  We present results of high time resolution photometry of the eclipsing
pre-cataclysmic variable NN Ser. We observed 13 primary eclipses of NN Ser
using the high-speed CCD camera ULTRACAM and derived times of mid-eclipse, from
fitting of light curve models, with uncertainties as low as 0.06 s. The
observed rates of period change appear difficult to reconcile with any models
of orbital period change. If the observed period change reflects an angular
momentum loss, the average loss rate is consistent with the loss rates (via
magnetic stellar wind braking) used in standard models of close binary
evolution, which were derived from observations of much more massive cool
stars. Observations of low-mass stars such as NN Ser's secondary predict rates
of ~100 times lower than we observe. We show that magnetic activity-driven
changes in the quadrupole moment of the secondary star (Applegate, 1992) fail
to explain the period change by an order of magnitude on energetic grounds, but
that a light travel time effect caused by the presence of a third body in a
long (~ decades) orbit around the binary could account for the observed changes
in the timings of NN Ser's mid-eclipses. We conclude that we have either
observed a genuine angular momentum loss for NN Ser, in which case our
observations pose serious difficulties for the theory of close binary
evolution, or we have detected a previously unseen low-mass companion to the
binary.
