Muang Thai Life Assurance (MTL) Fortis and Muang Thai Insurance (MTI) have collaborated with
Fortis, aiming to gear towards more potential and business strengths as well as to step up to be
No. 1 in the Thai insurance industry.

Mr. Photipong Lamsam, Chairman of MTL, said: "Muang Thai Group and Fortis one of Europe's international financial service providers actively in the field of banking
and insurance - signed a joint venture agreement under which Fortis will acquire 25% stake each
in Muang Thai Life Assurance and Muang Thai Insurance."

Mr. Sara Lamsam, President of MTL, said: "Muang Thai Life Assurance has been a stable
company as its business continues to grow at a rapid pace. The company's total assets at
the end of 2003 worthed BHT 23,675 million, of which investment assets accounted for BHT
21,342 million, reserves for BHT 18,586 million and surplus for BHT 3,952 million.
Investment assets assets to reserves ratio was 115%. Investment assets to total assets ratio
was 90%. Surplus to reserves ratio was 21% which is 10 times higher than that required by
the Department of Insurance. Joint venture of Fortis is regarded as a significant reinforcement for Muang Thai Life since Fortis has been playing an important role as one of the world's experienced companies in the Banking and Insurance industry with a genuine expertise in the field."

"With Fortis expertise in Banking and Insurance services, Muang Thai Life will be strengthened in terms of bancassurance; more potential of its distribution channel will be encouraged and latest technology will be used in order to gear Muang Thai Life towards the leading position in
the Thai life insurance industry. Muang Thai Life's top management still remains the same while
someFortis executives will lend their hands in some senior positions including the bancassurance ones. The name of the company remains unchanged." He added.

Mr. Poomchai Lamsam, Chairman and Chief Executive Officer of MTI, said: "This partnership stems from the same objective of Muang Thai Life and Muang Thai Insurance to generate more strengths in marketing and to expand their business opportunities."

Mr. Chaiyot Tiyachate, President of MTI, said: "Muang Thai Insurance has the secured management and financial conditions together with promising prospect. At the end of 2003, the company's total assets worthed BHT 1,593 million, of which investment assets accounted for BHT 1,075 million, reserves for BHT 471 million and surplus for BHT 725 million. Investment assets to reserves ratio was 228%. Investment assets to total assets ratio was 67%. Reserves to net written premium was 50.8%. The company's surplus was also 7.8 times higher than that required by the Department of Insurance."

Mrs. Nualphan Phanchet, Director and Executive Vice President of MTI, said: "Fortis proficiency will offer the innovative technologies to match customers' changing demands; for instance, new product ideas, computer system developed by Fortis, staff training programme as well as reinsurance support for both Treaty and Facultative. Introduction of new clients in Thailand where Fortis has connection with will also be another support to Muang Thai Insurance."

Fortis' CEO Anton Van Rossum said: "Fortis regards Muang Thai Life as the leader in
the Thai insurance industry and Muang Thai Insurance as a Thai rising star in the industry resulting from the firm and steady base of both companies. Moreover, Muang Thai Life has recently signed a bancassurance distribution agreement with Kasikorn Bank, the country's third largest bank in terms of assets, loans and deposits. This matches Fortis purpose to expand into bancassurance business in the Asian region. After Fortis successfully entered into the insurance industry in Malaysia and China, Muang Thai is the ideal strategic partner for Fortis to develop its presence in Thailand. We are confident that the combined high levels of expertise and commitment of
Muang Thai Group and Fortis will enable us to make this partnership a resounding success."