APPROPRIATION OF RESULT Contrary to the provisions in the preceding clause, the increase as per December 31, 1986, will not amount to 8% but to a fraction of 8%, the numerator of which is equal to the number of days elapsing between June 5, 1986, up to and including December 31, 1986, and the denominator is equal to 365. In calculating the increase, a month shall be taken as having the correct number of days and the year as having 365 days; - RD is compensation due to AEGON N.V. and to Postbank N.V. (which assigned this compensation to AEGON N.V.) for loss of interest of a loan, the principal of which shall not exceed NLG 410,000,000, which AEGON N.V. and Postbank N.V., established at Amsterdam, each granted to Transveer B.V., a private limited liability company established at Utrecht. The compensation for AEGON N.V. and Postbank N.V. (which assigned this compensation to AEGON N.V.) will amount to 3 1/2% each per annum on the outstanding amount of each party’s loan. The compensation will be calculated at the end of each calendar year, begin ning December 31, 1986, and will be aggregated with the amounts of compensation calculated in respect of preceding years. The balance at the end of each calender year, beginning December 31, 1987, will be increased by 8% and this increase will be added to the balance, so that in subsequent years the increase will be calculated on the thus increased balances. In the calculations as referred to above, a month shall be taken as having the correct number of days and the year as having 365 days; - GU is the total of the amounts made payable to AEGON N.V. in accordance with its afore mentioned earnings rights. Commencing at the end of the first calendar year in which such distribution of earnings is made payable, these amounts will be increased by 8% at the end of each calendar year, which increase as per the date of increase will be added to the amounts on which the increase has been calculated, so that in subsequent years the increase will be calculated on the thus increased amounts. At the end of a calendar year in which a distribution of earnings is made payable, the increase in relation to the amount of said distribution of earnings will not amount to 8% but to a fraction of 8%, the numerator of which is equal to the number of days elapsing between the date on which the distribution of earnings concerned is made payable at the end of the calendar year and the denominator is equal to 365. In this calculation, a month shall be taken as having a correct number of days and the year as having 365 days. The total amount of the result of NLG 67.3 million is added to other reserves. According to Article 33 of the articles of Incorporation of Friesch-Groningsche Hypotheek bank N.V., an amount of NLG 10.8 million will be paid to the holden of preferred A stock. 35 APPROPRIATION OF EARNINGS PAYMENT OF DIVIDEND TO THE HOLDERS OF PREFERRED A STOCK

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Annual Reports FGH Bank | 1990 | | pagina 37