EXHIBIT 99.2

To the Board of Directors
Of Momo S.p.A.

We have audited the accompanying combined and consolidated balance sheet of the 
Momo group as of 30 June 1997 and the related combined and consolidated income 
statement, retained earnings and cash flows for the year then ended. These 
financial statements are the responsibility of the management of Momo, S.p.A. 
Our responsibility is to express an opinion on the financial statements based on
our audit.

We conducted our audit in accordance with auditing standards generally accepted 
in the United States. 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.

In our opinion, the financial statements referred to above present fairly, in 
all material respects, the financial position of Momo Group as of 30 June 1997, 
and the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles as defined in the 
United States.

/s/ KPMG Peat Marwick
KPMG Peat Marwick
Milan, 25 July 1997