auditors' report
the consolidated annual accounts of Friesch-Groningsche
Hypotheekbank and affiliated banks,
the combined annual accounts of the real estate companies and
other diversifications,
On the basis of our audit, we hold the view that the annual
account of Friesch-Groningsche Hypotheekbank n.v., including:
laid down in this report,
give a true and fair picture of the state of affairs as at December 31
1975, and of the result for the year 1975.
Amsterdam, February 25,1976
Van Dien Co, accountants,
A. B. Frielink, register accountant.
