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Rio de Janeiro, February 24th 2010
TIM PARTICIPAÇÕES S.A. | Investors Relations
4Q09 ResultsPresentation
TIM PARTICIPAÇÕES S.A. | Investors Relations
In the following slides we will present the financial statement analysis. For the sake of simplicity, all
comparisons refer to TIM operations, excluding the effects of Intelig’s Dec/09 operations. As for the
Balance Sheet, the analysis includes Intelig.
In the following slides we will present the financial statement analysis. For the sake of simplicity, all
comparisons refer to TIM operations, excluding the effects of Intelig’s Dec/09 operations. As for the
Balance Sheet, the analysis includes Intelig.
Additional Disclaimer to the PresentationAdditional Disclaimer to the PresentationAdditional Disclaimer to the PresentationAdditional Disclaimer to the Presentation
1
TIM PARTICIPAÇÕES S.A. | Investors Relations
AgendaAgendaAgendaAgenda
� Repositioning TrackRepositioning TrackRepositioning TrackRepositioning Track
� 4Q 2009 Results
2
� 4Q 2009 Results
� Perspectives for 2010-2012
TIM PARTICIPAÇÕES S.A. | Investors Relations
PostPostPostPost----paid Basepaid Basepaid Basepaid Base
Jan-08 Jan-09 Abr-09 Aug-09 Dec-09
----0.40.40.40.4 ----0.30.30.30.3
After 15 months, discontinuation of the post-paid base erosion
+0.3+0.3+0.3+0.3
6.56.3
6.8
6.26.4
PrePrePrePre----paid Basepaid Basepaid Basepaid Base
Jan-09 Mar-09 Aug-09 Dec-09
----0.20.20.20.2 +4.8+4.8+4.8+4.8
Reversal of Pre-paid clients loss after repricing/promo
29.9
34.7
30.1
32.9FROM FROM FROM FROM
REPOSITIOREPOSITIOREPOSITIOREPOSITIO----
NING TO NING TO NING TO NING TO
GROWTHGROWTHGROWTHGROWTH
TIM Brasil: Repositioning TrackTIM Brasil: Repositioning TrackTIM Brasil: Repositioning TrackTIM Brasil: Repositioning Track
MM lines, EoP
PenetrationPenetrationPenetrationPenetration UsageUsageUsageUsage DataDataDataData
3 Waves of Development3 Waves of Development3 Waves of Development3 Waves of Development
3
Jan-08 Jan-09 Abr-09 Aug-09 Dec-09 Jan-09 Mar-09 Aug-09 Dec-09
TRACKTRACKTRACKTRACK
2008200820082008“Difficulties”“Difficulties”“Difficulties”“Difficulties”
20102010201020102009200920092009“Repositioning”“Repositioning”“Repositioning”“Repositioning”
2010201020102010----2012201220122012“Growth”“Growth”“Growth”“Growth”
Clients lossInertia in 2009 of -R$ 1 Bln
QoQ Acceleration
•Uncompetitive offer: repricing and
promo stop
•Loss of Brand attributes
•Little innovation
•Loss of quality
•Offers innovation: “breaking the rules”
•Quality Recovery
•Efficiency Plan: Savings >R$1 Billion;
(~R$800 Mln on the financials)
•Intelig Acquisition
3 Waves of Development
•Main growth drivers:
• Penetration
• F-M substitution
• Internet
•Need to build own infra-structure / Intelig
integration
•‘Back to growth’ with profitability and cash
TIM PARTICIPAÇÕES S.A. | Investors Relations
• Customer Base: 41.1 MM
(+1.5 MM vs. 3Q)
• ARPU leader: R$27 (vs. R$26.5
in 3Q)
• Service Revenues: +5.4% QoQ,
due to outgoing traffic (+13%
QoQ)
• Network Quality (Anatel Ranking)
: 100% in December, with MOU ~
100 minutes
• Bad debt represents 2.5% of
Service Revenues: -37%YoY
• Reduction of Interconnection
and subsidy costs weight.
Q4 2009: Visible Signs of TurnaroundQ4 2009: Visible Signs of TurnaroundQ4 2009: Visible Signs of TurnaroundQ4 2009: Visible Signs of Turnaround
4
QoQ)
• Trend Inversion of Service
Revenues YoY drop
• Infinity: ~18 million
• EBITDA: R$ 960 MM, +26% QoQ
• EBITDA Margin: 28.2% (+542 bps QoQ)
• Operating FCF: R$ 1.1 Bln 4Q; R$ 0.7 Bln Full Year
• Net Income: R$ 330 MM, +29% 2009FY vs. 2008FY
• Intelig Acquisition: completed
and subsidy costs weight.
EBITDA MarginEBITDA MarginEBITDA MarginEBITDA Margin
Anatel QualityAnatel QualityAnatel QualityAnatel Quality
1Q 2Q 3Q Oct Nov DecService RevenuesService RevenuesService RevenuesService Revenues
January:100%
+4.0%+4.0%+4.0%+4.0% +5.0%+5.0%+5.0%+5.0% +5.4%+5.4%+5.4%+5.4%
R$ MM
1Q 2Q 3Q 4Q
2,9363,248
3,0832,823
1Q 2Q 3Q 4Q
97.3%
100.0%99.5%
94.0%93.4%
97.3%
1
28.2%
20.2%
22.7%22.3%
0
TIM PARTICIPAÇÕES S.A. | Investors Relations
ARPUARPUARPUARPU
OutgoingVoice
+9%+9%+9%+9%
R$
CBCBCBCB
MM clients
+3.8%+3.8%+3.8%+3.8%+4.7%+4.7%+4.7%+4.7%+4.8%+4.8%+4.8%+4.8%
KPI’s Improvements QoQ: Subscriber Base, traffic, ARPU and RevenuesKPI’s Improvements QoQ: Subscriber Base, traffic, ARPU and RevenuesKPI’s Improvements QoQ: Subscriber Base, traffic, ARPU and RevenuesKPI’s Improvements QoQ: Subscriber Base, traffic, ARPU and Revenues
MOUMOUMOUMOU
Outgoing
Total
>40%>40%>40%>40%
Minutesoct nov dec
39.9 40.341.1
41.1
36.137.8
39.6
33
34
35
36
37
38
39
40
41
42 27.026.526.626.0
5
10
15
20
25
30
9990
7370
40
50
60
70
80
90
100
110
5
Positive elasticity18 MM 18 MM 18 MM 18 MM
InfinityInfinityInfinityInfinity
Service RevenuesService RevenuesService RevenuesService Revenues
R$ MM
+4.0%+4.0%+4.0%+4.0% +5.0%+5.0%+5.0%+5.0% +5.4%+5.4%+5.4%+5.4%
YoY -0.5% -1.2% -1.0% +0.3%
TIM: breaking the rulesTIM: breaking the rulesTIM: breaking the rulesTIM: breaking the rules
• InfinityInfinityInfinityInfinity: from “charge per
minute” to “charge per
call”
• LibertyLibertyLibertyLiberty: Unlimited talk to
all TIM community
• ‘Chip Avulso’‘Chip Avulso’‘Chip Avulso’‘Chip Avulso’: without
penalty
• SIM unlock handsetSIM unlock handsetSIM unlock handsetSIM unlock handset
2
3
4
5
6
7
8
9
10
11
12
Q1Q1Q1Q1 Q2Q2Q2Q2 Q3Q3Q3Q3 Q4Q4Q4Q4
Charge per Charge per Charge per Charge per
callcallcallcall
Charge perCharge perCharge perCharge per
minuteminuteminuteminute
Q1Q1Q1Q1 Q2Q2Q2Q2 Q3Q3Q3Q3 Q4Q4Q4Q4 Q1Q1Q1Q1 Q2Q2Q2Q2 Q3Q3Q3Q3 Q4Q4Q4Q4Q1Q1Q1Q1 Q2Q2Q2Q2 Q3Q3Q3Q3 Q4Q4Q4Q4
3,2483,083
2,9362,823
2500
2700
2900
3100
3300
3500
3700
Q1Q1Q1Q1 Q2Q2Q2Q2 Q3Q3Q3Q3 Q4Q4Q4Q4
TIM PARTICIPAÇÕES S.A. | Investors Relations
Reinforcement of Brand PositioningReinforcement of Brand PositioningReinforcement of Brand PositioningReinforcement of Brand Positioning
Best dealsBest dealsBest dealsBest deals Cheaper cost per Cheaper cost per Cheaper cost per Cheaper cost per MinuteMinuteMinuteMinute
34343434
35
29
+4pp+4pp+4pp+4pp
+3pp
-5pp
37373737
23
23
+11pp+11pp+11pp+11pp
-1pp
-8pp
Share of investments TV, %
15% 16%
31%31%31%31%
24%24%24%24% 19%19%19%19%
17%17%17%17%
30%32%
25%
31%
26%28% 28%
25%
15%
18%
Clear and direct communication of offersClear and direct communication of offersClear and direct communication of offersClear and direct communication of offersInvestments in AdvertisingInvestments in AdvertisingInvestments in AdvertisingInvestments in Advertising
Player1Player1Player1Player1
Player2Player2Player2Player2
Player3Player3Player3Player3
Player1Player1Player1Player1
Player2Player2Player2Player2
6
29 -7pp
CoverageCoverageCoverageCoverage
‘Chip Avulso’‘Chip Avulso’‘Chip Avulso’‘Chip Avulso’
21 -5pp
CoverageCoverageCoverageCoverage InnovationInnovationInnovationInnovation
17
38383838
44
22
32
34343434
28
25
+10pp+10pp+10pp+10pp
0pp
-7pp
-3pp
+3pp+3pp+3pp+3pp
+3pp
+1pp
-3pp
15% 16% 15%
2006 2007 2008 Jan-Nov ‘09
‘Mundo Azul’‘Mundo Azul’‘Mundo Azul’‘Mundo Azul’
LibertyLibertyLibertyLiberty
Brand CredibilityBrand CredibilityBrand CredibilityBrand CredibilityCommunication WavesCommunication WavesCommunication WavesCommunication Waves
Player3Player3Player3Player3
Player1Player1Player1Player1
Player2Player2Player2Player2
Player3Player3Player3Player3
TIM PARTICIPAÇÕES S.A. | Investors Relations
Increase in Traffic VolumeIncrease in Traffic VolumeIncrease in Traffic VolumeIncrease in Traffic Volume Network quality improvement (Anatel ranking)Network quality improvement (Anatel ranking)Network quality improvement (Anatel ranking)Network quality improvement (Anatel ranking)
MM of total minutes (excluding visitors) % achieved goals in TIM’s network quality
Network Quality: 100% of Anatel’s targets achievedNetwork Quality: 100% of Anatel’s targets achievedNetwork Quality: 100% of Anatel’s targets achievedNetwork Quality: 100% of Anatel’s targets achieved
11,956
10,458
10,4119,045
9,973
9,27310000
11000
12000
13000
99.5%
94.0%
98.2%
93.4%
90.8%1
1
1
7
2008200820082008
2009200920092009
YoY -16.1% -19.1% +0.5% +28.9%
MOU
Traffic reduction after repricing
100% of Anatel’s Goals in December (confirmed in Jan.’10)100% of Anatel’s Goals in December (confirmed in Jan.’10)100% of Anatel’s Goals in December (confirmed in Jan.’10)100% of Anatel’s Goals in December (confirmed in Jan.’10)
70 73 90 99
7,585
8,068
10,4119,0459,273
6000
7000
8000
9000
Q1Q1Q1Q1 Q2Q2Q2Q2 Q3Q3Q3Q3 Q4Q4Q4Q4
oct nov dec
97.8% 97.3%100.0%
1
1
1
1
1
1
1
1
85.5%
1
1
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
TIM PARTICIPAÇÕES S.A. | Investors Relations
AgendaAgendaAgendaAgenda
� Repositioning Track
� 4Q 2009 Results4Q 2009 Results4Q 2009 Results4Q 2009 Results
8
� 4Q 2009 Results4Q 2009 Results4Q 2009 Results4Q 2009 Results
� Perspectives for 2010-2012
TIM PARTICIPAÇÕES S.A. | Investors Relations
Main Financials Results Main Financials Results Main Financials Results Main Financials Results
�Efficiency Plan: R$0.8 Bln in savings, R$ 0.6Bln of which were reinvested in the Re-Launch Plan (“Self-financing”):
� + R$0.6Bln (+23.4% YoY): advertising, commissions and customer care
� - R$0.4 Bln (-8.8% YoY): Network and Interconnection Costs
� - R$0.3Bln (-43.6% YoY) : Bad Debt
9
� - R$0.1Bln (-9.3% YoY) : Personnel and G&A
�EBITDA: R$959 million in 4Q09 (+26% QoQ) and a 28.2% margin in the quarter; EBITDA FY2009 of R$3,063 million
(+5.6% YoY) and a 23.5% margin (+140 bps vs. 2008)
�Net Profit: R$232 million in 2009 (+29% YoY)
�Operational Free Cash Flow: positive in R$1,109 million in 4Q09; R$692 million in FY2009
�Net Financial Position: R$1,684 million (-R$860 million vs. 3Q) including Intelig
TIM PARTICIPAÇÕES S.A. | Investors Relations
EBITDA & MarginEBITDA & MarginEBITDA & MarginEBITDA & MarginInvestment on ReInvestment on ReInvestment on ReInvestment on Re----
launching Planlaunching Planlaunching Planlaunching Plan
Quality of traffic (onQuality of traffic (onQuality of traffic (onQuality of traffic (on----
nettization); structural nettization); structural nettization); structural nettization); structural
Selling Selling Selling Selling
expensesexpensesexpensesexpenses
InterconnectionInterconnectionInterconnectionInterconnection
609 736 759959
Efficiency Plan for the Business ReEfficiency Plan for the Business ReEfficiency Plan for the Business ReEfficiency Plan for the Business Re----launchlaunchlaunchlaunch
R$ Million, % Margin
%.Net Service Revenues
+R$630MM+R$630MM+R$630MM+R$630MM+23.4%+23.4%+23.4%+23.4%
% YoY, Delta (R$MM)
----R$372MM R$372MM R$372MM R$372MM ––––8.8%8.8%8.8%8.8%
22.3%
28.2%
22.7%
20.2%
21.1% 22.4% 23.0% 21.9%
25.1% 28.2% 28.3% 27.9%
1Q 2Q 3Q 4Q
34.9% 31.4% 31.3% 30.8%
36.8% 36.1% 34.6% 32.4%
10
nettization); structural nettization); structural nettization); structural nettization); structural
rethinkingrethinkingrethinkingrethinking
Quality of customer Quality of customer Quality of customer Quality of customer
base; billing and credit base; billing and credit base; billing and credit base; billing and credit
managementmanagementmanagementmanagement
Lean structureLean structureLean structureLean structure
Structural Improvement of Structural Improvement of Structural Improvement of Structural Improvement of
ProfitabilityProfitabilityProfitabilityProfitability
InterconnectionInterconnectionInterconnectionInterconnection
& Network& Network& Network& Network
Bad DebtBad DebtBad DebtBad Debt4.8% 3.6% 3.2% 2.5%
9.6%6.8%
4.6% 4.0%
1Q 2Q 3Q 4Q
Personnel Personnel Personnel Personnel
and and and and
G&A CostsG&A CostsG&A CostsG&A Costs 9.3% 8.6% 8.0% 7.4%
10.1% 9.3%8.2% 8.7%
1Q 2Q 3Q 4Q
20092008
1Q09 2Q09 3Q09 4Q09––––8.8%8.8%8.8%8.8%
----R$327MMR$327MMR$327MMR$327MM----43.6%43.6%43.6%43.6%
----R$102MMR$102MMR$102MMR$102MM
----9.3%9.3%9.3%9.3%
31.4% 31.3% 30.8%
1Q 2Q 3Q 4Q
2008
R$ Million, % Margin
2,899 3,063
2009
22.1% 23.5%
TIM PARTICIPAÇÕES S.A. | Investors Relations
Net Result Net Result Net Result Net Result –––– 4Q094Q094Q094Q09
2Q09 3Q09 4Q09
(144)
(15)
61330
1Q09(620,9)
(55,3) 47,8958,5
Y/Y variation due to lower impact of tax
benefits (R$104Mn vs. R$160Mn)
-32% 2009 vs. 2008 to R$252Mn
R$ Million
11
330,0337,6
2008
180 232
2009
+29%
Net Profit Net Profit Net Profit Net Profit ––––
2009FY2009FY2009FY2009FY Dividends:Proposal of
R$ 0,125 per PN in distribution
EBITDA 4Q09
Depreciation & Amortization
EBITNet Financial
ExpensesTaxes and
OthersNet Profit
TIM PARTICIPAÇÕES S.A. | Investors Relations
Operational FCF & Net Financial PositionOperational FCF & Net Financial PositionOperational FCF & Net Financial PositionOperational FCF & Net Financial Position–––– 4Q094Q094Q094Q09(TIM + Intelig Dec/09)(TIM + Intelig Dec/09)(TIM + Intelig Dec/09)(TIM + Intelig Dec/09)
Net Financial PositionFree Operational Cash Flow
R$ Millions R$ Millions
R$ 860 Mn debt reduction
12
Gross DebtR$ 4.2 billion (of which 67% on long term)
~28% of debt is denominated in foreign currency (100% hedged)
Average Annual Cost 9.7% in 4Q09 vs.13.2% in 4T08 and 9.7% in 3Q09
956
(996)1,149
1,109
2,544
249
1,109
1,684- R$ 116 Mn of Intelig acquisition
effect
Oper. OCF 4Q093Q09
Non-Oper. OCF
EBITDA ∆ Working Capital
CAPEX Oper.OCF
32.1% of Total Net Revenues
TIM PARTICIPAÇÕES S.A. | Investors Relations
AgendaAgendaAgendaAgenda
� Repositioning Track
� 4Q 2009 Results
13
� 4Q 2009 Results
� Perspectives for 2010Perspectives for 2010Perspectives for 2010Perspectives for 2010----2012201220122012
TIM PARTICIPAÇÕES S.A. | Investors Relations
TIM is Ready to Capture Brazilian Market OpportunityTIM is Ready to Capture Brazilian Market OpportunityTIM is Ready to Capture Brazilian Market OpportunityTIM is Ready to Capture Brazilian Market Opportunity
“Voice is Good”“Voice is Good”“Voice is Good”“Voice is Good”
�Mobile Internet AccessMobile Internet AccessMobile Internet AccessMobile Internet Access (microbrowsing)
�Selective growth of the mobile connectivity Selective growth of the mobile connectivity Selective growth of the mobile connectivity Selective growth of the mobile connectivity
marketmarketmarketmarket (web via internet key)
�Social networkingSocial networkingSocial networkingSocial networking
FreeFreeFreeFree----net Philosophynet Philosophynet Philosophynet Philosophy
�Liberty = unlimited onLiberty = unlimited onLiberty = unlimited onLiberty = unlimited on----net calls (Fnet calls (Fnet calls (Fnet calls (F----M substitution)M substitution)M substitution)M substitution)
�Offers & Promo based on communityOffers & Promo based on communityOffers & Promo based on communityOffers & Promo based on community
�LD for Fixed: economy and simplicity with InteligLD for Fixed: economy and simplicity with InteligLD for Fixed: economy and simplicity with InteligLD for Fixed: economy and simplicity with Intelig
�Attack to fixed monthly fee (FAttack to fixed monthly fee (FAttack to fixed monthly fee (FAttack to fixed monthly fee (F----F substitution)F substitution)F substitution)F substitution)
14
�‘Mundo Azul’ = One national rate (local and LD)‘Mundo Azul’ = One national rate (local and LD)‘Mundo Azul’ = One national rate (local and LD)‘Mundo Azul’ = One national rate (local and LD)
�Infinity = pay per callInfinity = pay per callInfinity = pay per callInfinity = pay per call
�Chip only = exit from handset subsidy marketChip only = exit from handset subsidy marketChip only = exit from handset subsidy marketChip only = exit from handset subsidy market
�SIMSIMSIMSIM----unlock = free handsetunlock = free handsetunlock = free handsetunlock = free handset
Breaking RulesBreaking RulesBreaking RulesBreaking Rules
PenetrationPenetrationPenetrationPenetration UsageUsageUsageUsage DataDataDataData
Market share MOU and ARPU Microbrowsing Browsing
�Integrated Solutions of Fixed, Integrated Solutions of Fixed, Integrated Solutions of Fixed, Integrated Solutions of Fixed,
Mobile, Voice and Data for:Mobile, Voice and Data for:Mobile, Voice and Data for:Mobile, Voice and Data for:
- corporate segmentcorporate segmentcorporate segmentcorporate segment
- consumer (selective)consumer (selective)consumer (selective)consumer (selective)
ConvergenceConvergenceConvergenceConvergence
TIM PARTICIPAÇÕES S.A. | Investors Relations
Developing Own InfrastructureDeveloping Own InfrastructureDeveloping Own InfrastructureDeveloping Own Infrastructure
BackboneBackhauling
PoP PoP Leased
Metro
Backbone Integration
Connection with Intelig MAN
Key actionsKey actionsKey actionsKey actions
1
2
Intelig’s backhauling ring
connection/strengthening
Integrated TIM-Intelig
Backbone
Development of own
metro rings
1 2 3
15
Node-B
3G/HSDPAAccess
PoP PoP
2G/EdgeAccess
BTS
2G/EdgeAccess
BTS
Leasedlines
Microwaves
installation
4
Connection with Intelig MAN
MAN TIM conclusion
Development of Microwaves
and Backhauling - radio
Leased lines renegotiation
with OLO’s
52
3
4
5
Increase capacity of infrastructure
TIM PARTICIPAÇÕES S.A. | Investors Relations
KPI’sKPI’sKPI’sKPI’s Size (Q4)Size (Q4)Size (Q4)Size (Q4) QoQ GrowthQoQ GrowthQoQ GrowthQoQ Growth
�Subscriber base
�ARPU
�Net Service Revenues
41.1 MM41.1 MM41.1 MM41.1 MM(23.6% Market Share)
R$ 27.0R$ 27.0R$ 27.0R$ 27.0
R$ 3,248 MMR$ 3,248 MMR$ 3,248 MMR$ 3,248 MM
#3� +5 MM lines vs. Q1,
besides having rigorous
clean-up to save Fistel
#1� Stop ARPU erosion due
to outgoing calls
� Higher growth QoQ due
Rank*Rank*Rank*Rank*
#2
In Bps
+ 380
+ 200
+ 540
Conclusion: TIM Conclusion: TIM Conclusion: TIM Conclusion: TIM ---- market’s #2 player with the greatest speed of QoQ growthmarket’s #2 player with the greatest speed of QoQ growthmarket’s #2 player with the greatest speed of QoQ growthmarket’s #2 player with the greatest speed of QoQ growth
16* Without considering Oi’s results (not published yet)
�EBITDA
�Margin EBITDA
R$ 3,248 MMR$ 3,248 MMR$ 3,248 MMR$ 3,248 MM
28.2%28.2%28.2%28.2%
� Higher growth QoQ due
to push on voice
� Filling the gap vs.
market leader besides
the intense commercial
effort
R$ 959 MMR$ 959 MMR$ 959 MMR$ 959 MM
#2
#2
#2
We are ready for the next step, where we’ll focus on the capture of opportunities:
• Penetration: fresh market from social inclusion
• F-M substitution for Voice
• Selective growth for Data
• “Option Value” Intelig: LD for Fixed and Convergence
+ 540
+2,630
+ 540
TIM PARTICIPAÇÕES S.A. | Investors Relations
Statements in this presentation, as well as oral statements made by the management of TIMParticipações S.A. (the “Company”, or “TIM”), that are not historical fact constitute “forwardlooking statements” that involve factors that could cause the actual results of the Company todiffer materially from historical results or from any results expressed or implied by such forwardlooking statements. The Company cautions users of this presentation not to place unduereliance on forward looking statements, which may be based on assumptions and anticipated
Statements in this presentation, as well as oral statements made by the management of TIMParticipações S.A. (the “Company”, or “TIM”), that are not historical fact constitute “forwardlooking statements” that involve factors that could cause the actual results of the Company todiffer materially from historical results or from any results expressed or implied by such forwardlooking statements. The Company cautions users of this presentation not to place unduereliance on forward looking statements, which may be based on assumptions and anticipated
“Safe Harbor” Statements“Safe Harbor” Statements“Safe Harbor” Statements“Safe Harbor” Statements
17
reliance on forward looking statements, which may be based on assumptions and anticipatedevents that do not materialize.reliance on forward looking statements, which may be based on assumptions and anticipatedevents that do not materialize.
Investor Relations
Avenida das Américas, 3434 - Bloco 016° andar – Barra da Tijuca22640-102 Rio de Janeiro, RJPhone: +55 21 4009-3742 / 4009-3446 / 4009-3751Fax: +55 21 4009-3990
Investor Relations
Avenida das Américas, 3434 - Bloco 016° andar – Barra da Tijuca22640-102 Rio de Janeiro, RJPhone: +55 21 4009-3742 / 4009-3446 / 4009-3751Fax: +55 21 4009-3990
Visit our Website
http://www.tim.com.br/ir