Meeting with Investors of March 2017

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Meeting with Investors

Investor Relations Draft - Highly Confidential

TIM Brasil Company’s Presentation March, 2017

TIM. Brazil’s largest 4G network, available in over 1,200 cities and the only 4G carrier in Fernando de Noronha.

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Investor Relations

Visit our website and download our IR

app: www.tim.com.br/ir

TIM IR app

(English) TIM RI app

(Portuguese)

Agenda

About us…………………………………………………………….………………...

Market Overview and TIM Positioning………………………..……….

4Q16 Results…………………………………………………………………………

Strategic Plan 2017-19…………………………………………………………

Regulatory Update……………………………………………………………….

Appendix………………………………………………………………………………

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7

14

27

30

37

http://www.tim.com.br/ir

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About Us

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31%

44%

49% 51% 52%

2012 2013 2014 2015 2016

26.7% 26.1%

28.4%

31.5%

33.5%

2012 2013 2014 2015 2016

1.9 2.3

3.5

4.7

5.6

2012 2013 2014 2015 2016

Presence in Brazil since 1998

18th largest Private Company in Brazil*

Approximately R$23 billion of Market Capitalization

Innovative Net Revenues (R$ bln; VAS Revenues excluding SMS)

Data Penetration (data users over total base)

EBITDA Margin (%)

CAGR+32%

*Source: Exame Magazine - 2015

+700 Bps

TIM: A Solid Path in a Changing Industry

Leader in 4G Coverage

~1,255 cities covered with 4G

74% of urban population in 4G

Total of 3,460 cities covered with 2G/3G/4G

High focus on infrastructure development

~20.1 thousand Sites

~5,200 sites connected with fiber

~76,000 km of optical fiber network

2nd in Revenue Share

63.4 million customers

~26% Market Share

~R$4.5 billion invested in FY2016 (ex-licenses)

Growth via M&A

1.7x

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Joined UN Global Compact in 2008

Member of ISE (Sustainability Index)

for 8 consecutive years

Member of ICO2 (Efficient Carbon

Index) for 6 consecutive years

ISO 14001 certified since 2010, 1st Brazilian telco and

ISO9001 Quality Certification for Billing and Networking

processes

Sustainability

TIM Stands out in Sustainability

Founded in July, 2013

MISSION: We are committed to creating and strengthening resources and strategies for

the democratization of science and innovation that promote human development in

Brazil, with mobile technology as one of the main facilitators.

In public schools

185,000 children and 6,300 professors

In museums and science and technology centers

More than 70,000 people

R$2.5 million in funding

In public administration

Participatory Urban Caretaker

o 4 municipalities

Cultural maps

o 7 municipalities and RS & CE government

In the federal institutions of professional and technological education

TIM Tec

o MOOC platform

Partnership with 5 federal institutes

Corporate Social Responsibility

BNDES is a strategic partner of Instituto TIM playing and important role financing part of the investments.

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Statutory Audit Committee:

• Report to Board of Directors

• Oversight Financial reporting

• Analyze anonymous complaints

Compensation Board and Internal Control and Risk Board

operate indefinitely and act independently

Whistleblower channel website

Brazilian Law “Lei das S.A”

Legal Requirements

Demand for transparency

and disclosures

Highest level of Corporate

Governance Requirement of protection for

minority shareholders

Unique Telco company listed on the Novo Mercado

Committees to Reinforce and Guarantee Solid Corporate Governance

10 members (3 independents)



3 members


8 members

Equal rights: vote, dividends and tag along

Higher liquidity

• Single class of share (ordinary shares)

Greater independence of Board of Directors (at least 30%)

Strict disclosure policy

Corporate Governance

http://ri.tim.com.br/show.aspx?idMateria=kVlFY26ilc3065dMouchWg==&linguagem=en

7 Meeting with Investors

Investor Relations

Market Overview and TIM Positioning


Investor Relations

The industry mobile revenue represented 53% of the total industry revenues in 3Q16

Mobile Fixed Fixed BB Pay-TV Group

Customers 4Q16 (000´s) 63,418 518 326 n.a. 64,262

Market share 4Q16 26% 1.2% 1.2% n.a. -

Net Adds 12M (000´s) -2,816 -54 +73 n.a. -2,797

Net Revs 4Q16 (R$ Mln) 3,842 201 4,044

ARPU 4Q16 (R$) 19.2 n.a. n.a. n.a. ---


Customers 4Q16 (000´s) 73,778 14,552 7,478 1,714 97,522

Market share 4Q16 30.2% 34.4% 28.1% 9.1% -

Net Adds 12M (000´s) +509 -607 +187 -67 22

Net Revs 4Q16 (R$ Mln) 6,593 4,281 10,874

ARPU 4Q16 (R$) 28.6 43.3 46.5 93.1 -


Customers 4Q16 (000´s) 60,171 11,252 8,412 9,848 89,683

Market share 4Q16 24.7% 26.6% 31.6% 52.4% -

Net Adds 12M (000´s) -5,807 -385 +301 -49 -5,940

Net Revs 4Q16 (R$ Mln) 2,842 6,029 8,870

ARPU 4Q16 (R$) 14.0 n.a. n.a. n.a. -


Customers 4Q16 (000´s) 42,138 14,517 6,413 1,304 64,372

Market share 4Q16 18.5% 34.3% 24.1% 6.9% -

Net Adds 12M (000´s) -5,923 -936 +41 +136 -6,682

Net Revs 3Q16 (R$ Mln) 1,942 3,891 6,323

ARPU 3Q16 (R$) 15.6 n.a. n.a. n.a. -

1 - Mobile revenue considers only the 5 major players. Oi numbers are adjusted to include corporate mobile.

Source: Anatel and players’ financial statements

Mobile Revenues Share

Nextel Oi Claro TIM Vivo

Brazilian Telcos X-Ray

31,7% 33,2% 36,5% 38,3% 39,2% 39,7%

26,6% 26,5% 23,9% 22,6% 22,7% 22,9%

17,7% 17,5% 18,4% 18,5% 18,4% 18,0%

17,4% 16,6% 15,4% 15,1% 14,3% 14,2%

6,6% 6,1% 5,8% 5,5% 5,4% 5,2%

2013 2014 2015 1Q16 2Q16 3Q16


Investor Relations

7.6

9.5

9.4 >12 Mbps

2 - 12 Mbps

0 - 2 Mpbs

26.6%

47.9%

23.1%

2.3% A

Household per Social Class

Convergence in Brazil: myths and truths

Brazilian Households with

internet connection

67

41

26

TotalHouseholds

w/o FixedBroadband

FixedBroadband

Households per speed

TIM Live Market

5.1

20.5

Live TIM Area Other regions

Fixed broadband domain

Opportunity for substitution with 4G

Opportunity for substitution with 3G/4G

26.6 mln

Source: Anatel; CETIC 2015; CETIC 2014; IBGE, PNAD2014, internal estimates

(mln households)

<5% of Brazilians have enough HH income to buy a

4P bundle

C

D/E

B

Target for Convergence

Household Income

Threshold (E)

USD 4,286

USD 1,010

USD 304

Convergent

Bundles

4-3 play (avg tier: U$90)

2-3 play (avg tier: U$60)

Little or no convergence Naked + OTT

(avg tier: U$30)

No convergence Mobile Only

Note: Exchange rate (U$/R$ - 3,5)

(mln households)

(mln households)

25% of Brazilian GDP

31% of Broadband market

TIM Live

• #1 in net adds (all speeds)

• #3 in CB (>34 Mbps)

• More clients than Vivo in RJ Metro

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12 13 14 15 16

0.41 0.42 0.42 0.42 0.42

0.36 0.32

0.24

0.16

0.10 0.06

0.03 0.02

07 08 09 10 11 12 13 14 15 16 17e 18e 19e

Voice to Data Substitution

MTR Cuts

Stabilization

Data traffic booming x

Voice slowdown

Changing Customer Base Mix

Expansion

Consolidation

Total base in mln customers

TIM’s MOU

Source: Internal figures and Anatel

R$

Transition Phase

TIM’s BOU

Change on Customer Base Profile

Prepaid

Postpaid 23 51

79 98

211 166

121

262

245

07 08 09 10 11 12 13 14 15 16

Total

Business Generated:

VAS x Voice

Revenues over Business Generated (in R$ mln)

BOU (Mbytes of use per data customers) and MOU (min)

26%

48%

74%

52%

12 13 14 15 16

VAS

Voice

https://www.google.com.br/url?url=https://logodownload.org/whatsapp-logo/&rct=j&frm=1&q=&esrc=s&sa=U&ei=RmuIVcKsKpD9sATun5WwDA&ved=0CBYQ9QEwAA&usg=AFQjCNGysfTGR2e0nWfVTUbt5Qcj_qA1_w

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Strategy Path: Delivering a 180º Turnaround

Quality

Price

2008

2012

Quality

Price

As is: 2008-2016 To be: 2017-2019

2017-19

Premium brand approach for Postpaid

4G Coverage Leadership

Improved CEX

Today

Infrastructure:

4G leadership to support

quality and service delivery;

adopt Pay-as-You-Grow capex

approach to increase FTTx

coverage in RJ and San Paolo

Offer: defend Prepaid

leadership while recovering on

Postpaid segment, also

leveraging on 4P (FTTx and

WTTx), Contents, Smartphone

adoption as reason-to-buy and

loyalty drivers

Customer Experience:

implement the best E2E, omni-

channel customer experience

model leveraging on new digital

capabilities (new Billing, Big Data,

Digital Hub for third Parties)

Efficiency:

a lean company approach to

gain efficiency and

effectiveness. Accountable

and Results oriented people

and organization

Brazilian TLC Market Positioning Map (Mobile)

Evolving from a “cheap” brand to a total quality operator, capable to successfully compete also in the high-end segment:

Source: Anatel; CETIC 2015; CETIC 2014; IBGE, PNAD2014

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TIM Brasil Re-loaded: Our Commercial Turnaround

Historical “one fits all” approach built-up on pay per use prepaid offer, reduced focus in postpaid with significant lost of segment market share

• Prepaid market strongly impacted by economic crisis

• TIM perceived as the “cheap” player

• Handset strategy driven by a “distribution model”

Key facts

Become the best “value for money” choice for mobile services

• Re-activation of positive loop investments→quality→revenues

• Mass segmentation on prepaid (increase usage/penetration and uplift ARPU)

• Focus on postpaid and SME segments leveraging on 4G leadership, selective approach on broadband (residential) and best CEX approach

• Redesign the sales channels strategy

• Regional focus

Our vision

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Mobile Market Share Analysis: Significant Differences by Geographic Area

Population in million people Source: Anatel, December of 2016

SP Cap

32.1%

31.0%

20.1%

13.0%

SP Int

RJ/ES

MG

35.4%

23.9%

23.4%

12.4%

BA/SE

30.8%

24.8%

23.6%

20.8%

NE

34.8%

30.2%

26.1%

9.0%

NO

38.5%

28.9%

19.8%

12.7%

CO

36.6%

33.7%

15.4%

14.0%

PR/SC

54.0%

19.3%

17.2%

9.2%

RS

46.1%

29.1%

14.1%

10.6%

BRAZIL

30.2%

26.0%

24.7%

17.3%

TIM: 2nd place

TIM: leader

TIM: 3rd place TIM: 4th place

35.3%

31.5%

14.3%

14.2%

37.4%

32.6%

19.5%

7.9%

Market share analysis for the whole country

can be misleading


Investor Relations

4Q16 Results

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2016: A Turn Around Year

Source: Company, except where other wised indicated

¹ Normalized for towers sale and other effects

Macro scenario still tough but

improving looking forward…

Inflation back to control but GDP is still contracting

…along with deep operational turnaround… ...showing consistent recovery in

2016 results

+17% in 2016

Less uncertainty on political scenario

Real (BRL)

appreciation

Mobile Service Net Revenues (%YoY)

Normalized1 EBITDA (%YoY)

Source: IBGE

-9.2%

-6.8%

-3.0%

-1.5%

1Q16 2Q16 3Q16 4Q16

Faster & Wider MBB deployment

1,255

cities w/ 4G

(up from 411

in 2015)

23.5% of total base

(up from 20%

in 2015)

-12% YoY

in OPEX¹

Focus on postpaid

Strong Cost efficiency

10.7%

6.3%

6.5%

2015 2016

Other relevant

improvements Better consumer

confidence index

Decreasing interest rate

Target limit

+9% YoY at R$19

ARPU growth (in 4Q16)

Improving user base value

Improving Profitability & Cash Generation

33.5% of EBITDA

margin in 2016

Back to

Positive FCF

GDP Growth YoY -3.8% -3.5%

IPCA (12M)

-13.5%

-6.5%

0.5%

5.8%

1Q16 2Q16 3Q16 4Q16

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Value Proposition Evolution

Voice Community

Focus on Prepaid

2009-2013 2012-2014 2015-2016 2017…

Voice Community + Limited Data

Prepaid + some Controle

Voice Off-net + Data

Prepaid + Controle

TLC

Full services (voice + data)

+ Bundled Digital Services

Across all segments

Voice Centered Transition to Data Data Centric

2G + 3G 2G + 3G 2G + 3G + 4G

Bundling

Digital Services Partnership with magazines and newspapers

40 titles available

40 mln songs available

E-Reading: TIM Banca

Partnership with Deezer Music: TIM Music

Network

Evolution

Utilities: Cloud, Recipes, Jobs etc Multiple partnerships

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Customer Base Reshape to Higher Value

dec/15 jun/16 dec/16

Postpaid Mobile Number Portability (thousand lines)

Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

Postpaid net adds (thousand lines)

Net Migrations Prepaid to Postpaid

Control Plan Performance

Net Adds (thousand lines)

Churn rate (%)

ARPU (R$)

Dec-15 Dec-16 Dec-15 Dec-16

Customer Base Breakdown (mln lines; %YoY)

13.6 14.9

52.7 48.5

66.2 63.4

2015 2016

+10%

-8%

-4%

Postpaid

Prepaid

1Q16 2Q16 3Q16 4Q16

(thousand lines)

4.9% 4.4% 4.0% 3.7%

1Q16 2Q16 3Q16 4Q16

1Q16: -33

2Q16: +211

3Q16: +483

4Q16: +640

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“More for More” Approach: Win-Win Combination

Prepaid

Control

Postpaid

Towards

recurring

approach

Upsell

Prepaid to

Control plans

Market inflow

New

Proposition

to sustain

MNP

From Daily to Weekly

From R$7 to R$9/R$10

Fast growing Best value for money

SIM Card Consolidation

Full bundling services

Differentiated caring

Improving customers’ usage & value

Data usage (Mbytes of use per data customers; %YoY)

ARPU new trajectory (R$)

OTT

Value added services bundled in all plans

609

896

Dec/15 Dec/16

17.6

17.2 17.2

18.4

19.2

4Q15 1Q16 2Q16 3Q16 4Q16

Voice

Data

Incoming

Voice and Data

Consumption based Recurring based

+9%

YoY

+39%

From Market

4Q15 4Q16

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90% 7.7

11.6

4Q15 4Q16

1,839

2,833

4Q15 4Q16

~70

~76

4Q15 4Q16

Head Start in 4G Coverage, while fast improving on 3G

Transport Network Evolution

Km of Fiber (‘000) 4G sites (‘000)

+4,000 sites YoY

2x more cities than

2nd player

Cities covered with 4G

Taking advantage of 1,800 MHz refarming to secure 4G leadership

+844 new cities

Sites connected with own backhaul (%)

Access Network Evolution

59% 74%

Cities covered with 3G

+994 cities YoY

+5,600 Km YoY

411

1,255

4Q15 4Q16

% of urban pop

82% 89% % of urban pop

4Q16

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Transport Network Evolution

Transport Network (LD+Metro)

Metropolitan Backhaul:

~28 thousand Km

Network 2015

Network 2016

Network 2017 – 2018 – 2019

LD BACKBONE EVOLUTION COVERAGE DENSITY

(Km of fiber)

~0k

15k

20k 26k

44k 52k

66k

76k

2009 2010 2011 2012 2013 2014 2015 2016

Long Distance Backbone:

~48 thousand Km

From: 2010 (after Intelig Acquisition) To: 2019 (after massive expansion from 2014 till 2016)

Network 2010

~15k Km ~48k Km

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39%

17%

59%

34%

Traffic in 4G devices (%) Traffic in 4G Network (%)

Dec/15 Dec/16

59.1

46.6

4Q15 4Q16

7.1

16.9

4Q15 4Q16

4G Revolution is Changing Usage and Revenue Profiles

Data users per technology VAS ARPU (R$; %YoY)

Source: Anatel

(mln lines; %YoY)

Smartphone penetration

68% 72%

4Q15 Nov/16

(%; YoY)

2G & 3G 4G

6.9

8.6

4Q15 4Q16

+25%

~100% of sales are

smartphones

4G Traffic (% of total traffic; YoY)

x2

+4p.p

+137% -21%

x1.5 Users with 4G

smartphones

accelerate traffic

shift when

coverage arrives

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-248

-159

-114 -101 -86

Business Generated Growth Mobile Services Revenues

ex-incoming (%YoY)

Innovative Revenues VAS ex – SMS (R$ mln; %YoY)

Delta Incoming per Quarter (R$ YoY; %YoY)

-3.1%

-5.7%

-4.0%

-0.3%

0.9%

4Q15 1Q16 2Q16 3Q16 4Q16

4,683

5,642

2015 2016

-41%

-35% -32%

-28% -25%

4Q15 1Q16 2Q16 3Q16 4Q16

Revenues Performance: Back to Business Generated Growth

Incoming Voice Traffic (%YoY)

-4.0%

1.9%

7.4%

10.4%

13.0%

4Q15 1Q16 2Q16 3Q16 4Q16

Mobile Service Net Revenues (R$ mln; %YoY)

14,727 13,968

-9.2%

-6.8%

-3.0%

-1.5%

1Q16 2Q16 3Q16 4Q16

YoY

2016

-5.1%

+20%

2015

Positive Business Generated and improving trend in Incoming

Revenues is driving MSR recovery

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11.7

10.4

0.3

0.1 0.1 0.9

Opex Breakdown Analysis (R$ bln; %YoY)

Opex Trends: Strong Cost Control Accelerating Savings

-15% -1% -3%

“Personnel,

G&A, Other”

“Network

ITX”

“Selling/Mkt

Bad Debt”

Traffic

Driven

Process

Driven

Market

Driven

2015 2016 COGS

-47% R$1.2 bln saving out

of R$1.7 bln plan 2016-18

F

E

Front Loaded Efficiency

Opex ex - COGS (R$ bln; %YoY)

9.8

9.4

2015 2016

-5%

-12%

2016 Savings Breakdown (R$ bln)

-1.2

-0.5

-0.2

-0.5

Process

Driven

Traffic

Driven

Market

Driven

“Selling/Mkt

Bad Debt”

“Network

ITX”

“Personnel,

G&A, Other”

Total

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Fourth Quarter Opex in Details

587 396

985

1,015

917

854

150

218

4Q15 4Q16

2,640

2,483

-6%

Opex Breakdown Analysis (R$ mln; %YoY)

Confirming selective approach on handset strategy. 4Q YoY analysis affected by changing handset rebates allocation (from commercial cost to COGS) retroactively in 4Q15 with no impact on FY value comparison.

Efficiency on network Opex fully offsets off-net traffic and network components growth impacts. 4Q16 result also benefits from the effect of leased lines regulated price reductions (Anatel resolution 639/14). 2Q and 3Q numbers were booked on 4Q16 (~R$30 million).

QoQ growth reflects further improvements in postpaid commercial KPI’s and outgoing revenues driven costs partially offset by efficiency actions. Consistent trend YoY (4Q16 vs 4Q15) comparison notwithstanding one-off clean up of customer base in 4Q15 which impacts were offset by the above mentioned handset rebates re-allocation.

Accelerating efficiencies thanks to full impacts of lay-off program (-24.5% YoY in headcount) and strong reductions in G&A (-35% YoY).

COGS

Traffic

Market

Process

COGS

Traffic

Market

Process

+45%

-7%

+3%

-33%

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

-742

68

2015 2016

-5.3%

-13.5%

-6.5%

0.5%

5,8%

4Q15 1Q16 2Q16 3Q16 4Q16

¹ Normalized for towers sale and other effects (e.g. lay-off program)

EBITDA Growth Back on Track

Normalized1 Free Cash Flow

EBITDA Growth

(R$ mln)

(%YoY)

Normalized1 EBITDA Margin (%; YoY)

EBITDA and margins improvements

backed by:

Well executed efficiency plan

Lighter impacts from MTR

Improved revenues mix

(more data and less handsets)

Normalized1

EBITDA

Source: Company

31.5%

33.5%

2015 2016

+2 p.p

Quarterly Evolution of Normalized¹ FCF (R$ mln; YoY)

708

852

4Q

FY -1,626

172

670 852

1Q16 2Q16 3Q16 4Q16

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations 26

Short term debt

Better Profile: Less Short Term Debt

Debt by Lender in 2016 (% of gross debt; post hedge)

Debt Position (R$ mln; % of total debt in short term)

Cash Position (R$ mln)

Comfortable liquidity margin 22% 20% 14%

Higher cash yield and debt cost due to CDI increase in the period Bigger gap between cash yield and debt cost due to smaller cost of

new loans

Cash Yield vs. Debt Cost (% per year)

Net Financial Position (R$ mln)

Δ: 172 bps

Cash yield

Debt cost

Net debt/

EBITDA 12M 0.32x 0.23x 0.52x

¹ Leasing from Towers Sale + LT Amazonas

Net Financial Position Details: Cash & Debt Evolution

5.233

6.700

5.608

2014 2015 2016

6.507

8.432 8.329

2014 2015 2016

1.274

1.732

2.721

2014 2015 2016

BNDES 62%

Leasing¹ 19%

BEI 7%

Others 12%

9,70%

11,69% 12,50%

10,88%

14,33% 14,22%

2014 2015 2016


Investor Relations

Regulatory Update

28

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Brazilian Spectrum - Caps and Distribution

Band 850 MHz 900 MHz 1.800 MHz 2.100 MHz 2.500 MHz 700 MHz

Regulated Spectrum Cap (FDD Applications)

(12.5+12.5) MHz

(2.5+2.5) MHz

(25+25) MHz

(15+15) MHz

(30+30) MHz

(20+20) MHz

Global Cap of 80 MHz < Σ of Sub-Caps Specific Caps

4G Spectrum

3G Spectrum

1 Disregarding P Band (2.550 to 2.510 MHz / 2.620 to 2.630 MHz).

1,800 MHz 900 MHz 850 MHz 2,500 MHz ¹ 2,100 MHz 700 MHz

11

18

21

5

5

4

3

43

35

29

26

24

22

25

29

20

20

40

40

20

20

20

0 20 40 60 80 100 120 140

Oi

TIM

Claro

Vivo

11

18

21

5

5

4

3

20

24

22

25

29

Nextel

Oi

TIM

Claro

Vivo

14

35

20

40

40

20

20

20

20

Nextel

Oi

Claro

Vivo

TIM

29

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Main Regulatory Topics

1Q17

Feb Mar Jan

4Q16

Nov Dec Oct

700 MHz • Start of Analog TV

switch off process in Brasilia (commercial usage expected for July/2017).

700 MHz • End of Analog TV

switch off process in Brasilia (commercial usage expected for July/2017).

Sharing Regulation • Public consultation

on the regulaition for infrastructure sharing.

New regulatory model • ANATEL decision on

fixed concession conditions to 2016-2020 review. (New contracts to be signed until Jun/17)

• Bill of Law (PLC 79/16) approval postponed to 2017

Interconnection regulation • Launch of Public

Consultation on the revision of the interconnection regulation

General Plan on Competition Targets • Launch of Public

Consultation for the quadrennial evaluation of relevant markets and asymmetric regulatory measures

2017/2018 Regulatory Agenda

• Anatel Public consultation of its biannual Agenda, with the main sector priorities.

PLC 79/16 • Bill of Law returns

to the Senate for approval

Interconnection regulation • Deadline of the

Public Consultation General Plan on Competition Targets • Deadline of the

Public Consultation for the quadrennial evaluation

New Regulatory model • Deadline of the

Public Consultation of fixed Concessions to Authorizations migration

700 MHz • Scheduled Analog

Switch Off in São Paulo

700 MHz • EAD’s 2nd and

3rd payment

• Additional 479 approved cities for LTE on 700 MHz as cleaned up (1.621 total).

Internet of Things

• Public Consultation to discuss the key topics for the viability of IoT in Brazil (lauched by BNDES and MCTIC)


Investor Relations

Strategic Plan 2017-19


Investor Relations

A Strong Start Towards 2019

2017-19 New Positioning

Postpaid (% of total base)

23.5% (+3 pp YoY)

ARPU (in 4Q16)

R$19.2 (+9% YoY)

EBITDA Margin (in FY2016)

33.5% (+2 pp YoY)

Innovative Revs. (in FY2016)

+20% YoY

2016 Turnaround Evidences

Quality

Price

2008

2012

Quality

Price

As is: 2008-2016 To be: 2017-2019

2017-19

Today

Commercial

Turnaround

Improve our brand positioning in order to become the preferred option for Postpaid customers and confirming our leadership on prepaid leveraging on the quality of our Network and new offer schemes

Introduction of digital services bundled in the offers through the development of strategic partnerships with OTTs and content players

Develop a Convergent n-Play offer expanding the existing TIM Live FTTX coverage in Rio and São Paulo, exploiting the 700MHz LTE/WTTx coverage and also establishing partnerships to create 4P convergent offers (e.g. SKY)

Adapt commercial strategy to implement a regional approach exploiting our different market position and redesign go to market

Leader in

4G coverage

(1,255 cities)

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

72% 59%

74%

~90% 95%

2015 2016 2017e 2018e 2019e

Deploying a Faster and Wider Broadband Network

Cities covered

Population covered

(%)

(# of cities)

4G 3G

2016-2018 Plan (Feb 2016)

2017-2019 Plan

2016-2018 Plan (Feb 2016) 2017-2019 Plan

82%

84%

89% 92%

2015 2016 2017e 2018e 2019e

700MHZ 1,839

2,833

~3,200

2015 2016 2017e 2018e 2019e

South and southeast: additional 1,800MHz spectrum availability in 2017 to boost speed and customer experience

North, northeast and middle east: beginning of the 700MHz frequency roll out will guarantee more capacity and better coverage

3G coverage evolution will support customers adopting data services and customers that are not using 4G yet

411

1,255

>2,000

~3,600

2015 2016 2017e 2018e 2019e

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

2015 2016 2017e 2018e 2019e

63.8

61.6

2015a 2016e 2017e 2018e 2019e

Mobile Market Scenario & TIM Revenue Share Evolution

Customer base mix

Mobile Market & TIM Revenue Share* (Mobile Service Net Revenues; R$ bln; %)

ARPU Trend (R$)

Best “value for money”

positioning will support

Revenue share rebound

16.7 18.0

2015 2016 2017e 2018e 2019e

-3.4%

Mobile Market

Revenues

TIM Revenue

Share

*TIM Revenue Share and Mobile Market Revenues consider Revenues from top 5 players, including SME

CAGR ~+3%

~23% ~23%

~25%

Prepaid

Postpaid Postpaid mix

21%

66.2 mln

>35%

>60 mln

(customers) Mobile

Convergence in SP/RJ and Selected Regions

Fixed Voice

Mobile

Voice On + Off

Data

Messaging (SMS +

WhatsApp)

Innovative Revenues will support total ARPU growth

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

10.4

~11.7 11.7

>12

2015 2016 2017e 2018e 2019e

Efficiency: Executing on Plan

Normalized OPEX Evolution

(R$ bln)

Efficiency Plan Evolution vs 2015FY (R$ bln)

-1.1

Flat Improving efficiency

High delivery

Efficiency Plan Highlights

High delivery: from R$1.7 bln in savings to R$2.0 bln (2016-18)

Continuous efficiency: expanding target to R$2.3 bln at 2019

Flat Opex 2019 vs. 2015 despite inflation

2016-2018 Plan (Feb 2016) 2017-2019 Plan

Normalized by non-organic events

A

C

B

C

B

A

11.7 -1.2

10.4

-0.5 -0.6

2015FY Inflation &StructuralGrowth

VolumeDriven

Savings 2016FY Inflation &StructuralGrowth

VolumeDriven

Completionof 2016-

2018 Plan

Added in2017-2019

Plan

2019FY

0.7 0.7

1.7

1.0

0.3

0.3

2.3

Old Plan 18vs 15

July PlanUpdate 18

vs 15

New Plan18 vs 15

2019AdditionalEfficiency

New Plan19 vs 15

1.7

2.0

~11.7

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Improving Profitability and Cash Generation

Capex Plan (R$ bln)

2017-19 <12 bln

2016-18 ~12.5 bln

EBITDA-Capex (R$ bln)

Consistent Growth in Profitability: improving EBITDA Margin and

Free Cash Flow

Run Rate Cash Cost Reduction supported by efficiency program,

offsetting Inflation and Structural Growth Impacts

Significant Capex Reduction even though a Strong Upside in

Network Coverage: Capex optimization and contracts negotiations

Normalized EBITDA Margin (%)

2016-2018 Plan (Feb 2016) 2017-2019 Plan

Normalized by non-organic events

4.5

3.8

4.7

2015 2016 2017e 2018e 2019e

EBITDA

Capex

95% of urban pop.: 4G Coverage Completion

4.7 4.5

5.4 5.2

2015 2016 2017e 2018e 2019e

31.5%

33.5%

>36%

2015 2016 2017e 2018e 2019e

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

2017-2019 Strategic Plan Guidance Summary

KPIs Short Term Targets

Positive in all quarters

Service Revenues (Mobile)

EBITDA

EBITDA-Capex (% on revenues)

Revenue share ~25% in 2019

EBITDA Margin >36% in 2019

Long Term Targets

> 15%

< R$12 bln 2017-19 period

3G/4G Coverage >92% Capex ~R$4 bln

-5%

4.5 bln

~4%

-3%

2016

High single digit

Industrial Plan events:

February 6: New York and

February 9: São Paulo


Investor Relations

Appendix


Investor Relations

2013 2014 2015 2016

23,5% 24,7%

24,9% 24,7%

38,6%

32,0%

12,2%

16,4%

4Q13 4Q14 4Q15 4Q16

41,1%

35,7%

30,9% 28,1%

17,0% 19,3%

11,0%

15,2%

4Q13 4Q14 4Q15 4Q16

Source: Anatel

3G 4G

Mobile Market Share TIM Postpaid Base Evolution (% over customer base)

Nextel

Oi

Claro

TIM

Vivo

27,1% 26,0%

25,3% 24,7%

28,5%

30,2%

18,5% 17,3%

17, 0%

19, 0%

21, 0%

23, 0%

25, 0%

27, 0%

29, 0%

31, 0%

4Q13 4Q14 4Q15 4Q16

Market Share per Technology

23.5%

20.5%

16.5% 16.7%

Mobile Base Analysis


Investor Relations

Total Mobile Base Overview


Investor Relations

Total Postpaid Base Overview


Investor Relations

Total Prepaid Base Overview


Investor Relations

Total Voice & Data (modem+M2M) Postpaid Base Overview


Investor Relations

Source: Anatel

Fixed Broadband - TIM Live area


Investor Relations

Source: Teleco (TIC Households, 2015)

Household Penetration Users per Age Group

Brazil Facts

Source: PNAD – 2014 (IBGE)

94.5% 97,1%

67.7%

91,2% 88.1%

69,2%

20.2%

40,5% 45.4%

35,3%

2007 2008 2009 2010 2011 2012 2013 2014 2015

TV

Mobile Phone

Radio

Computer w/ internet

Fixed Phone

Mobile Phone

Internet

84%

68% 85%

20%

10-15 yrs 16-24 yrs 25-34 yrs 35-44 yrs 45-59 yrs 60 yrs ormore

Brazil’s specifics

8.3% of Brazilian above 15 years are illiterate

Southwest region accounts for 55% of GDP

30 mln people still live in the rural areas

Brazil is in the 9th position in terms of GDP

Average Brazilian age: 32 years

73 mln Brazilian between 30 and 60 years


Investor Relations

• A longer then expected process of fiscal adjustments and a greater level of uncertainties in politics continues to trim economic activity

• Government and market consensus have postponed a resume in GDP growth to 2017

• Following new government commitment to converge inflation to its target in 2017 market expects an important decrease in interest rates

• Interest rate have its reduction path and the Central Bank projection is to reach 10.50% in the of 2017

Source: IBGE and Central Bank Inflation report (as of Dez/16) for Government Estimates

GDP Forecast (% YoY growth)

Inflation Forecast (IPCA: 12 months)

Interest Rate Forecast (% Selic Target p.y. - year end)

FX Rate Forecast (R$/U$ - end of period)

Market Consensus

Government Estimates

Macro scenario outlook

0.6 2.0

2.8

0.2

-3.8 -3.5

0.5

2.3

2013a 2014a 2015a 2016e 2017e 2018e

5.8 4,8

6.2 6.3

10.7

7.6

6.0 4,5

2013a 2014a 2015a 2016a 2017e 2018e

.10,50 10.50 10.00

11.75

14.25 13.75

9.50 9.00

2013a 2014a 2015a 2016a 2017e 2018e

3,5

3,8

2,4 2,7

4,0

3,3

3,4 3,5

2013a 2014a 2015a 2016a 2017e 2018e


Investor Relations

Tax Burden Composition (R$ mln in 2016)

Tax Burden over Net Revenues (over mobile phone services - voice)

Source Teleco study of July 2014

Tax Burden

7,621

PIS/COFINS ICMS FUST/ FUNTTEL FISTEL/ Others IR/CSLL Total

34% over Gross Revenues

*

*CPMF, IOF, INSS and others

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Short term

TIM’s Debt Composition

Price/Book Value

Source: Bloomberg

2016 2015 2014

Long Term

Price/Earnings

Accounts Receivable Turnover (days)

Payable Turnover (days)

TIM

VIVO

OIBR

Market Average

ROE (Net Income/Shrd. Equity) ROA (NOPAT/Total Assets) ROIC (NOPAT/Invested Capital)

Balance Sheet Analysis

13.4% 11.9%

7.9% 8.7%

8.9% 6.8%

12.9% 11.6%

6.3%

2013 2014 2015

10.7% 10.3%

7.6% 8.5%

12.2%

5.8%

13.2%

0.0% 0.0%

2013 2014 2015

7.4% 6.7%

4.9% 5.6% 5.9%

4.8% 5.6% 4.7%

2.4%

2013 2014 2015

19.54 18.44

13.48 13.08 9.32

17.93

4.33 (1.71) (0.36)

2013 2014 2015

2.0 1.9

1.0 1.1 1.1

0.9 0.6 0.4

0.1

2013 2014 2015

1Q 2Q 3Q 4Q

140 155

138

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

41 43

45

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Historical Data: P&L

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Historical Data: Operational

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Historical Data: Cash Flow

51

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Stock Performance (base 100)* Year to date

*Last price as of 09/30/2016 Source: Bloomberg

Structure and Stock Performance

Shareholders Structure

Treasury Shares: 795,888 (0.03%) Total Shares: 2,421,032,479

75

100

125

150

175

Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

TIMP3 +14.1%

Ibovespa +38.9%

TSU +37.4%

52

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Investor Relations Team

Avenida João Cabral de Melo Neto, n 850, South Tower,

12th floor – Barra da Tijuca

22775-057 Rio de Janeiro, RJ

E-mail: [email protected]

Rogério Tostes


Phone: +55 21 4109-3742

Vicente Ferreira


Phone: +55 21 4109-3360

Rodrigo Godoy


Phone: +55 21 4112-5517

Luiza Chaves


Phone: +55 21 4112-6088

Visit our Website

www.tim.com.br/ir

Statements in this presentation, as well as oral

statements made by the management of TIM

Participações S.A. (the “Company”, or “TIM”), that are not

historical fact constitute “forward looking statements”

that involve factors that could cause the actual results of

the Company to differ materially from historical results or

from any results expressed or implied by such forward

looking statements. The Company cautions users of this

presentation not to place undue reliance on forward

looking statements, which may be based on assumptions

and anticipated events that do not materialize.

Safe Harbor and IR Contacts

Safe Harbor Statements

http://www.tim.com.br/ir


Investor Relations