November 16, 2016, BNG Bank launched its third Sustainability Bond, a new USD 600 million, 3-year benchmark. An important quality indicator
of the bond is the ‘Use of proceeds reporting (UPR)’. BNG Bank intends to include in the UPR an impact report in the years 2017-2019 based on
updated information for the sustainability scores of all Dutch municipalities. BNG Bank asked Telos -Tilburg University- to provide the yearly impact
reports for this bond, based on its yearly National Monitor Sustainable Municipalities. This performance report is the first impact report, covering
the years 2016-2017.