term incentive (compared to 160% in 2006).

Aggregate pension expenses amounted to EUR 1.1 million (2006: EUR 2.7 million; 2005: EUR 1.4 million)¹³⁾.

Details of the share options (granted) and restricted shares (that will be awarded in accordance with the rules of the plan to the CEO and members of the Executive Committee in 2007 and previous years) are shown in the table below.

Enlarge table

Download XLS

		Total	Total
		Number	Number				Options	Options	Options	Options	Restricted	Restricted
	Year	of	of				exercised	Exercised	outstanding	outstanding	shares	shares
		options	options	Exercise	Exercise	Expiry	Before		at 31	at 31
		granted	granted	price	price	Date	2007	in 2007	December 2007	December 2007
			after		after			after		after		after
			adjustment		adjustment			adjustment		adjustment		adjustment
J.P. Votron
	2005	37,360	44,628	22.28	18.65	10-04-2011			37,360	44,628	27,590	32,957
	2006	48,640	58,102	29.48	24.68	2-04-2012			48,640	58,102	33,310	39,790
	2007	49,655	59,314	34.19	28.62	1-04-2013			49,655	59,314	41,775	49,901
H. Verwilst
	1999	7,650	9,138	31.75	26.58	31-12-2012			7,650	9,138
	1999	7,500	8,959	29.81	24.96	3-10-2009			7,500	8,959
	2000	18,950	22,636	38.40	32.15	14-04-2009			18,950	22,636
	2001	26,750	31,954	37.57	31.45	18-04-2007			26,750	31,954
	2002	52,300	62,474	32.23	26.98	28-04-2008			52,300	62,474
	2003	22,890	27,343	14.86	12.44	27-04-2009			22,890	27,343	19,845	23,705
	2004	11,705	13,982	18.29	15.31	12-04-2010			11,705	13,982	7,660	9,150
	2005	46,740	55,832	22.28	18.65	10-04-2011			46,740	55,832	34,515	41,229
	2006	36,560	43,672	29.48	24.68	2-04-2012			36,560	43,672	25,040	29,911
	2007	36,560	43,672	34.19	28.62	1-04-2013			36,560	43,672	27,970	33,411
G. Mittler
	1999	7,650	9,138	31.75	26.58	31-12-2012			7,650	9,138
	1999	7,500	8,959	29.81	24.96	3-10-2009			7,500	8,959
	2000	13,350	15,947	38.40	32.15	14-04-2009			13,350	15,947
	2001	18,000	21,502	37.57	31.45	18-04-2007			18,000	21,502
	2002	35,500	42,406	32.23	26.98	28-04-2008			35,500	42,406
	2003	15,525	18,545	14.86	12.44	27-04-2009			15,525	18,545	13,460	16,078
	2004	7,940	9,485	18.29	15.31	12-04-2010			7,940	9,485	5,195	6,206
	2005	31,700	37,867	22.28	18.65	10-04-2011			31,700	37,867	23,410	27,964
	2006	24,760	29,577	29.48	24.68	2-04-2012			24,760	29,577	16,960	20,259
	2007	24,830	29,660	34.19	28.62	1-04-2013			24,830	29,660	20,890	24,954
J. De Mey
	1999	7,650	9,138	31.75	26.58	31-12-2012			7,650	9,138
	1999	7,500	8,959	29.81	24.96	3-10-2009			7,500	8,959
	2000	12,000	14,334	38.40	32.15	14-04-2009			12,000	14,334
	2001	18,000	21,502	37.57	31.45	18-04-2007			18,000	21,502
	2002	35,500	42,406	32.23	26.98	28-04-2008			35,500	42,406
	2003	15,525	18,545	14.86	12.44	27-04-2009			15,525	18,545	13,460	16,078
	2004	7,940	9,485	18.29	15.31	12-04-2010			7,940	9,485	5,195	6,206
	2005	31,700	37,867	22.28	18.65	10-04-2011			31,700	37,867	23,410	27,964
	2006	24,760	29,577	29.48	24.68	2-04-2012			24,760	29,577	16,960	20,259
	2007	24,830	29,660	34.19	28.62	1-04-2013			24,830	29,660	20,890	24,954
F. Dierckx
	1999	7,650	9,138	31.75	26.58	31-12-2012			7,650	9,138
	1999	7,500	8,959	29.81	24.96	3-10-2009			7,500	8,959
	2000	12,000	14,334	38.40	32.15	14-04-2009			12,000	14,334
	2001	18,000	21,502	37.57	31.45	18-04-2007			18,000	21,502
	2002	35,500	42,406	32.23	26.98	28-04-2008			35,500	42,406
	2003	15,525	18,545	14.86	12.44	27-04-2009			15,525	18,545	13,460	16,078
	2004	7,940	9,485	18.29	15.31	12-04-2010			7,940	9,485	5,195	6,206
	2005	31,700	37,867	22.28	18.65	10-04-2011			31,700	37,867	23,410	27,964
	2006	24,760	29,577	29.48	24.68	2-04-2012			24,760	29,577	16,960	20,259
	2007	24,830	29,660	34.19	28.62	1-04-2013			24,830	29,660	20,890	24,954
P. van Harten
	2002	7,500	8,959	25.18	21.08	28-04-2009			7,500	8,959
	2003	5,550	6,630	14.86	12.44	27-04-2009			5,550	6,630	4,815	5,752
	2004	4,245	5,071	18.29	15.31	12-04-2010			4,245	5,071	2,775	3,315
	2005	17,610	21,036	22.28	18.65	10-04-2011			17,610	21,036	13,005	15,535
	2006	24,760	29,577	29.48	24.68	2-04-2012			24,760	29,577	16,960	20,259
	2007	24,830	29,660	34.19	28.62	1-04-2013			24,830	29,660	20,890	24,954
J. Clijsters
	1999	5,000	5,973	29.81	24.96	3-10-2009			5,000	5,973
	2000	2,500	2,986	34.70	29.05	1-10-2010			2,500	2,986
	2002	7,500	8,959	25.18	21.08	28-04-2012	1,875		5,625	8,959
	2003	7,500	8,959	14.54	12.17	27-04-2013			7,500	8,959
	2004	7,500	8,959	17.66	14.78	13-04-2014			7,500	8,959
	2005	17,610	21,036	22.28	18.65	10-04-2011			17,610	21,036	13,005	15,535
	2006	24,760	29,577	29.48	24.68	2-04-2012			24,760	29,577	16,960	20,259
	2007	24,830	29,660	34.19	28.62	1-04-2013			24,830	29,660	20,890	24,954
L. Kloosterman
	2007	24,830	29,660	34.19	28.62	1-04-2013			24,830	29,660	20,890	24,954

Enlarge table

Download XLS

		Total	Total				Options		Options	Options
		number of	number of				exercised	Options	outstanding	outstanding
		options	options	Exercise	Exercise	Expiry	before	exercised	at	at
	Year	granted	granted	price	price	date	2007	in 2007	31-12-2007	31-12-2007
			after		after			after		after
			adjustment		adjustment			adjustment		adjustment
H. Verwilst	1997	15,300	18,276	18.60	15.57	20-11-2007		18,276	0	0
G. Mittler	1997	10,350	12,363	18.60	15.57	20-11-2007		12,363	0	0
J. De Mey	1997	15,300	18,276	18.60	15.57	20-11-2007		18,276	0	0

Download XLS

	Total	Number of	Number of	Number of
	number of restricted	restricted	restricted	restricted
	shares granted	shares	shares not sold	shares not sold
	in 2004 (after adjustment)	sold or transferred	or transferred	or transferred
		in 2007	in 2007	from previous grants
H. Verwilst	9,150		9,150	10,000
G. Mittler	6,206		6,206	6,730
J. De Mey	6,206	3,103	3,103	6,730
F. Dierckx	6,206		6,206	6,730
P. van Harten	3,315		3,315	2,407