APPROPRIATION
RESULT
O F
According to Article 33 of the Articles of
Incorporation of FGH BANK N.V., as adopted on
December 31, 1991, the provisions concerning
appropriation of earnings are as follows:
1. From the earnings as shown by the adopted
financial statements any losses shall first be made
good, isofar they have not been offset by other
means, then the equity reserves prescribed by law
shall be formed, insofar they have not been formed
by some other means as determined by the Board
of Directors, and finally such amount shall be
added to equity reserves as the Board of Directors
shall determine.
2. The earnings remaining afther applications of
the provisions of the preceding paragraph shall
then be distributed in order as follows:
a. to the holders of preferred A stock a dividend of
eight percent (8%) of the nominal amount of this
stock will be paid to the extent that the remaining
earnings shall allow;
b. if the remaining earnings do not allow a pay
ment of eight percent as referred to above, the
earnings available for distribution in subsequent
years - before the provisions under a. of the para
graph are observed - will first be applied to offset
the deficit in the payment to holders of preferred
A stock;
c. to AEGON N.V., established at The Hague,
payments will be made until the total amount of
NLG 702,049 on account of this paragraph c., is
received by AEGON N.V.;
d. to the holders of preferred B stock a dividend of
seven percent (7%) of the nominal amount of this
stock will be paid to the extent that the remaining
earnings shall allow;
e. if the remaining earnings do not allow a pay
ment of seven percent as referred to above under
d., the earnings available for distribution in subse
quent years after due observance of the provisions
under b. and c. with respect to this remainder -
before the provisions under d. are observed - will
be applied to offset the deficit in the payment to
holders of preferred B stock;
f. to AEGON N.V. above mentioned, payments
will be made until the amount of its earning rights
as referred to in paragraph 3 of this article has been
fully paid;
g. if the earnings for the financial year concerned
available for distribution to AEGON N.V. do not
allow payment in full of the amount of the earning
rights, the earnings available for distribution shall
be paid entirely to AEGON N.V.;
h. the earnings wich remain after the amount of
the earning rights referred to under f. of this para
graph has been paid in full shall be paid to the
holders of common stock in proportion to the
nominal amounts of their shares;
3. AEGON N.V. shall be entitled to distribution
of earnings by virtue of its earnings rights as stated
- and in the manner discribed - under f. of para
graph 2 of this article, until the full amount of its
earnings rights - as calculated in the manner set
forth in paragraph 4 of this article - has been paid.
4. The earnings rights of AEGON N.V. will be
equal to the result obtained from the formula (RP
RD) - GU in which the terms are defined as
follows:
RP is NLG 47,100,000. This amount will
be increased by 8% at the end of each calendar
year, beginning December 31, 1986, which incre
ase will be added to said amount as per the date of
increase so that in subsequent years the increase
will be calculated on the thus increased amount.
34
I PROyiSIONS OF THE ARTICLES OF
INCORPORATION CONCERNING
APPROPRIATION OF EARNINGS.
RESERVES
I DIVIDENT