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Report of the Board of Statutory Auditors to the Consolidated Financial Statements at December 31, 2002

To our Shareholders:

the Consolidated Financial Statements of the Rai Group at December 31, 2002 - delivered to us within the term set in article 41 of legislative Decree no. 127/1991 and made available to You for your examination - have been prepared in millions of euro and consist of a Balance Sheet, an Income Statement and Notes to the Accounts. They also contain a Report of the Board on the Group's operations.
The Balance Sheet can be summarized by the following entries:

The Income Statement can in turn be summarized by the following entries:

Balance sheet and income statement items above are compared in the financial statements with those for fiscal year 2001.
The Notes to the Accounts contain a description of the area and the principles of consolidation, in addition to the valuation criteria used in the preparation of the accounts. They moreover contain a number of tables supplying additional information on specific items, in addition to disclosure requirements of article 38, Legislative Decree no. 127/1991.
In the Report of the Board, management illustrates the general position of companies included in the consolidation, in addition to reviewing operations in general and by segment. The Report provides also information on Research and Development activities, events following the closing of the financial year and management expectations of operations in the current year. The Report includes also three tables providing income, financial and operating data, allowing for a better understanding of the financial statements. With regards to the scope of the audit carried out by the Board of Statutory Auditors, we attest - on the basis also of contacts with independent auditors Deloitte & Touche SpA - that the present financial statements are prepared in all their parts in compliance with applicable regulations. They correspond to the accounts of the parent company and to the information provided by other companies included in the consolidation area. No exceptional event requiring the application of derogations provided for in article 29, fourth comma of Legislative Decree no. 127/1991. Assets and liabilities have been valued using criteria consistent with those applied in the preparation of the financial statements for the previous financial year. The economic effect of accelerated depreciation charges made in 2001 and in previous years were eliminated. In summary, in view of the above considerations, we deem the Financial Statements of the Rai Group at December 31, 2002 and the related Report of the Board in compliance with the mentioned provisions of Legislative Decree no. 127/1991.
With regards to the set of procedures adopted by the Group, we would like to stress the correctness and efficacy of accounting and technical norms adopted by consolidated companies. With regards to managerial procedures, we must however make reference to comments made our Report on the accounts of the Rai SpA. We refer specifically to the need to develop, on the part of the Parent Company, guidelines to be followed by subsidiaries in the drafting of procedures to be followed in the different processes. These guidelines would in fact ensure consistency in procedures and provide a basis for the development of a reliable internal control system for the Group.

The Board of Statutory Auditors
Marcello Bigi
Bruno De Leo
Salvatore Randazzo

June 11, 2003

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