Very strong Benelux market position, further reinforced by the ABN AMRO transaction Moderate risk profile, including good asset quality and focus on mature markets Member of the larger Fortis group, which benefits from the diversification provided by the sister insurance division Pressured capital position and earnings generation following ABN AMRO purchase and market turbulence Operating challenge of executing the ABN AMRO transaction in a difficult economic environment Highly competitive Belgian retail banking market The ratings on Belgium-based Fortis Bank SA/NV (Fortis Bank), and core subsidiaries Fortis Bank Nederland (Holding) N.V. (FBN) and Fortis Banque Luxembourg S.A. (FBL), primarily reflect Fortis Bank's very strong position in the Benelux banking market, further improved by the purchase of the businesses of Dutch ABN
