REPORT AND RECOMMENDATIONS OF THE BOARD OF DIRECTORS After considering the advice of Moret Ernst Young, register accountants, who audited and approved the accounts prepared by the Executive Board, the Board of Directors has approved and signed the financial statements for the year 1990. I These financial statements include the consolidated annual returns, company balance sheet and income statement of the Friesch-Groningsche Hypotheekbank N.V. (see page 18 ff.). We recommend that the company’s financial statements be approved accordingly. At the end of the stockholders’ annual meeting on May 29, 1990, Mr F.A.A. Stapels, Chairman of the Board of Directors announced his resignation from the Board. We would like to take this opportunity to thank him for his dedicated service and counsel, and to welcome Mr R.A.H. van der Meer as a new Board Member. Mr. H.B. van Wijk was elected as Chairman of the Board of Directors. The Board of Directors has maintained close contact with the Executive Board throughout the reporting period and commends the efforts of both management and staff during the year in question. 7 K TO THE STOCKHOLDERS CHAIRMAN OF THE BOARD OF DIRECTORS UTRECHT, MARCH 6, 1991 H.B. van Wijk,

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Annual Reports FGH Bank | 1990 | | pagina 9