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Intercompany transactions

In 2011, the Rai Group continued to function on the basis of a decentralised organisational model in which certain activities are carried out by companies specifically set up for the purpose.

Relations with subsidiaries and associated companies are all based on standard negotiations conducted with reference to current market values.

Certain services, such as accounting and administration, personnel, real estate, legal affairs, research and development, and the management of information systems, are centrally managed for some companies.

Rai also has a centralised treasury management relationship with its subsidiaries in order to ensure the coverage of financing needs and to optimise the investment of available liquidity.