Fortis Insurance N.V. announces tender offers and consent solicitations

Brussels, BELGIUM


Fortis Insurance N.V. ("Fortis Insurance" or the "Company ") announced today its intention to commence in the next few days cash tender offers to purchase and solicitation of consents relating to the 7.48% Trust Capital Securities and 7.68% Trust Capital Securities representing undivided beneficial ownership interests in the assets of Fortis (US) RegCapS Funding Trust I and II, respectively, as detailed below:
 
The terms and conditions of the tender offers will be set forth in an Offer to Purchase and Consent Solicitation and related Consent and Letter of Transmittal.
Holders who validly tender their Trust Capital Securities and provide their Consents on or prior to a Consent Date which will be set forth in the Offer to Purchase and Consent Solicitation will receive the applicable Total Consideration, which includes a Consent Payment as listed above per US$ 1,000 principal amount of each Trust Capital Security. Holders who validly tender their Trust Capital Securities and provide their Consents subsequent to the Consent Date and on or prior to the Expiration Date set forth in the Offer to Purchase and Consent Solicitation will only receive the applicable Tender Offer Consideration (equal to the Total Consideration minus the Consent Payment). Holders may not deliver Consents without tendering their Trust Capital Securities.
Tenders of each series of Trust Capital Securities may only be withdrawn, subject to limited exceptions, before 5:00 p.m. New York City time on the earlier of (i) the date on which the applicable Requisite Consents (tenders of Trust Capital Securities representing a majority in liquidation preference of such series of Trust Capital Securities) are first received or (ii) the Consent Date, unless extended.
Questions concerning the terms of the tender offers may be directed to the dealer manager, Merrill Lynch, toll-free at 888-654-8637 or by collect call at 212-449-4914. Copies of the Offer to Purchase and Consent Solicitation may be obtained by calling the information agent, Global Bondholder
Services Corporation, toll-free at 866-470-3800 or at 212-430-3774 (banks and brokerage firms).
 
 
Fortis is an international financial services provider active in the fields of banking, insurance and investment.
With a market capitalization of EUR 20.1 billion (November 30, 2003) and around 68,000 employees, Fortis
ranks in the top 20 of European financial institutions.
Fortis is listed on the exchanges of Amsterdam, Brussels and Luxembourg and has a sponsored ADR programme
in the United States.
 
Press Contacts:
Brussels:
+32 2 565 35 84 Utrecht: +31 30 257 65 49
Investor Relations:
Brussels: +32 2 510 53 37 Utrecht: +31 30 257 65 46