Ageas confirms the full call of Tier 1 (RPCC) and partial settlement of RPN following successful BNP Paribas (32,87 EUR, 2,14%) tender offer on CASHES. The acceptance rate reached more than 50% at an offer price of 47.5%. Both operations have several positive elements for Ageas: - Reduced credit risk exposure on Fortis Bank - Decrease volatility in the results - Improved liquidity Our View: The operation will lead to a € 159m pre-tax capital gain (write-back of previous impairments vs. par) on the RPCC hybrid. The impact on P&L of the CASHES offer will be published in a press release as soon as BNP Paribas announces how many CASHES were tendered and how much it will convert into Ageas shares. With the RPNs valued at € -800m in our SOTP and given the capital gain on the RPCC, we see a positive impact on our SOTP, which is under review. Conclusion: We maintain our Buy rating with an unchanged target at € 2.85.