Report and Recommendations of the Supervisory Board To the shareholders After consideration of the unqualified audit report issued by Moret Ernst Young Accountants, we have approved and signed the financial statements for 1996 prepared by the Management Board. These financial statements incorporate the consolidated annual accounts and the company balance sheet and income statement of FGH BANK N.V. (see pages 10 ff). We recommend that the financial statements presented in this annual report be adopted accordingly. The Supervisory Directors have regularly met and otherwise been in contact with the members of the Management Board throughout the year. For health reasons, Mr. W.A.J.M. van der Heijden has had to decide not to return as Chairman of the Management Board of FGH BANK N.V. He has resigned the post of delegate member of the Supervisory Board which he had held since March 1995. We are very grateful to Mr. van der Heijden for the important contribution which he made dining a career with our company spanning over 25 years, the last 10 years as Chairman of the Management Board and Supervisory Director. During this period his commitment and close personal involvement were significant factors in the process of establishing the current sound position of FGH BANK N.V. as the leading realty bank. We would like to express our appreciation of the efforts of both management and staff and the result achieved. Utrecht, March 7, 1997 H.B. van Wijk Chairman of the Supervisory Board

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Annual Reports FGH Bank | 1996 | | pagina 8