Operational Capital Generation and Market Analysis

Impact of lower interest rates China 10-year government bond In % 3.6 3.4 3.2 3 2.8 2.6 2.4 09-11-20 09-05-21 09-11-21 09-05-22 09-11-22 09-05-23 Net Operating Result In EUR mio @ageas' share 376 383 81 Net Result 9M 2022 (IFRS 4) Net underlying result* 9M 2022 9M 2023 ☐ (IFRS 17) IFRS 4 & China Accounting standards Non-participating liabilities discounted based on the 750-day average VIR curve Change reflected in P&L. Unwind on discount based on 750-Day average. IFRS 17 Non-participating liabilities(BBA) discounted based on current interest rates Change reflected in OCI. ageas. 17

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