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The TIM Group may be exposed to financial risks, such as risks arising from fluctuations in interest rates and exchange rates, credit risk, liquidity risk and risks related to the performance of the equity markets in general, and – more specifically – risks related to the performance of the share price of the TIM Group companies. These risks may adversely impact the earnings and the financial structure of the Group.
Accordingly, to manage those risks, the TIM Group has established guidelines, at central level, which must be followed for operational management, identification of the most suitable financial instruments to meet set goals, and monitoring the results achieved. In particular, in order to mitigate the liquidity risk, the TIM Group aims to maintain an “adequate level of financial flexibility”, in terms of cash and syndicated committed credit lines, enabling it to cover refinancing requirements at least for the next 12 - 18 months.

The potential impact of Brexit will depend on negotiations on “divorce” agreement with EU, whose outcome remains absolutely uncertain, after the House of Commons rejected in January 2019 the separation plan backed by the UK Prime Minister.
The Brexit and possible scenarios of future equilibrium linked to the outcome of the exit negotiations could cause further instability in the global financial markets in an international context already made delicate by the trade dispute between USA and China.
The potential effects of Brexit could negatively affect our financial condition, our business, as well as the related economic results and cash flows.