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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 loss of 128,467,320.38 euros, as well as the approval of the Report on Operations;

• the covering of the loss of 128,467,320.38 euros by the utilization of:
   - Other Reserves - Merger surplus for this amount..