Independent auditor's review report

To: the shareholders and supervisory board of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.

Our conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. ('the bank') for the six-month period ended 30 June 2025 are not prepared, in all material respects, in accordance with International Accounting Standard 34, ‘Interim financial reporting’ as adopted by the European Union.

What we have reviewed

We have reviewed the accompanying condensed consolidated interim financial statements for the six-month period ended 30 June 2025 of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., The Hague, which comprise the consolidated statement of financial position as at 30 June 2025, and the related consolidated statement of profit and loss, consolidated statement of comprehensive income, consolidated statement of changes in shareholders' equity and consolidated statement of cash flows for the period then ended and the related selected explanatory notes comprising material accounting policy information and other explanatory information.

Basis for our conclusion

We conducted our review in accordance with Dutch law, including the Dutch Standard 2410 ‘Het beoordelen van tussentijdse financiële informatie door de accountant van de entiteit’ (Review of interim financial information performed by the independent auditor of the entity). A review of interim financial information in accordance with the Dutch Standard 2410 is a limited assurance engagement. Our responsibilities under this standard are further described in the ‘Our responsibilities for the review of the condensed consolidated interim financial statements’ section of our report.

We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Independence

We are independent of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics).

Responsibilities with respect to the condensed consolidated interim financial statements and the review

Responsibilities of the management board and the supervisory board for the condensed consolidated interim financial statements

The management board of the bank is responsible for the preparation of the condensed consolidated interim financial statements in accordance with International Accounting Standard 34, ‘Interim financial reporting’ as adopted by the European Union. Furthermore, the management board is responsible for such internal control as the management board determines is necessary to enable the preparation of the condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.

The supervisory board is responsible for overseeing the bank’s financial reporting process.

Our responsibilities for the review of the condensed consolidated interim financial statements

Our responsibility is to express a conclusion on the accompanying condensed consolidated interim financial statements. This requires that we plan and perform the review in a manner that allows us to obtain sufficient appropriate assurance evidence for our conclusion.

A review of interim financial information in accordance with the Dutch Standard 2410 is a limited assurance engagement. The procedures performed consisted primarily of making inquiries of the management board and others within the bank, as appropriate, applying analytical procedures and evaluating the evidence obtained.

The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with the Dutch Standards on Auditing. Accordingly, we do not express an audit opinion.

We have exercised professional judgement and have maintained professional scepticism throughout the review, in accordance with Dutch Standard 2410.

Our review included among others:

Updating our understanding of the bank and its environment, including its internal control, and the applicable financial reporting framework, in order to identify areas in the condensed consolidated interim financial statements where material misstatements are likely to arise due to fraud or error, designing and performing procedures to address those areas, and obtaining assurance evidence that is sufficient and appropriate to provide a basis for our conclusion.
Obtaining an understanding of internal control, as it relates to the preparation of the condensed consolidated interim financial statements.
Making inquiries of the management board and others within the bank.
Applying analytical procedures with respect to information included in the condensed consolidated interim financial statements.
Obtaining assurance evidence that the condensed consolidated interim financial statements agree with or reconcile to the bank’s underlying accounting records.
Evaluating the assurance evidence obtained.
Considering whether there have been any changes in accounting principles or in the methods of applying them and whether any new transactions have necessitated the application of a new accounting principle.
Considering whether the management board has identified all events that may require adjustment to or disclosure in the condensed consolidated interim financial statements.
Considering whether the condensed consolidated interim financial statements have been prepared in accordance with the applicable financial reporting framework and represents the underlying transactions free from material misstatement.

Amsterdam, 13 August 2025

PricewaterhouseCoopers Accountants N.V.

Original has been signed by C.C.J. Segers RA