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Recommendation to Shareholders

The Board of Directors recommends:

• the approval of the draft statutory financial statements of Rai which consist of a Balance Sheet, Income Statement and Notes to the Financial Statements, which close with a net profit of 39,338,513.88 euros, as well as the approval of the Report on Operations;

• to allocate the net profit of 39,338,513.88 euros as follows; - 1,966,925.69 euros, equating to 5% of the net result, to the Legal Reserve;

- 927,923.16 euros, as Reserve to cover gains on exchange rates pursuant to article 2426 paragraph 8 bis of the Civil Code;

- the remainder, equating to 36,443,665.03 euros, to Other Reserves.