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Report on the consolidated financial statements

Shareholders,

The consolidated financial statements of the Rai Group at 31 December 2012 – placed at your disposal for informative purposes – are drawn up in millions of euros and consist of the Balance Sheet, Income Statement and Notes to the Consolidated Financial Statements and are accompanied by the Directors’ Report on the operations.

The Balance Sheet and the Income Statement present comparative figures with those for 2011.

The 2012 scope of consolidation is unchanged from 2011.

As regards the area of consolidation for 2012, Rai Trade, as meThe financial statements under examination close with a loss of 244.6 million euros against a net profit of 4.1 million euros in 2011.

In the Report on Operations, the Directors illustrate the overall Group performance, repeating and integrating much of what was said in relation to Rai SpA and expanding the information with details relating to the single activities of the consolidated companies.

A review of the balance sheet, income statement and financial position is also provided to facilitate the reader’s understanding of the comments on these areas, with information on the breakdown and contents of the main income statement and balance sheet items, highlighting the reasons for the differences compared to the Financial Statements for 2011.

The Notes to the Consolidated Financial Statements highlight the scope and the principles of consolidation and the valuation methods applied and provide, with the aid of the supplementary schedules presented, the other disclosures required under article 38 of Legislative Decree 127/1991.

A reconciliation between the Rai statutory financial statements and the Group Consolidated statements at 31 December 2012 is also provided, in relation to the Result for the year and the Shareholders’ Equity, compared with the corresponding figures of the Financial Statements at 31 December 2011.

With regard to matters falling within the sphere of competence of the Board of Statutory Auditors, on the basis of our contacts with the Independent Auditors PwC – we would like to state that all three parts of the financial statements under examination have been drawn up in observance of the law and that they correspond to the Parent Company accounting entries and to the information supplied by the other companies included within the scope of consolidation. No criticalities or reservations have emerged in relation to the latter.

In accounting terms, we should also note that:

• there have been no “exceptional cases” during the year which would entail making derogations as permitted under article 29, par. 4 of Legislative Decree 127/91;

• the assets and liabilities are valuated using the same methods as in the previous financial statements.

In the light of all the matters described above, we are of the opinion that the Rai Group consolidated financial statements at 31 December 2012 and annexed Report on Operations have been drawn up in compliance with the provisions of the aforementioned Legislative Decree no. 127/1991.


Rome, 13 May 2013
THE STANDING STATUTORY AUDITORS
Mr Carlo GATTO
Ms Maria Giovanna BASILE
Mr Antonio IORIO