Strategically important subsidiary of and related support from BNP Paribas Leading franchise in Belgium and Luxembourg Progressive refocusing on core markets and businesses Moderate risk profile in home markets Need to rebalance funding profile Large securities portfolio Rising credit risk in international loan book Hampered profitability The ratings on Fortis Bank SA/NV (FBB), including those on its core Luxembourg-based subsidiary, BGL S.A., primarily reflect its 75% ownership by French banking group BNP Paribas (AA/Negative/A-1+). We understand that BNP Paribas considers FBB to be a key to its European banking strategy in Belgium and Luxembourg, among the wealthiest countries in Europe. Therefore, we consider FBB to be a strategically important subsidiary of BNP Paribas, according to our methodology. The ratings on
