Auditors' report
We have examined the financial statements of Friesch-Groningsche
Hypotheekbank n.v. for the year 1977.
These statements include
- the consolidated financial statements of Friesch-Groningsche
Hypotheekbank n.v. and affiliated banks
- the combined financial statements of the real estate companies
and other diversifications.
In our opinion, based upon our examination, the accompanying
financial statements, together with the notes, present fairly the
financial position at December 31, 1977 and the results for the
year then ended.
Amsterdam, 8th March 1978
Van Dien Co,
signed: A.B. Frielink, registeraccountant
