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Financial Statements of Subsidiaries

• Rai Cinema S.p.A.
• 01 Distribution S.r.l.
• Rai Corporation - Italian Radio TV System
• Rai Corporation Canada - Italian Radio TV System
• Rai World SpA (formerly NewCo Rai International SpA)
• RaiNet S.p.A.
• Rai Trade S.p.A.
• Rai Way S.p.A.
• Sipra S.p.A. - Società Italiana Pubblicità per Azioni