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NOTES TO THE READER

Disclaimer

This document is only a "website version" and is not the official annual financial reporting, including the audited financial statements thereto pursuant to article 361 of Book 2 of the Dutch Civil Code. The official annual financial reporting, including the audited financial statements and the auditor's report thereto, are included in the single report package which can be found via media.vanlanschot.nl/media/xbrl/vlk-2020-12-31.zip

In case of any discrepancies between the website version and the annual financial reporting package, the aforementioned financial reporting package prevails.

Note that the auditor's opinion included in the website version does not relate to the website version but only to the official annual financial reporting. No rights can be derived from using the website version, including the unofficial copy of the auditor's report. Our auditors did not determine (nor do they need to) that the website version is identical to the official version.

Unrounded figures

Amounts in the annual report may not add up due to being rounded up or down. The total amounts may therefore deviate from the sum of the parts. Percentage changes are based on the unrounded figures.

Changes to comparative figures

Some amounts differ from previously published reports; in these cases, explanations are given in the footnotes.

Disclosure of Non-financial Information Act

The Disclosure of Non-financial Information Act is a Dutch regulation that made reporting on a number of non-financial themes compulsory for companies that qualify as large public-interest entities (grote organisaties van openbaar belang) with more than 500 employees. These themes comprise environmental, social and labour issues, as well as anti-corruption, bribery and human rights. For each of these themes, companies are obliged to report on the relevant policies, results, risks (including management of these risks) and non-financial key performance indicators. The regulation also requires companies to describe their business models in their annual reports. We provide all of the information required in the relevant parts of this annual report. For transparency purposes only, the reference table in our sustainability supplement provides additional guidance on where to find this information.


Global Reporting Initiative

Communicating transparently on our policies and results is

an important element of sustainability. To ensure this, our annual report has been prepared in accordance with the

GRI Standards: Comprehensive option. See the GRI

content index on our website for further details: vanlanschotkempen.com/sustainability/reporting-and-external-assessment.

External assessment

Van Lanschot Kempen’s sustainability performance is assessed by a variety of external organisations. For more information, see vanlanschotkempen.com/sustainability/reporting-and-external-assessment.

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Contents

4

Chairman’s message

6

2020: A year in review

10

Who we are and what we do

13

Our strategic framework

14

The changing world around us

18

Our stakeholders' expectations

20

Our strategy

21

How we steer and monitor our business

24

Our value creation

25

Value creation model

26

Financial capital

29

Human and intellectual capital

33

Natural capital

38

Social capital


Progress report

43

Financial performance

56

Risk and capital management

67

Van Lanschot Kempen shares

71

Report of the Supervisory Board

80

Remuneration report

90

Corporate governance

Our Executive and Supervisory Boards

97

Personal details of members of the Executive Board

99

Personal details of members of the Supervisory Board

102

Reconciliation of IFRS and management reporting

Financial statements

104

Consolidated statement of financial position

105

Consolidated statement of income

106

Consolidated statement of comprehensive income

107

Consolidated statement of changes in equity

108

Consolidated statement of cash flows

Notes

110

Summary of significant accounting principles

113

Basis of consolidation

114

Summary of significant accounting policies

122

Risk management

155

Notes to the consolidated statement of financial position and income

186

Business combinations in 2020

187

Related parties

189

Disclosure of interests in other entities

195

Commitments

196

Segment information

199

Profit appropriation

200

Remuneration of the Statutory and Supervisory Boards

203

Events after the reporting period

Company statement of financial position and income

205

Company statement of financial position

205

Company statement of income

206

Notes to the company statement of financial position and income

Other information

208

Independent auditor’s report

219

Assurance report of the independent auditor

221

Articles of association on profit appropriation

222

Stichting Administratiekantoor van gewone aandelen A Van Lanschot Kempen

224

Stichting Preferente aandelen C Van Lanschot Kempen

225

Glossary

230

Ten-year figures

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