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Intercompany transactions

During 2012, the Rai Group continued its operations on the basis of a decentralised organisational model for certain activities managed by specially set-up companies.

Relations with subsidiaries and associated companies are settled at arm’s length.

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.

Between the subsidiaries and Rai there is a financial relationship in force for the management of centralised treasury in order to guarantee the coverage of financial requirements and the optimisation of the investment of cash holdings.