Fortis Global Export & Project Finance (GEPF) is pleased to announce it has entered today into a Comprehensive Business Cooperation Agreement with Sinosure. The signing of today's agreement confirms the intention of both parties to formalise their long-standing business cooperation. Fortis and Sinosure have agreed to extend cooperation to develop products together, to exchange market information and to actively promote each others businesses. Exports out of China have grown enormously over the past years, but the percentage of Sinosure-covered transactions remains low. It is expected that this percentage will grow at a fast pace in the years to come. Through its close co-operation with Sinosure, Fortis is in a position to offer attractive financing solutions to both international and domestic companies exporting out of China and domestic companies investing overseas. Luc Henrard, CEO Fortis Asia-Pacific, comments: "This is another milestone for our China business development and we are delighted to further strengthen our ties with Sinosure, which is a premier Chinese insurance organisation." Liang Zhidong, Executive Vice President of Sinosure, comments: "We are pleased to announce this extended business cooperation agreement today. Our partnership with Fortis has been beneficial for both sides and we look forward to develop it further." The signing ceremony took place in Beijing in the presence of Prince Philippe of Belgium who is visiting China together with a delegation of over 300 business representatives from Belgium. About SINOSURE SINOSURE, the China Export & Credit Insurance Corporation, was founded in December 2001 by the State Council out of the merger of the export credit insurance departments of the People's Insurance Corporation of China (PICC) and China Export & Import Bank. SINOSURE is the only policy-oriented Chinese insurance company specialising in export credit insurance. SINOSURE's registered capital came from the Export Credit Insurance Risk Fund of the State fiscal budget. Headquartered in Beijing, with 19 functional departments and one operational department, SINOSURE has built a service network of 12 branches and seven representative offices in China and a representative office in London, UK. SINOSURE is mandated, in accordance with the Chinese government's diplomatic, foreign trade, industrial, fiscal and financial policies, to promote Chinese exports and foreign investments, especially the export of high-tech or high added-value capital goods, by means of export credit insurance, export financing facilitation, information, and receivables management services. SINOSURE offers coverage against political risks and commercial risks. Coverage applies to all enterprises and financial institutions in China, regardless of ownership, provided they are registered in China, employ Chinese labour and pay local taxes. Political risks include restrictions on transfer and remittance of foreign currency, expropriation, nationalisation and war, etc. Commercial risks include credit risks on the part of buyers (default, bankruptcy and rejection of goods) and credit risks on the part of buyer's banks (e.g. the issuing bank or confirming bank in the case of L/Cs). For more information on SINOSURE, please log on to www.sinosure.com.cn. About Fortis Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners. With a market capitalisation of EUR 40.6 billion (31/05/2007), Fortis ranks among the twenty largest financial institutions in Europe. Our sound solvency position, our presence in 50 countries and our dedicated, professional workforce of 60,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. Fortis has been in Asia for over 105 years. It has successfully combined its banking and insurance expertise in key growth markets in the region. With its Asian headquarter in Hong Kong, Fortis has offices in Sydney, Bangkok, Beijing, Guangzhou, Hanoi, Ho Chi Minh City, Jakarta, Kuala Lumpur, Manila, Mumbai, Seoul, Shanghai, Singapore, Taipei and Tokyo. Besides opening a branch in Australia, Fortis is currently working towards establishing a branch in Japan and there are opportunities being considered elsewhere, such as India. Fortis has also developed successful bancassurance joint ventures with premier financial institutions in countries such as Malaysia, China, Thailand, and more recently, India, and is in the process of acquiring the insurance company PCI in Hong Kong. More information is available at www.fortis.com. Fortis Press Contacts: Hong Kong :Julie +852 2823 [email protected] Wong 0816 China : Kim Vermeir +86 21 5049 [email protected] 8833 ext 153 Belgium: +32 2 565 35 Netherlands: +31 30 84 226 32 19 Sinosure Press Contacts: Sinosure: Ren Ge +86 10 6658 [email protected] 2292 Fortis Investor Relations: Belgium: +32 2 565 53 Netherlands: +31 30 78 226 32 20