REPORT OF THE EXECUTIVE BOARD With effect from January 1, 1992, FGH BANK N.V. has acquired the status of a commercial bank. This move should not be seen as an attempt by FGH BANK to compete for business in the al ready overcrowded commercial banking sector in the Netherlands, but rather as a means of impro ving the range and quality of services the bank provides. For instance, FGH BANK’S newly acqui red status as a commercial bank allows it to offer clients direct payment facilities, checking accounts and investment accounts (including special deposits and money placed on call). These facilities are pro vided in addition to FGH BANK’S traditional portfolio of services. This enables the bank to pro vide an optimum mix between credit and invest ment services, as well as offering ancillary facilities such as the provision of bank guarantees. FGH BANK’s newly acquired status as a commercial bank further underlines its reputation as the autho ritative realty bank in the Netherlands. Nineteen ninety-one was the last year in which the company operated under the name Friesch- Groningsche Hypotheekbank N.V.. On the advice of the Executive Board, FGH BANK N.V. was adopted as the company’s new name and the statutes amended accordingly. A further important change which took place in 1991 was the decision to transfer a portfolio of existing loans held by private individuals and valued at NLG 1,150 million on January 1, 1992 to a separate company, Nederlandse Hypotheekbank. This was seen as a logical step as the organization, structure, policy and services of FGH BANK are primarily geared to serving the needs of the commercial real estate sector. Nederlandse Hypotheekbank, which is a wholly owned subsidiary of FGH BANK, will continue to trade under its own name and will seek to provide further loans to the private sector. I FGH BANK, THE REALTY BANK FGH BANK N.V. is the only realty bank in the Netherlands. It offers a complete portfolio of servi ces not only to real estate professionals, such as Dutch and foreign investors, property developers and independent dealers, but also to non-profit organizations, housing corporations and companies with substantial real estate assets. While FGH BANK is primarily concerned with providing tail or-made financial facilities, increasing emphasis is being placed on the development of advisory and support services. These ancillary services are inten ded to address key aspects such as legal and tax matters, market and structural surveys, as well as being directed to assisting with the maintenance and insurance of commercial property. In addition, FGH BANK is in the process of expanding its asset management activities, with particular attention being focused on the management of mortgage and real estate portfolios held by third parties. In keeping with FGH BANK’s desire to provide a comprehensive portfolio of professional services, every effort has been made to enhance the orga nization’s speed of response, flexibility and clarity in the present reporting period. The exercise to bring FGH BANK’s organizational structure more in line with its new business aims was completed in 1991. The bank’s staff will continue to em phasize the importance of personal contacts as the basis for building up long-term, trusting relation ships with clients. In order to respond better to market demand, an active product development policy was introduced A YEAR OF IMPORTANT CHANGES AT FGH BANK Commercial bank status New name Nederlandse Hypotheekbank A balanced portfolio of sendees MARKETING

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Annual Reports FGH Bank | 1991 | | pagina 13