NN (L) INSTITUTIONAL Common Fund (FCP) R.C.S

NN (L) INSTITUTIONAL Common Fund (FCP) R.C.S. Luxembourg N° K197

Annual report and audited financial statements

LUXEMBOURG for the year ended December 31, 2020 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

For additional information please contact:

NN Investment Partners B.V. P.O. Box 90470 Schenkkade 65 2509 LL The Hague The Netherlands e-mail: [email protected] or www.nnip.com NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

Warning

No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

The prospectus, the statutes, the annual and semi-annual reports are made available to the Unitholders at the depositary bank and at the Company's registered office as well as at the local sales offices or main client servicing contacts identified in this report. They will also be sent free of charge to anyone who so requests.

The information given in this report is for reference purposes only. It is not a guide to future results.

Only the English version of the present Annual Report has been audited by the Réviseur d’entreprises agréé. Consequently, the Audit Report only refers to the English version of the report; other versions result from a conscientious translation. In case of differences between the English version and the translation, the English version shall be the authentic text. Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

Table of contents Page

Organisation 2 Management's report 4 Report of the Réviseur d'Entreprises agréé 8 Combined statements Combined statement of net assets as at 31/12/2020 10 Combined statement of operations and changes in net assets for the year ended 31/12/2020 10 NN (L) Institutional FCR Statistics 11 Financial statements 12 Statement of net assets as at 31/12/2020 12 Statement of operations and changes in net assets for the year ended 31/12/2020 12 Securities portfolio as at 31/12/2020 13 Financial derivative instruments as at 31/12/2020 16 Summary of net assets as at 31/12/2020 16 NN (L) Institutional Global Enhanced Statistics 17 Financial statements 18 Statement of net assets as at 31/12/2020 18 Statement of operations and changes in net assets for the year ended 31/12/2020 18 Securities portfolio as at 31/12/2020 19 Summary of net assets as at 31/12/2020 24 Notes to the financial statements 25 Other information to unitholders (unaudited) 30

1 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020

Organisation

Registered Office of the Management Company 65, Schenkkade, 2595 AS, The Hague, the Netherlands

Board of Directors of the Management Company

Directors Satish Bapat, Chief Executive Officer

Valentijn van Nieuwenhuijzen, Chief Investment Officer

Hester Borrie, Chief Client Officer

Martijn Canisius, Chief Finance and Risk Officer

Jitka Schmiedová (until February 1, 2020), Chief Human Resources Officer

Marieke Grobbe (since March 11, 2020), Chief Human Resource Officer

Bob van Overbeek (since March 11, 2020), Chief Operations Officer

Management Company NN Investment Partners B.V., 65, Schenkkade, 2595 AS, The Hague, The Netherlands

Investment Manager NN Investment Partners B.V., 65, Schenkkade, 2595 AS, The Hague, The Netherlands

Administrative, NN Investment Partners B.V ., Registrar, Transfer and Paying Agent 65, Schenkkade, 2595 AS, The H ague, The Netherlands

delegated to

Brown Brothers Harriman (Luxembourg) S.C.A., 80, r oute d’Esch, L -14 70 Luxembou rg

2 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020

Organisation (continued)

Dep ositary Brown Brothers Harriman (Luxembourg) S.C.A., 80, route d’ Esch, L -1470 Luxemb ourg

Cabinet de révision agréé KPMG Luxembourg, Société cooperative , 39, Avenue John F . Kennedy, L -1855 Luxembourg

Loca l Sales offices or Main Client servicing contacts

All other countries NN Investment Partners B.V. , 65, Schenkkade, 2595 AS, T he Hague, The Netherlands

Belgi um NN Investment Partners Belgium, Marnixlaan 23, 1000 Brussels, Belgium

France NN I nvestment Partn ers B. V. French Branch, 52 -56, ru e de la Victoire, 75009 Paris, Franc e

Spain/Portuga l NN Investment Partner s B.V. Spanish Branch, Pº de la Cast ellana 141, 19th floor, 28046 Madrid, Spain

Counterparti es to over -the -counter fin anc ial derivative

instruments

Gol dma n Sachs International, Swap counterparties Peterborough Court, 133, Fleet Street, London EC4A 2BB, United Kingdom

3 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020

Management's report

Economic context

The spread of COVID-19 across the world in the first quarter of 2020 changed the economic outlook considerably. It became clear that a global recession, where output was likely to fall by more than during any recession since World War II, was inevitable and that several economies may experience top-to-bottom declines in Gross Domestic Product (GDP) in the region of 10-30%. The important questions were when activity would start to normalize, how fast this would happen and whether the previous peak in production would be regained in the next few years.

By April, it appeared that the outlook would depend on developments in the COVID-19 data, specifically whether a second wave would break out and whether treatment medicine or vaccine would become available, and on the effectiveness of policy measures implemented to prevent permanent damage to the economy. In May, economies began gradually reopening, and the worst of the drop in growth seemed to be over, although the rebound in consumption lagged behind the bounce in industrial production. German Chancellor Angela Merkel and French President Emmanuel Macron broke new ground in May with their proposal for a EUR 500 billion recovery fund financed by increased European Union (EU) budget contributions, to be used to distribute grants to areas most affected by the COVID-19 crisis.

The global economy as a whole recovered quite strongly in the third quarter from the depths of the COVID-19 induced recession. This was largely the result of technical bounce-back originating from the combination of considerable pent-up consumer demand and a substantial degree of household income support from governments. As the quarter progressed, the growth baton was taken over by investment and trade. The investment part of this equation applied primarily to inventories, which had been substantially depleted in the second quarter as the lockdown impeded production. In addition, private investment also bounced back from a sharp decline in the spring. In emerging markets, China’s fixed investment and export growth surprised on the upside in the third quarter. Household consumption was clearly lagging but later started to catch up. Outside of East Asia, the pandemic dampened confidence and the economic recovery continued to lag developed markets.

The COVID-19 pandemic continued to dominate global economic developments in the fourth quarter. The COVID-19 infection growth picked up again, forcing authorities to implement new lockdown measures. Demand continued to recover in the United States (US) and stabilized in the Eurozone. Growth in consumer goods spending has held up well, largely due to consumers switching away from services. Corporate investment growth in the US and Europe has been affected by the second-wave virus uncertainty. Second-round effects on growth via the financial sector and unemployment have been mitigated by policy support.

Two factors played a crucial role for financial markets in the fourth quarter: the positive reaction to the election of Democrat Joe Biden as US president and the better-than-expected efficacy data for multiple vaccine candidates. Although COVID-19 infection figures continued to rise during November, investors opted to look past the second wave towards a potential return to normalcy.

Policymakers remained committed to limiting the economic damage of the renewed lockdowns. Fiscal and monetary policy remain accommodative, although in the US much depends on whether the new Biden administration can deliver on the required fiscal stimulus. European leaders took an important step in December when the new seven-year EU budget and the EUR 750 billion Recovery and Resilience Fund were finally approved by all the heads of state or government. Most national governments in Europe continued to extend their existing corona-related support measures to limit bankruptcies and unemployment after the latest mobility restrictions.

A week before the 31 December deadline, the United Kingdom (UK) and the European Union (EU) struck a deal on their post-Brexit relationship. The two parties reached a compromise agreement on the key issues of level-playing-field regulations, dispute mechanism and fisheries. Northern Ireland will stay in the EU single market for goods and will continue to enforce EU customs rules at its ports, including for exports from the rest of the UK. This will prevent a hardening of the land border with the Republic of Ireland while creating a new "sea border" with the rest of the UK. All in all, the deal removed much of the remaining uncertainty, but how the relationship will evolve remains to be seen. Frictions and implementation issues are likely.

4 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020

Management's report (continued)

Monetary policy

The US Federal Reserve (the Fed) took unprecedented action to support the economy during the COVID-19 crisis, starting in March 2020. An emergency 0.5 percentage point interest rate cut was followed by a 1-point cut on 15 March, taking the short-term lending benchmark close to zero. Two days later, the Fed said it would start buying commercial paper in order to maintain the flow of credit through the financial system. The US Central Bank also expanded its asset purchases, making them unlimited, and announced a USD 300 billion credit program for businesses and consumers.

The European Central Bank (ECB) announced its Pandemic Emergency Purchase Program (PEPP) in mid-March, which would involve purchases of EUR 750 billion of public- and private-sector bonds. The ECB also released a document stating that the issue limit that constrained sovereign bond-buying to a third of each member state’s debt should not apply to its new program.

The US Federal Reserve in April reaffirmed its commitment to use all its powers “forcefully, pro-actively and aggressively” to safeguard the flow of credit to the real economy. It even included high yield bonds in its corporate purchase programs. In Europe, the ECB came with measures to alleviate the apparent stresses that were building in money markets and to safeguard the flow of credit from the banking system. The ECB also reiterated that it was ready to adjust all instruments if necessary.

Policymakers stepped up support in June, with the Fed starting to buy individual corporate bonds and the ECB increasing and extending the PEPP.

During the third quarter of 2020, the Fed adopted a flexible form of average inflation targeting and a more expansive view of its employment mandate. This combination creates a substantially more dovish Fed reaction function. The ECB is working on its own strategic review, but the outcome is expected to be less dovish.

Both the US Federal Reserve and the ECB maintained their very dovish stances in the fourth quarter and even added new stimulus by extending and increasing their asset purchases. They also strengthened their forward guidance again, making clear that they want to keep financing costs for corporates and sovereigns low for as long as needed.

Fixed income markets

In the first three months of 2020, the likelihood of a sharp economic slowdown as a result of COVID-19 and a huge increase in uncertainty resulted in aggressive price adjustments on fixed interest markets. The US 10-yr Treasury yield dropped from 1.92% at end-2019 to 0.7% at the end of Q1 2020, after reaching an all-time low of 0.5% on 9 March. In the same period, the German 10-year Bund yield decreased from - 0.19% to -0.46%, after touching -0.90% on 9 March. The relatively modest decline in German yields was partly attributable to the ECB’s stated reluctance to cut the deposit rate below -0.5%. By contrast, the Fed cut its key policy rate all the way from 1.5-1.75% to 0.0-0.25%. As a result, the US 2-10 curve steepened by around 10 bps to 0.47%, while the Bund 2-10 curve flattened by over 20 bps to 0.24% at the end of Q1. The 10-30 curves were very volatile, especially in the US, but on balance also steepened in the US and flattened in Germany.

Credit spreads, both investment grade and high yield, widened sharply during the first quarter of 2020, in line with the general negative environment for risky assets. Although spread levels remained below those seen during the global financial crisis (and for euro credits also below the 2011-2012 sovereign crisis), the speed of the move resulted in some unprecedented weekly losses for credits. Spreads of Eurozone countries versus Germany also widened on balance in Q1 but tightened significantly at the end of March after the ECB announced the PEPP purchases. As the COVID-19 pandemic continued spreading outside of China, the selloff in risky assets continued which led to very limited liquidity across asset classes.

The second quarter was relatively quiet for developed bond yields. Both US and German 10-year bond yields traded sideways and ended the quarter close to their end-March levels. One explanation for this relative stability is that almost all G10 central bank policy rates were already at rock-bottom levels before the start of Q2 and are likely to stay there for some time. In addition, economic data, policy actions and virus developments followed the most likely path. Economic activity indicators plunged but recovered as lockdown measures were eased, fiscal stimulus reached unprecedented levels, central banks announced major bond purchases and COVID-19 infection rates slowed down in many countries.

5 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020

Management's report (continued)

Credit spreads, both investment grade and high yield, contracted during the second quarter. This can partly be explained by the decline in uncertainty. The market was also supported by the promise of central banks to buy large amounts of corporate bonds. The decline in uncertainty and central bank buying also supported the Eurozone peripheral bond market. The outlook for increased fiscal burden-sharing by the Eurozone countries, spurred by talks about a European Recovery Fund, were also a positive for peripheral bonds.

In the third quarter the Euribor curve flattened significantly. For our money market funds, our base case scenario is that the ECB will inject fresh monetary stimulus to support the Eurozone’s stuttering economic recovery from the COVID-19 pandemic but that they will not cut rates, as we consider other policy tools to be more effective.

Safe government bonds showed little direction in the third quarter, as the US and German 10-year bond yield ended the three-month period almost unchanged. The outperformance of credit markets versus treasuries was limited as the spread tightening in July and August was nearly completely undone in the risk-off move of September. Credit spreads, both investment grade and high yield, contracted during the quarter.

In the fourth quarter, US 10-year bond yields rose from 0.68% end September to 0.91% end December. German 10-year Bund yields ended the quarter a few basis points lower at -0.57%. The Eurozone peripheral bond market showed some volatility in the fourth quarter, mirroring the general risk sentiment, but ended the quarter with tighter spreads versus German Bunds.

Equity markets

Equity markets reacted sharply in late January 2020 to news of the outbreak of COVID-19 in China and rushed into safe assets, dumping the more sensitive cyclical assets. Emerging markets, which were in the midst of the outbreak, corrected the most. In February, the spread of COVID-19 put a halt to the bull market. The performance differential between cyclical and defensive sectors was significant and made sense. Energy was by far the worst performer in view of the sharp 11% drop in the oil price, while telecommunication services and health care held up better. Equity valuations corrected significantly during the month and ended somewhere between a growth and recession scenario. News of the spread of COVID-19 outside China sent risky assets into a tailspin starting end-February. Global equities printed the fastest decline ever and the cash market for riskier bonds dried up. The energy sector was the hardest hit as oil prices dropped to new lows.

Equity markets showed an astounding recovery that started the end of March and continued unabated throughout the second quarter, mainly due to massive monetary and fiscal stimulus measures as well as better news on COVID-19 in Asia, Europe and the northern US. Steps were taken to gradually reopen economies, and first-quarter company earnings were better than expected. Global equities gained 16.8% in the second quarter, helped by the strong performances of structural winners from the health crisis (IT, communication services). The improved investor sentiment also had a positive effect on credit markets, which received support from the central banks' buyback programmes.

Global equities gained 3.1% during the third quarter of 2020, with European equities (+0.3% over the quarter) failing to keep up with the rest of market. The technology sector (+6.6%) once again outperformed the broader market in September while more traditional cyclical sectors, such as industrials, materials and consumer discretionary outperformed even more as they benefited from the economic recovery. Energy, listed real estate and the financial sector continued to struggle.

In the fourth quarter, global equities rose 9.3%, putting their full-year gain at 6.9%. The vaccine announcements triggered a major rotation in equities in November and December. Technology and communication services underperformed the more value-driven sectors like financials and energy. The typical defensive sectors like healthcare, utilities and consumer staples were the laggards. On a regional level, the more cyclical and value-driven markets like Europe, Japan and non-Asian emerging markets outperformed growth-heavy markets like the US.

NN (L) Institutional Global Enhanced

The sub-fund invests primarily in companies established, listed or traded in any country worldwide included in the MSCI World (NR). The portfolio is diversified across different countries. The sub-fund uses active management to target companies that score well according to our systematic investment process, with deviation limits maintained relative to the benchmark.

The sub-fund’s stock selection process is driven by the analysis of fundamental and behavioural data and includes the integration of ESG factors.

6 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020

Management's report (continued)

NN (L) Institutional FCR

During the year 2020 the sub-fund primarily invested in a diversified international portfolio of stocks, fixed income and cash. The sub-fund exposure was from 50% to 80% Euro-denominated debt instruments with a minimum average rating of A+ and from 20% to 50% worldwide equities.

COVID-19 and Business Continuity Plan

At the end of the first quarter 2020, the world has been confronted with the outbreak of COVID-19. The impact of this on the financial markets has been significant both in terms of bond and equity prices as well as financial market volatility. Stock markets have been under severe pressure, important interest rates moved down as did oil prices. After a volatile second quarter of 2020, the markets have recovered well.

NN IP has an active risk and portfolio management process, where on a daily basis market and liquidity risk are being assessed and where needed portfolio adjustment are made. Besides this, there is continuous monitoring on the compliance with both the prospectus and regulatory guidelines. Where needed mitigating actions are taken. The current processes are considered to be effective to ensure continued effective portfolio management.

NN IP has activated the Business Continuity Plan “BCP”. The IT infrastructure has been upscaled enabling the majority of staff to work from home having access to all systems. NN IP continues to manage the portfolios under the circumstances and no material negative impact is experienced on our operational control framework. There is no reason the current crisis has any negative impact on the viability of either the fund or the manager. Although the majority of staff is still working from home we do not experience any material disruptions in our processes. As a result from the COVID-19 pandemic we expect that a combination of working from home and working form the office will become the standard.

Market developments

NN IP’s portfolio management teams are continuously monitoring and evaluating market developments, asset side liquidity and portfolio flow data, to ensure a timely response to the changing market environment. They do so with support of a team of cross-functional specialists. The team regularly tests the effectiveness of measures in place to manage volatility in transaction costs. They subsequently implement actions to safeguard interests of clients. As markets recovered well, the specific COVID-19 monitoring is no longer in place.

Outlook

The outlook for 2021 is dominated by the fight against the virus, helped by the roll-out of vaccines, and by the economic policy settings to limit permanent economic damage. We have identified three possible outcomes: a base case, a bull case and a bear case. The base case is for a gradual normalization in economic activity by mid-2021 and further supportive monetary and fiscal policies. The bull case is similar, but features a faster recovery and more upward pressure on bond yields, leading to a different sector preference. In the bear case, the recovery stalls and market support will need to come from economic policy. Bond yields remain low or even decline and we may see a return towards the defensive and growth theme.

Luxembourg, March 5, 2021

7 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020

KPMG Luxembourg, Société coopérative Tel.: +352 22 51 51 1 39, Avenue John F. Kennedy Fax: +352 22 51 71

L-1855 Luxembourg E-mail: [email protected] Internet: www.kpmg.lu

To the Unitholders of NN (L) INSTITUTIONAL 80, route d’Esch L-1470 Luxembourg

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

Opinion

We have audited the financial statements of NN (L) INSTITUTIONAL and each of its sub-funds (“the Fund”), which comprise the statement of net assets and the securities portfolio and the financial derivative instruments as at December 31, 2020 and the statement of operations and changes in net assets for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of NN (L) INSTITUTIONAL and each of its sub-funds as at December 31, 2020, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (“Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the « Responsibilities of “réviseur d’entreprises agréé” for the Audit of the Financial Statements » section of our report. We are also independent of the Fund in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 2 of these financial statements, which indicates the decision of the Board of Directors of the Management Company to liquidate the sub-fund NN (L) Institutional FCR as of January 20, 2021. The financial statements of the concerned sub-fund have therefore been prepared using a non-going concern basis of accounting. Our opinion is not modified in respect of this matter.

Other information

The Board of Directors of the Management Company is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our report of “Réviseur d’Entreprises agréé” thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

KPMG Luxembourg, Société coopérative, a Luxembourg entity and a T.V.A. LU 27351518 member firm of the KPMG network of independent member firms R.C.S. Luxembourg B 149133 affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

8 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020

REPORT OF THE REVISEUR D’ENTREPRISES AGREE (continued)

Responsibilities of Board of Directors of the Management Company for the financial statements

The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Management Company is responsible for assessing the Fund’s and each of its sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Management Company either intends to liquidate the Fund or any of its sub-funds or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’Entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the “Réviseur d’Rntreprises agréé” that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Management Company. - Conclude on the appropriateness of Board of Directors of the Management Company use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of “Réviseur d’Entreprises agréé” to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of “Réviseur d’Entreprises agréé”. However, future events or conditions may cause the Fund or any of its sub-funds to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Luxembourg, March 30, 2021 KPMG Luxembourg Société coopérative Cabinet de révision agréé

Vincent Ehx

9 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Combined statements (Denominated in EUR)

Combined statement of net assets as at 31/12/2020 Notes Total securities portfolio 2 1,188,251,240.96 Shares 174,987,433.98 Undertakings for collective investment 323,840,200.72 Bonds and other debt instruments 689,423,606.26 Total financial derivative instruments 2 677,000.52 Inflation rate swap 10 677,000.52 Cash at bank 12,973,146.71 Margin deposits 3,130,596.00 Other assets 4 8,266,421.96 Total assets 1,213,298,406.15 Current liabilities 4,11 (2,885,781.50) Total financial derivative instruments 2 (714,753.76) Futures (714,753.76) Total liabilities (3,600,535.26) Net assets at the end of the year 1,209,697,870.89

Combined statement of operations and changes in net assets for the year ended 31/12/2020 Notes Total income 2 8,268,927.53 Dividends 3,769,335.01 Interest on bonds and other debt instruments 4,152,459.24 Bank interest 3,810.65 Interest on swaps 295,320.17 Other income 48,002.46 Total expenses (1,399,726.07) Management fees 5 (757,555.34) Depositary fees 6 (197,085.12) Subscription tax 8 (17,647.65) Bank interest (195,331.80) Other expenses (232,106.16) Net investment income 6,869,201.46 Realised gains on securities portfolio 74,913,736.11 Realised losses on securities portfolio (23,342,375.92) Realised gains on financial derivative instruments 49,065,915.37 Realised losses on financial derivative instruments (36,028,498.09) Realised gains on currency 2,514,618.44 Realised losses on currency (2,600,779.86) Changes in net unrealised gains or (losses) on securities 35,463,426.12 portfolio Changes in net unrealised gains or (losses) on financial (4,842,419.92) derivative instruments Result of operations 102,012,823.71 Subscriptions 33,638,861.47 Redemptions (286,555,890.26) Net assets at the beginning of the year 1,360,602,075.97 Net assets at the end of the year 1,209,697,870.89

The accompanying notes form an integral part of these financial statements.

10 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional FCR (Denominated in EUR) Statistics

Net assets 31/12/2020 EUR 1,034,289,854.32 31/12/2019 EUR 1,108,003,393.22 31/12/2018 EUR 968,174,455.75

Net asset value per unit

Distribution I (EUR) 31/12/2020 EUR 303.31 31/12/2019 EUR 276.58 31/12/2018 EUR 232.42

Number of units

Distribution I (EUR) 31/12/2020 3,410,013 31/12/2019 4,006,088 31/12/2018 4,165,714

Ongoing charges in %*

Distribution I (EUR) 31/12/2020 0.12%

Portfolio turnover in %* 31/12/2020 38.35%

* The portfolio turnover data has been calculated by the Administrative Agent (see note 13). The ongoing charges figure corresponds to the ongoing charges figure as mentioned in the latest available Key Investor Information Document ("KIID") as at the date of this report. Transaction costs are included in the purchase/sale price of the securities (if any). These costs, which are not treated as operating expenses, are not included in the calculation of the ongoing charges. The ongoing charges and the portfolio turnover rate are calculated for the last twelve months. The ongoing charges are annualised for periods less than one year. The portfolio turnover rate is not annualised for periods less than one year.

11 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional FCR (Denominated in EUR) Financial statements

Statement of net assets as at 31/12/2020 Notes Total securities portfolio 2 1,013,263,806.98 Undertakings for collective investment 323,840,200.72 Bonds and other debt instruments 689,423,606.26 Total financial derivative instruments 2 677,000.52 Inflation rate swap 10 677,000.52 Cash at bank 12,276,556.91 Margin deposits 3,130,596.00 Other assets 4 6,858,677.19 Total assets 1,036,206,637.60 Current liabilities 4,11 (1,202,029.52) Total financial derivative instruments 2 (714,753.76) Futures (714,753.76) Total liabilities (1,916,783.28) Net assets at the end of the year 1,034,289,854.32

Statement of operations and changes in net assets for the year ended 31/12/2020 Notes Total income 2 4,994,469.77 Dividends 498,687.90 Interest on bonds and other debt instruments 4,152,459.24 Interest on swaps 295,320.17 Other income 48,002.46 Total expenses (538,337.98) Depositary fees 6 (148,433.89) Bank interest (195,150.39) Other expenses (194,753.70) Net investment income 4,456,131.79 Realised gains on securities portfolio 36,805,096.70 Realised losses on securities portfolio (693,547.24) Realised gains on financial derivative instruments 49,065,915.37 Realised losses on financial derivative instruments (36,028,498.09) Realised gains on currency 38,276.33 Realised losses on currency (103,146.51) Changes in net unrealised gains or (losses) on securities 44,137,476.60 portfolio Changes in net unrealised gains or (losses) on financial (4,842,419.92) derivative instruments Result of operations 92,835,285.03 Subscriptions 25,239.57 Redemptions (166,574,063.50) Net assets at the beginning of the year 1,108,003,393.22 Net assets at the end of the year 1,034,289,854.32

The accompanying notes form an integral part of these financial statements.

12 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional FCR (Denominated in EUR)

Securities portfolio as at 31/12/2020

Quantity/ Name Currency Market value % Quantity/ Name Currency Market value % Nominal in EUR NAV Nominal in EUR NAV

Transferable securities and money market instruments admitted to an 1,000,000 PERNOD RICARD SA 0.875% 24/10/2031 EUR 1,066,709.82 0.10 official stock exchange listing and/or dealt in on another regulated market 800,000 PERNOD RICARD SA 2.125% 27/09/2024 EUR 865,308.25 0.08 600,000 RCI BANQUE SA 0.250% 12/07/2021 EMTN EUR 601,247.71 0.06 450,000 RCI BANQUE SA 1.625% 11/04/2025 EMTN EUR 468,754.64 0.05 Bonds and other debt instruments 300,000 SANEF SA 1.875% 16/03/2026 EUR 321,508.70 0.03 France 1,500,000 SANOFI 1.125% 05/04/2028 EMTN EUR 1,641,556.22 0.16 1,000,000 SANOFI 1.125% 10/03/2022 EMTN EUR 1,014,015.22 0.10 400,000 AEROPORTS DE PARIS 1.000% 13/12/2027 EUR 426,947.50 0.04 500,000 SCHNEIDER ELECTRIC SE 0.250% 11/03/2029 EUR 511,307.56 0.05 1,000,000 APRR SA 1.125% 09/01/2026 EMTN EUR 1,062,624.84 0.10 EMTN 500,000 APRR SA 1.875% 06/01/2031 EMTN EUR 586,532.17 0.06 300,000 SOCIETE GENERALE SA 1.250% 15/02/2024 EMTN EUR 311,434.34 0.03 200,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EUR 201,383.05 0.02 400,000 SOCIETE GENERALE SA 1.750% 22/03/2029 EMTN EUR 439,324.03 0.04 0.100% 08/10/2027 EMTN TOTAL CAPITAL INTERNATIONAL SA 0.250% BANQUE FEDERATIVE DU CREDIT MUTUEL SA 3,000,000 EUR 3,043,753.95 0.29 1,100,000 EUR 1,116,570.76 0.11 12/07/2023 EMTN 0.500% 16/11/2022 EMTN TOTAL CAPITAL INTERNATIONAL SA 0.625% BANQUE FEDERATIVE DU CREDIT MUTUEL SA 800,000 EUR 827,569.11 0.08 900,000 EUR 939,511.76 0.09 04/10/2024 EMTN 0.750% 08/06/2026 EMTN UNIBAIL-RODAMCO-WESTFIELD SE 0.875% BANQUE FEDERATIVE DU CREDIT MUTUEL SA 300,000 EUR 285,487.77 0.03 300,000 EUR 307,584.87 0.03 29/03/2032 EMTN 0.750% 15/06/2023 EMTN UNIBAIL-RODAMCO-WESTFIELD SE 2.250% BANQUE FEDERATIVE DU CREDIT MUTUEL SA 400,000 EUR 439,760.56 0.04 1,100,000 EUR 1,142,967.21 0.11 14/05/2038 EMTN 0.750% 17/07/2025 EMTN 600,000 VINCI SA 1.750% 26/09/2030 EMTN EUR 696,433.15 0.07 500,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EUR 545,521.69 0.05 2.625% 18/03/2024 EMTN 245,000 WPP FINANCE SA 2.375% 19/05/2027 EMTN EUR 274,573.91 0.03 300,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EUR 328,464.51 0.03 3.000% 28/11/2023 EMTN 455,972,601.86 44.09 1,000,000 BNP PARIBAS SA 1.125% 11/06/2026 EMTN EUR 1,048,733.12 0.10 Germany 400,000 BNP PARIBAS SA 1.125% 15/01/2023 EMTN EUR 411,404.40 0.04 200,000 BNP PARIBAS SA 23/01/2027 FRN EMTN EUR 219,221.09 0.02 100,000 ADIDAS AG 0.625% 10/09/2035 EUR 104,834.14 0.01 1,000,000 BNP PARIBAS SA 4.125% 14/01/2022 EMTN EUR 1,046,687.77 0.10 340,000 BASF SE 0.875% 15/11/2027 EMTN EUR 363,488.23 0.04 100,000 BOUYGUES SA 4.500% 09/02/2022 EUR 105,320.99 0.01 1,100,000 BAYER AG 0.750% 06/01/2027 EUR 1,133,436.92 0.11 300,000 BPCE SA 0.375% 05/10/2023 EMTN EUR 305,154.83 0.03 400,000 COMMERZBANK AG 1.000% 04/03/2026 EMTN EUR 418,745.04 0.04 1,100,000 BPCE SA 0.625% 15/01/2030 EUR 1,144,999.23 0.11 560,000 DAIMLER AG 0.375% 08/11/2026 EMTN EUR 566,126.47 0.05 DEUTSCHE BUNDESREPUBLIK INFLATION LINKED 300,000 BPCE SA 0.625% 26/09/2023 EMTN EUR 307,231.55 0.03 45,531,057 EUR 67,943,711.61 6.57 BOND 0.100% 15/04/2046 600,000 BPCE SA 0.625% 28/04/2025 EUR 618,219.06 0.06 34,855,260 DEUTSCHE BUNDESREPUBLIK INFLATION LINKED EUR 41,888,558.27 4.05 1,800,000 BPCE SA 1.000% 15/07/2024 EUR 1,874,730.29 0.18 BOND 0.500% 15/04/2030 1,000,000 EUROGRID GMBH 1.113% 15/05/2032 EMTN EUR 1,093,068.96 0.11 100,000 BPCE SA 1.125% 14/12/2022 EMTN EUR 102,789.99 0.01 1,500,000 EUROGRID GMBH 1.500% 18/04/2028 EMTN EUR 1,656,025.88 0.16 2,000,000 CARREFOUR SA 2.625% 15/12/2027 EUR 2,333,494.08 0.23 1,500,000 EUROGRID GMBH 1.625% 03/11/2023 EMTN EUR 1,572,690.47 0.15 700,000 CIE FINANCIERE ET INDUSTRIELLE DES EUR 758,389.04 0.07 AUTOROUTES SA 1.125% 13/10/2027 EMTN 1,500,000 HANNOVER RUECK SE 1.125% 18/04/2028 EUR 1,645,464.95 0.16 CIE GENERALE DES ETABLISSEMENTS MICHELIN 200,000 EUR 201,455.15 0.02 350,000 HEIDELBERGCEMENT AG 2.250% 03/06/2024 EUR 375,330.18 0.04 SCA 0.250% 02/11/2032 EMTN CREDIT AGRICOLE SA/LONDON 0.750% 700,000 EUR 719,914.25 0.07 1,300,000 MERCK FINANCIAL SERVICES GMBH 0.875% EUR 1,399,195.29 0.14 05/12/2023 EMTN 05/07/2031 EMTN CREDIT AGRICOLE SA/LONDON 1.250% 900,000 EUR 964,251.68 0.09 700,000 MUENCHENER RUECKVERSICHERUNGS- EUR 759,369.06 0.07 14/04/2026 EMTN GESELLSCHAFT AG IN MUENCHEN 26/05/2042 500,000 CREDIT AGRICOLE SA/LONDON 1.375% EUR 544,722.15 0.05 FRN EMTN 03/05/2027 EMTN 500,000 VIER GAS TRANSPORT GMBH 1.500% 25/09/2028 EUR 558,888.74 0.05 1,800,000 CREDIT AGRICOLE SA/LONDON 3.125% EUR 2,099,929.39 0.20 05/02/2026 EMTN 200,000 VOLKSWAGEN BANK GMBH 1.875% 31/01/2024 EUR 210,466.93 0.02 400,000 CREDIT MUTUEL ARKEA SA 0.875% 07/05/2027 EUR 421,664.63 0.04 EMTN EMTN 400,000 VOLKSWAGEN BANK GMBH 2.500% 31/07/2026 EUR 446,462.88 0.04 548,000 ENGIE ALLIANCE GIE 5.750% 24/06/2023 EMTN EUR 627,678.33 0.06 EMTN 420,000 VOLKSWAGEN FINANCIAL SERVICES AG 0.875% EUR 427,749.41 0.04 900,000 ESSILORLUXOTTICA SA 0.125% 27/05/2025 EMTN EUR 908,221.09 0.09 12/04/2023 EMTN 900,000 ESSILORLUXOTTICA SA 0.500% 05/06/2028 EMTN EUR 931,412.22 0.09 125,000 VOLKSWAGEN FINANCIAL SERVICES AG 2.250% EUR 138,246.67 0.01 16/10/2026 EMTN 300,000 EUTELSAT SA 1.500% 13/10/2028 EUR 304,920.20 0.03 160,000 VOLKSWAGEN LEASING GMBH 1.500% EUR 169,585.30 0.02 19,276,214 FRENCH REPUBLIC GOVERNMENT BOND OAT EUR 23,415,586.39 2.26 19/06/2026 EMTN 0.700% 25/07/2030 331,000 VOLKSWAGEN LEASING GMBH 1.625% EUR 351,633.26 0.03 77,660,000 FRENCH REPUBLIC GOVERNMENT BOND OAT EUR 118,206,653.33 11.44 15/08/2025 EMTN 1.750% 25/05/2066 123,223,078.66 11.91 25,760,000 FRENCH REPUBLIC GOVERNMENT BOND OAT EUR 37,558,625.85 3.63 2.000% 25/05/2048 Netherlands 51,292,811 FRENCH REPUBLIC GOVERNMENT BOND OAT EUR 111,257,723.20 10.76 4.000% 25/04/2055 295,000 ABN AMRO BANK NV 0.500% 17/07/2023 EMTN EUR 300,696.74 0.03 52,350,000 FRENCH REPUBLIC GOVERNMENT BOND OAT EUR 120,320,773.56 11.64 4.000% 25/04/2060 200,000 ABN AMRO BANK NV 0.875% 15/01/2024 EMTN EUR 206,540.03 0.02 900,000 HSBC CONTINENTAL EUROPE SA 0.100% EUR 904,389.80 0.09 1,000,000 ALLIANDER NV 2.875% 14/06/2024 EMTN EUR 1,108,637.27 0.11 03/09/2027 EMTN 100,000 ALLIANZ FINANCE II BV 0.250% 06/06/2023 EMTN EUR 101,306.11 0.01 400,000 HSBC CONTINENTAL EUROPE SA 0.250% EUR 405,486.74 0.04 17/05/2024 EMTN 600,000 ALLIANZ FINANCE II BV 0.875% 06/12/2027 EMTN EUR 643,789.21 0.06 700,000 KERING SA 1.250% 10/05/2026 EMTN EUR 749,551.59 0.07 1,200,000 ARGENTUM NETHERLANDS BV FOR GIVAUDAN SA EUR 1,267,371.67 0.12 1,000,000 ORANGE SA 0.500% 04/09/2032 EMTN EUR 1,024,462.12 0.10 1.125% 17/09/2025 700,000 ARGENTUM NETHERLANDS BV FOR GIVAUDAN SA EUR 822,160.12 0.08 1,000,000 ORANGE SA 1.250% 07/07/2027 EMTN EUR 1,081,624.41 0.10 2.000% 17/09/2030 2,000,000 ORANGE SA 1.875% 12/09/2030 EMTN EUR 2,334,965.50 0.23 400,000 BAYER CAPITAL CORP BV 1.500% 26/06/2026 EUR 428,075.21 0.04 1,200,000 PERNOD RICARD SA 0.500% 24/10/2027 EUR 1,245,361.54 0.12 160,000 BMW FINANCE NV 0.375% 24/09/2027 EMTN EUR 164,225.20 0.02

The accompanying notes form an integral part of these financial statements.

13 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional FCR (Denominated in EUR)

Securities portfolio as at 31/12/2020 (continued)

Quantity/ Name Currency Market value % Quantity/ Name Currency Market value % Nominal in EUR NAV Nominal in EUR NAV

100,000 BMW FINANCE NV 1.000% 14/11/2024 EMTN EUR 104,313.80 0.01 3,095,000 INTERNATIONAL BUSINESS MACHINES CORP EUR 3,329,432.97 0.31 1.250% 29/01/2027 500,000 BMW FINANCE NV 1.000% 15/02/2022 EMTN EUR 507,292.42 0.05 2,430,000 JPMORGAN CHASE & CO 11/03/2027 FRN EMTN EUR 2,554,030.53 0.25 1,000,000 BMW FINANCE NV 1.000% 21/01/2025 EMTN EUR 1,046,239.42 0.10 400,000 JPMORGAN CHASE & CO 1.500% 29/10/2026 EUR 435,451.94 0.04 1,500,000 BMW FINANCE NV 1.125% 10/01/2028 EMTN EUR 1,625,070.54 0.16 EMTN 1,175,000 BMW FINANCE NV 1.500% 06/02/2029 EMTN EUR 1,310,421.24 0.13 810,000 JPMORGAN CHASE & CO 24/02/2028 FRN EMTN EUR 822,250.67 0.08 1,300,000 COOPERATIEVE RABOBANK UA 4.000% EUR 1,359,149.77 0.13 345,000 JPMORGAN CHASE & CO 25/07/2031 FRN EMTN EUR 368,379.89 0.04 11/01/2022 GMTN 530,000 LINDE INC 1.625% 01/12/2025 EUR 574,202.34 0.06 2,000,000 ENEXIS HOLDING NV 0.750% 02/07/2031 EMTN EUR 2,124,816.42 0.21 800,000 MERCK & CO INC 1.875% 15/10/2026 EUR 889,687.23 0.09 1,000,000 ENEXIS HOLDING NV 0.875% 28/04/2026 EMTN EUR 1,050,684.03 0.10 1,070,000 MORGAN STANLEY 1.750% 11/03/2024 GMTN EUR 1,131,694.83 0.11 3,880,000 ENEXIS HOLDING NV 1.500% 20/10/2023 EMTN EUR 4,048,154.00 0.40 1,260,000 MORGAN STANLEY 1.750% 30/01/2025 GMTN EUR 1,347,866.68 0.13 1,350,000 E.ON INTERNATIONAL FINANCE BV 1.250% EUR 1,461,065.46 0.14 19/10/2027 EMTN 600,000 MORGAN STANLEY 23/10/2026 FRN EMTN EUR 636,539.58 0.06 2,055,000 E.ON INTERNATIONAL FINANCE BV 1.500% EUR 2,282,479.73 0.22 200,000 NATIONAL GRID NORTH AMERICA INC 1.000% EUR 207,534.57 0.02 31/07/2029 EMTN 12/07/2024 EMTN 1,000,000 E.ON INTERNATIONAL FINANCE BV 6.500% EUR 1,040,700.50 0.10 795,000 NEW YORK LIFE GLOBAL FUNDING 0.250% EUR 812,899.23 0.08 10/08/2021 EMTN 23/01/2027 GMTN 100,000 GIVAUDAN FINANCE EUROPE BV 1.000% EUR 106,566.92 0.01 495,000 PARKER-HANNIFIN CORP 1.125% 01/03/2025 EUR 515,556.40 0.05 22/04/2027 440,000 PEPSICO INC 0.875% 16/10/2039 EUR 466,322.56 0.05 100,000 GIVAUDAN FINANCE EUROPE BV 1.625% EUR 113,999.86 0.01 22/04/2032 1,000,000 PEPSICO INC 2.625% 28/04/2026 EMTN EUR 1,142,229.59 0.11 500,000 ING BANK NV 0.750% 22/02/2021 EMTN EUR 500,808.30 0.05 720,000 TOYOTA MOTOR CREDIT CORP 0.250% EUR 732,217.98 0.07 400,000 ING GROEP NV 1.125% 14/02/2025 EMTN EUR 418,913.92 0.04 16/07/2026 EMTN 490,000 WELLS FARGO & CO 0.500% 26/04/2024 EMTN EUR 496,994.47 0.05 495,000 KONINKLIJKE AHOLD DELHAIZE NV 0.250% EUR 504,843.17 0.05 26/06/2025 200,000 WELLS FARGO & CO 1.000% 02/02/2027 EMTN EUR 208,830.73 0.02 605,000 KONINKLIJKE DSM NV 0.625% 23/06/2032 EMTN EUR 631,262.54 0.06 225,000 WELLS FARGO & CO 1.500% 24/05/2027 EMTN EUR 241,824.17 0.02 1,500,000 KONINKLIJKE PHILIPS NV 2.000% 30/03/2030 EUR 1,741,579.95 0.17 EMTN 30,791,012.41 2.98 1,000,000 LINDE FINANCE BV 0.550% 19/05/2032 EMTN EUR 1,042,749.90 0.10 United Kingdom 1,300,000 ROCHE FINANCE EUROPE BV 0.875% 25/02/2025 EUR 1,360,336.32 0.13 EMTN 153,000 AVIVA PLC 1.875% 13/11/2027 EMTN EUR 172,546.08 0.02 1,500,000 SHELL INTERNATIONAL FINANCE BV 1.625% EUR 1,654,180.29 0.16 20/01/2027 EMTN 400,000 BARCLAYS PLC 1.875% 08/12/2023 EMTN EUR 421,484.34 0.04 362,000 SIEMENS FINANCIERINGSMAATSCHAPPIJ NV EUR 411,572.92 0.04 1,000,000 BP CAPITAL MARKETS PLC 1.573% 16/02/2027 EUR 1,086,859.74 0.10 1.375% 06/09/2030 EMTN EMTN 1,000,000 UNILEVER NV 1.000% 14/02/2027 EMTN EUR 1,069,830.51 0.10 2,000,000 DIAGEO FINANCE PLC 1.000% 22/04/2025 EMTN EUR 2,093,835.62 0.19 775,000 UNILEVER NV 1.125% 29/04/2028 EMTN EUR 844,161.09 0.08 665,000 HSBC HOLDINGS PLC 04/12/2024 FRN EMTN EUR 697,135.60 0.07 300,000 VOLKSWAGEN INTERNATIONAL FINANCE NV EUR 328,164.36 0.03 300,000 HSBC HOLDINGS PLC 13/11/2031 FRN EUR 310,628.78 0.03 1.875% 30/03/2027 410,000 LLOYDS BANK CORPORATE MARKETS PLC 0.375% EUR 415,166.08 0.04 300,000 VOLKSWAGEN INTERNATIONAL FINANCE NV EUR 430,506.35 0.04 28/01/2025 EMTN 4.125% 16/11/2038 295,000 NATIONWIDE BUILDING SOCIETY 0.625% EUR 300,180.04 0.03 700,000 VONOVIA FINANCE BV 0.625% 07/10/2027 EMTN EUR 724,438.06 0.07 19/04/2023 EMTN 300,000 VONOVIA FINANCE BV 1.500% 14/01/2028 EUR 328,989.38 0.03 351,000 NATWEST GROUP PLC 04/03/2025 FRN EMTN EUR 370,826.45 0.04 100,000 VONOVIA FINANCE BV 1.800% 29/06/2025 EUR 108,064.42 0.01 150,000 SANTANDER UK PLC 1.125% 10/03/2025 EMTN EUR 157,459.90 0.02 200,000 VONOVIA FINANCE BV 2.250% 15/12/2023 EMTN EUR 214,255.78 0.02 260,000 TESCO CORPORATE TREASURY SERVICES PLC EUR 267,912.43 0.03 0.875% 29/05/2026 EMTN 500,000 WOLTERS KLUWER NV 0.750% 03/07/2030 EUR 521,951.11 0.05 960,000 VODAFONE GROUP PLC 1.125% 20/11/2025 EUR 1,012,820.71 0.10 36,060,364.04 3.49 EMTN 7,306,855.77 0.71 United States Norway 1,500,000 AT&T INC 2.350% 05/09/2029 EUR 1,738,021.22 0.17 640,000 BANK OF AMERICA CORP 07/02/2022 FRN EMTN EUR 640,682.12 0.06 300,000 DNB BANK ASA 0.050% 14/11/2023 EMTN EUR 302,361.10 0.03 900,000 BANK OF AMERICA CORP 07/02/2025 FRN EMTN EUR 938,195.69 0.09 800,000 DNB BANK ASA 0.250% 09/04/2024 EUR 811,684.26 0.08 600,000 BANK OF AMERICA CORP 0.750% 26/07/2023 EUR 613,996.87 0.06 200,000 DNB BANK ASA 0.600% 25/09/2023 EMTN EUR 204,644.24 0.02 EMTN 1,000,000 EQUINOR ASA 1.625% 17/02/2035 EMTN EUR 1,172,172.27 0.11 718,000 BANK OF AMERICA CORP 09/05/2026 FRN EMTN EUR 741,450.09 0.07 315,000 SPAREBANK 1 SR-BANK ASA 0.375% 10/02/2022 EUR 317,027.42 0.03 400,000 BANK OF AMERICA CORP 2.375% 19/06/2024 EUR 433,598.15 0.04 EMTN EMTN 1,500,000 STATNETT SF 0.875% 08/03/2025 EMTN EUR 1,558,609.85 0.15 115,000 BERKSHIRE HATHAWAY INC 1.300% 15/03/2024 EUR 120,170.10 0.01 1,000,000 TELENOR AS 0.250% 14/02/2028 EMTN EUR 1,016,055.89 0.10 550,000 BERKSHIRE HATHAWAY INC 2.150% 15/03/2028 EUR 633,511.71 0.06 5,382,555.03 0.52 640,000 CHUBB INA HOLDINGS INC 0.875% 15/06/2027 EUR 673,251.93 0.07 1,710,000 CHUBB INA HOLDINGS INC 0.875% 15/12/2029 EUR 1,812,682.52 0.18 Luxembourg

700,000 CITIGROUP INC 2.125% 10/09/2026 EMTN EUR 777,530.62 0.08 200,000 AROUNDTOWN SA 1.625% 31/01/2028 EMTN EUR 214,010.20 0.02 702,000 CITIGROUP INC 24/07/2026 FRN EMTN EUR 745,705.99 0.07 200,000 AROUNDTOWN SA 2.000% 02/11/2026 EMTN EUR 217,916.17 0.02 1,122,000 COCA-COLA CO/THE 0.750% 22/09/2026 EUR 1,177,054.14 0.11 500,000 CNH INDUSTRIAL FINANCE EUROPE SA 1.875% EUR 535,100.24 0.05 473,000 EMERSON ELECTRIC CO 1.250% 15/10/2025 EUR 503,983.98 0.05 19/01/2026 EMTN EMTN 1,599,000 DH EUROPE FINANCE II SARL 0.750% 18/09/2031 EUR 1,647,184.07 0.16 EMERSON ELECTRIC CO 2.000% 15/10/2029 1,345,000 EUR 1,553,077.88 0.15 300,000 GRAND CITY PROPERTIES SA 1.500% 22/02/2027 EUR 320,533.13 0.03 EMTN EMTN GOLDMAN SACHS GROUP INC/THE 1.375% 550,000 EUR 567,705.97 0.05 150,000 HEIDELBERGCEMENT FINANCE LUXEMBOURG SA EUR 161,093.03 0.02 15/05/2024 EMTN 1.625% 07/04/2026 EMTN HONEYWELL INTERNATIONAL INC 1.300% 200,000 EUR 206,447.07 0.02 267,000 LOGICOR FINANCING SARL 1.625% 15/07/2027 EUR 283,622.76 0.03 22/02/2023 EMTN

The accompanying notes form an integral part of these financial statements.

14 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional FCR (Denominated in EUR)

Securities portfolio as at 31/12/2020 (continued)

Quantity/ Name Currency Market value % Quantity/ Name Currency Market value % Nominal in EUR NAV Nominal in EUR NAV

200,000 LOGICOR FINANCING SARL 3.250% 13/11/2028 EUR 235,274.42 0.02 Australia EMTN 360,000 MEDTRONIC GLOBAL HOLDINGS SCA 1.000% EUR 388,232.38 0.04 400,000 NATIONAL AUSTRALIA BANK LTD 0.350% EUR 404,678.01 0.04 02/07/2031 07/09/2022 GMTN 415,000 NESTLE FINANCE INTERNATIONAL LTD 1.250% EUR 464,750.09 0.04 407,000 NATIONAL AUSTRALIA BANK LTD 0.625% EUR 416,810.13 0.04 02/11/2029 EMTN 30/08/2023 GMTN 244,000 NESTLE FINANCE INTERNATIONAL LTD 1.500% EUR 277,987.16 0.03 300,000 NATIONAL AUSTRALIA BANK LTD 1.125% EUR 332,836.80 0.03 01/04/2030 EMTN 20/05/2031 GMTN 4,745,703.65 0.46 500,000 TRANSURBAN FINANCE CO PTY LTD 1.750% EUR 553,134.73 0.05 29/03/2028 EMTN Finland 300,000 WESTPAC BANKING CORP 0.375% 05/03/2023 EUR 304,398.44 0.03 EMTN 760,000 ELENIA VERKKO OYJ 0.375% 06/02/2027 EMTN EUR 766,509.29 0.07 2,011,858.11 0.19 1,300,000 NORDEA BANK ABP 0.500% 14/05/2027 EMTN EUR 1,344,378.79 0.13 Sweden 800,000 OP CORPORATE BANK PLC 0.125% 01/07/2024 EUR 807,840.28 0.08 EMTN 400,000 ATLAS COPCO AB 0.625% 30/08/2026 EMTN EUR 416,150.54 0.04 400,000 OP CORPORATE BANK PLC 0.375% 29/08/2023 EUR 406,883.88 0.04 EMTN 480,000 ESSITY AB 0.500% 03/02/2030 EUR 489,856.47 0.04 900,000 OP CORPORATE BANK PLC 0.500% 12/08/2025 EUR 923,085.50 0.09 300,000 FASTIGHETS AB BALDER 1.875% 23/01/2026 EUR 316,824.73 0.03 EMTN 274,000 SVENSKA HANDELSBANKEN AB 1.000% EUR 287,478.25 0.03 100,000 SAMPO OYJ 2.250% 27/09/2030 EMTN EUR 119,843.23 0.01 15/04/2025 EMTN 4,368,540.97 0.42 1,510,309.99 0.14 Switzerland Denmark

200,000 CREDIT SUISSE AG/LONDON 1.500% 10/04/2026 EUR 216,005.58 0.02 1,400,000 CARLSBERG BREWERIES A/S 0.875% 01/07/2029 EUR 1,467,597.21 0.14 EMTN EMTN 700,000 CREDIT SUISSE GROUP AG 17/07/2025 FRN EMTN EUR 728,563.73 0.07 1,467,597.21 0.14 500,000 CREDIT SUISSE GROUP AG 24/06/2027 FRN EMTN EUR 520,611.68 0.05 1,202,000 UBS AG/LONDON 0.625% 23/01/2023 GMTN EUR 1,222,972.54 0.12 New Zealand 299,000 UBS AG/LONDON 0.750% 21/04/2023 EMTN EUR 305,751.84 0.03 600,000 ASB FINANCE LTD 0.750% 13/03/2024 EMTN EUR 618,017.04 0.06 500,000 UBS GROUP AG 17/04/2025 FRN EUR 520,880.48 0.05 470,000 BNZ INTERNATIONAL FUNDING LTD/LONDON EUR 479,412.99 0.05 0.375% 14/09/2024 GMTN 500,000 UBS GROUP AG 29/01/2026 FRN EMTN EUR 503,740.49 0.05 295,000 BNZ INTERNATIONAL FUNDING LTD/LONDON EUR 299,896.55 0.03 4,018,526.34 0.39 0.500% 13/05/2023 GMTN 1,397,326.58 0.14 Austria Japan 200,000 ERSTE GROUP BANK AG 0.050% 16/09/2025 EUR 201,040.44 0.02 EMTN 500,000 TAKEDA PHARMACEUTICAL CO LTD 3.000% EUR 615,703.85 0.06 300,000 ERSTE GROUP BANK AG 0.375% 16/04/2024 EUR 305,355.77 0.03 21/11/2030 EMTN 800,000 ERSTE GROUP BANK AG 0.875% 13/05/2027 EUR 843,314.84 0.08 615,703.85 0.06 EMTN 500,000 ERSTE GROUP BANK AG 16/11/2028 FRN EMTN EUR 498,316.78 0.05 689,423,606.26 66.66 500,000 OMV AG 2.625% 27/09/2022 EMTN EUR 525,224.67 0.05 600,000 UNIQA INSURANCE GROUP AG 1.375% EUR 653,859.20 0.06 Undertakings for collective investment 09/07/2030 3,027,111.70 0.29 Open ended funds Canada Luxembourg 511,000 CANADIAN IMPERIAL BANK OF COMMERCE EUR 522,567.78 0.05 0.750% 22/03/2023 241,253 LYXOR S&P 500 UCITS ETF EUR 49,512,353.19 4.79 TOTAL CAPITAL CANADA LTD 2.125% 18/09/2029 2,000,000 EUR 2,372,534.48 0.23 1,785 NN (L) EMERGING MARKETS HIGH DIVIDEND - I EUR 14,297,350.20 1.38 EMTN CAP EUR 2,895,102.26 0.28 192,800 NN (L) EUROPEAN EQUITY - I CAP EUR EUR 14,431,080.00 1.40 2,077 NN (L) EUROPEAN SUSTAINABLE EQUITY - I CAP EUR 19,417,561.45 1.88 Belgium EUR 44,680 NN (L) GLOBAL SUSTAINABLE EQUITY - I CAP EUR EUR 24,716,415.80 2.39 1,200,000 ANHEUSER-BUSCH INBEV SA/NV 2.750% EUR 1,511,780.83 0.15 17/03/2036 EMTN 2,925 NN (L) US ENHANCED CORE CONCENTRATED EUR 46,392,012.17 4.49 100,000 BELFIUS BANK SA 0.010% 15/10/2025 EMTN EUR 100,242.49 0.01 EQUITY - I CAP EUR 811,166 XTRACKERS NIKKEI 225 UCITS ETF EUR 18,308,016.62 1.76 400,000 BPOST SA 1.250% 11/07/2026 EUR 429,439.50 0.04 100,000 SOLVAY SA 1.625% 02/12/2022 EUR 103,065.63 0.01 187,074,789.43 18.09 200,000 SOLVAY SA 2.750% 02/12/2027 EUR 234,237.82 0.02 Ireland 2,378,766.27 0.23 1,588 BERESFORD FUNDS PLC - NORTH AMERICA EUR 22,152,155.36 2.14 Ireland SUSTAINABLE EQUITY FUND 91,090 INVESCO S&P 500 UCITS ETF EUR 51,580,623.40 4.99 100,000 AIB GROUP PLC 1.250% 28/05/2024 EMTN EUR 103,815.67 0.01 1,061,028 ISHARES EMERGING MARKETS INDEX FUND EUR 25,193,048.83 2.43 300,000 BANK OF IRELAND GROUP PLC 1.375% EUR 310,549.33 0.03 77,000 ISHARES MSCI CANADA UCITS ETF EUR 9,221,520.00 0.89 29/08/2023 EMTN 703,985 ISHARES PACIFIC INDEX FUND USD 11,569,392.98 1.12 1,710,000 CLOVERIE PLC FOR ZURICH INSURANCE CO LTD EUR 1,836,226.56 0.18 1.750% 16/09/2024 EMTN 119,716,740.57 11.57 2,250,591.56 0.22

The accompanying notes form an integral part of these financial statements.

15 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional FCR (Denominated in EUR)

Securities portfolio as at 31/12/2020 (continued)

Quantity/ Name Currency Market value % Nominal in EUR NAV

France

131,874 LYXOR MSCI EUROPE DR UCITS ETF EUR 17,048,670.72 1.65 17,048,670.72 1.65

323,840,200.72 31.31

Total securities portfolio 1,013,263,806.98 97.97

Financial derivative instruments as at 31/12/2020

To receive To pay Maturity Currency Notional Swap value (%) (%) date in EUR

Inflation rate swap

Floating 1.0030 15/08/2030 EUR 89,250,000.00 677,000.52 677,000.52

Quantity Name Currency Commitment Unrealised in EUR profit or (loss) in EUR

Futures on interest rates

103 EURO-BUND FUTURE 08/03/2021 EUR 18,296,920.00 44,290.00 (173) EURO-BUXL 30Y BOND 08/03/2021 EUR 38,966,520.00 (360,693.53) (709) EURO-OAT FUTURE 08/03/2021 EUR 119,012,740.00 (398,350.23)

176,276,180.00 (714,753.76)

Total financial derivative instruments (37,753.24)

Summary of net assets as at 31/12/2020 % NAV Total securities portfolio 1,013,263,806.98 97.97 Total financial derivative instruments (37,753.24) 0.00 Cash at bank 12,276,556.91 1.19 Other assets and liabilities 8,787,243.67 0.84 Total net assets 1,034,289,854.32 100.00

The accompanying notes form an integral part of these financial statements.

16 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional Global Enhanced (Denominated in EUR) Statistics

Net assets 31/12/2020 EUR 175,408,016.57 31/12/2019 EUR 252,598,682.75 31/12/2018 EUR 171,343,437.47

Net asset value per unit**

Capitalisation I (EUR) 31/12/2020 EUR 14,543.42 31/12/2019 EUR 13,558.34 31/12/2018 EUR 10,614.51

Capitalisation V (EUR) 31/12/2020 EUR 294.69 31/12/2019 EUR 277.39 31/12/2018 EUR 219.27

Number of units

Capitalisation I (EUR) 31/12/2020 11,773 31/12/2019 17,722 31/12/2018 14,661

Capitalisation V (EUR) 31/12/2020 14,209 31/12/2019 44,402 31/12/2018 71,698

Ongoing charges in %*

Capitalisation I (EUR) 31/12/2020 0.41%

Capitalisation V (EUR) 31/12/2020 1.38%

Portfolio turnover in %* 31/12/2020 148.63%

17 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional Global Enhanced (Denominated in EUR) Financial statements

Statement of net assets as at 31/12/2020 Notes Total securities portfolio 2 174,987,433.98 Shares 174,987,433.98 Cash at bank 696,589.80 Other assets 4 1,407,744.77 Total assets 177,091,768.55 Current liabilities 4 (1,683,751.98) Total liabilities (1,683,751.98) Net assets at the end of the year 175,408,016.57

Statement of operations and changes in net assets for the year ended 31/12/2020 Notes Total income 2 3,274,457.76 Dividends 3,270,647.11 Bank interest 3,810.65 Total expenses (861,388.09) Management fees 5 (757,555.34) Depositary fees 6 (48,651.23) Subscription tax 8 (17,647.65) Bank interest (181.41) Other expenses (37,352.46) Net investment income 2,413,069.67 Realised gains on securities portfolio 38,108,639.41 Realised losses on securities portfolio (22,648,828.68) Realised gains on currency 2,476,342.11 Realised losses on currency (2,497,633.35) Changes in net unrealised gains or (losses) on securities (8,674,050.48) portfolio Result of operations 9,177,538.68 Subscriptions 33,613,621.90 Redemptions (119,981,826.76) Net assets at the beginning of the year 252,598,682.75 Net assets at the end of the year 175,408,016.57

The accompanying notes form an integral part of these financial statements.

18 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional Global Enhanced (Denominated in EUR)

Securities portfolio as at 31/12/2020

Quantity/ Name Currency Market value % Quantity/ Name Currency Market value % Nominal in EUR NAV Nominal in EUR NAV

Transferable securities and money market instruments admitted to an 2,473 CIGNA CORP USD 420,766.74 0.24 official stock exchange listing and/or dealt in on another regulated market 15,013 CISCO SYSTEMS INC USD 549,084.02 0.31 13,954 CITIGROUP INC USD 703,202.68 0.40 19,152 COCA-COLA CO/THE USD 858,400.29 0.49 Shares 2,200 COLGATE-PALMOLIVE CO USD 153,750.97 0.09 United States 19,193 COMCAST CORP - A USD 821,963.30 0.48 1,700 CONSTELLATION BRANDS INC - A USD 304,348.00 0.17 2,696 ABBOTT LABORATORIES USD 241,252.94 0.14 2,900 COPART INC USD 301,601.90 0.17 5,654 ABBVIE INC USD 495,138.00 0.28 1,700 CORELOGIC INC/UNITED STATES USD 107,428.38 0.06 1,700 ABIOMED INC USD 450,443.38 0.26 4,771 COSTCO WHOLESALE CORP USD 1,469,181.79 0.84 4,595 ADOBE INC USD 1,878,183.48 1.07 161 CREDIT ACCEPTANCE CORP USD 45,546.60 0.03 5,000 ADVANCED MICRO DEVICES INC USD 374,770.14 0.21 16,900 CSX CORP USD 1,253,463.28 0.71 4,033 AFLAC INC USD 146,579.63 0.08 4,088 CUMMINS INC USD 758,763.27 0.43 2,387 AIR PRODUCTS AND CHEMICALS INC USD 533,019.61 0.30 1,200 CURTISS-WRIGHT CORP USD 114,110.58 0.07 2,800 ALLISON TRANSMISSION HOLDINGS INC USD 98,699.69 0.06 400 DANAHER CORP USD 72,621.47 0.04 8,587 ALLSTATE CORP/THE USD 771,500.07 0.44 2,500 DARLING INGREDIENTS INC USD 117,853.79 0.07 3,768 ALLY FINANCIAL INC USD 109,817.24 0.06 1,100 DISH NETWORK CORP - A USD 29,074.41 0.02 198 ALPHABET INC - A USD 283,619.57 0.16 1,700 DOLBY LABORATORIES INC - A USD 134,952.39 0.08 2,584 ALPHABET INC - C USD 3,699,773.54 2.11 800 DOMINO'S PIZZA INC USD 250,719.63 0.14 1,000 ALTERYX INC - A USD 99,538.23 0.06 800 DORMAN PRODUCTS INC USD 56,765.97 0.03 1,610 AMAZON.COM INC USD 4,285,609.33 2.44 9,800 DOW INC USD 444,526.17 0.25 528 AMEDISYS INC USD 126,581.05 0.07 2,000 EATON VANCE CORP USD 111,037.55 0.06 222 AMERICAN ELECTRIC POWER CO INC USD 15,108.45 0.01 1,600 ECOLAB INC USD 282,927.55 0.16 100 AMERICAN TOWER CORP USD 18,344.98 0.01 9,916 EDWARDS LIFESCIENCES CORP USD 739,354.08 0.42 1,200 AMETEK INC USD 118,612.23 0.07 2,300 ELECTRONIC ARTS INC USD 269,935.84 0.15 1,500 AMPHENOL CORP - A USD 160,316.29 0.09 547 ELI LILLY AND CO USD 75,481.57 0.04 1,600 ANAPLAN INC USD 93,956.11 0.05 18,156 EMERSON ELECTRIC CO USD 1,192,593.45 0.68 20,200 ANTERO MIDSTREAM CORP USD 127,286.99 0.08 1,100 ENPHASE ENERGY INC USD 157,751.62 0.09 2,128 ANTHEM INC USD 558,440.21 0.32 2,200 EPAM SYSTEMS INC USD 644,330.02 0.37 800 APPIAN CORP USD 105,980.14 0.06 8,900 EQT CORP USD 92,451.47 0.05 73,140 APPLE INC USD 7,931,794.04 4.53 1,918 EQUINIX INC USD 1,119,526.98 0.64 2,600 ARTISAN PARTNERS ASSET MANAGEMENT INC - A USD 106,970.70 0.06 14,000 EQUITRANS MIDSTREAM CORP USD 91,994.61 0.05 2,100 ATMOS ENERGY CORP USD 163,788.16 0.09 1,900 EQUITY LIFESTYLE PROPERTIES INC USD 98,389.11 0.06 5,200 AUTODESK INC USD 1,297,673.16 0.74 800 ERIE INDEMNITY CO - A USD 160,581.91 0.09 1,200 AUTOLIV INC USD 90,327.33 0.05 2,300 ESSENTIAL UTILITIES INC USD 88,894.61 0.05 1,400 AVALONBAY COMMUNITIES INC USD 183,565.85 0.10 4,100 EXELIXIS INC USD 67,252.67 0.04 700 AVERY DENNISON CORP USD 88,739.32 0.05 2,700 EXPEDIA GROUP INC USD 292,166.24 0.17 12,986 BANK OF AMERICA CORP USD 321,691.52 0.18 1,600 EXPONENT INC USD 117,729.56 0.07 6,700 BAXTER INTERNATIONAL INC USD 439,383.76 0.25 5,640 FACEBOOK INC - A USD 1,259,141.35 0.72 2,900 BECTON DICKINSON AND CO USD 593,059.54 0.34 1,200 FASTLY INC - A USD 85,688.37 0.05 6,408 BERKSHIRE HATHAWAY INC - B USD 1,214,354.10 0.69 7,914 FIFTH THIRD BANCORP USD 178,324.53 0.10 1,400 BIGCOMMERCE HOLDINGS INC USD 73,401.17 0.04 1,300 FIRST SOLAR INC USD 105,100.73 0.06 1,800 BJ'S WHOLESALE CLUB HOLDINGS INC USD 54,843.69 0.03 5,500 GAP INC/THE USD 90,756.41 0.05 128 BLACKROCK INC - A USD 75,482.91 0.04 1,300 GENERAL MILLS INC USD 62,473.95 0.04 87 BOOKING HOLDINGS INC USD 158,369.08 0.09 2,800 GENTEX CORP USD 77,646.19 0.04 4,100 BROADCOM INC USD 1,467,193.82 0.84 13,300 GILEAD SCIENCES INC USD 633,286.75 0.36 5,300 BROWN & BROWN INC USD 205,363.90 0.12 6,900 GRAPHIC PACKAGING HOLDING CO USD 95,530.22 0.05 2,800 BRUKER CORP USD 123,872.34 0.07 16,500 HALLIBURTON CO USD 254,873.12 0.15 115 CABLE ONE INC USD 209,380.74 0.12 1,200 HANOVER INSURANCE GROUP INC/THE USD 114,669.61 0.07 1,200 CAPITAL ONE FINANCIAL CORP USD 96,947.41 0.06 1,600 HEICO CORP USD 173,135.55 0.10 900 CARDLYTICS INC USD 105,016.55 0.06 4,507 HERSHEY CO/THE USD 561,114.23 0.32 2,900 CARMAX INC USD 223,884.60 0.13 4,400 HOLLYFRONTIER CORP USD 92,959.01 0.05 18,300 CARRIER GLOBAL CORP USD 564,158.39 0.32 2,900 HOLOGIC INC USD 172,618.20 0.10 7,400 CBRE GROUP INC - A USD 379,329.00 0.22 6,712 HOME DEPOT INC/THE USD 1,457,105.50 0.83 827 CDW CORP/DE USD 89,077.14 0.05 3,515 HONEYWELL INTERNATIONAL INC USD 611,042.05 0.35 3,617 CELANESE CORP - A USD 384,122.41 0.22 1,800 HOULIHAN LOKEY INC - A USD 98,904.01 0.06 7,500 CENTERPOINT ENERGY INC USD 132,646.81 0.08 833 HUMANA INC USD 279,314.22 0.16 5,400 CH ROBINSON WORLDWIDE INC USD 414,284.66 0.24 800 HUNTINGTON INGALLS INDUSTRIES INC USD 111,465.82 0.06 17,800 CHARLES SCHWAB CORP/THE USD 771,617.02 0.44 7,400 INCYTE CORP USD 526,052.88 0.30 281 CHEMED CORP USD 122,319.00 0.07 1,639 INGREDION INC USD 105,381.99 0.06 1,900 CHEWY INC - A USD 139,586.45 0.08 2,400 INTERACTIVE BROKERS GROUP INC - A USD 119,494.91 0.07

The accompanying notes form an integral part of these financial statements.

19 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional Global Enhanced (Denominated in EUR)

Securities portfolio as at 31/12/2020 (continued)

Quantity/ Name Currency Market value % Quantity/ Name Currency Market value % Nominal in EUR NAV Nominal in EUR NAV

2,700 INTERNATIONAL PAPER CO USD 109,716.81 0.06 7,400 PINTEREST INC - A USD 398,561.56 0.23 761 INTUIT INC USD 236,251.77 0.13 900 PIONEER NATURAL RESOURCES CO USD 83,773.45 0.05 4,000 IRIDIUM COMMUNICATIONS INC USD 128,560.34 0.07 5,117 PNC FINANCIAL SERVICES GROUP INC/THE USD 623,131.87 0.36 500 JACK HENRY & ASSOCIATES INC USD 66,196.72 0.04 2,900 PNM RESOURCES INC USD 115,023.50 0.07 8,716 JOHNSON & JOHNSON USD 1,121,101.78 0.64 900 POLARIS INC USD 70,084.59 0.04 16,288 JPMORGAN CHASE & CO USD 1,691,566.47 0.96 400 POOL CORP USD 121,776.80 0.07 3,410 KIMBERLY-CLARK CORP USD 375,767.48 0.21 3,500 PPD INC USD 97,887.30 0.06 1,200 KLA CORP USD 253,926.69 0.14 1,000 PPG INDUSTRIES INC USD 117,870.13 0.07 877 KONTOOR BRANDS INC USD 29,072.06 0.02 1,100 PRA HEALTH SCIENCES INC USD 112,773.49 0.06 5,400 KROGER CO/THE USD 140,169.18 0.08 600 PRIMERICA INC USD 65,676.11 0.04 400 LANCASTER COLONY CORP USD 60,064.57 0.03 5,432 PROCTER & GAMBLE CO/THE USD 617,717.69 0.35 1,000 LCI INDUSTRIES USD 105,986.68 0.06 3,200 PROGYNY INC USD 110,864.29 0.06 700 LHC GROUP INC USD 122,041.60 0.07 3,600 PTC INC USD 351,923.50 0.20 600 LIBERTY BROADBAND CORP - A USD 77,273.51 0.04 7,200 PULTEGROUP INC USD 253,740.35 0.14 700 LIBERTY BROADBAND CORP - C USD 90,604.39 0.05 900 PVH CORP USD 69,062.16 0.04 6,200 LIVE NATION ENTERTAINMENT INC USD 372,339.50 0.21 500 QUAKER CHEMICAL CORP USD 103,547.06 0.06 2,100 LIVEPERSON INC USD 106,806.42 0.06 4,300 QUALCOMM INC USD 535,378.20 0.31 2,800 LOUISIANA-PACIFIC CORP USD 85,060.68 0.05 1,100 QUALYS INC USD 109,563.97 0.06 1,500 LOWE'S COS INC USD 196,775.78 0.11 600 QUIDEL CORP USD 88,096.11 0.05 4,000 LULULEMON ATHLETICA INC USD 1,137,771.24 0.65 1,000 Q2 HOLDINGS INC USD 103,412.20 0.06 700 MADISON SQUARE GARDEN SPORTS - A USD 105,324.67 0.06 6,700 RADIAN GROUP INC USD 110,886.36 0.06 2,400 MAGELLAN MIDSTREAM PARTNERS LP USD 83,246.29 0.05 1,353 REGENERON PHARMACEUTICALS INC USD 534,222.41 0.30 1,900 MARATHON PETROLEUM CORP USD 64,226.23 0.04 800 RESMED INC USD 138,979.20 0.08 3,700 MARSH & MCLENNAN COS INC USD 353,806.55 0.20 251 RH USD 91,804.60 0.05 3,300 MASCO CORP USD 148,150.06 0.08 500 ROCKWELL AUTOMATION INC USD 102,492.75 0.06 7,507 MASTERCARD INC - A USD 2,189,978.82 1.25 1,300 ROKU INC USD 352,765.31 0.20 10,300 MAXIM INTEGRATED PRODUCTS INC USD 746,267.01 0.43 6,616 ROSS STORES INC USD 664,060.28 0.38 3,500 MCDONALD'S CORP USD 613,812.27 0.35 9,800 SABRE CORP USD 96,273.96 0.05 2,100 MDC HOLDINGS INC USD 83,413.02 0.05 2,000 SBA COMMUNICATIONS CORP USD 461,166.28 0.26 3,600 MEDALLIA INC USD 97,741.82 0.06 2,000 SEALED AIR CORP USD 74,847.78 0.04 1,000 MEDPACE HOLDINGS INC USD 113,767.32 0.06 3,700 SEMPRA ENERGY USD 385,286.26 0.22 147 MERCADOLIBRE INC USD 201,264.63 0.11 3,160 SERVICENOW INC USD 1,421,567.41 0.81 26,027 MERCK & CO INC USD 1,740,025.83 1.00 10,883 SHELL MIDSTREAM PARTNERS LP USD 89,657.67 0.05 312 METTLER-TOLEDO INTERNATIONAL INC USD 290,613.51 0.17 13,900 SLM CORP USD 140,755.18 0.08 1,800 MGE ENERGY INC USD 103,023.17 0.06 13,900 SNAP INC - A USD 568,814.52 0.32 10,500 MGIC INVESTMENT CORP USD 107,698.91 0.06 2,044 SNAP-ON INC USD 285,897.72 0.16 2,800 MICROCHIP TECHNOLOGY INC USD 316,054.10 0.18 1,100 SNOWFLAKE INC - A USD 252,985.17 0.14 29,091 MICROSOFT CORP USD 5,288,235.23 3.02 7,296 SOUTHERN CO/THE USD 366,305.65 0.21 1,600 MOLINA HEALTHCARE INC USD 278,115.32 0.16 3,359 S&P GLOBAL INC USD 902,459.29 0.51 7,000 MONDELEZ INTERNATIONAL INC - A USD 334,510.24 0.19 3,000 SUNNOVA ENERGY INTERNATIONAL INC USD 110,653.43 0.06 4,658 MOODY'S CORP USD 1,104,930.67 0.63 4,100 T ROWE PRICE GROUP INC USD 507,293.53 0.29 2,000 MOTOROLA SOLUTIONS INC USD 277,978.01 0.16 4,000 TAPESTRY INC USD 101,605.98 0.06 3,800 NATIONAL GENERAL HOLDINGS CORP USD 106,153.41 0.06 5,033 TARGET CORP USD 726,145.63 0.41 3,100 NEUROCRINE BIOSCIENCES INC USD 242,846.63 0.14 3,500 TENET HEALTHCARE CORP USD 114,220.91 0.07 7,200 NEWELL BRANDS INC USD 124,928.28 0.07 6,100 TERADYNE INC USD 597,710.76 0.34 12,900 NEXTERA ENERGY INC USD 813,399.53 0.46 3,102 TESLA INC USD 1,789,046.90 1.02 2,400 NEXTERA ENERGY PARTNERS LP USD 131,518.94 0.07 11,495 TEXAS INSTRUMENTS INC USD 1,541,967.51 0.88 5,846 NIKE INC - B USD 675,929.57 0.39 1,100 TEXAS ROADHOUSE INC USD 70,267.66 0.04 2,081 NORFOLK SOUTHERN CORP USD 404,124.40 0.23 2,762 THERMO FISHER SCIENTIFIC INC USD 1,051,435.87 0.60 4,000 NUTANIX INC - A USD 104,188.63 0.06 1,400 TIMKEN CO/THE USD 88,516.20 0.05 251 NVIDIA CORP USD 107,124.51 0.06 281 TJX COS INC/THE USD 15,683.45 0.01 2,500 OGE ENERGY CORP USD 65,097.46 0.04 1,700 TRAVELERS COS INC USD 195,030.04 0.11 7,100 OMEGA HEALTHCARE INVESTORS INC USD 210,757.22 0.12 4,000 TRIPADVISOR INC USD 94,086.88 0.05 298 O'REILLY AUTOMOTIVE INC USD 110,225.05 0.06 5,900 TRUIST FINANCIAL CORP USD 231,120.10 0.13 1,500 PAPA JOHN'S INTERNATIONAL INC USD 104,021.09 0.06 200 TWILIO INC - A USD 55,330.80 0.03 4,933 PARKER-HANNIFIN CORP USD 1,098,278.39 0.63 4,600 TYSON FOODS INC - A USD 242,265.54 0.14 4,000 PARSONS CORP USD 119,030.69 0.07 1,500 UBER TECHNOLOGIES INC USD 62,522.99 0.04 5,800 PAYCHEX INC USD 441,701.61 0.25 1,071 UNION PACIFIC CORP USD 182,259.51 0.10 4,200 PAYPAL HOLDINGS INC USD 803,923.01 0.46 1,300 UNITED PARCEL SERVICE INC - B USD 178,921.99 0.10 10,188 PEPSICO INC USD 1,234,833.39 0.70 2,500 UNITEDHEALTH GROUP INC USD 716,521.60 0.41 31,200 PFIZER INC USD 938,639.21 0.55 3,500 US FOODS HOLDING CORP USD 95,284.21 0.05

The accompanying notes form an integral part of these financial statements.

20 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional Global Enhanced (Denominated in EUR)

Securities portfolio as at 31/12/2020 (continued)

Quantity/ Name Currency Market value % Quantity/ Name Currency Market value % Nominal in EUR NAV Nominal in EUR NAV

2,000 VEEVA SYSTEMS INC - A USD 445,016.55 0.25 4,700 NISSAN CHEMICAL CORP JPY 240,347.51 0.14 5,660 VEREIT INC USD 174,812.14 0.10 6,200 NOMURA REAL ESTATE HOLDINGS INC JPY 112,048.71 0.06 2,612 VERISIGN INC USD 461,964.61 0.26 10,900 NOMURA RESEARCH INSTITUTE LTD JPY 318,823.40 0.18 3,628 VERISK ANALYTICS INC - A USD 615,533.91 0.35 2,600 OBIC CO LTD JPY 426,659.96 0.24 30,438 VERIZON COMMUNICATIONS INC USD 1,461,511.59 0.84 2,700 ORIENTAL LAND CO LTD/JAPAN JPY 364,202.23 0.21 600 VERTEX PHARMACEUTICALS INC USD 115,895.55 0.07 400 OTSUKA CORP JPY 17,257.02 0.01 4,007 VIATRIS INC USD 61,371.57 0.03 15,700 OTSUKA HOLDINGS CO LTD JPY 549,078.71 0.31 4,700 VIRTU FINANCIAL INC - A USD 96,685.06 0.06 2,200 PALTAC CORP JPY 97,700.05 0.06 7,591 VISA INC - A USD 1,357,018.05 0.77 5,400 RECRUIT HOLDINGS CO LTD JPY 184,708.66 0.11 8,800 VONAGE HOLDINGS CORP USD 92,599.40 0.05 1,600 RINNAI CORP JPY 151,735.10 0.09 3,500 VROOM INC USD 117,195.86 0.07 81,400 SOFTBANK CORP JPY 833,167.21 0.47 10,822 WALT DISNEY CO/THE USD 1,602,492.71 0.91 12,900 SOFTBANK GROUP CORP JPY 822,860.50 0.47 500 WD-40 CO USD 108,569.33 0.06 3,300 SONY CORP JPY 268,675.14 0.15 6,574 WEC ENERGY GROUP INC USD 494,467.10 0.28 24,300 SUBARU CORP JPY 396,743.18 0.23 2,100 WESTERN ALLIANCE BANCORP USD 102,893.22 0.06 10,800 SUMITOMO DAINIPPON PHARMA CO LTD JPY 130,206.57 0.07 3,500 WEYERHAEUSER CO USD 95,913.53 0.05 7,400 SUMITOMO MITSUI FINANCIAL GROUP INC JPY 186,749.43 0.11 11,400 WILLIAMS COS INC/THE USD 186,808.88 0.11 3,500 SUMITOMO REALTY & DEVELOPMENT CO LTD JPY 88,133.49 0.05 900 WINGSTOP INC USD 97,499.08 0.06 1,600 TOKIO MARINE HOLDINGS INC JPY 67,229.54 0.04 1,100 WORKDAY INC - A USD 215,414.98 0.12 1,900 TOKYO ELECTRON LTD JPY 577,555.96 0.33 2,000 WP CAREY INC USD 115,369.21 0.07 3,800 TOYO SUISAN KAISHA LTD JPY 151,006.82 0.09 2,841 XCEL ENERGY INC USD 154,803.21 0.09 5,500 TOYO TIRE CORP JPY 68,268.13 0.04 1,300 YUM! BRANDS INC USD 115,343.06 0.07 5,100 UNICHARM CORP JPY 197,499.44 0.11 700 ZILLOW GROUP INC - C USD 74,259.33 0.04 13,561,826.65 7.73 1,389 ZOOM VIDEO COMMUNICATIONS - A USD 382,932.84 0.22 France 3,200 2U INC USD 104,639.78 0.06 4,400 3M CO USD 628,561.15 0.36 4,000 ACCOR SA EUR 118,400.00 0.07 113,275,933.63 64.58 10,100 ALD SA EUR 116,150.00 0.07 29,200 BNP PARIBAS SA EUR 1,258,666.00 0.72 Japan 2,400 BUREAU VERITAS SA EUR 52,224.00 0.03 31,600 ASTELLAS PHARMA INC JPY 398,735.26 0.23 6,400 CARREFOUR SA EUR 89,792.00 0.05 2,600 CHANGE INC JPY 72,550.72 0.04 5,300 EDENRED EUR 245,973.00 0.14 900 CHUGAI PHARMACEUTICAL CO LTD JPY 39,205.89 0.02 1,418 ESSILORLUXOTTICA SA EUR 180,865.90 0.10 600 COSMOS PHARMACEUTICAL CORP JPY 79,223.96 0.05 1,377 GAZTRANSPORT ET TECHNIGAZ SA EUR 109,058.40 0.06 4,100 DAI NIPPON PRINTING CO LTD JPY 60,205.62 0.03 18,000 GETLINK SE EUR 255,240.00 0.15 3,100 DAIWA HOUSE INDUSTRY CO LTD JPY 75,189.93 0.04 1,800 IPSEN SA EUR 122,220.00 0.07 1,100 EISAI CO LTD JPY 64,192.94 0.04 3,800 LA FRANCAISE DES JEUX SAEM EUR 142,158.00 0.08 1,400 FREEE KK JPY 111,933.13 0.06 5,600 LAGARDERE SCA EUR 114,688.00 0.07 2,000 HAMAMATSU PHOTONICS KK JPY 93,409.54 0.05 1,153 L'OREAL SA EUR 358,352.40 0.20 8,500 HASEKO CORP JPY 79,599.97 0.05 23,656 PEUGEOT SA EUR 529,184.72 0.30 300 HIKARI TSUSHIN INC JPY 57,423.12 0.03 8,100 REXEL SA EUR 104,449.50 0.06 48,200 HONDA MOTOR CO LTD JPY 1,097,922.32 0.63 9,955 SAFRAN SA EUR 1,154,282.25 0.66 1,600 HOYA CORP JPY 180,739.55 0.10 15,200 SANOFI EUR 1,196,240.00 0.68 5,500 IDEMITSU KOSAN CO LTD JPY 98,832.05 0.06 30,718 TOTAL SA EUR 1,084,345.40 0.62 51,100 ITOCHU CORP JPY 1,198,970.07 0.68 3,200 UBISOFT ENTERTAINMENT SA EUR 252,288.00 0.14 6,600 JAPAN AIRLINES CO LTD JPY 104,230.80 0.06 2,200 VINCI SA EUR 178,992.00 0.10 13,700 JGC CORP JPY 104,545.86 0.06 4,100 VIVENDI SA EUR 108,158.00 0.06 3,200 KAKEN PHARMACEUTICAL CO LTD JPY 100,945.64 0.06 7,771,727.57 4.43 5,500 KAMIGUMI CO LTD JPY 81,982.71 0.05 United Kingdom 2,187 KEYENCE CORP JPY 1,004,120.93 0.57 5,200 KOBE BUSSAN CO LTD JPY 130,900.02 0.07 17,172 ASTRAZENECA PLC GBP 1,405,076.92 0.80 2,500 KOEI TECMO HOLDINGS CO LTD JPY 124,677.99 0.07 5,389 COMPASS GROUP PLC GBP 82,060.64 0.05 2,700 KOITO MANUFACTURING CO LTD JPY 150,041.06 0.09 1,900 DIALOG SEMICONDUCTOR PLC EUR 84,911.00 0.05 2,800 MEIJI HOLDINGS CO LTD JPY 160,917.73 0.09 5,000 DS SMITH PLC GBP 20,925.15 0.01 2,400 MERCARI INC JPY 86,918.37 0.05 2,200 GENUS PLC GBP 103,130.96 0.06 6,300 MITSUBISHI ELECTRIC CORP JPY 77,649.45 0.04 15,700 HALMA PLC GBP 429,555.54 0.24 217,200 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 784,204.15 0.44 4,510 HIKMA PHARMACEUTICALS PLC GBP 126,871.23 0.07 29,700 MITSUBISHI UFJ LEASE & FINANCE CO LTD JPY 116,378.00 0.07 5,900 IMI PLC GBP 76,790.73 0.04 7,700 MS&AD INSURANCE GROUP HOLDINGS INC JPY 191,455.53 0.11 12,500 PERSIMMON PLC GBP 386,411.51 0.22 2,400 M3 INC JPY 185,102.88 0.11 33,200 PRUDENTIAL PLC GBP 499,616.26 0.28 4,700 NICHIREI CORP JPY 107,858.73 0.06 32,700 RENTOKIL INITIAL PLC GBP 186,169.30 0.11 1,700 NIPPON SHINYAKU CO LTD JPY 91,105.97 0.05 10,700 RIGHTMOVE PLC GBP 77,796.88 0.04

The accompanying notes form an integral part of these financial statements.

21 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional Global Enhanced (Denominated in EUR)

Securities portfolio as at 31/12/2020 (continued)

Quantity/ Name Currency Market value % Quantity/ Name Currency Market value % Nominal in EUR NAV Nominal in EUR NAV

36,200 ROTORK PLC GBP 128,607.58 0.07 7,800 SONIC HEALTHCARE LTD AUD 158,151.82 0.09 30,885 ROYAL DUTCH SHELL PLC - A EUR 451,353.39 0.26 6,400 WESFARMERS LTD AUD 203,427.25 0.12 74,300 ROYAL DUTCH SHELL PLC - B GBP 1,045,402.14 0.60 3,443,122.48 1.96 8,900 SIGNATURE AVIATION PLC GBP 38,479.72 0.02 Germany 12,500 SMITHS GROUP PLC GBP 210,103.40 0.12 27,500 UNILEVER PLC EUR 1,363,037.50 0.78 400 ALLIANZ SE - REG EUR 80,280.00 0.05 6,000 WEIR GROUP PLC/THE GBP 133,360.15 0.08 500 BECHTLE AG EUR 89,200.00 0.05 105,900 WM MORRISON SUPERMARKETS PLC GBP 209,825.39 0.12 2,400 DERMAPHARM HOLDING SE EUR 136,704.00 0.08 7,059,485.39 4.02 30,000 E.ON SE EUR 271,920.00 0.16 2,800 FUCHS PETROLUB SE EUR 130,032.00 0.07 Switzerland 4,400 HENKEL AG & CO KGAA EUR 346,940.00 0.20 267 ALCON INC CHF 14,525.61 0.01 1,900 LEG IMMOBILIEN AG EUR 241,414.00 0.14 51,700 CREDIT SUISSE GROUP AG - REG CHF 544,936.58 0.30 1,241 MTU AERO ENGINES AG EUR 264,829.40 0.15 329 EMS-CHEMIE HOLDING AG - REG CHF 259,474.98 0.15 1,495 MUENCHENER EUR 362,986.00 0.21 RUECKVERSICHERUNGSGESELLSCHAFT AG IN 731 GARMIN LTD USD 71,489.89 0.04 MUENCHEN - REG 1,185 GEBERIT AG - REG CHF 607,205.13 0.35 2,100 NEMETSCHEK SE EUR 126,840.00 0.07 12,561 NESTLE SA - REG CHF 1,210,856.00 0.69 5,400 PORSCHE AUTOMOBIL HOLDING SE - PREF EUR 304,560.00 0.17 643 PARTNERS GROUP HOLDING AG CHF 618,293.78 0.35 13,700 THYSSENKRUPP AG EUR 111,298.80 0.06 224 ROCHE HOLDING AG - GENUSSCHEIN CHF 63,996.62 0.04 3,800 UNITED INTERNET AG - REG EUR 130,834.00 0.07 71 SGS SA - REG CHF 175,275.08 0.10 900 ZALANDO SE EUR 81,954.00 0.05 4,700 SIKA AG - REG CHF 1,050,762.87 0.60 2,679,792.20 1.53 1,076 SONOVA HOLDING AG CHF 228,818.26 0.13 400 SULZER AG - REG CHF 34,431.84 0.02 Denmark 983 SWISSCOM AG - REG CHF 433,624.19 0.25 4,505 CARLSBERG A/S - B DKK 590,219.08 0.34 500 TEMENOS AG - REG CHF 57,162.96 0.03 800 CHR HANSEN HOLDING A/S DKK 67,323.47 0.04 5,370,853.79 3.06 3,700 COLOPLAST A/S - B DKK 462,085.77 0.26 Canada 3,000 NOVOZYMES A/S - B DKK 140,861.79 0.08 5,000 ORSTED A/S DKK 835,296.29 0.48 1,200 AGNICO EAGLE MINES LTD CAD 68,968.32 0.04 1,000 PANDORA A/S DKK 91,489.63 0.05 5,992 ALIMENTATION COUCHE-TARD INC - B CAD 166,751.67 0.10 1,200 ROYAL UNIBREW A/S DKK 113,914.67 0.06 9,000 BROOKFIELD ASSET MANAGEMENT INC - A CAD 303,810.09 0.17 4,500 TRYG A/S DKK 116,135.40 0.07 6,071 CANADIAN IMPERIAL BANK OF COMMERCE CAD 423,426.97 0.24 2,417,326.10 1.38 6,800 EMERA INC CAD 236,001.64 0.13 8,600 GIBSON ENERGY INC CAD 113,430.65 0.06 Singapore 3,700 GILDAN ACTIVEWEAR INC CAD 84,477.01 0.05 87,800 CAPITALAND MALL TRUST SGD 117,276.25 0.06 6,800 INNERGEX RENEWABLE ENERGY INC CAD 119,396.76 0.07 51,900 DBS GROUP HOLDINGS LTD SGD 803,643.59 0.46 8,400 KEYERA CORP CAD 121,893.55 0.07 5,600 FLEXTRONICS INTERNATIONAL LTD USD 82,291.69 0.05 9,200 KIRKLAND LAKE GOLD LTD CAD 310,443.39 0.18 85,900 MAPLETREE COMMERCIAL TRUST SGD 113,144.79 0.06 33,600 MANULIFE FINANCIAL CORP CAD 488,220.85 0.27 67,900 OVERSEA-CHINESE BANKING CORP LTD SGD 422,405.50 0.24 5,500 PARKLAND CORP/CANADA CAD 142,510.01 0.08 58,100 SINGAPORE TECHNOLOGIES ENGINEERING LTD SGD 137,246.51 0.08 3,000 RITCHIE BROS AUCTIONEERS INC CAD 170,284.54 0.10 44,700 UNITED OVERSEAS BANK LTD SGD 624,432.59 0.36 11,200 ROYAL BANK OF CANADA CAD 751,479.31 0.43 5,600 VENTURE CORP LTD SGD 67,251.05 0.04 4,500 TELUS CORP CAD 72,777.01 0.04 2,367,691.97 1.35 7,900 TORONTO-DOMINION BANK/THE CAD 364,490.00 0.21 3,300 WASTE CONNECTIONS INC USD 276,638.47 0.16 Ireland 4,215,000.24 2.40 300 ACCENTURE PLC - A USD 64,045.61 0.04 Australia 907 AON PLC - A USD 156,611.41 0.09 5,600 CRH PLC GBP 191,318.25 0.11 2,900 AFTERPAY LTD AUD 215,813.50 0.12 700 FLUTTER ENTERTAINMENT PLC EUR 116,830.00 0.07 2,800 ANSELL LTD AUD 61,416.66 0.04 500 HORIZON THERAPEUTICS PLC USD 29,892.53 0.02 81,208 BEACH ENERGY LTD AUD 92,443.13 0.04 2,900 JAMES HARDIE INDUSTRIES PLC AUD 69,901.63 0.04 48,700 BHP GROUP LTD AUD 1,303,168.59 0.74 15,063 MEDTRONIC PLC USD 1,442,098.66 0.81 9,200 CARSALES.COM LTD AUD 116,100.35 0.07 500 PERRIGO CO PLC USD 18,274.69 0.01 700 CSL LTD AUD 125,014.17 0.07 3,300 SEAGATE TECHNOLOGY PLC USD 167,649.87 0.10 24,100 DEXUS AUD 142,870.81 0.08 2,256,622.65 1.29 6,900 FORTESCUE METALS GROUP LTD AUD 101,957.69 0.06 43,900 GOODMAN GROUP AUD 523,545.78 0.30 Sweden 28,000 GPT GROUP AUD 79,463.77 0.05 2,900 ATLAS COPCO AB - A SEK 121,529.99 0.07 7,200 IDP EDUCATION LTD AUD 90,134.62 0.05 5,800 AXFOOD AB SEK 110,707.45 0.06 300 MAGELLAN FINANCIAL GROUP LTD AUD 10,152.44 0.01 6,500 ELEKTA AB SEK 71,446.23 0.04 55,500 SANTOS LTD AUD 219,461.90 0.12

The accompanying notes form an integral part of these financial statements.

22 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional Global Enhanced (Denominated in EUR)

Securities portfolio as at 31/12/2020 (continued)

Quantity/ Name Currency Market value % Quantity/ Name Currency Market value % Nominal in EUR NAV Nominal in EUR NAV

17,386 ESSITY AB - B SEK 457,641.69 0.26 Italy 1,200 EVOLUTION GAMING GROUP AB SEK 99,692.83 0.06 2,100 AMPLIFON SPA EUR 71,484.00 0.04 2,700 HOLMEN AB SEK 105,759.43 0.06 4,800 ASTM SPA EUR 98,880.00 0.06 11,400 HUSQVARNA AB - B SEK 120,824.41 0.07 4,600 BUZZI UNICEM SPA EUR 89,700.00 0.05 3,000 INTRUM AB SEK 64,726.30 0.04 1,100 DIASORIN SPA EUR 187,110.00 0.11 6,200 INVESTMENT AB LATOUR SEK 123,216.82 0.07 16,000 ENAV SPA EUR 57,568.00 0.03 4,700 SAAB AB SEK 112,022.07 0.06 21,900 TERNA RETE ELETTRICA NAZIONALE SPA EUR 136,875.00 0.08 1,400 SKANSKA AB - B SEK 29,216.40 0.02 4,800 VITROLIFE AB SEK 103,084.39 0.06 641,617.00 0.37 6,500 VOLVO AB - B SEK 125,362.42 0.07 Luxembourg

1,645,230.43 0.94 17,000 ARCELORMITTAL EUR 320,960.00 0.19 Netherlands 2,930 EUROFINS SCIENTIFIC SE EUR 201,085.90 0.11

42 ADYEN NV EUR 80,010.00 0.05 522,045.90 0.30 1,561 ASML HOLDING NV EUR 620,575.55 0.35 Cayman Islands 3,100 ASR NEDERLAND NV EUR 101,835.00 0.06 71,000 AUSNUTRIA DAIRY CORP LTD HKD 97,438.42 0.06 1,300 EXOR NV EUR 86,086.00 0.05 46,900 CK HUTCHISON HOLDINGS LTD HKD 267,442.85 0.15 4,500 JUST EAT TAKEAWAY EUR 415,800.00 0.2 4,600 ENDEAVOUR MINING CORP CAD 87,408.11 0.05 3,700 SIGNIFY NV EUR 127,761.00 0.07 452,289.38 0.26 1,432,067.55 0.8 Austria Finland 2,800 ANDRITZ AG EUR 104,944.00 0.06 2,900 ELISA OYJ EUR 130,123.00 0.07 4,100 WIENERBERGER AG EUR 106,928.00 0.06 4,000 FORTUM OYJ EUR 78,800.00 0.04 2,600 HUHTAMAKI OYJ EUR 109,876.00 0.06 211,872.00 0.12 2,500 NOKIAN RENKAAT OYJ EUR 72,050.00 0.04 Portugal 4,100 ORION OYJ EUR 153,873.00 0.09 29,600 EDP - ENERGIAS DE PORTUGAL SA EUR 152,617.60 0.09 15,200 SAMPO OYJ -A EUR 525,464.00 0.30 5,100 STORA ENSO OYJ - R EUR 79,789.50 0.05 152,617.60 0.09 5,000 VALMET OYJ EUR 116,800.00 0.07 Bermuda 17,900 WARTSILA OYJ EUR 145,885.00 0.08 1,900 ESSENT GROUP LTD USD 67,083.49 0.04 1,412,660.50 0.8 2,100 MARVELL TECHNOLOGY GROUP LTD USD 81,593.72 0.05 Spain 14,612 PACIFIC CENTURY PREMIUM DEVELOPMENTS LTD HKD 1,262.94 0.00

4,600 ACS ACTIVIDADES DE CONSTRUCCION Y EUR 124,890.00 0.07 149,940.15 0.09 SERVICIOS SA 2,400 AENA SME SA EUR 341,280.00 0.19 Jersey 2,800 CORP FINANCIERA ALBA SA EUR 109,060.00 0.06 12,900 WPP PLC GBP 115,295.03 0.07 12,600 FERROVIAL SA EUR 284,760.00 0.16 115,295.03 0.07 11,800 INDUSTRIA DE DISENO TEXTIL SA EUR 307,272.00 0.18 41,000 MAPFRE SA EUR 65,313.00 0.05 Israel 16,600 ZARDOYA OTIS SA EUR 95,118.00 0.05 4,400 STRAUSS GROUP LTD ILS 107,945.52 0.06 1,327,693.00 0.76 107,945.52 0.06 Belgium New Zealand

7,169 AGEAS SA/NV EUR 312,425.02 0.18 10,600 RYMAN HEALTHCARE LTD NZD 94,748.94 0.05 2,000 D'IETEREN SA/NV EUR 135,600.00 0.08 94,748.94 0.05 800 ELIA SYSTEM OPERATOR SA/NV EUR 78,000.00 0.04 2,200 ETABLISSEMENTS FRANZ COLRUYT NV EUR 106,634.00 0.06 Supranational - Multinational 1,300 MELEXIS NV EUR 103,870.00 0.06 54,300 HK ELECTRIC INVESTMENTS & HK ELECTRIC HKD 43,670.21 0.0 INVESTMENTS LTD 2,600 TELENET GROUP HOLDING NV EUR 91,208.00 0.05 7,800 UMICORE SA EUR 306,462.00 0.18 43,670.21 0.0 1,134,199.02 0.65 Curacao Hong Kong 800 SCHLUMBERGER NV USD 14,273.22 0.0

43,800 AIA GROUP LTD HKD 438,589.87 0.25 14,273.22 0.0 31,000 HENDERSON LAND DEVELOPMENT CO LTD HKD 98,843.46 0.06 174,987,433.98 99.76 300,655 HONG KONG & CHINA GAS CO LTD HKD 366,976.18 0.20 54,000 NEW WORLD DEVELOPMENT CO LTD HKD 205,476.35 0.12 1,109,885.86 0.63 Total securities portfolio 174,987,433.98 99.76

The accompanying notes form an integral part of these financial statements.

23 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NN (L) Institutional Global Enhanced (Denominated in EUR)

Summary of net assets as at 31/12/2020 % NAV Total securities portfolio 174,987,433.98 99.76 Cash at bank 696,589.80 0.40 Other assets and liabilities (276,007.21) (0.16) Total net assets 175,408,016.57 100.00

The accompanying notes form an integral part of these financial statements.

24 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020

Notes to the financial statements

1- GENERAL INFORMATION

NN (L) INSTITUTIONAL (the "Fund") is a common fund ("Fonds Commun de Placement") organised under the laws of the Grand Duchy of Luxembourg. The Fund is not a separate legal entity and is structured as a co-ownership arrangement. Its assets are held in common by, and managed in the interest of, those people entitled to an undivided co-ownership of the assets and income of the Fund (hereinafter referred to as the "Unitholders") by NN Investment Partners B.V. (hereinafter referred to as the "Management Company" or the “Company”), a company incorporated under the laws of the Netherlands and having its registered office in the Hague, the Netherlands. The assets of the Fund are segregated from those of the Management Company.

The Fund is organised in Luxembourg pursuant to Part I of the modified Luxembourg Law of December 17, 2010 on undertakings for collective investment (the "Law of 2010").

The Fund is managed in accordance with the Management Regulations available at the Registre de Commerce et des Sociétés of the Grand Duchy of Luxembourg, where they may be inspected and copies obtained. The Management Regulations were amended for the last time on April 1, 2019.

The Fund is registered with the Luxembourg Register of Companies under number K197.

The Fund's sole purpose is to invest its assets in transferable securities, other liquid financial assets listed in Article 41 (1) of the Law of 2010 and financial derivative instruments, with a view to enabling its Unitholders to benefit from the results of its portfolio management. The Fund must comply with investment limits as laid out in Part I of the Law of 2010.

The Fund currently offers the following classes to investors:

Units name Description Capitalisation I Capitalisation units dedicated to institutional investors and issued in registered form only. Capitalisation units dedica ted to institutional investors and issued in registered form only Capitalisation V yet differing from class "I" in that it attracts a higher management fee. Distribution I Distribution units dedicated to institutional investors and issued in registered form only.

The investors must be aware that every class of units is not offered by every sub-fund of the Fund.

Investment policies

Unitholders are advised that detailed investment policies of every sub-fund are described in the prospectus, which is made available to the unitholders at the depositary bank and at the Management Company’s registered office as well as at the Main Client servicing contacts identified in this report. The prospectus will also be sent free of charge to anyone who so requests.

2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared under a going concern basis of accounting and presented in accordance with generally accepted accounting principles and regulations in force in Luxembourg except for the sub-fund NN (L) Institutional FCR. On July 23, 2020, the Board of Directors of the Management Company of the Fund resolved to approve the liquidation of NN (L) Institutional FCR in the form of a transfer (redemption in cash and in kind) (the "Transfer"). The transfer was processed as of trade date January 20, 2021. Therefore, the financial statements of the sub-fund NN (L) Institutional FCR have been prepared using a non-going concern basis of accounting.

Under a non-going concern basis of accounting, assets are stated at their net realisable value, liabilities are stated at their settlement amounts and expenses through the date of liquidation are recognised. The change in basis of accounting from a going concern basis to a non-going concern basis did not have a material impact on the sub-fund's carrying value of assets and liabilities nor its results of operations. The costs of the Transfer was charged to the Management Company of the Fund.

Currency conversion

The financial statements have been drawn up in the accounting currency of each sub-fund. Assets and liabilities expressed in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates prevailing on the closing date.

Income and expenses expressed in currencies other than the accounting currency of the sub-fund are converted into that currency at the exchange rates prevailing on the transaction date.

25 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020

Notes to the financial statements (continued)

The various items in the combined statements correspond to the sum of the corresponding items in the financial statements of each sub-fund, converted if applicable into EUR, the Company’s consolidation currency, at the exchange rates prevailing on the closing date.

As at December 31, 2020, the exchange rates used were as follows:

1 EUR = 1.5856 AUD 1 EUR = 126.3254 JPY 1.5588 CAD 10.476 0 NOK 1.0816 CHF 1.6994 NZD 7.4435 DK K 10.0485 SEK 0.8951 GBP 1.6171 SGD 9.4872 HKD 1.2236 US D 3.9286 ILS

Securities valuation

The value of all assets is determined under the responsibility of the Board of Directors of the Management Company.

The transferable securities admitted to an official listing or to any other regulated market are valued at the last known prices. If these transferable securities are traded on several markets, the valuation is made on the basis of the last known price on the main market on which the transferable securities are listed.

Transferable securities not listed or not traded on a stock exchange or on any other regulated market and transferable securities listed or traded on such a market but whose last known price is not representative, are valued with prudence and in good faith on the basis of their probable realisation value as determined by or under the direction of the Board of Directors of the Management Company.

Money market instruments and other short-term securities are valued using the straight-line amortisation method provided these instruments or securities have an initial or residual maturity at the time of their purchase by the Fund of less than 12 months and if it appears that the last known price on the main market for the security in question cannot be considered as representative of the price of that security.

Investments in investment funds, either listed or not, are valued on the basis of their last available net asset value per share/unit.

Bonds are valued clean (excluding interest receivable) except those identified in the securities portfolio of each concerned sub-fund. The ones valued dirty are identified by an asterisk in the portfolio. The last known price used for the bonds is the Bid price.

Financial derivative instruments valuation

The value of all assets is determined under the responsibility of the Board of Directors of the Management Company.

Financial derivative instruments listed on a regulated market are valued at the last available published price applicable at the closing date.

Financial derivative instruments not listed on a regulated market are valued by means of an actuarial method recognised in the market.

Swaps are valued on the basis of their market value, which depends on several parameters (level and volatility of the index, market interest rate, remaining life of the swap).

Swaps are valued clean (excluding interest receivable/payable) except those identified in the financial derivative instruments of each concerned sub-fund.

Forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date.

Net positive fair values of financial derivative instruments are disclosed as assets and net negative fair values as liabilities in the statement of net assets, under the item "Total financial derivative instruments".

Interest to be received on swaps is included in the item "Other assets". Interest to be paid on swaps is included in the item "Current liabilities".

26 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020

Notes to the financial statements (continued)

Income

Dividends are accounted for on ex-date, net of withholding tax.

Interest is accrued on a daily basis.

3- SWINGING SINGLE PRICING

A sub-fund may suffer "dilution" of its net asset value per unit because the price at which investors subscribe or redeem units of the sub-fund, does not reflect the dealing and other costs that arise when trading is undertaken by the Investment Manager to accommodate the cash inflows or outflows related to these subscriptions or redemptions.

In order to counter this impact, a Swinging Single Pricing mechanism (SSP) may be applied to compensate expected transaction costs resulting from the difference between capital inflows and outflows. If on any valuation day, the aggregate net transactions in units of a sub-fund exceed a pre-determined threshold, the net asset value per unit may be adjusted upwards or downwards to compensate expected transaction costs related to these net capital inflows or outflows respectively by a pre-determined swing factor. The net inflows and net outflows will be determined by the Board of Directors based on the latest available information at the time of calculation of the net asset value per unit.

Such predetermined threshold and swing factors are reviewed on a regular basis and may be adjusted. The maximum Swing Factor is 1.50% of the respective sub-fund’s Net Asset Value except for sub-funds investing in fixed income instruments which may apply a maximum Swing Factor of 3.00%.

In exceptional market circumstances, in the case of large volumes of subscription, redemption or conversion requests that may have an adverse effect on the interests of Unitholders, the Board of Directors may, at its own discretion, authorize a temporary increase of a Swing Factor beyond the maximum Swing Factor. Exceptional market circumstances can be characterized among others as periods of increased market volatility, lack of liquidity, challenges in dealer intermediation, disorderly trading conditions, dislocated markets, disconnect between market pricing and valuations and could be the result of force majeure (acts of war, industrial action, civil unrest or cyber sabotage, among others).

For an individual sub-fund an applicable threshold could mean SSP is not or rarely applied. The current levels of thresholds and Swing Factors for each sub-fund are disclosed and updated on the website: www.nnip.com.

The list of sub-funds which have applied the swinging single pricing mechanism through the reporting year ended December 31, 2020 is as follows:

Swing Factor Swing Factor Sub-funds Threshold subscriptions redemptions NN (L) Institutional Global Enhanced 2.00% 0.09% 0.06%

The swing factors disclosed are not the swing factors actually applied during the year ended December 31, 2020.

As at December 31, 2020, no swing pricing adjustment has been applied.

4- OTHER ASSETS AND CURRENT LIABILITIES

Other assets account includes mainly accrued interest receivable, receivable from management company and receivable for investment sold. Current liabilities account includes mainly payable for shares redeemed, accrued expenses payable and cash collateral due to counterparties.

5- MANAGEMENT FEES

For the services provided, the Management Company receives an annual management fee payable monthly as described below:

• NN (L) Institutional FCR: - Distribution I (EUR) class of units: 0.07% of the average monthly assets attributable to this class of unit represented by cash and fixed income securities and 0.27% of the average monthly assets attributable to this class of unit represented by equities.

• NN (L) Institutional Global Enhanced: - Capitalisation I (EUR) class of units: 0.36% of the average monthly net assets of the sub-fund attributable to this class of unit, - Capitalisation V (EUR) class of units: 1.30% of the average monthly net assets of the sub-fund attributable to this class of unit.

27 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020

Notes to the financial statements (continued)

In the event of investment in UCITS and other target UCIs and where the Management Company or the sub-portfolio manager is paid a management fee charged directly to the assets of these UCITS and other UCIs (the "investee funds"), such payments shall be deducted from the remuneration payable to the Management Company or the sub-portfolio manager.

In the case where the management fees paid by the investee funds exceed the management fees to be paid by the sub-funds of the Fund, the balance ("management fees excess") is recorded in the item "Other Income" in the statement of operations and changes in net assets.

6- DEPOSITARY FEES

The depositary bank was remunerated in accordance with the agreement between Brown Brothers Harriman (Luxembourg) S.C.A., acting as the depositary, and the Management Company of the Fund.

7- TRANSACTION COSTS

The sub-funds of the Fund incurred transaction costs which have been defined as brokerage fees relating to purchases or sales of transferable securities, money market instruments and financial derivative instruments (or other eligible assets traded in by the sub-funds) and/or commissions relating to subscriptions or redemptions of UCITS/UCI shares/units, if applicable.

In case of cross-investments or investment in the shares/units of other UCITS and/or other UCIs that are managed directly or by delegation by the Management Company, no transaction costs are applicable.

Transaction costs are included in the purchase/sale price of the securities.

For the year ended December 31, 2020, the amount of transaction costs incurred by each sub-fund is detailed in the following table:

Sub-funds Currency Transaction costs NN (L) Institutional FCR EUR 35,159.00 NN (L) Institutional Global Enhanced EUR 158,149.44

8- SUBSCRIPTION TAX

The Fund is liable in Luxembourg to a subscription tax ("Taxe d'abonnement") of 0.01% per annum of its net assets for all units restricted to institutional investors.

The subscription tax is paid quarterly and calculated on the net asset value at the end of the relevant calendar quarter.

No subscription tax is paid on the assets held by the Fund in other UCIs already subject to that tax in Luxembourg.

9- CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO

These changes are made available to the Unitholders at the depositary bank and at the Management Company's registered office as well as at the Local Sales offices or Main Client servicing contacts identified in this report. They will also be sent free of charge to anyone who so requests.

10- INFLATION RATE SWAPS

NN (L) Institutional FCR was engaged in one inflation rate swap contract as of December 31, 2020. The floating rate of the inflation rate swap contract is extended to the Eurostat Eurozone HICP ex Tobacco NSA (CPTFEMU) Index.

11- COLLATERAL RELATED TO OVER-THE-COUNTER FINANCIAL DERIVATIVE INSTRUMENTS

In order to reduce the counterparty risk linked to over-the-counter financial derivative instruments, the Fund received collateral from the counterparty as listed below.

28 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020

Notes to the financial statements (continued)

As at December 31, 2020, the value of the collateral received is as follows:

Type o f Total collateral Sub-fund Counterparty Currency collateral received NN (L) Institutional FCR Goldman Sachs Cash EUR 720,000.00 720,000.00

Cash collateral received is included in the account "Current Liabilities".

In compliance with the paragraph 43 of CSSF Circular 14/592, a portion of the cash collateral received has been re-invested in high quality assets, i.e. French and German Government bonds.

12- SECURITIES FINANCING TRANSACTION REGULATION (“SFTR”)

As at December 31, 2020, the Fund does not use any instruments or transactions falling into the scope of SFTR.

13- PORTFOLIO TURNOVER RATIO

The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy.

The Portfolio Turnover Ratio is calculated using the method described below:

Turnover = [(Total 1 - Total 2)/M]*100

Total 1 = Total securities transactions during the period = X + Y X = purchases Y = sales

Total 2 = Total capital transactions during the period = S + R S = subscriptions R = redemptions

M = Average Net Assets

14- SUBSEQUENT EVENTS

The Board of Directors of the Management Company decided to liquidate NN (L) Institutional FCR on the 23 rd of July 2020, as a result of the intention of the sole unitholder of the sub-fund to transfer all of its units to Lorentz Mutual Fund, also managed by NN Investment Partners B.V. The final redemption payment of EUR 713,192,674.70 with trade date 20 January 2021 was settled on the 22nd of January 2021. The liquidation costs will be borne by the Sub-Fund.

29 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020

Other information to unitholders (unaudited)

ALFI Code of Conduct

It is hereby confirmed that NN (L) Institutional adheres and complies to the principles of the ALFI “Code of Conduct for Luxembourg Investment Funds”.

Risk management

In term of risk management the Board of Directors of the Management Company decided to adopt a commitment method for NN (L) Institutional Global Enhanced sub-fund and Value at Risk (VaR) approach for NN (L) Institutional FCR sub-fund as the methods of determining and monitoring the global exposure.

REMUNERATION REPORT - 2019 - NN Investment Partners B.V. (Management Company)

Introduction

This remuneration report describes NN Investment Partners remuneration philosophy and system as applicable to staff who perform activities for NN Investment Partners B.V., including its investment funds as regulated by the Alternative Investment Funds Management Directive (AIFMD) and/or the Undertakings for Collective Investments in Transferable Securities Directive (UCITS).

This report is divided into the following subsections:

I. Remuneration in general; II. Remuneration governance; III. Remuneration of Identified Staff; and IV. Quantitative information.

I. Remuneration in general

NN Group has an overall remuneration policy applicable to all staff, the NN Group Remuneration Framework, which provides for reward guidelines and principles for all country and business unit remuneration policies within NN Group. NN Group aims to apply a clear and transparent remuneration policy that is adequate to attract and retain expert leaders, senior staff and other highly qualified employees. The remuneration policy is also designed to support NN’s employees to act with integrity and keep the future of our clients, our company and other stakeholders in mind.

NN Group’s remuneration policy for executives and senior staff is based on a total compensation approach and is benchmarked on a regular basis (where data is available) with relevant national and international peers. Clear performance objectives are set and assessed which are aligned with the overall strategy of the company, both on the short term and the long term, to ensure that remuneration is properly linked to individual, team and company performance. Specifically for investors, the performance is directly linked to the 1-, 3- and 5- year relative performance of the Funds managed which creates alignment with our clients’ interests. Furthermore, the remuneration policy supports a focus on the company’s long term interests and the interests of its clients by ensuring that there is careful management of risk (among others: financial, operational and reputational risks) and that staff are not encouraged, via remuneration, to take excessive risk.

In addition to variable remuneration payable in cash, the NN Group operates an Aligned Remuneration Plan (ARP) which allows NN Investment Partners to award deferred compensation in the form of Funds managed by NN Investment Partners to create further alignment of the employees interests with those of our clients. The ARP also allows NN Group shares to be awarded under a deferral policy which is in place for all staff. The general practice for staff employed by NN Investment Partners exceeding the deferral thresholds as set out in the policy, not being Identified Staff, is to deliver 50% of the deferred variable remuneration in Funds managed by NN Investment Partners, and the remaining 50% of the deferred variable remuneration in NN Group shares. The Remuneration Framework as well as the ARP includes both holdback and claw back clauses which can be invoked in the event that performance, risk, compliance or other issues are discovered after awards have been made.

In addition to NN Group’s general remuneration principles for all staff as described in the above, the following three principles apply to remuneration of control function staff (i.e. those in Risk, Compliance, Legal, Finance, HR and Audit) in particular:

• the level of fixed remuneration is sufficiently high to ensure qualified and experienced staff can be employed; • the ratio of fixed remuneration to variable remuneration is weighted in favor of fixed remuneration; and • the variable remuneration is predominantly based on function-specific objectives that include qualitative criteria which are not determined by the financial performance of the business unit directly monitored by the control functions.

The remuneration policies as applicable to staff who perform activities for the AIF, UCITS and/or the Management Company ensure that NN Investment Partners complies with and acts in the spirit of all the relevant (inter)national regulations on remuneration, such as the Dutch Wet beloningsbeleid financiële ondernemingen (Wbfo) , AIFMD and UCITS as relevant to our business.

30 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020

Other information to unitholders (unaudited) (continued)

II. Remuneration governance

NN Investment Partners operates a Compensation Committee responsible for (among others) setting, monitoring and reviewing the remuneration policies, plans and overall remuneration spend globally for NN Investment Partners. The NN Investment Partners Compensation Committee comprises the CEO NN IP, the Head of Human Resources NN IP, the Chief Financial & Risk Officer NN IP, the Head of Compliance NN IP and the Head of Reward NN IP.

The Remuneration Governance of NN Investment Partners is embedded in the NN Group Governance Framework which requires certain remuneration proposals to be approved at NN Group level. This includes requirements for approvals by (i) the NN Group Compensation Committee in which the relevant control functions (Finance, Risk, HR, Legal and Compliance) and the NN Group Management Board Members are represented and (ii) the NN Group Supervisory Board to ensure an objective and independent view. Examples of events at NN Investment Partners that require approval at NN Group level include:

• the Identified Staff (i.e. those staff with a material impact on the risk profile of NN Group and staff with material impact on the AIF’s, UCITS’s and/or the management company NN Investment Partners B.V.) selection methodology, criteria and the annual selection of Identified Staff roles, and remuneration proposals; • remuneration decisions for NN Investment Partners Compensation Committee members. • the annual compensation review for selected Identified Staff members, senior management and high earners, including the potential cases for holdback of deferred compensation by way of malus and or holdback; • the total variable remuneration spent for any performance year; • job offers for joiners and proposals for leavers exceeding certain thresholds; and • any deviation from the minimum standards as set in the NN Group Remuneration Framework.

The Compensation Committees and NN Group Supervisory Board are authorised to engage external remuneration advisors. In 2019 it made use of the services of Willis Towers Watson, and additionally NN Investment Partners made use of the services of McLagan and PwC with regards to remuneration related policies and practices (including benchmarking).

Further information regarding NN Group Remuneration Governance, including the roles and responsibilities of relevant committees can be found in the NN Group 2019 Annual Report (https://www.nn-group.com – Investors – 2019 Annual report).

III. Remuneration of Identified Staff

Introduction

NN Investment Partners selected Identified Staff (staff whose professional activities have material impact on the risk profile of NN Group) on the basis of the Dutch Regeling Beheerst Beloningsbeleid Wft 2017 (Rbb), and Identified Staff on the basis of both AIFMD and UCITS (being staff whose professional activities have a material impact on the Dutch licensed AIF(s), and/or the UCITS and/or NN Investment Partners B.V. based in The Hague). All NN Investment Partners Identified Staff selected on the basis of Rbb 2017, also qualify as AIFMD and UCITS Identified Staff.

AIFMD and UCITS Identified Staff are selected in accordance with ESMA guidelines and a selection methodology and selection criteria that were approved by the NN Group Compensation Committee.

More specifically, the assessment for material influence was done on the following basis:

• examining the potential impact on the financial, operational and reputational risks of the organisational units in scope in a way that exceeds the companies risk appetite, and/or the Performance of the AIF and/or UCITS; • by means of the formal organisational position, including applicable governance, role and responsibilities either alone or in committees, organisational unit or as part of a department; • in combination with the factual situation (testing actual versus theoretical), where the actual situation has been considered leading; • taking into account controls in place, and focusing on the residual level of influence one can have, taken normal functioning of the controls into account; and • back testing with past incidents and outcome from monitoring (ISAE3402, financial reporting risk) to establish if the controls have been working effectively or if any material influence could be exercised outside of the existing controls.

31 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020

Other information to unitholders (unaudited) (continued)

The following six groups of Identified Staff have been assessed:

(i) executive and non-executive members of the governing body of the AIFM and UCITS; (ii) senior management; (iii) staff in control functions; (iv) staff responsible for heading the portfolio management, administration, marketing and human resources; (v) other risk takers; and (vi) staff whose remuneration in the previous year is as high as or higher than senior management and other risk takers.

Performance management for Identified Staff

The performance management process for Identified Staff selected on the basis of Rbb 2017 is centrally designed and coordinated by NN Group Human Resources, and resulting rules and requirements are also to be applied to AIFMD and UCITS selected Identified Staff.

The performance management principles applied to Identified Staff ensure that there is focus on financial and non-financial performance and on leadership behavior. In addition, the company’s strategy (both long and short term objectives), client interests, as well as the companies values (Care, Clear and Commit) are reinforced. The principles also create alignment with the AIF and UCITS risk profile. In addition to general performance management principles that apply to all NN Group staff, the following performance management principles apply specifically to Identified Staff in 2019:

(i) the performance objectives include both financial and non-financial performance objectives according to the following balance: (a) for non-control functions Identified Staff a maximum of 50% financial and a minimum of 50% non-financial performance objectives and (b) for control functions: a maximum of 15% financial (e.g. departmental budget responsibility) and a minimum of 85% non-financial performance objectives linked to their control function specific role; (ii) control functions will only have financial performance objectives that are not linked to the performance of the business unit they control; and (iii) all performance objectives are reviewed by the Risk and Compliance functions.

For each Identified Staff member a set of objectives is defined, including details on what the individual is expected to contribute to the company’s business success and how this contribution is to be achieved. The individual performance objectives score is used as one of several factors that determine individual variable remuneration. The final amount of variable remuneration is also dependent on other factors such as: the overall financial affordability, the assessment of undesired risk-taking, as well as non- compliant behavior, and the outcome of an assessment of leadership behavior which may cause adjustments of the level of variable remuneration.

The performance assessment of Identified Staff and the consequent awarding of variable remuneration is effected as part of a multiple-year framework. As deferral periods apply to variable remuneration of Identified Staff, it is ensured that variable remuneration is “at risk” during the entire deferral period. Variable remuneration is linked to risk and non-financial performance and takes into account the company performance at group level, business line performance and individual performance. Any undesired risk taking or breaches of compliance that were not apparent at the time the variable remuneration was awarded, will be taken into account at every (deferred) vesting of variable remuneration.

Remuneration principles and policy for Identified Staff

Variable remuneration for Identified Staff is performance-based and risk-adjusted and is partly paid upfront and partly deferred. Deferred variable remuneration is subject to the assessment of undesired risk-taking, as well as non-compliant behavior in view of past performance. If deemed necessary by the Supervisory Board, (deferred) compensation is adjusted downwards via hold back or claw back.

Different elements of remuneration for Identified Staff

The remuneration of Identified Staff has been structured in accordance with the applicable laws and regulations. The total reward of Identified Staff consists of the following elements:

• fixed remuneration; • variable remuneration; and • general employee benefits, such as employer pension contributions, employee discounts on financial services, disability insurance coverage (applicable to all NN Investment Partners staff).

32 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020

Other information to unitholders (unaudited) (continued)

Variable Remuneration awarded to Identified Staff

At least 40% of the variable remuneration as awarded to Identified Staff is deferred, and for control function Identified Staff a stricter regime applies as a minimum of 50% is deferred.

For all selected Identified Staff members, the variable remuneration comprises the following components:

• upfront cash; • upfront Investment Entitlements, managed by NN Investment Partners (an additional retention of at least one year applies after vesting); • upfront NN Group shares (for CEO NN IP and Member of the Management Board NN Group, and an additional retention of at least five year applies after award); • deferred Investment Entitlements managed by NN Investment Partners (the minimum deferral period is three years, applying a tiered vesting schedule. Deferred variable remuneration vests annually in equal tranches. The first deferred portion of the variable • remuneration vests in one year after the date of grant. Any vested portion of the deferred Funds is subject to an additional retention period of at least one year); and • deferred NN Group shares (the minimum deferral period is three years, applying a tiered vesting schedule. Deferred variable remuneration vests annually in equal tranches. The first deferred portion of the variable remuneration vests in one year after the date of grant).

For all selected Identified Staff, ex-post performance assessment is carried out. The performance assessment extends beyond the date of the award of variable remuneration and continues as part of a multi-year framework of at least three to five years.

NN Group has the right to apply a hold back from any (ex-)employee, i.e., not to pay variable remuneration, in the following circumstances:

• the variable remuneration does not reconcile with the financial situation of NN Group or is not justified on the basis of the performance of the relevant business unit or the relevant employee; or • NN Group does not comply with the relevant capital requirements applicable from time to time, which includes a significant deterioration in the financial performance of the AIF/UCITS Management Company and/or AIF’s/UCITS’s funds or a significant downturn in the AIF/UCITS Management Company overall financial situation; or • NN Group’s capital adequacy is insufficient as determined via the capital test; or • the relevant staff member participated in or was responsible for conduct which resulted in significant losses to NN Group or any of its subsidiaries or affiliates; or • the relevant staff member failed to meet the appropriate standards of fitness and propriety (bekwaamheid en correctheid), such as an oath for the financial sector, a code of conduct or other internal rules and regulations that are applicable to NN Group; or • NN Group or the business unit in which the relevant employee works suffers a significant failure of risk management; or • if this is required or reasonable taking into account the outcome of the reassessment procedures set out in the NN Group Remuneration Framework; or • in the event of significant negative changes in the economic and regulatory capital base; or • in the event of specific conduct which has led to the material re-statement of NN Group's annual accounts and/or significant (reputational) harm to NN Group or any of its subsidiaries or affiliates; or • if any other material new information arises that would have changed the original determination of the award of variable remuneration to that individual if it were known at the time of the award; such reassessment is also based on the criteria for the original award.

A claw back of paid/vested variable remuneration from any (ex-)employee can be applied in the following circumstances:

• this is required or reasonable taking into account the outcome of the (reassessment) procedures; or • in the event of engagement in conduct or performance of acts which are considered malfeasance or fraud; or • in the event of specific conduct which has led to the material re-statement of NN Group’s annual accounts and/or significant (reputational) harm to NN Group or any of its subsidiaries or affiliates; or • in case the relevant staff member participated in or was responsible for conduct which resulted in significant losses to NN Group or any of its subsidiaries or affiliates; or • in case the participant failed to meet appropriate standards of fitness and propriety, such as an oath for the financial sector, a code of conduct or other internal rules and regulations that are applicable to the NN Group; or • a significant deterioration in the financial performance of the AIF/UCITS Management Company and/or AIF’s/UCITS’s funds or a significant downturn in the AIF/UCITS Management Company overall financial situation; or • in the event of significant negative changes in the economic and regulatory capital base; or • if any other material new information arises that would have changed the original determination of the award of variable remuneration to that individual if it were known at the time of the award; such reassessment is also based on the criteria for the original award.

33 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020

Other information to unitholders (unaudited) (continued)

IV. Quantitative information

The table below provides aggregated information on the remuneration of all active staff members employed on December 31, 2019 and performing activities for NN Investment Partners International Holdings B.V. in The Netherlands during the year 2019, and includes all Identified Staff selected on the basis of AIFMD and/or UCITS.

A significant proportion of the numbers listed below can be attributed to NN Investment Partners B.V. (Management Company), as NN Investment Partners B.V. is the main operating entity held by NN Investment Partners International Holdings B.V.

Information at the level of NN Investment Partners B.V. (beheerder) and/or the AIF’s/UCITS’s is not available. The 2019 variable remuneration is not charged to the AIF’s.

In addition a table with information on remuneration for the performance year 2018 is included.

Aggregated fixed remuneration and variable remuneration for the performance year 2019

Fi xed and variable remuneration awarded in relation to the performance year 2019 Amounts in EUR 1 ,000 Identified Staff qualified as Other Identified Staff All staff – excluding Identified and gross Senior Management (excluding Senior Management) Staff (including Executives) Number of employees (#) 8 12 640 Fixed remu ner atio n (1) 2,997 3,089 61 ,437 Variable remuneration (2) 1,294 1,540 15 ,032 Aggregate of fixed and variable 4,291 4,629 76 ,469 remuneration (3)

Note 1) Fixed remuneration per ultimo 2019 for contractual working hours. The Fixed remuneration includes collective fixed allowances, which includes elements such as holiday pay, and pension allowance and excludes benefits.

Note 2) Variable remuneration includes all conditional and unconditional awards in relation to the performance year 2019 as approved by the relevant committees and authorised per March 24, 2020. This includes all payments to be processed through payroll per March/April 2020, upfront NN Group shares and NN IP Investment Entitlements (Fund-of-Fund with a one year holding period) as awarded to Identified Staff as well as all conditional deferred NN Group shares and NN IP Investment Entitlements. A reference to the allocated Funds is not available.

Note 3) In 2019, one person employed within NN IP received a total remuneration of more than EUR 1 million.

34 Annual report and audited financial statements NN (L) INSTITUTIONAL for the year ended December 31, 2020

Other information to unitholders (unaudited) (continued)

Aggregated fixed remuneration and variable remuneration for the performance year 2018

Fixed and variable remuneration awarded in relation to the performance year 2018 Amounts in EUR 1 ,000 Identi fied Staff qualified as Other Identified Staff All staff – excluding Identified and gross Senior Management (excluding Senior Management) Staff (including Executives) Number of employees (#) 8 16 667 Fixed remuneration (1) 2,996 3,922 61 ,966 Variable remu neration (2) 1,175 1,60 3 13 ,690 Aggregate of fixed and variable 4,171 5,525 75 ,656 remuneration

Note 1) Fixed remuneration per ultimo 2018 for contractual working hours. The Fixed remuneration includes collective fixed allowances, which includes elements such as holiday pay, and pension allowance and excludes benefits.

Note 2) Variable remuneration includes all conditional and unconditional awards in relation to the performance year 2018 as approved by the relevant committees and authorised per March, 19 2019. This includes all payments to be processed through payroll per March/April 2019, upfront NN Group shares and NN IP Investment Entitlements (Fund-of-Fund with a one year holding period) as awarded to Identified Staff as well as all conditional deferred NN Group shares and NN IP Investment Entitlements.

Remuneration information third parties

NN Investment Partners B.V. (NN IP) has (partly) outsourced its portfolio management activities to third parties. For each of these parties a Portfolio Management Agreement (PMA) has been arranged. The PMA guarantees efficient and effective services in accordance with the set agreements with these third parties. The services offered by these third parties based on the PMA are evaluated annually by NN IP.

The transparency that NN IP maintains with regard to the applied remuneration policy also includes transparency regarding the remuneration policy of third parties who carry out portfolio management activities for NN IP. By doing this NN IP is aligned with the guidance from the European regulator (ESMA).

NN IP annually requests information from third parties in order to be able to evaluate the services and information about the applied remuneration policy by the third party is included in this request. For more information about the remuneration policies of these third parties, please refer to https://nnip.com – About – Policies and governance – Remuneration policy - Remuneration information third parties.

The remuneration figures for the year ended December 31, 2020 are not available at the date of the issue of the financial statements. They will be provided to the Unitholders as soon as available.

35 NN (L) INSTITUTIONAL Annual report and audited financial statements for the year ended December 31, 2020

Other information to unitholders (unaudited) (continued)

Global exposure calculation method in accordance with the provisions of CSSF Circular 11/512.

Commitment approach:

The commitment approach is used to monitor and measure the global exposure of the following sub-fund: - NN (L) Institutional Global Enhanced.

Value at Risk:

The Value at Risk (VaR) approach is used to monitor and measure the global exposure of the following sub-fund: - NN (L) Institutional FCR.

For the year ended December 31, 2020, the VaR methodology, the information on the utilisation of the VaR limit (the lowest, the highest and the average VaR), the model and the parameters used for its calculation as well as the average level of leverage are detailed as follows:

Sub-Fund Name NN (L) Institutional FCR NN (L) Institutional Global Enhanced Global Exposure - Methodology (1) Absolute VaR Commitment

Value at Risk Regulatory Limit 20% - VaR Model used Parametric - Lowest VaR 2.49% - Highest VaR 22.88% - Average VaR 6.10% - Historical Data Serie Size 1 Year - Price Return Frequency 1 Day - Decay Factor 0.94 - Time Horizon 1 Month - Confidence Level 99% -

Leverage (2) Expected level of leverage Gross approach 200% - Net approach 150% - Average observed level of leverage Gross approach 38% - Net approach 6% -

(1) Commitment or VaR approach. When the VaR approach is used to calculate the global exposure, the table indicates whether the Absolute VaR or Relative VaR is used.

(2) In accordance with the UCITS regulation, the expected level of leverage is outlined in the above above for the Sub-Funds using the VaR approach. The expected level of leverage is expressed as the ratio between the market risk exposure of the Sub-Fund’s positions and its net asset value. The ratio is calculated in accordance with the commitment method (“net approach”) and the sum of notional method (“gross approach”). While the net approach takes into account netting and hedging arrangements, the gross approach does not take into account such arrangements, hence triggering results that are generally higher and not necessarily representative from an economic exposure point of view. Irrespective of the approach used, the expected level of leverage is an indicator and not a regulatory limit. A Sub-Fund’s observed level of leverage may be temporarily higher than the expected level as long as it remains in line with its risk profile and complies with its VaR limit. Depending on market movements, the expected level of leverage may vary over time. The leverage ratio aims to approximate the impact of the use of derivatives instruments on the overall market risk of a given Sub-Fund. For a complete picture of the risk profile associated to each Sub-Fund, please refer to the risk profile section disclosed in each Sub-Fund’s Factsheet of the Prospectus.

36 For additional information please contact:

NN Investment Partners B.V. P.O. Box 90470 Schenkkade 65 2509 LL The Hague The Netherlands e-mail: [email protected] or www.nnip.com