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Under its EUR 10,000,000,000 Belgian Public Pandbrieven Programme (the Programme), Belfius Bank SA/NV (the Issuer or Belfius Bank) may from

time to time issue Belgian pandbrieven (Belgische pandbrieven/lettres de gage belges) (the Public Pandbrieven) in accordance with the Law of 25 April 2014 on

the status and supervision of credit institutions and stockbroking firms Banking Law and its executing royal decrees and regulations (the Belgian Covered

Bonds Regulations). The aggregate principal outstanding amount of Public Pandbrieven will not at any time exceed EUR 10,000,000,000 (or the equivalent in

other currencies as at the date of issuance of the Public Pandbrieven).

Public Pandbrieven may be issued in dematerialised form (Dematerialised Public Pandbrieven) or in registered form (Registered Public Pandbrieven).

Dematerialised Public Pandbrieven will be represented by a book-entry in the records of the clearing system operated by the National Bank of Belgium (the NBB-

SSS) or any successor thereto (the Securities Settlement System) in accordance with Articles 468 et seq. of the Belgian Companies Code. Registered Public

Pandbrieven will be registered in a register maintained by the Issuer or by the Registrar in accordance with Article 462 et seq. of the Belgian Companies Code.

The Public Pandbrieven may be issued on a continuing basis to one or more dealers appointed from time to time under the Programme, which appointment may be

for a specific issuance or on an ongoing basis (each a Dealer and together the Dealers). The Issuer may issue and/or agree with any Dealer or investor (as

applicable) to issue Public Pandbrieven in a form and subject to conditions not contemplated by the terms and conditions or the final terms set out herein or under a

different prospectus or without prospectus.

This document constitutes a base prospectus within the meaning of Directive 2003/71/EC, as amended, supplemented or replaced from time to time (the

Prospectus Directive). This base prospectus (the Base Prospectus) has been approved by the Belgian Financial Services and Markets Authority (the

FSMA), in its capacity as competent authority under the Belgian Law of 16 June 2006 on the public offer of investment instruments and the admission of

investment instruments to trading on a regulated market (as amended, supplemented or replaced from time to time, the Prospectus Law), as a base prospectus in

compliance with the Prospectus Directive. The approval by the FSMA does not imply any appraisal of the appropriateness or the merits of any issue under the

Programme, nor of the situation of the Issuer.

The date of this Base Prospectus is 29 April 2019. This Base Prospectus shall be valid for a period of twelve months from its date of approval.

Application may be made to Euronext Brussels SA/NV (Euronext Brussels) for Public Pandbrieven issued under the Programme for the period of 12 months

from the date of approval of this Base Prospectus to be listed and admitted to trading on the regulated market of Euronext Brussels (the Market). The Market is a

regulated market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments and amending

Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). No certainty can be given that the

application will be granted. The Issuer may also issue unlisted Public Pandbrieven or request the listing of Public Pandbrieven on any other stock exchange or

market. The applicable final terms in respect of the issuance of any Public Pandbrieven will specify whether or not such Public Pandbrieven will be listed and, if so,

whether on the Market or on any other stock exchange or market.

The Competent Authority (i.e. the National Bank of Belgium (NBB) and any other supervisory authority to which relevant powers may be transferred) has

admitted the Issuer to the list of credit institutions that are authorised to issue covered bonds and has admitted the Programme to the list of authorised programmes

for the issuance of covered bonds under the category Belgian pandbrieven (Belgische pandbrieven/lettres de gage belges). Both lists can be consulted on the

website of the Competent Authority (at www.nbb.be). Public Pandbrieven issued under the Programme will constitute Belgian pandbrieven under the Belgian

Covered Bonds Regulations and will as such be included in the list of the Competent Authority.

Each Series of Public Pandbrieven may on issuance be assigned a rating by Fitch France S.A.S. (Fitch), a rating by Investors Service Ltd. (),

Credit Market Services France S.A.S. ( or S&P) and/or a rating by such other rating agency as shall be

specified in the final terms in respect of the issuance of any Public Pandbrieven, to the extent each such agency is a Rating Agency (as defined herein) at the time of

the issuance of the Public Pandbrieven.

Each of the Rating Agencies is established in the European Union and is registered in accordance with Regulation (EC) No 1060/2009 on credit rating agencies (the

CRA Regulation) published on the European Securities and Markets Authority (ESMA) website (http://www.esma.europa.eu). Series of Public Pandbrieven

(as defined in Overview of the Programme) to be issued under the Programme will be rated or unrated. Where a Series of Public Pandbrieven is to be rated, such

rating will not necessarily be the same as the ratings assigned to other Series of Public Pandbrieven. Whether or not a rating in relation to any Series of Public

Pandbrieven will be treated as having been issued by a credit rating agency established in the European Union and registered under the CRA Regulation will be

disclosed in the applicable final terms. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or

withdrawal at any time by the assigning rating agency.

The issue price and amount of the relevant Public Pandbrieven will be determined at the time of the offering of each Tranche based on the then prevailing market

conditions and will be set out in the applicable final terms.

Public Law and are not

intended to be offered, sold or otherwise made available to and should not be offerered, sold or otherwise made available to

defined on page 203 of the Base Prospectus).

Prospective investors should have regard to the factors described under the section headed Risk Factors in this Base Prospectus. It is not possible to

identify all such factors or to determine which factors are most likely to occur, as the Issuer may not be aware of all relevant factors and certain factors

which it currently deems not to be material may become material as a result of the occurrence of events outside the Issuer's control. The Issuer has

identified in this Base Prospectus a number of factors which could materially adversely affect its business and ability to make payments due under the

Public Pandbrieven.

3 4 5 6 7 8 9 10 11 12 13 (a) (b) (c) (d) (e) (f) 14 15 16 ---1 (a) (b) (c) (d)

1 The information contained in this link is not incorporated by reference.

17 18 A. B. C. 19 D. E. 20 i. ii. 21
(i) (ii) 22
(iii) 23
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(b) (c) (d) (e) 2.1.2 2.1.3 2.1.4 26
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(i) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions on prudential requirements for credit CRD European Parliament and of the Council of 26 June 2013 on prudential requirements for credit

CRRCRD IV

Regulation 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund and amending Regulation (EU) No 1093/2010 of the European

Single Resolution MechanismSRMRM entered

into force on 19 August 2014 and applies to credit institutions which fall under the supervision of the ECB, including . The SRM has established a Single SRB

resolution plans and carrying out the resolution of a credit institution that is failing or likely to

fail. The SRB will act in close cooperation with the European Commission, the ECB and the national resolution authorities (which, in case of , include the resolution college of the NBB within the meaning of Article 21ter of the Belgian law of 22 February 1998 establishing the organic statute of the NBB Belgian Resolution CollegeRB together with the Belgian Resolution College (where applicable) is hereinafter referred to as Resolution AuthorityMoreover, the SRM established a Single Resolution Fund SRF availability of funding support for the resolution of credit institutions. The overall aim of the SRM is to ensure an orderly resolution of failing banks with minimal costs to taxpayers and the real economy. 55

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2 https://www.belfius.be/about-us/dam/corporate/investors/ratios-en-rapporten/reports-bank/en/bel_RA2017_eng.pdf

3 https://www.belfius.be/about-us/dam/corporate/investors/ratios-en-rapporten/reports-bank/en/bel_RA2018_en.pdf

4 https://www.belfius.be/about-us/dam/corporate/investors/ratios-en-rapporten/reports-bank/en/APM.pdf

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5 The statutory report on the non-consolidated account is not included in the English version, but reference in such version is made to the French

and the Dutch version, available on this website: https://www.belfius.be/about-us/dam/corporate/investors/ratios-en-rapporten/reports-

bank/fr/bel_RA2018_fr.pdf (French version) and https://www.belfius.be/about-us/dam/corporate/investors/ratios-en-rapporten/reports-

bank/nl/bel_RA2018_nl.pdf (Dutch version)

6 on this

website: https://www.belfius.be/about-us/dam/corporate/investors/ratios-en-rapporten/reports-bank/en/APM.pdf

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(a) (b) (a) (b)

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(b) 6.2 6.2.1 (a) (b) (c) (d) (e) 6.2.2 72
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(b) (c) (i) (ii) (iii) (iv) - (v) (d) (e) 74
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(a) (b) (a) (b) (c) (d) 79
(e)quotesdbs_dbs25.pdfusesText_31

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