auditors' report
On the basis of our audit we hold the view that the annual
account of Friesch-Groningsche Hypotheekbank n.v., including
- the consolidated annual accounts of Friesch-Groningsche
Hypotheekbank and affiliated banks
the combined annual accounts of the the real estate companies
and other diversifications,
laid down in this report,
give a true and fair picture of the amount and composition of the
capital as at 31 st December 1976 and of the result for the year 1976.
Amsterdam, 21st February 1977
Van Dien Co, accountants
A. B. Frielink, register accountant
Realization Wolters-Noordhoff Grafische Bedrijven bv
