Auditor's report
IMTROPIIfTION
We have audited the 1998 financial
statements of FGH Bank N.V.,
Utrecht. These financial statements
are the responsibility of the
company's management.
Our responsibility is to express an
opinion on these financial
statements based on our audit.
srnpr
We conducted our audit in
accordance with auditing standards
generally accepted in the
Netherlands. Those standards
require that we plan and perform the
audit to obtain reasonable assurance
about whether the financial
statements are free of material
misstatement. An audit includes
examining, on a test basis, evidence
supporting the amounts and
disclosures in the financial
statements. An audit also includes
assessing the accounting principles
used and significant estimates made
by management, as well as
evaluating the overall financial
statement presentation. We believe
that our audit provides a reasonable
basis for our opinion.
OPINION
In our opinion, the financial
statements give a true and fair view
of the financial position of the
company as at 31 December 1998
and of the result for the year then
ended in accordance with accounting
principles generally accepted in
the Netherlands and comply with
the financial reporting requirements
included in Part 9, Book 2 of the
Netherlands Civil Code.
Amstelveen, 12 February 1999
KPMG Accountants N.V.
