Nationale-Nederlanden Bank N.V. Monthly Investor Report. Dutch National Transparency Template Covered Bond. Reporting Period: 1 May May 2018

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1 Monthly Investor Report Dutch National Transparency Template Covered Bond Reporting Period: 1 May May 2018 Reporting Date: 22 June 2018 AMOUNTS ARE IN EURO NN.Bank.Finance.Operations@nn.nl Report Version February 2016

2 Table of Contents Page Covered Bonds 3 Asset Cover Test 4 Counterparty Credit Ratings & Triggers 5 Ledgers & Investments 6 Regulatory Information 7 Stratifications 8 Glossary 26 Contact Information 28 2 of 28

3 Covered Bonds Series ISIN Currency Initial Principal Balance* Outstanding * Issuance Date Date IRS Counterparty Redemption Type LCR HQLA Category CB Series 1 NL EUR 500,000, ,000, % 10/10/17 10/10/24 Pass-through 1 * s to be reported in the relevant currency, and also the euro-equivalent amounts 3 of 28

4 Asset Cover Test Asset Cover Test A 571,691, B 0.00 C 0.00 Z 0.00 A+B+C-Z 571,691, Outstanding bonds 500,000, Pass/Fail Pass ACT Cover Ratio % Parameters Asset percentage % Cap LTV Cut-Off indexed valuation % non-nhg % Cap LTV Cut-Off indexed valuation % NHG % of Index Increases % % of Index Decreases % Reserve Fund 1,976, Supplemental Liquidity Reserve 0.00 Deduction Set-Off 5,120, Ratings S&P AAA Moody's - Fitch - Other UCITS compliant CRR compliant ECBC Label compliant True True True Overcollateralisation Legally required minimum OC 5.00 % Documented minimum OC % Available Nominal OC % 4 of 28

5 Counterparty Credit Ratings & Triggers S&P (ST/LT) Moody's (ST/LT) Fitch (ST/LT) DBRS (ST/LT) Role Party Rating trigger Current rating Rating trigger Current rating Rating trigger Current rating Rating trigger Current rating Consequence if breached* CBC Account Bank Issuer Seller Collection Account Bank N.V. Bank Nederlandse Gemeenten Nationale-Nederlanden Bank N.V. / A / AAA / - / - / - / - / / Another party (with sufficient ratings) has to fulfill the CBC Account Bank role or guarantee the relevant CBC Account Bank obligations A-2 / BBB A-1 / A- / - / - / - / - / / Set off retail savings at issuer account above deposit guarantee scheme ING Bank N.V. / BBB / A+ / - / - / - / - / / Open escrow account in the name of CBC and credit expected cashflow amount on next Calculation Date * Event is triggered if credit rating is below the rating as mentioned in the table 5 of 28

6 Ledgers & Investments Ledgers Revenue Ledger 0.00 Principal Ledger 0.00 Reserve Fund Ledger 3,000, Total 3,000, Investments Substitution Assets Balance 0.00 Authorised Investments Balance 0.00 Total 0.00 Liquidity Buffer Outflows 0.00 Required Liquidity Buffer 0.00 Inflows 0.00 Cash Bonds Available Liquidity Buffer of 28

7 Regulatory Information CRR Article 129 Article 129 CRR "Exposures in the form of covered bonds" (7) Exposures in the form of covered bonds are eligible for preferential treatment, provided that the institution investing in the covered bonds can demonstrate to the competent authorities that: (a) it receives portfolio information at least on: (i) the value of the covered pool and outstanding covered bonds; value of the cover pool value of the outstanding covered bonds (ii) the geographical distribution and type of cover assets, loan size, interest rate and currency risks; geographical distribution of cover assets type of cover assets loan size interest rate risk and currency risk (iii) the maturity structure of cover assets and covered bonds; and maturity structure of cover assets maturity structure of covered bonds (iv) the percentage of loans more than ninety days past due; (b) the issuer makes the information referred to in point (a) available to the institution at least semi annually. table Portfolio characteristics table Covered Bonds table 14 Geographical Distribution table Portfolio Characteristics table 3 Outstanding Loan table Covered Bonds for coupon and currency information of the covered bonds table 10 for coupons of mortgages table Counterparty Ratings & Triggers for IRS/TRS information See base prospectus for information about hedging Only EUR denominated mortgages: see BP table 6 Legal table Covered Bonds table 1 Delinquencies table Portfolio Characteristics Overcollateralisation Legally required minimum OC Documented minimum OC Nominal OC table Asset Cover Test table Asset Cover Test table Asset Cover Test 7 of 28

8 Stratifications Portfolio Characteristics Principal amount 646,870, Value of saving deposits 30,603, Net principal balance 616,267, Construction Deposits 960, Net principal balance excl. Construction and Saving Deposits 615,306, Number of loans 2,163 Number of loanparts 5,316 principal balance (borrower) 284, principal balance (loanpart) 115, current interest rate 3.21 % maturity (in years) remaining time to interest reset (in years) seasoning (in years) 5.07 CLTOMV % CLTIMV % Maximum current interest rate 7.00 % Minimum current interest rate 1.60 % Type of cover assets: Currency Portfolio: Frequency of publication National Transparancy Template: Dutch Residential Mortgages EUR Monthly 8 of 28

9 1. Delinquencies Arrears amount % of Total Nr of Loans % of Total Performing ,908, % 2, % 3.21 % % < 30 days 1, , % % 3.69 % % 30 days - 60 days 2, , % % 3.07 % % 60 days - 90 days , % % 3.55 % % 90 days days 1, , % % 4.15 % % 120 days days 150 days days 180 days > Total 6, ,267, % 2, % 3.21 % % 9 of 28

10 2. Redemption Type Description % of Total Nr of Loanparts % of Total Annuity 218,173, % 1, % 3.09 % % Bank Savings 91,976, % % 3.42 % % Investment 72,342, % % 3.13 % % Interest Only 191,833, % 1, % 3.23 % % Linear 18,327, % % 3.09 % % Life 18,324, % % 3.34 % % Savings 5,287, % % 5.29 % % Total 616,267, % 5, % 3.21 % % 10 of 28

11 3. Outstanding Loan From (>) - Until (<=) % of Total Nr of Loans % of Total <= , % % 3.01 % % 25,000-50,000 48, % % 2.70 % % 50,000-75,000 4,050, % % 3.32 % % 75, ,000 6,219, % % 3.37 % % 100, ,000 25,498, % % 3.27 % % 150, ,000 44,849, % % 3.17 % % 200, ,000 80,616, % % 3.23 % % 250, , ,546, % % 3.25 % % 300, ,000 93,806, % % 3.22 % % 350, ,000 59,806, % % 3.21 % % 400, ,000 45,964, % % 3.21 % % 450, ,000 36,032, % % 3.21 % % 500, ,000 22,496, % % 3.06 % % 550, ,000 17,351, % % 3.07 % % 600, ,000 10,645, % % 3.15 % % 650, ,000 6,731, % % 3.26 % % 700, ,000 10,078, % % 3.00 % % 750, ,000 11,663, % % 3.37 % % 800, ,000 5,786, % % 3.33 % % 850, ,000 9,596, % % 3.33 % % 900, ,000 5,571, % % 2.90 % % 950,000-1,000,000 3,859, % % 3.33 % % > Unknown Total 616,267, % 2, % 3.21 % % 11 of 28

12 4. Origination Year From (>) - Until (<=) % of Total Nr of Loanparts % of Total <= ,272, % % 3.81 % % ,292, % % 3.49 % % ,129, % % 3.41 % % ,277, % % 3.59 % % ,432, % % 3.91 % % ,543, % % 2.97 % % ,535, % % 3.59 % % ,973, % % 3.73 % % ,578, % % 3.71 % % ,458, % % 3.29 % % ,473, % % 3.14 % % ,572, % % 3.10 % % ,889, % % 3.16 % % ,410, % % 3.54 % % ,244, % % 3.92 % % ,542, % % 3.71 % % ,176, % % 3.27 % % ,158, % % 3.23 % % ,657, % % 4.21 % % ,013, % % 3.71 % % ,792, % % 3.29 % % ,457, % 2, % 3.04 % % ,335, % % 2.81 % % 2017 > 2,049, % % 2.70 % % Unknown Total 616,267, % 5, % 3.21 % % 12 of 28

13 5. Seasoning From (>) - Until (<=) % of Total Nr of Loanparts % of Total 1 Year 9,229, % % 2.75 % % 1 Year - 2 Years 176,031, % 1, % 2.95 % % 2 Years - 3 Years 164,697, % 1, % 3.15 % % 3 Years - 4 Years 64,324, % % 3.57 % % 4 Years - 5 Years 8,772, % % 4.20 % % 5 Years - 6 Years 7,785, % % 3.63 % % 6 Years - 7 Years 17,897, % % 3.24 % % 7 Years - 8 Years 17,279, % % 3.28 % % 8 Years - 9 Years 9,483, % % 3.75 % % 9 Years - 10 Years 21,169, % % 3.85 % % 10 Years - 11 Years 4,768, % % 3.22 % % 11 Years - 12 Years 24,669, % % 3.04 % % 12 Years - 13 Years 49,847, % % 3.16 % % 13 Years - 14 Years 12,248, % % 3.24 % % 14 Years - 15 Years 6,523, % % 3.64 % % 15 Years - 16 Years 2,831, % % 3.76 % % 16 Years - 17 Years 2,306, % % 3.73 % % 17 Years - 18 Years 3,057, % % 3.04 % % 18 Years - 19 Years 3,806, % % 3.63 % % 19 Years - 20 Years 2,751, % % 4.02 % % 20 Years - 21 Years 2,499, % % 3.42 % % 21 Years - 22 Years 1,488, % % 3.48 % % 22 Years - 23 Years 860, % % 3.44 % % 23 Years - 24 Years 627, % % 3.79 % % 24 Years - 25 Years 650, % % 4.37 % % 25 Years - 26 Years 452, % % 3.07 % % 26 Years - 27 Years 207, % % 3.15 % % 27 Years - 28 Years 28 Years - 29 Years 29 Years - 30 Years 30 Years > Unknown Total 616,267, % 5, % 3.21 % % 13 of 28

14 6. Legal From (>) - Until (<=) % of Total Nr of Loanparts % of Total ,627, % % 3.60 % % ,051, % % 3.45 % % ,676, % % 3.30 % % ,701, % % 3.28 % % ,178, % % 3.35 % % ,172, % % 3.40 % % ,573, % 1, % 3.00 % % ,285, % % 3.33 % % 2100 > Unknown Total 616,267, % 5, % 3.21 % % 14 of 28

15 7. Remaining Tenor From (>=) - Until (<) % of Total Nr of Loanparts % of Total < 0 Year 40, % % 3.60 % % 0 Year - 1 Year 529, % % 3.86 % % 1 Year - 2 Years 770, % % 3.78 % % 2 Years - 3 Years 354, % % 2.53 % % 3 Years - 4 Years 778, % % 2.85 % % 4 Years - 5 Years 1,260, % % 3.60 % % 5 Years - 6 Years 2,035, % % 3.75 % % 6 Years - 7 Years 1,459, % % 3.41 % % 7 Years - 8 Years 1,966, % % 3.28 % % 8 Years - 9 Years 2,249, % % 3.17 % % 9 Years - 10 Years 2,709, % % 3.52 % % 10 Years - 11 Years 4,346, % % 3.46 % % 11 Years - 12 Years 3,755, % % 3.52 % % 12 Years - 13 Years 10,487, % % 3.09 % % 13 Years - 14 Years 8,929, % % 3.21 % % 14 Years - 15 Years 9,611, % % 3.39 % % 15 Years - 16 Years 7,970, % % 3.58 % % 16 Years - 17 Years 11,749, % % 3.34 % % 17 Years - 18 Years 45,271, % % 3.19 % % 18 Years - 19 Years 28,898, % % 3.15 % % 19 Years - 20 Years 10,262, % % 3.52 % % 20 Years - 21 Years 20,558, % % 3.59 % % 21 Years - 22 Years 11,031, % % 3.45 % % 22 Years - 23 Years 13,243, % % 3.25 % % 23 Years - 24 Years 9,348, % % 3.14 % % 24 Years - 25 Years 5,318, % % 3.50 % % 25 Years - 26 Years 9,172, % % 3.95 % % 26 Years - 27 Years 54,858, % % 3.51 % % 27 Years - 28 Years 134,499, % % 3.13 % % 28 Years - 29 Years 139,974, % 1, % 2.93 % % 29 Years - 30 Years 4,539, % % 2.78 % % 30 Years >= 58,285, % % 3.33 % % Unknown Total 616,267, % 5, % 3.21 % % 15 of 28

16 8. Current Loan to Original Market Value From (>) - Until (<=) % of Total Nr of Loans % of Total NHG <= 10% 222, % % 3.50 % % 10 % - 20 % 1,352, % % 3.38 % % 20 % - 30 % 3,723, % % 2.98 % % 30 % - 40 % 7,922, % % 3.23 % % 40 % - 50 % 9,164, % % 3.38 % % 50 % - 60 % 23,177, % % 3.25 % % 60 % - 70 % 39,309, % % 3.14 % % 70 % - 80 % 95,004, % % 3.23 % % 80 % - 90 % 171,611, % % 3.10 % % 90 % % 198,464, % % 3.23 % % 100 % % 66,313, % % 3.42 % % 110 % % 120 % % 130 % % 140 % % 150 % > Unknown Total 616,267, % 2, % 3.21 % % 16 of 28

17 9. Current Loan To Indexed Market Value From (>) - Until (<=) % of Total Nr of Loans % of Total NHG <= 10 % 537, % % 3.21 % % 10 % - 20 % 3,293, % % 3.36 % % 20 % - 30 % 7,538, % % 3.33 % % 30 % - 40 % 12,116, % % 3.11 % % 40 % - 50 % 22,048, % % 3.33 % % 50 % - 60 % 47,192, % % 3.25 % % 60 % - 70 % 117,221, % % 3.19 % % 70 % - 80 % 187,250, % % 3.19 % % 80 % - 90 % 145,823, % % 3.11 % % 90 % % 43,497, % % 3.39 % % 100 % % 25,150, % % 3.47 % % 110 % % 4,597, % % 3.68 % % 120 % % 130 % % 140 % % 150 % > Unknown Total 616,267, % 2, % 3.21 % % 17 of 28

18 10. Loanpart (interest rate bucket) From (>) - Until (<=) % of Total Nr of Loanparts % of Total <= 0.5 % 0.5 % % 1.0 % % 1.5 % % 15,218, % % 1.87 % % 2.0 % % 43,554, % % 2.29 % % 2.5 % % 166,796, % 1, % 2.83 % % 3.0 % % 268,178, % 2, % 3.23 % % 3.5 % % 71,002, % % 3.70 % % 4.0 % % 20,770, % % 4.22 % % 4.5 % % 9,135, % % 4.76 % % 5.0 % % 11,534, % % 5.28 % % 5.5 % % 6,032, % % 5.77 % % 6.0 % % 3,350, % % 6.22 % % 6.5 % % 693, % % 6.69 % % 7.0 % > Unknown Total 616,267, % 5, % 3.21 % % 18 of 28

19 11. Remaining Interest Rate Fixed Period From (>=) - Until (<) % of Total Nr of Loanparts % of Total < 12 Months 34,436, % % 2.96 % % 12 Months - 24 Months 13,591, % % 3.76 % % 24 Months - 36 Months 18,964, % % 3.08 % % 36 Months - 48 Months 13,642, % % 3.04 % % 48 Months - 60 Months 11,694, % % 3.43 % % 60 Months - 72 Months 9,785, % % 4.20 % % 72 Months - 84 Months 45,737, % % 3.60 % % 84 Months - 96 Months 47,482, % % 3.11 % % 96 Months Months 53,835, % % 2.88 % % 108 Months Months 11,919, % % 2.92 % % 120 Months Months 3,882, % % 4.45 % % 132 Months Months 6,726, % % 3.81 % % 144 Months Months 35,952, % % 3.22 % % 156 Months Months 29,784, % % 3.00 % % 168 Months Months 4,404, % % 3.34 % % 180 Months Months 2,448, % % 4.17 % % 192 Months Months 13,470, % % 3.96 % % 204 Months Months 113,569, % % 3.26 % % 216 Months Months 133,737, % 1, % 3.07 % % 228 Months Months 7,193, % % 3.24 % % 240 Months Months 252 Months Months 264 Months Months 276 Months Months 288 Months Months 300 Months Months 312 Months Months 418, % % 3.10 % % 324 Months Months 1,662, % % 3.76 % % 336 Months Months 1,643, % % 3.22 % % 348 Months Months 283, % % 3.07 % % 360 Months >= Unknown Total 616,267, % 5, % 3.21 % % 19 of 28

20 12. Interest Payment Type % of Total Nr of Loanparts % of Total Fixed 607,133, % 5, % 3.23 % % Floating 9,133, % % 2.02 % % Unknown Total 616,267, % 5, % 3.21 % % 20 of 28

21 13. Property Description Description % of Total Nr of Borrowers % of Total Flat / Apartment 48,535, % % 3.15 % % House 559,378, % 1, % 3.22 % % Bungalow 133, % % 4.05 % % Shop/ House 8,219, % % 3.01 % % Total 616,267, % 2, % 3.21 % % 21 of 28

22 14. Geographical Distribution (by province) Province % of Total Nr of Borrowers % of Total Drenthe 12,931, % % 3.08 % % Utrecht 72,043, % % 3.23 % % Zeeland 9,790, % % 3.14 % % Zuid-Holland 152,912, % % 3.24 % % Flevoland 9,878, % % 3.36 % % Friesland 9,871, % % 3.20 % % Gelderland 65,796, % % 3.17 % % Groningen 10,871, % % 3.12 % % Limburg 21,682, % % 3.21 % % Noord-Brabant 88,639, % % 3.25 % % Noord-Holland 130,105, % % 3.20 % % Overijssel 31,743, % % 3.15 % % Unspecified Total 616,267, % 2, % 3.21 % % 22 of 28

23 15. Occupancy Description % of Total Nr of Borrowers % of Total Owner Occupied 616,267, % 2, % 3.21 % % Buy-to-let Unknown Total 616,267, % 2, % 3.21 % % 23 of 28

24 16. Loanpart Payment Frequency Description % of Total Nr of Loanparts % of Total Half-yearly Yearly Quarterly Monthly 616,267, % 5, % 3.21 % % Unknown Total 616,267, % 5, % 3.21 % % 24 of 28

25 17. Guarantee Type % of Total Nr of Loans % of Total NHG Guarantee Non-NHG Guarantee 616,267, % 2, % 3.21 % % Unknown Total 616,267, % 2, % 3.21 % % 25 of 28

26 Glossary Term Definition / Calculation A Min (a, b), where (a) is the sum of the Adjusted Current Balances and (b) is the sum of the Asset Percentage of Current Balance -/- a (alfa) of all Mortgage Receivables; ACT Asset Cover Test; Adjusted Current Balance Asset Percentage Assumed Mortgage Interest Rate B Base Prospectus C Calculation Date CBC Account Bank The "Adjusted Current Balance" of a Mortgage Receivable is the lower of: (i) the Current Balance of such Mortgage Receivable minus a (alfa); and (ii) the LTV Cut-Off Percentage of the Indexed Valuation relating to such Mortgage Receivable, minus ß (bèta); 93% or such other percentage figure as is determined from time to time in accordance with the Asset Monitoring Agreement; The expected mortgage interest rate to be offered by the Servicer (acting on behalf of the CBC) in relation to Mortgage Loans which have an interest rate reset, which interest rate will be notified by the Servicer to the CBC and the Rating Agency from time to time; The cash standing to the credit of the CBC Transaction Account(s); The base prospectus dated 20 September 2017 relating to the issue of the conditional pass-through covered bonds, including any supplement; Substitution Assets plus accrued interest thereon; The date falling two (2) Business Days before each CBC Payment Date. The "relevant" Calculation Date in respect of any Calculation Period will be the first Calculation Date falling after the end of that period and the "relevant" Calculation Date in respect of any CBC Payment Date will be the last Calculation Date prior to that CBC Payment Date; N.V. Bank Nederlandse Gemeenten in its capacity as CBC Account Bank under the CBC Account Agreement or its successor; Closing Date 20 September 2017 Construction Deposit Credit Rating Current Balance Current Loan to Indexed Market Value (CLTIMV) Current Loan to Original Market Value (CLTOMV) Cut-off date D Documented Minimum OC E Eligible Collateral Index Indexed Valuation (with respect to ACT calculation) Interest Rate Fixed Period Interest Rate Swap Interest Reserve Required IRS Issuer L Legally Required Minimum OC Loan Part(s) LTV Cut-Off indexed valuation % In relation to a Mortgage Loan, that part of the Mortgage Loan which the relevant Borrower requested to be disbursed into a blocked account held in his name with the relevant Originator, the proceeds of which can only be applied towards construction of, or improvements to, the relevant Mortgaged Asset; An assessment of the credit worthiness of the notes or counterparties, assigned by the Rating Agency; In relation to an Eligible Receivable at any date, the Net Outstanding Principal, excluding Accrued Interest and Arrears of Interest; Current Balance divided by the Indexed Valuation; Current Balance divided by the Original Market Value; The last day of the month immediately preceding the date on which the Investor Report is published; Not applicable; The Net Outstanding Principal of all Mortgage Receivables, excluding any Defaulted Receivables, plus (b) the Collateral Market Value of all Transferred Collateral in the form of Substitution Assets plus (c) all amounts standing to the balance of the CBC Transaction Accounts, excluding Swap Collateral and excluding amounts standing to the balance of the Construction Account, will always be at least equal to 110% of the aggregate Principal Outstanding of the Covered Bonds at the end of such calendar month all as calculated on the immediately succeeding Calculation Date (the "Asset Cover Test"); Not applicable; Euro denominated cash and/or Substitution Assets; The index of increases or decreases, as the case may be, of house prices issued by the Dutch land registry (kadaster) in relation to residential properties in the Netherlands; In relation to any Mortgaged Asset at any date: (a) where the Original Market Value of that Mortgaged Asset is equal to or greater than the Price Indexed Valuation as at that date, the Price Indexed Valuation; or (b) where the Original Market Value of that Mortgaged Asset is less than the Price Indexed Valuation as at that date, the Original Market Value plus 90% (or, if a different percentage is required or sufficient from time to time for the Covered Bonds to qualify as "covered bonds" as defined in the Capital Requirements Directive and the Issuer wishes to apply such different percentage, then such different percentage) of the difference between the Price Indexed Valuation and the Original Market Value; Period for which the current interest rate on the Mortgage Receivable remains unchanged; An interest rate swap transaction that forms part of an Interest Swap Agreement. means on the date with respect to which the Asset Cover Test is calculated (i.e. the end of each calendar month), the higher of zero and (i) U plus V minus W on such date; or (ii) such lower amount as long as this will not adversely affect the rating of any Series; Interest Rate Swap; Nationale-Nederlanden Bank N.V., a public company with limited liability (naamloze vennootschap) organised under the laws of the Netherlands and established in The Hague, the Netherlands; For each Mortgage Receivable its Current Balance minus the LTV Cut-Off Percentage of its Indexed Valuation provided that if the result is negative, L shall be zero and if the result exceeds α (alpha), L shall equal α (alpha); Means the minimum level of overcollateralization of 5% or such other percentage as may be required from time to time by the CB Regulations. This means that the total outstanding balance of the cover assets in the pool must be 105% of the total amount of outstanding covered bonds (both excluding accrued interest) ; One or more of the loan parts (leningdelen) of which a Mortgage Loan consists; 80 % for all Mortgage Receivables or such other percentage as may be notified to the Rating Agency from time to time in respect of the relevant Mortgage Receivables, or such lower percentage as is (a) required from time to time for Covered Bonds to qualify as covered bonds as defined in the Capital Requirements Directive or (b) otherwise determined from time to time in accordance with the Asset Monitoring Agreement; 26 of 28

27 Term Date Net Outstanding Principal NHG NHG Loan Nominal OC Non NHG Loan Occupancy Original Market Value Originator Outstanding Principal Performing Loans Price Indexed Valuation Rating Agency Remaining Tenor Reserve Fund Seasoning Series Set-Off Substitution Assets Transferred Collateral U V W X Y Z α (alfa) β (beta) Definition / Calculation In respect of a Series of Covered Bonds, the date on which the Covered Bonds of such Series are expected to be redeemed at their Principal Outstanding in accordance with the Conditions, as specified in the relevant Final Terms, which date falls no more than 15 years after the Issue Date of such Series. In relation to a Mortgage Receivable, at any date, the Outstanding Principal of the relevant Mortgage Loan less (A) if it is a Savings Mortgage Loan or a Savings Investment Mortgage Loan subject to an Insurance Savings Participation, an amount equal to the Insurance Savings Participation on such date and (B) if it is a Bank Savings Mortgage Loan subject to a Bank Savings Participation, an amount equal to the Bank Savings Participation on such date; Nationale Hypotheek Garantie: guarantees (""borgtochten"") issued by Stichting Waarborgfonds Eigen Woningen under the terms and conditions of the Nationale Hypotheek Garantie, as amended from time to time; A Mortgage Loan that has the benefit of an NHG guarantee; The Net Outstanding Principal of all Mortgage Receivables, excluding any Defaulted Receivables, plus (b) the Collateral Market Value of all Transferred Collateral in the form of Substitution Assets plus (c) the cash standing to the credit of the CBC Transaction Account(s), excluding Swap Collateral minus the aggregate Principal Outstanding of the Covered Bonds at the end of such calendar month divided by the aggregate Principal Outstanding of the Covered Bonds at the end of such calendar month; A Mortgage Loan that does not have the benefit of an NHG Guarantee; The way the Mortgaged Asset is used (e.g. owner occupied); In relation to any Mortgaged Asset the market value (marktwaarde) given to that Mortgaged Asset by the most recent valuation addressed to the Transferor that transferred the relevant Mortgage Receivable to the CBC or, as applicable, the foreclosure value (executiewaarde) given to that Mortgaged Asset by the most recent valuation addressed to the Transferor that transferred the relevant Mortgage Receivable to the CBC, divided by 0.90 or such other factor as required from time to time by the applicable rules and regulations or any internal requirement of the Transferor in relation thereto; Nationale-Nederlanden Levensverzekering Maatschappij N.V. or Nationale-Nederlanden Bank N.V. In respect of a Relevant Mortgage Receivable, on any date the (then remaining) aggregate principal sum ("hoofdsom") due by the relevant Borrower under the relevant Mortgage Loan, including any Further Advance Receivable transferred to the CBC and, after foreclosure of the Relevant Mortgage Receivable resulting in a loss being realised, zero; Mortgage Loans which are current and therefore do not show any arrears; In relation to any property at any date means the Original Market Value of that property increased or decreased as appropriate by the increase or decrease in the Index since the date of the Original Market Value; Standard & Poors Credit Market Services Europe Limited; The time in years from the end of the reporting period to the maturity date of a Mortgage Loan; Means the balance of the Reserve Account which is the bank account of the CBC designated as such in the CBC Account Agreement; Number of years since the origination of the Mortgage Loan Parts to the end of the Reporting Period; A Tranche of Covered Bonds together with any further Tranche or Tranches of Covered Bonds expressed to be consolidated and form a single series with the Covered Bonds of the original Tranche and the terms of which are identical (save for the Issue Date and/or the Interest Commencement Date but including as to whether or not the Covered Bonds are listed); Claim that corresponds to a debt to the same borrower, which is not covered by the DGS; means the classes of assets denominated in euro from time to time eligible under the CRR and/or the Wft to collateralise covered bonds including (on the date of this Base Prospectus) and subject to certain limitations:(a) exposures to or guaranteed by central governments, central banks or international organisations in accordance with article 129(1)(a) CRR;(b) exposures to or guaranteed by public sector entities, regional governments or local authorities in accordance with article 129(1)(b) CRR;(c) exposures to institutions in accordance with article 129(1)(c) CRR; and (d) exposures for which DNB has waived the application of article 129(1) (c) CRR in accordance with article 129(1) CRR third paragraph, which assets on an aggregate basis are subject to a limit of 20 per cent., or such other percentage as required under the Wft, of the aggregate Principal Outstanding of the Covered Bonds; means any Eligible Collateral transferred or purported to be transferred to the CBC pursuant to the Guarantee Support Agreement, to the extent not redeemed, retransferred, sold or otherwise disposed of by the CBC; The sum of the aggregate amount of interest payable in respect of all Series of Covered Bonds from the relevant date up to and including the relevant Date minus any amount of interest to be received under a Portfolio Swap Agreement in connection with a Series of Covered Bonds. The product of: (i) the higher of (a) zero; and (b) the difference between (i) the Portfolio Life and (ii) the Series Life, (ii) the aggregate Principal Outstanding of all Series on the last day of the previous calendar month multiplied by (1 minus the Portfolio Swap Fraction, if applicable), and (iii) the Series Post Interest Rate. Estimated Portfolio Interest Income; Not applicable; Not applicable; An amount equal to the Interest Reserve Required Gross set-off as determined according to Asset Monitoring Agreement; For each Mortgage Receivable the lower of (i) the LTV Cut-Off percentage of its indexed valuation and (ii) α minus L 27 of 28

28 Contact Information Account Bank N.V. Bank Nederlandse Gemeenten Administrator Nationale-Nederlanden Bank N.V. Koninginnegracht 2 Prinses Beatrixlaan AA, 's-gravenhage 2595 AK, 's Gravenhage Auditor KPMG Accountants N.V. Cash Manager Nationale-Nederlanden Bank N.V. Laan van Langerhuize 1 Prinses Beatrixlaan DS Amstelveen 2595 AK, 's Gravenhage CBC Account Bank N.V. Bank Nederlandse Gemeenten Common Safe Keeper Euroclear Netherlands Koninginnegracht 2 Herengracht AA, 's-gravenhage 1017 BS, Amsterdam Cover Pool Monitor KPMG Accountants N.V. Laan van Langerhuize 1 Covered Bond Company NN Conditional Pass-Through Covered Bond Company B.V. Prins Bernhard plein DS Amstelveen 1097 JB Amsterdam Issuer Nationale-Nederlanden Bank N.V. Lead Manager ABN AMRO Bank N.V. Prinses Beatrixlaan Gustav Mahlerlaan AK, 's Gravenhage 1082 AP Amsterdam Legal Adviser NautaDutilh N.V. Listing Agent ABN AMRO Bank N.V. Strawinskylaan 1999 Gustav Mahlerlaan XV, Amsterdam 1082 AP Amsterdam Paying Agent ABN AMRO Bank N.V. Gustav Mahlerlaan 10 Security Trustee Stichting Security Trustee NN Conditional Pass- Through Covered Bond Company Hoogoorddreef AP Amsterdam 1101 BA Amsterdam Seller Nationale-Nederlanden Bank N.V. Seller Collection Account Bank ING Bank N.V. Prinses Beatrixlaan Foppingadreef AK, 's Gravenhage 1102 BD Amsterdam Servicer Nationale-Nederlanden Bank N.V. Tax Adviser NautaDutilh N.V. Prinses Beatrixlaan Strawinskylaan AK, 's Gravenhage 1077 XV, Amsterdam 28 of 28