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Meeting With Investors
TIM Participações S.A.
September
2013
15th Listing Anniversary TIM: A Huge Brazilian Company
 Presence in Brazil since 1998.
 13th largest Private Company in Brazil (source: Exame
Magazine - 2013).
 Approximately R$22 billion of Market Capitalization.
Brazilian Law
“Lei das S.A”
“Nível” 1 “Nível” 2
Legal
Requirements
Demand for
transparency and
disclosures
Highest level of
Corporate
Governance
Requirement of
protection for
minority
shareholders
2
Corporate Governance
Knowing TIM Better
Unique Telco company listed on the Novo Mercado:
. 100% Tag Along and equal dividend rights
. One single class of shares
. Independent Board members
. Strict disclosure policy
• 72.7 million customers (27.2% Share)
• The 2nd Player - Market and Rev. Share.
• More than 400,000 points of sales.
• More than 130 own stores.
• 11 Customer Care Centers (14k
attendants)
Sales
• More than 12,000 Antennas.
• 3,393 cities covered.
• 95% of urban pop. covered.
• 42,470 km of optical fiber network.
Network
• 11,500 employees.
• 23,000 indirect jobs.
• R$9.1 billion in taxes payments in 2012.
• R$3.8 billion invested in 2012.
Social
&
Economic
27.8
1998
Gross Revenues
(R$ Bln)
Customer base
EoP (Million)
2012 1998
70.3
2012
15,000 km fiber
optical backbone
5,500 km fiber
optical backhauling
Organic
Growth
Growth
Via
Acquisition
Source: BaCen and Bloomberg. 3
Brazilian Real GDP
(%YoY growth)
Brazilian Unemployment Rate
(Unemployment Rate %)
7,9 8,1
6,7
6,0
5,5 5,6
5,9
5,0
3
4
5
6
7
8
9
10
2008a 2009a 2010a 2011a 2012a 2013e 2014e 2015e
Brazilian Interest Rate
(Average %SELIC p.a. Target)
12,5
10,1 9,9
11,8
8,6 8,3
9,8 9,8
5
6
7
8
9
10
11
12
13
14
2008a 2009a 2010a 2011a 2012a 2013e 2014e 2015e
Brazilian Inflation Rate
(% IPCA p.a.)
5,9
4,3
5,9
6,5
5,8 5,8 5,9
5,5
0
1
2
3
4
5
6
7
8
9
2008a 2009a 2010a 2011a 2012a 2013e 2014e 2015e
5,2
-0,3
7,5
2,7
0,9
2,4 2,2 2,5
-1
0
1
2
3
4
5
6
7
8
2008a 2009a 2010a 2011a 2012a 2013e 2014e 2015e
Macro-Economic Fundamentals
Inflation Target @ 4,5 %
Industry Overview & TIM Business Opportunity
TIM
(2S13)
Vivo
(2S13)
América Móvil Brazil
(2S13)
Oi
(2S13)
Fixed Mobile
Fixed Mobile Fixed BB/TV Fixed / Mobile
Brazil Telcos X-Ray
5
Fixed BB/TV Fixed / Mobile
Mobile Fixed Fixed
BB
TV TOTAL
Customers (‘000) 49,708 18,330 5,911 890 ND
Market Share 18.7% 41.1% 29.2% 5.2% ND
Net Rev. (R$ Mln) 4,571 9,543 14,114
Mobile Fixed Fixed
BB
TV TOTAL
Customers (‘000) 66,472 10,516 5,945 8,985 ND
Market Share 25.0% 22.7% 29.4% 53.0% ND
Net Rev. (R$ Mln) 6,121 9,914 16,035
Mobile Fixed Fixed
BB
TV TOTAL
Customers (‘000) 76,200 10,416 3,837 537 ND
Market Share 28.7% 23.3% 18.9% 3.2% ND
Net Rev. (R$ Mln) 11,177 5,870 17,047
Mobile Fixed Fixed
BB
TV TOTAL
Customers (‘000) 72,195 492 26 - ND
Market Share 27.2% 1.1% 0.1% - ND
Net Rev. (R$ Mln)* - - - - 9,699
Fixed BB
*Organic Revenue
121,0
150,6
174,0
202,9
242,2
261,8
39,4 41,2 41,5 42,0 43,0 44,0
2007 2008 2009 2010 2011 2012
Mobile
Penetration
Mobile
Fixed
64% 79% 90% 105% 124% 133%
Customers Growth - Telecom
(Mln customers)
Market Transformation
Total Revenues- R$ Bln
+116%
+12%
Customers Growth – Broadband
(Mln customers)
Mobile
Fixed
6
1,4
4,1
14,6
33,2
52,5
10,0 11,4
13,8
16,3
19,1
2008 2009 2010 2011 2012
+38x
+90%
*including Corporate/Wholesale
Mobile Segment to Support Universalization
Mobile Segment as the Growth Driver and
Sector Universalization
(55%) (48%) (44%) (42%)
(45%)
(52%)
(56%) (58%)
2009 2012 2014 2015
104
CAGR ’12-’15
Mobile: +7%
Fixed: -1%
129
116
124
Fixed*
Mobile Data: +28%
Data: +7%
Long Distance Leader
50% Market Share
2nd Overall
72 million customers
Prepaid Leader
28.8% Market Share
Leveraging on Pure Mobile Competitive Advantage
Voice FMS: Mobile is more convenient than Fixed…
(R$/minute, voice)
7
2006 2007 2008 2009 2010 2011 2012
50% mobile
discount
Voice FMS: …TIM, with no legacies, can only gain on the trend
(R$ billion, Net Revenue per Group (2012))
Source: Company estimates; CETIC jun’13; Akamai
Mobile 21.4
12.2 9.1
17.9
Fixed + Data
+ Pay TV
12.5
18.5
19.0
0.9
4.3
Total 33.9 30.7 28.1 18.8 4.3
Vivo Claro Oi TIM GVT
FMS
Focus
A pure mobile approach is the most suitable strategy to capture both opportunities
29.5%
Rev. Share
Customer Base Evolution
(Market Share, Source: Anatel)
30,2%
28,7%
24,0%
27,2%
25,3%
25,0%
20,1%
18,7%
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Oi
Claro
Vivo
+3.2 p.p.
-1.6 p.p.
-0.3 p.p.
-1.4 p.p.
2Q13 x 2Q10
TIM
Fixed Broadband Average Speed
(% Customers)
Brazilian Internet Opportunities
75% 72% 60% 67% 66%
24% 26% 38% 31% 31%
1% 1% 1% 2% 3%
2Q12 3Q12 4Q12 1Q13 2Q13
> 12Mbps
>2 Mbps até 12
Mbps
≤ 2 Mbps
88% 84% 80% 78% 76%
8% 10% 14% 16% 17%
5% 6% 6% 6% 7%
2Q12 3Q12 4Q12 1Q13 2Q13
> 12Mbps
>2 Mbps até 12
Mbps
≤ 2 Mbps
49% 44% 41% 38% 35%
49% 53% 56% 59% 62%
3% 3% 3% 3% 3%
2Q12 3Q12 4Q12 1Q13 2Q13
> 12Mbps
>2 Mbps até 12
Mbps
≤ 2 Mbps 1% 1% 1% 1% 1%
59% 57% 55% 52% 49%
40% 42% 44% 47% 50%
2Q12 3Q12 4Q12 1Q13 2Q13
> 12Mbps
>2 Mbps até 12
Mbps
≤ 2 Mbps
8
TIM`s services portfolio is ready to capture
opportunities in all broadband segments,
going mobile or going through its fixed ultra
broadband.
TIM’s Strategic Priorities
9
Network Quality
& Infrastructure1
Strategy &
Offer Evolution
2
Institutional
Relationships
3
People &
Organization
4
Solid Capex investment program.
Significant coverage and capacity improvement through
extensive own fiber infrastructure.
Network Quality War Room approach.
Efficient 4G Investment with RAN sharing.
Continuous evolution of our offer platforms
(transparency, simplicity, convenience, micro-
segmentation).
Promoting data usage with handset strategy, new VAS
offers (e.g. TIMmusic) and 4G launch.
Expanding postpaid and business user base.
Developing option value of Live TIM ultra-broadband
services.
External Positioning: Innovation, Quality, Transparency.
“Portas Abertas” customer portal for increased
transparency and network quality evolution.
Focus on regulatory and institutional dialogue.
People Focus – highly skilled, highly motivated, right
organization.
Best Place to Work initiatives.
Renewing Sense of Pride and Belonging – One of
Brazil’s Top 15 Companies.
Recent Results: 2Q13 in Few
0.9%
1.1%
0.7%
1.0% 0.9%
Quarter in Few: Improvements Across the Board
7.0% 5.4%
9.7%
2Q132Q12
Organic1 Net Revenue Growth(YoY)
Organic1 Net Services Revenue Growth(YoY)
Organic1 EBITDA Growth(YoY)
-15.3%
-11.0% -9.5%
-3.6%
+0.4%
1Q132Q12
10.0 10.3
10.7 10.9
11.4
2Q132Q12
3Q12 4Q12 2Q13
-0.7%
Reported
ARPU Performance (YoY)
Postpaid Base (mln customers)
%Bad Debt/Gross Revs.
+20% (YoY)
Ex-M2M
Financial Operational
+14%
1Q133Q12 4Q12
1Q13
6.4% 5.5%
1.4% 1.8%
3.1%
2Q132Q12 1Q133Q12 4Q12
+8.7% (YoY)
Reported
5.6%
4.1% 4.4%
2Q132Q12 1Q13
2Q132Q12 1Q133Q12 4Q12
+2.0% (YoY)
Reported
+1.8% (YoY)
Reported
11
Efficient Approach
1: Organic revenues growth adjusted by R$44mln, EBITDA growth adjusted by R$31mln and Net
Income growth adjusted by R$20 mln due to one-off impact related to interconnection disputes.
Organic1 Net Income Growth(YoY)
-1.6%
13.9% 17.9%
2Q132Q12 1Q13
+12% (YoY)
Reported
18.7% 19.6% 20.5% 21.4% 22.1%
%VAS / Mobile Service Gross Revenues
2Q132Q12 1Q133Q12 4Q12
Customer Base Evolution - Market Share
(Source: Anatel)
Growth Backed by Business Resilience
19.6% 19.6%
24.0% 25.0%
28.0% 26.3%
28.1% 28.8%
2Q12
+67 bps
-168 bps
+96 bps
-1 bps
2Q13
15.3% 16.5%
23.9% 20.3%
38.2% 39.1%
22.0% 23.4%
2Q12
+140 bps
+90 bps
-353 bps
+124 bps
2Q13
29.6% 29.7% 29.1% 28.8% 28.7%
26.9% 26.8% 26.9% 27.0% 27.2%
24.6% 24.5% 24.9% 25.1% 25.0%
18.7% 18.7% 18.8% 18.7% 18.7%
Oi
Claro
Vivo
2Q12 3Q12 4Q12
+28 Bps
-89 Bps
+43 Bps
+5 Bps
YoY
1Q13 2Q13
Prepaid Voice Postpaid*
35
26 27
1.6
1.4
1.5
2Q11 2Q12 2Q13 2Q132Q11 2Q12
1.1%
0.9% 0.9%
Total
TIM
SAC & SAC/ARPU
(R$; months)
Efficient Market Approach
(Source: TIM, Anatel)
Bad Debt & Postpaid CB
(000 customers; %postpaid mix)
 Leading net additions.
 Consolidating Prepaid #1.
 Accelerating on Postpaid.
 Maintaining an efficient go-
to-market.
SAC/
ARPU
SAC
% Gross
Revs
Postpaid
*Excluding modems and M2M.
+25%
+14%
14.4% 14.5% 15.8%Mix
12
Caring Improvements to Increase Customer Satisfaction
Claims at Consumer’s Protection Agency (Procon)
(Avg # Claims - the lower the better; Source: SINDEC database)
ImprovingcaringReducingcomplaints
P3
P4
P1
TIM
TIM PRE POS CORP
Customer Care Satisfaction Survey
(Points; Source: TIM)
IDA – Index of Caring Performance (last reported)
(Points - the higher the better; Source Anatel)
99.9
93.998.0
92.1
92.8
80.4
84.9
65.9
Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13
P3
P4
P1
TIM
Anatel Ranking of Complains (last reported)
(Index of Complains under 1,000 access - the lower the better;
Source: Anatel)
0.20
0.320.24
0.360.34
0.470.50
0.65
Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13
P3
P4
P1
TIM
2,564
4,147
2,262
3,179
6,187
6,990
3,503
6,870
2Q12 3Q12 4Q12 1Q13 2Q13
13
8.0
7.5
7.0
6.5
6.0
ARPU Performance
(%YoY; R$)
Reverting ARPU Trend
Voice Usage
(000 lines; minutes)
Data Performance
(monthly unique users; average days of use)
7,638
8,184
8,703 8,956
9,367
2Q12 4Q123Q12 1Q13
127
150
139
145
2Q12 4Q123Q12 1Q13
18.3 19.918.9 18.5
VAS
Voice
-15.3%
-11.0%
9.5%
-3.6% -0.7%
2Q12 4Q123Q12 1Q13
After several quarters, ARPU has reversed
its trend thanks to a continuous
management of the customer base.
Voice Postpaid* Total MOU
2Q13
18.1
2Q13
148
2Q12 4Q123Q12 1Q13
Data Users SMS Usage
2Q13
2Q13
2Q12 4Q123Q12 1Q13 2Q13
+21% +13%
*Excluding modems and M2M.
+23% +16%
14
Organic
18.3
Organic
0.4%
35%
39%
43%
46%
50%
2Q12 3Q12 4Q12 1Q13 2Q13
Data Services Update: Keeping the Good Pace
Data users
(% over total customer base)
VAS
(% of Mobile Services Gross Revenues; R$ Million)
Handset Sales Market Share Apr-Jun/13
(% of handset revenues; Source: TIM)
19% 22%
Smart/Web phone Penetration
(% over total base of lines)
VAS
Gross
Revs
VAS/Revs
7%
21%
34%
38%
54%
46%
P4
P3
P1
TIM
Players
Open Mkt
TOP SELLERS @ ~R$300
27.7%
28.7%
30.3%
31.0%
31.9%
2Q12 3Q12 4Q12 1Q13 2Q13
+25%
23 mln
users
78 %
on sales
15
1,031
1,291
2Q12 2Q13
Financial Evolution Analysis
1,210
EBITDA
2Q12
Organic
EBITDA
2Q13
-15
ΔMkt
and Sales
ΔPers./G&A
and others
-53
ΔHandset
Margin
-39
ΔNetwork
and ITX
+35
ΔServ.
Revs
26.6% 25.3%
32.1%
31.5%
+125
+5.8% +8.3%-51.2% +1.1%+3.1%ΔYoY
1,263
+4.4%
563 879 879
3,984
4,109
4,065
Thousands
Revenue
2Q12
Δ HandsetΔ Fixed
Services
Organic
Revenue
2Q13
Δ Mobile
Services
+316-86+211
Service
Handset
4,547
-33%+5.7%ΔYoY
4,988 -44
One-off
Event
Reported
Revenue
2Q13
4,944
-31
Reported
EBITDA
2Q13
1,232
+1.8%
24.9%
31.1%
One-off
Event
16
+56%
+3.1%
+2.0%
EBITDA Margin
Service EBITDA Margin
Organic
EBIT
Net Financial
Result
Organic
Net Income
2Q13
Organic
Taxes and
Others
Depreciation/
Amortization
Organic
EBITDA
2Q13
From EBITDA to Net Income
(R$ Million)
ΔYoY
One-off
Event
Reported
Net Income
2Q13
+0.9% +8.5% -36% +5.6% +18% +12%
1,263 -671
592 -41 -145
406 -20 386
Net Revenue Evolution
(R$ Million, % YoY)
From EBITDA to EBITDA
(R$ Million)
+8.7%+10%
Strong Cash Position
Net Debt
(R$ Mln)
Capex
(R$ Mln, % YoY)
1,998
2,278
1,984
2Q11 2Q12 2Q13
+14% -13%
725
1,057
2Q11 2Q12 2Q13
+46%
+6%
→ 37% of debt in foreign currency (100%
hedged to R$).
→ Average debt maturity: ~ 3 years.
→ 0.39x net debt to Reported EBITDA (LTM).
→ Capex catch up during Q2.
→ 94% of Capex related to
infrastructure (ex-licenses).
→ No subsidy capitalization.
1,123
0.45x 0.47x 0.39xNet debt/
EBITDA
(LTM)
17
Network and Infrastructure
Development of Infrastructure
19
Optical Fiber Network Evolution
(km of fiber)
28,891
38,951 42,470 47,000
2011 2012 Jun/13 Dec/13*
*According to Anatel Network Plan
FTTS Project Status - 14 Brazilian Main Cities (Stage1)
Manaus
Florianópolis
São Paulo
Macapá
Salvador
Curitiba
Maceio
Recife
Fortaleza
Brasília
Rio de Janeiro
Porto
Alegre
Belém
Aracaju
São Luis
Palmas
Vitoria
Teresina
Belo
Horizonte
Campo Grande
Imperatriz
Goiânia
Cuiaba
Natal
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
MJ.Pessoa
M
M
M
M
M
M
M
M
M
M
M M
M
M
M
MM
M
M
 1st phase: Connecting sites with own fiber. 88% of sites in the 14
main Brazilian cities are connected with own fiber.
 3rd phase: Expanding
and fine tuning. Recife
is the first city to reach
this stage.
 2nd phase: Light up the fiber and shift data traffic to own lines.
2nd phase is
expected to
be completed
by 4Q13
M Cities of Stage 1
M Cities (additional 30) of Stage 2
Own Network to Support Traffic Growth
(% of total transport network)
52%
80%
48%
20%
2009 2012
Owned
Third Parties
• Increasing customer experience (throughput 50x faster than
previous leased links on copper, 2/8Mbps)
• Reduce network congestion
• 4G (LTE) ready
• Reducing leased lines costs
Metro Ring
To own fiber up to 300 MbpsFrom copper 2-8 Mbps
11.607
12.120
Jun/12 Jun/13
Network Commitments
20
Network Elements Expansion…
(units. Source: Company)
…Driving Quality Improvements
(% of success; % of call/data connection drop; Source: Anatel)
181
215
Jun/12 Jun/13
250
464
Jun/12 Jun/13
BTS TRX
(Voice Capacity; 000)
Channel Elements
(Data Capacity; 000)
95,7%
97,1%
Aug/12 Apr/13
Voice Network Access Rate Voice Network Drop Rate Data Network Access Rate Data Network Disconnection Rate
+4% +19%
+86%
Target agreed w/ Anatel
1,3% 1,1%
Aug/12 Apr/13
95,9% 96,0%
Aug/12 Apr/13
1,5% 1,7%
Aug/12 Apr/13
95%
2%
98%
5%
Capex Analysis
21
Organic Capex (ex-4G licenses)
(Capex/Sales; Mix of Investments; R$ bln)
9,5
8,3
7,2
5,5
0.4
TIM Claro Vivo Oi
Benchmark: Anatel Plan for 2012-2014
(R$ Bln)
Owned Network Deployment….
(% of total transport network)
9.9
2012 Extra
Capex over
Anatel Plan +20% +39%
2012-2014 Capex
… Driving Network Opex Savings
(% YoY)
+81%
22,1%
4,8% 3,5%
Total Traffic Customer Base Network Costs
Q2 2013
52%48%
Owned Rented
80%
20%
2009 2012
0.5 0.3 0.2
2.3 2.7 3.1
2010 2011 2012 2013e 2014e 2015e
19,6% 18,0% 18,0%
Infra
Invest.
As % of Net Revs.
Other
Invest.
2.8
3.0
3.4
10.7
3.6
Voice
Postpaid
+23% YoY
Live TIM
Live TIM: Delivering on Plan
257k
522k
609k
804k
3Q12 4Q12 1Q13 2Q13
Network Evolution
(Addressable Households ; Source: TIM)
Customer Base
(Customers; Source: Anatel)
9.7k
16.3k
26.4k
4Q12 1Q13 2Q13
82%
Net Share Live TIM SP+RJ
(UBB >34MB ; Source: Anatel)
Market Share SP+RJ
(UBB >34MB ; Source: Anatel)
38%
19%
13%
11%
10%
9%
Live TIM Oper. I Oper. II
Oper. III Oper. IV Outras
26%
69%
73%
3Q12 4Q12 1Q13
São Paulo
Totaling
26 Districts
in São Paulo
23
Efficient approach
MSAN port occupancy (%), Capex (R$)
Coverage (addressable)
Thousands of Households
~500
~1,000
~2,000
2015201420132012
0
20
40
60
80
2012 2013 2014 2015
~R$2k
Coverage Capex
per Home Passed
~R$80
~R$800
Installation Capex
per Sub
~R$300
TIM
Fiber
Int. Bench.
TIM
Fiber
Int. Bench.
~R$5k
Total Capex
per Sub
~R$700
TIM
Fiber
Int. Bench.
Port Occupancy (%)
24
4x
• 2012: priority coverage in areas with high ‘A/B classes’
concentration
• 2013: chess board strategy and entering in class C
• 2014: additional coverage in Rio de Janeiro and São
Paulo metropolitan regions, focusing class C
concentration areas
Geographic Expansion
Geographic expansion for low-middle class and targeting high
income neighborhood
TIM Fiber Plan Update 2013/2015
Business Outlook
116
129
150
>200
0
50
100
150
200
250
2010 2011 2012 2013e 2014e 2015e
14.5
17.1
18.8
2010 2011 2012 2013e 2014e 2015e
High Single
Digit growth
4 Ways of Growth Revenue Growth
(Total Revenues,R$ billion)
CAGR 12-15
Mobile Customer Base
Million of lines
Double digit
growth
FMS – Voice (MOU)
Minutes of usage per line
Internet for All (Mobile Data)
Data as % of Gross Mobile Serv. Revs.
26
51.0
64.1
70.3
> 90
2010 2011 2012 2013e 2014e 2015e
13%
15%
19%
>26%
0%
5%
10%
15%
20%
25%
2010 2011 2012 2013e 2014e 2015e
Double digit
growth
VAS
Revenues
MoUCustomer
Base
Community
Expansion
FMS
(Voice)
Internet
Services
~2Mln
HH ready
to sell
Tim Fiber
Ultra BB
>90 Mln >200 min >26%
Business Drivers of Growth
27
Total Net
Revenues
High Single Digit
Growth
Organic EBITDA
4.6 5.1
Organic CapEx 3.0 3.4 10.7
17.1 18.8
High Single Digit
Growth
R$ billion 2011 2012
2013 -2015
CAGR Guidance
2013-2015 Guidance
Appendix
Total Customer Base
(% Market Share)
Market Share Evolution
29
29,7%
28,7%
26,8% 27,2%
24,6% 25,0%
18,6% 18,7%
P3
P4
P1
TIM
2012 Mobile Net Revenue Share
(% 2012Total Net Revenue)
Total Voice Postpaid Customer Base
(% Market Share)
38,2%
38,9%
22,3%
23,8%
23,2%
20,3%
15,6% 16,3%
P3
P4
P1
TIM
Total Prepaid Customer Base
(% Market Share)
28,2%
26,2%28,0%
28,9%
24,1%
25,0%
19,5% 19,6%
P3
P4
P1
TIM
Size: 266,999 thousand
Penetration rate: 134.8%
20,2%
29,5%35,3%
15,0%
P3
P4
P1
TIM
Internet Users Penetration: large room for growth...
(% population who has used internet within the last 3 months)
Mobile Internet and Its Great Business Opportunity
FMS on Data
(% over households with internet connection)
30
89 86 81 80
74
1 3
10
17 21
2008 2009 2010 2011 2012
Mobile Devices are also increasing its presence…
(% Presence over households)
Source: CETIC jun’13; Data Market
Fixed*
Mobile
*Includes dial-up connection
10
14
23
41
50
2 4
2008 2009 2010 2011 2012
34
39 41
46
49
2008 2009 2010 2011 2012
A: 94%
B: 80%
C: 47%
DE: 14%
68 mln
people
never used
internet
…and usage is 4 years behind
(% internet users within the last 3 months)
53
58 60
67 69
35
30 30
24 23
10 9 9 7 7
2008 2009 2010 2011 2012
Everyday/Almost Everyday
At least once a week
At least once a month
Euro Area data in
2008:
Everyday: 70%
Once a Week: 20%
Once a Month: 7%
Social Class Split
Notebooks
Tablets
Understanding Internet Usage Trends
Going deeper into wireless penetration in Brazil
(%)
31
79
91
105
124
133
56 63 67
76 80
2008 2009 2010 2011 2012
Our current portfolio reflects consumer’s behavior
(Activities over mobile phone; % users who have used mobile within the last 3 months)
Source: CETIC jun’13; Data Market; Anatel
22
31
47
5
18
24
49
57
64
2010 2011 2012
Wireless
Penetration
Real
Penetration
# SIM Cards
Social
Class
0 1 2 3+
A 3% 67% 24% 6%
B 7% 63% 24% 5%
C 17% 62% 17% 3%
DE 41% 47% 10% 1%
Total 20% 59% 17% 3%
Send SMS
Listen Music
Internet
Historical Data: Financials (R$ Thousand)
32
Historical Data: Financials (US$ Thousand)
33
Historical Data: Operational & Financial Ratios
34
ROA: NOPLAT/Avg. Total Assets.
Calculation considers organic Net Income and EBITDA
2013e: Consensus and dividend yield from approved 2012dividends of R$743 mln.
3%
Tax Relief - 1º Step: M2M Fistel to drop and Smartphones tax exemption (Law 12,715/2012)
Total
~34%
Fust/
FUNTEL
PIS/
PASEP
1.5%
0.65%
ICMSCofins
~28%
Tax reduction Reduction in the
price to
consumer
Increase of
Penetration
Social
Impacts
Economic
Impact
Possibility of
higher
investment in
network
Better
Quality
Tax Composition
35
In 2012, TIM paid R$9.1
bln in taxes, fees and
contributions (~48% of
total net revenues).
• R$1 bln in Fistel.
• R$8.1 bln in taxes,
contributions and
others fees.
% of Gross
Revenues
Taxation Over Telecom in Brazil
Shareholders Structure and Stock performance
Stock Performance (base 100)*
0
20
40
60
80
100
120
140
TIMP3 Ibovespa TSU
36*Last price as of 09/13/2013
TIM Celular S.A. Intelig
100%
TIM Brasil Serv. e Part. S.A. Minorities
Telecom Italia International N.V.
Telecom Italia
100%
TIM Participações S.A.
ON: 33% (805,662,701)ON: 67% (1,611,969,946)
100%100%
Investor Relations Team
Avenida das Américas, 3434 - Bloco 01
6° andar – Barra da Tijuca
22640-102 Rio de Janeiro, RJ
E-mail: ri@timbrasil.com.br
Rogério Tostes
E-mail: rtostes@timbrasil.com.br
Phone: +55 21 4109-3742
Vicente Ferreira
E-mail: vdferreira@timbrasil.com.br
Phone: +55 21 4109-3360
Leonardo Wanderley
E-mail: lwanderley@timbrasil.com.br
Phone: +55 21 4109-4017
Gustavo Valente
E-mail: gvalente@timbrasil.com.br
Phone: +55 21 4109-3446
Luiza Chaves
E-mail: luchaves@timbrasil.com.br
Phone: +55 21 4109-3751
Visit our Website
www.tim.com.br/ir
Safe Harbor and IR Contacts
Safe Harbor Statements
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.
37

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Meeting with investors of september 2013

  • 1. Meeting With Investors TIM Participações S.A. September 2013
  • 2. 15th Listing Anniversary TIM: A Huge Brazilian Company  Presence in Brazil since 1998.  13th largest Private Company in Brazil (source: Exame Magazine - 2013).  Approximately R$22 billion of Market Capitalization. Brazilian Law “Lei das S.A” “Nível” 1 “Nível” 2 Legal Requirements Demand for transparency and disclosures Highest level of Corporate Governance Requirement of protection for minority shareholders 2 Corporate Governance Knowing TIM Better Unique Telco company listed on the Novo Mercado: . 100% Tag Along and equal dividend rights . One single class of shares . Independent Board members . Strict disclosure policy • 72.7 million customers (27.2% Share) • The 2nd Player - Market and Rev. Share. • More than 400,000 points of sales. • More than 130 own stores. • 11 Customer Care Centers (14k attendants) Sales • More than 12,000 Antennas. • 3,393 cities covered. • 95% of urban pop. covered. • 42,470 km of optical fiber network. Network • 11,500 employees. • 23,000 indirect jobs. • R$9.1 billion in taxes payments in 2012. • R$3.8 billion invested in 2012. Social & Economic 27.8 1998 Gross Revenues (R$ Bln) Customer base EoP (Million) 2012 1998 70.3 2012 15,000 km fiber optical backbone 5,500 km fiber optical backhauling Organic Growth Growth Via Acquisition
  • 3. Source: BaCen and Bloomberg. 3 Brazilian Real GDP (%YoY growth) Brazilian Unemployment Rate (Unemployment Rate %) 7,9 8,1 6,7 6,0 5,5 5,6 5,9 5,0 3 4 5 6 7 8 9 10 2008a 2009a 2010a 2011a 2012a 2013e 2014e 2015e Brazilian Interest Rate (Average %SELIC p.a. Target) 12,5 10,1 9,9 11,8 8,6 8,3 9,8 9,8 5 6 7 8 9 10 11 12 13 14 2008a 2009a 2010a 2011a 2012a 2013e 2014e 2015e Brazilian Inflation Rate (% IPCA p.a.) 5,9 4,3 5,9 6,5 5,8 5,8 5,9 5,5 0 1 2 3 4 5 6 7 8 9 2008a 2009a 2010a 2011a 2012a 2013e 2014e 2015e 5,2 -0,3 7,5 2,7 0,9 2,4 2,2 2,5 -1 0 1 2 3 4 5 6 7 8 2008a 2009a 2010a 2011a 2012a 2013e 2014e 2015e Macro-Economic Fundamentals Inflation Target @ 4,5 %
  • 4. Industry Overview & TIM Business Opportunity
  • 5. TIM (2S13) Vivo (2S13) América Móvil Brazil (2S13) Oi (2S13) Fixed Mobile Fixed Mobile Fixed BB/TV Fixed / Mobile Brazil Telcos X-Ray 5 Fixed BB/TV Fixed / Mobile Mobile Fixed Fixed BB TV TOTAL Customers (‘000) 49,708 18,330 5,911 890 ND Market Share 18.7% 41.1% 29.2% 5.2% ND Net Rev. (R$ Mln) 4,571 9,543 14,114 Mobile Fixed Fixed BB TV TOTAL Customers (‘000) 66,472 10,516 5,945 8,985 ND Market Share 25.0% 22.7% 29.4% 53.0% ND Net Rev. (R$ Mln) 6,121 9,914 16,035 Mobile Fixed Fixed BB TV TOTAL Customers (‘000) 76,200 10,416 3,837 537 ND Market Share 28.7% 23.3% 18.9% 3.2% ND Net Rev. (R$ Mln) 11,177 5,870 17,047 Mobile Fixed Fixed BB TV TOTAL Customers (‘000) 72,195 492 26 - ND Market Share 27.2% 1.1% 0.1% - ND Net Rev. (R$ Mln)* - - - - 9,699 Fixed BB *Organic Revenue
  • 6. 121,0 150,6 174,0 202,9 242,2 261,8 39,4 41,2 41,5 42,0 43,0 44,0 2007 2008 2009 2010 2011 2012 Mobile Penetration Mobile Fixed 64% 79% 90% 105% 124% 133% Customers Growth - Telecom (Mln customers) Market Transformation Total Revenues- R$ Bln +116% +12% Customers Growth – Broadband (Mln customers) Mobile Fixed 6 1,4 4,1 14,6 33,2 52,5 10,0 11,4 13,8 16,3 19,1 2008 2009 2010 2011 2012 +38x +90% *including Corporate/Wholesale Mobile Segment to Support Universalization Mobile Segment as the Growth Driver and Sector Universalization (55%) (48%) (44%) (42%) (45%) (52%) (56%) (58%) 2009 2012 2014 2015 104 CAGR ’12-’15 Mobile: +7% Fixed: -1% 129 116 124 Fixed* Mobile Data: +28% Data: +7%
  • 7. Long Distance Leader 50% Market Share 2nd Overall 72 million customers Prepaid Leader 28.8% Market Share Leveraging on Pure Mobile Competitive Advantage Voice FMS: Mobile is more convenient than Fixed… (R$/minute, voice) 7 2006 2007 2008 2009 2010 2011 2012 50% mobile discount Voice FMS: …TIM, with no legacies, can only gain on the trend (R$ billion, Net Revenue per Group (2012)) Source: Company estimates; CETIC jun’13; Akamai Mobile 21.4 12.2 9.1 17.9 Fixed + Data + Pay TV 12.5 18.5 19.0 0.9 4.3 Total 33.9 30.7 28.1 18.8 4.3 Vivo Claro Oi TIM GVT FMS Focus A pure mobile approach is the most suitable strategy to capture both opportunities 29.5% Rev. Share Customer Base Evolution (Market Share, Source: Anatel) 30,2% 28,7% 24,0% 27,2% 25,3% 25,0% 20,1% 18,7% 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Oi Claro Vivo +3.2 p.p. -1.6 p.p. -0.3 p.p. -1.4 p.p. 2Q13 x 2Q10 TIM
  • 8. Fixed Broadband Average Speed (% Customers) Brazilian Internet Opportunities 75% 72% 60% 67% 66% 24% 26% 38% 31% 31% 1% 1% 1% 2% 3% 2Q12 3Q12 4Q12 1Q13 2Q13 > 12Mbps >2 Mbps até 12 Mbps ≤ 2 Mbps 88% 84% 80% 78% 76% 8% 10% 14% 16% 17% 5% 6% 6% 6% 7% 2Q12 3Q12 4Q12 1Q13 2Q13 > 12Mbps >2 Mbps até 12 Mbps ≤ 2 Mbps 49% 44% 41% 38% 35% 49% 53% 56% 59% 62% 3% 3% 3% 3% 3% 2Q12 3Q12 4Q12 1Q13 2Q13 > 12Mbps >2 Mbps até 12 Mbps ≤ 2 Mbps 1% 1% 1% 1% 1% 59% 57% 55% 52% 49% 40% 42% 44% 47% 50% 2Q12 3Q12 4Q12 1Q13 2Q13 > 12Mbps >2 Mbps até 12 Mbps ≤ 2 Mbps 8 TIM`s services portfolio is ready to capture opportunities in all broadband segments, going mobile or going through its fixed ultra broadband.
  • 9. TIM’s Strategic Priorities 9 Network Quality & Infrastructure1 Strategy & Offer Evolution 2 Institutional Relationships 3 People & Organization 4 Solid Capex investment program. Significant coverage and capacity improvement through extensive own fiber infrastructure. Network Quality War Room approach. Efficient 4G Investment with RAN sharing. Continuous evolution of our offer platforms (transparency, simplicity, convenience, micro- segmentation). Promoting data usage with handset strategy, new VAS offers (e.g. TIMmusic) and 4G launch. Expanding postpaid and business user base. Developing option value of Live TIM ultra-broadband services. External Positioning: Innovation, Quality, Transparency. “Portas Abertas” customer portal for increased transparency and network quality evolution. Focus on regulatory and institutional dialogue. People Focus – highly skilled, highly motivated, right organization. Best Place to Work initiatives. Renewing Sense of Pride and Belonging – One of Brazil’s Top 15 Companies.
  • 11. 0.9% 1.1% 0.7% 1.0% 0.9% Quarter in Few: Improvements Across the Board 7.0% 5.4% 9.7% 2Q132Q12 Organic1 Net Revenue Growth(YoY) Organic1 Net Services Revenue Growth(YoY) Organic1 EBITDA Growth(YoY) -15.3% -11.0% -9.5% -3.6% +0.4% 1Q132Q12 10.0 10.3 10.7 10.9 11.4 2Q132Q12 3Q12 4Q12 2Q13 -0.7% Reported ARPU Performance (YoY) Postpaid Base (mln customers) %Bad Debt/Gross Revs. +20% (YoY) Ex-M2M Financial Operational +14% 1Q133Q12 4Q12 1Q13 6.4% 5.5% 1.4% 1.8% 3.1% 2Q132Q12 1Q133Q12 4Q12 +8.7% (YoY) Reported 5.6% 4.1% 4.4% 2Q132Q12 1Q13 2Q132Q12 1Q133Q12 4Q12 +2.0% (YoY) Reported +1.8% (YoY) Reported 11 Efficient Approach 1: Organic revenues growth adjusted by R$44mln, EBITDA growth adjusted by R$31mln and Net Income growth adjusted by R$20 mln due to one-off impact related to interconnection disputes. Organic1 Net Income Growth(YoY) -1.6% 13.9% 17.9% 2Q132Q12 1Q13 +12% (YoY) Reported 18.7% 19.6% 20.5% 21.4% 22.1% %VAS / Mobile Service Gross Revenues 2Q132Q12 1Q133Q12 4Q12
  • 12. Customer Base Evolution - Market Share (Source: Anatel) Growth Backed by Business Resilience 19.6% 19.6% 24.0% 25.0% 28.0% 26.3% 28.1% 28.8% 2Q12 +67 bps -168 bps +96 bps -1 bps 2Q13 15.3% 16.5% 23.9% 20.3% 38.2% 39.1% 22.0% 23.4% 2Q12 +140 bps +90 bps -353 bps +124 bps 2Q13 29.6% 29.7% 29.1% 28.8% 28.7% 26.9% 26.8% 26.9% 27.0% 27.2% 24.6% 24.5% 24.9% 25.1% 25.0% 18.7% 18.7% 18.8% 18.7% 18.7% Oi Claro Vivo 2Q12 3Q12 4Q12 +28 Bps -89 Bps +43 Bps +5 Bps YoY 1Q13 2Q13 Prepaid Voice Postpaid* 35 26 27 1.6 1.4 1.5 2Q11 2Q12 2Q13 2Q132Q11 2Q12 1.1% 0.9% 0.9% Total TIM SAC & SAC/ARPU (R$; months) Efficient Market Approach (Source: TIM, Anatel) Bad Debt & Postpaid CB (000 customers; %postpaid mix)  Leading net additions.  Consolidating Prepaid #1.  Accelerating on Postpaid.  Maintaining an efficient go- to-market. SAC/ ARPU SAC % Gross Revs Postpaid *Excluding modems and M2M. +25% +14% 14.4% 14.5% 15.8%Mix 12
  • 13. Caring Improvements to Increase Customer Satisfaction Claims at Consumer’s Protection Agency (Procon) (Avg # Claims - the lower the better; Source: SINDEC database) ImprovingcaringReducingcomplaints P3 P4 P1 TIM TIM PRE POS CORP Customer Care Satisfaction Survey (Points; Source: TIM) IDA – Index of Caring Performance (last reported) (Points - the higher the better; Source Anatel) 99.9 93.998.0 92.1 92.8 80.4 84.9 65.9 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 P3 P4 P1 TIM Anatel Ranking of Complains (last reported) (Index of Complains under 1,000 access - the lower the better; Source: Anatel) 0.20 0.320.24 0.360.34 0.470.50 0.65 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 P3 P4 P1 TIM 2,564 4,147 2,262 3,179 6,187 6,990 3,503 6,870 2Q12 3Q12 4Q12 1Q13 2Q13 13 8.0 7.5 7.0 6.5 6.0
  • 14. ARPU Performance (%YoY; R$) Reverting ARPU Trend Voice Usage (000 lines; minutes) Data Performance (monthly unique users; average days of use) 7,638 8,184 8,703 8,956 9,367 2Q12 4Q123Q12 1Q13 127 150 139 145 2Q12 4Q123Q12 1Q13 18.3 19.918.9 18.5 VAS Voice -15.3% -11.0% 9.5% -3.6% -0.7% 2Q12 4Q123Q12 1Q13 After several quarters, ARPU has reversed its trend thanks to a continuous management of the customer base. Voice Postpaid* Total MOU 2Q13 18.1 2Q13 148 2Q12 4Q123Q12 1Q13 Data Users SMS Usage 2Q13 2Q13 2Q12 4Q123Q12 1Q13 2Q13 +21% +13% *Excluding modems and M2M. +23% +16% 14 Organic 18.3 Organic 0.4%
  • 15. 35% 39% 43% 46% 50% 2Q12 3Q12 4Q12 1Q13 2Q13 Data Services Update: Keeping the Good Pace Data users (% over total customer base) VAS (% of Mobile Services Gross Revenues; R$ Million) Handset Sales Market Share Apr-Jun/13 (% of handset revenues; Source: TIM) 19% 22% Smart/Web phone Penetration (% over total base of lines) VAS Gross Revs VAS/Revs 7% 21% 34% 38% 54% 46% P4 P3 P1 TIM Players Open Mkt TOP SELLERS @ ~R$300 27.7% 28.7% 30.3% 31.0% 31.9% 2Q12 3Q12 4Q12 1Q13 2Q13 +25% 23 mln users 78 % on sales 15 1,031 1,291 2Q12 2Q13
  • 16. Financial Evolution Analysis 1,210 EBITDA 2Q12 Organic EBITDA 2Q13 -15 ΔMkt and Sales ΔPers./G&A and others -53 ΔHandset Margin -39 ΔNetwork and ITX +35 ΔServ. Revs 26.6% 25.3% 32.1% 31.5% +125 +5.8% +8.3%-51.2% +1.1%+3.1%ΔYoY 1,263 +4.4% 563 879 879 3,984 4,109 4,065 Thousands Revenue 2Q12 Δ HandsetΔ Fixed Services Organic Revenue 2Q13 Δ Mobile Services +316-86+211 Service Handset 4,547 -33%+5.7%ΔYoY 4,988 -44 One-off Event Reported Revenue 2Q13 4,944 -31 Reported EBITDA 2Q13 1,232 +1.8% 24.9% 31.1% One-off Event 16 +56% +3.1% +2.0% EBITDA Margin Service EBITDA Margin Organic EBIT Net Financial Result Organic Net Income 2Q13 Organic Taxes and Others Depreciation/ Amortization Organic EBITDA 2Q13 From EBITDA to Net Income (R$ Million) ΔYoY One-off Event Reported Net Income 2Q13 +0.9% +8.5% -36% +5.6% +18% +12% 1,263 -671 592 -41 -145 406 -20 386 Net Revenue Evolution (R$ Million, % YoY) From EBITDA to EBITDA (R$ Million) +8.7%+10%
  • 17. Strong Cash Position Net Debt (R$ Mln) Capex (R$ Mln, % YoY) 1,998 2,278 1,984 2Q11 2Q12 2Q13 +14% -13% 725 1,057 2Q11 2Q12 2Q13 +46% +6% → 37% of debt in foreign currency (100% hedged to R$). → Average debt maturity: ~ 3 years. → 0.39x net debt to Reported EBITDA (LTM). → Capex catch up during Q2. → 94% of Capex related to infrastructure (ex-licenses). → No subsidy capitalization. 1,123 0.45x 0.47x 0.39xNet debt/ EBITDA (LTM) 17
  • 19. Development of Infrastructure 19 Optical Fiber Network Evolution (km of fiber) 28,891 38,951 42,470 47,000 2011 2012 Jun/13 Dec/13* *According to Anatel Network Plan FTTS Project Status - 14 Brazilian Main Cities (Stage1) Manaus Florianópolis São Paulo Macapá Salvador Curitiba Maceio Recife Fortaleza Brasília Rio de Janeiro Porto Alegre Belém Aracaju São Luis Palmas Vitoria Teresina Belo Horizonte Campo Grande Imperatriz Goiânia Cuiaba Natal M M M M M M M M M M M M M M M M M M M M M MJ.Pessoa M M M M M M M M M M M M M M M MM M M  1st phase: Connecting sites with own fiber. 88% of sites in the 14 main Brazilian cities are connected with own fiber.  3rd phase: Expanding and fine tuning. Recife is the first city to reach this stage.  2nd phase: Light up the fiber and shift data traffic to own lines. 2nd phase is expected to be completed by 4Q13 M Cities of Stage 1 M Cities (additional 30) of Stage 2 Own Network to Support Traffic Growth (% of total transport network) 52% 80% 48% 20% 2009 2012 Owned Third Parties • Increasing customer experience (throughput 50x faster than previous leased links on copper, 2/8Mbps) • Reduce network congestion • 4G (LTE) ready • Reducing leased lines costs Metro Ring To own fiber up to 300 MbpsFrom copper 2-8 Mbps
  • 20. 11.607 12.120 Jun/12 Jun/13 Network Commitments 20 Network Elements Expansion… (units. Source: Company) …Driving Quality Improvements (% of success; % of call/data connection drop; Source: Anatel) 181 215 Jun/12 Jun/13 250 464 Jun/12 Jun/13 BTS TRX (Voice Capacity; 000) Channel Elements (Data Capacity; 000) 95,7% 97,1% Aug/12 Apr/13 Voice Network Access Rate Voice Network Drop Rate Data Network Access Rate Data Network Disconnection Rate +4% +19% +86% Target agreed w/ Anatel 1,3% 1,1% Aug/12 Apr/13 95,9% 96,0% Aug/12 Apr/13 1,5% 1,7% Aug/12 Apr/13 95% 2% 98% 5%
  • 21. Capex Analysis 21 Organic Capex (ex-4G licenses) (Capex/Sales; Mix of Investments; R$ bln) 9,5 8,3 7,2 5,5 0.4 TIM Claro Vivo Oi Benchmark: Anatel Plan for 2012-2014 (R$ Bln) Owned Network Deployment…. (% of total transport network) 9.9 2012 Extra Capex over Anatel Plan +20% +39% 2012-2014 Capex … Driving Network Opex Savings (% YoY) +81% 22,1% 4,8% 3,5% Total Traffic Customer Base Network Costs Q2 2013 52%48% Owned Rented 80% 20% 2009 2012 0.5 0.3 0.2 2.3 2.7 3.1 2010 2011 2012 2013e 2014e 2015e 19,6% 18,0% 18,0% Infra Invest. As % of Net Revs. Other Invest. 2.8 3.0 3.4 10.7 3.6 Voice Postpaid +23% YoY
  • 23. Live TIM: Delivering on Plan 257k 522k 609k 804k 3Q12 4Q12 1Q13 2Q13 Network Evolution (Addressable Households ; Source: TIM) Customer Base (Customers; Source: Anatel) 9.7k 16.3k 26.4k 4Q12 1Q13 2Q13 82% Net Share Live TIM SP+RJ (UBB >34MB ; Source: Anatel) Market Share SP+RJ (UBB >34MB ; Source: Anatel) 38% 19% 13% 11% 10% 9% Live TIM Oper. I Oper. II Oper. III Oper. IV Outras 26% 69% 73% 3Q12 4Q12 1Q13 São Paulo Totaling 26 Districts in São Paulo 23
  • 24. Efficient approach MSAN port occupancy (%), Capex (R$) Coverage (addressable) Thousands of Households ~500 ~1,000 ~2,000 2015201420132012 0 20 40 60 80 2012 2013 2014 2015 ~R$2k Coverage Capex per Home Passed ~R$80 ~R$800 Installation Capex per Sub ~R$300 TIM Fiber Int. Bench. TIM Fiber Int. Bench. ~R$5k Total Capex per Sub ~R$700 TIM Fiber Int. Bench. Port Occupancy (%) 24 4x • 2012: priority coverage in areas with high ‘A/B classes’ concentration • 2013: chess board strategy and entering in class C • 2014: additional coverage in Rio de Janeiro and São Paulo metropolitan regions, focusing class C concentration areas Geographic Expansion Geographic expansion for low-middle class and targeting high income neighborhood TIM Fiber Plan Update 2013/2015
  • 26. 116 129 150 >200 0 50 100 150 200 250 2010 2011 2012 2013e 2014e 2015e 14.5 17.1 18.8 2010 2011 2012 2013e 2014e 2015e High Single Digit growth 4 Ways of Growth Revenue Growth (Total Revenues,R$ billion) CAGR 12-15 Mobile Customer Base Million of lines Double digit growth FMS – Voice (MOU) Minutes of usage per line Internet for All (Mobile Data) Data as % of Gross Mobile Serv. Revs. 26 51.0 64.1 70.3 > 90 2010 2011 2012 2013e 2014e 2015e 13% 15% 19% >26% 0% 5% 10% 15% 20% 25% 2010 2011 2012 2013e 2014e 2015e Double digit growth VAS Revenues MoUCustomer Base Community Expansion FMS (Voice) Internet Services ~2Mln HH ready to sell Tim Fiber Ultra BB >90 Mln >200 min >26% Business Drivers of Growth
  • 27. 27 Total Net Revenues High Single Digit Growth Organic EBITDA 4.6 5.1 Organic CapEx 3.0 3.4 10.7 17.1 18.8 High Single Digit Growth R$ billion 2011 2012 2013 -2015 CAGR Guidance 2013-2015 Guidance
  • 29. Total Customer Base (% Market Share) Market Share Evolution 29 29,7% 28,7% 26,8% 27,2% 24,6% 25,0% 18,6% 18,7% P3 P4 P1 TIM 2012 Mobile Net Revenue Share (% 2012Total Net Revenue) Total Voice Postpaid Customer Base (% Market Share) 38,2% 38,9% 22,3% 23,8% 23,2% 20,3% 15,6% 16,3% P3 P4 P1 TIM Total Prepaid Customer Base (% Market Share) 28,2% 26,2%28,0% 28,9% 24,1% 25,0% 19,5% 19,6% P3 P4 P1 TIM Size: 266,999 thousand Penetration rate: 134.8% 20,2% 29,5%35,3% 15,0% P3 P4 P1 TIM
  • 30. Internet Users Penetration: large room for growth... (% population who has used internet within the last 3 months) Mobile Internet and Its Great Business Opportunity FMS on Data (% over households with internet connection) 30 89 86 81 80 74 1 3 10 17 21 2008 2009 2010 2011 2012 Mobile Devices are also increasing its presence… (% Presence over households) Source: CETIC jun’13; Data Market Fixed* Mobile *Includes dial-up connection 10 14 23 41 50 2 4 2008 2009 2010 2011 2012 34 39 41 46 49 2008 2009 2010 2011 2012 A: 94% B: 80% C: 47% DE: 14% 68 mln people never used internet …and usage is 4 years behind (% internet users within the last 3 months) 53 58 60 67 69 35 30 30 24 23 10 9 9 7 7 2008 2009 2010 2011 2012 Everyday/Almost Everyday At least once a week At least once a month Euro Area data in 2008: Everyday: 70% Once a Week: 20% Once a Month: 7% Social Class Split Notebooks Tablets
  • 31. Understanding Internet Usage Trends Going deeper into wireless penetration in Brazil (%) 31 79 91 105 124 133 56 63 67 76 80 2008 2009 2010 2011 2012 Our current portfolio reflects consumer’s behavior (Activities over mobile phone; % users who have used mobile within the last 3 months) Source: CETIC jun’13; Data Market; Anatel 22 31 47 5 18 24 49 57 64 2010 2011 2012 Wireless Penetration Real Penetration # SIM Cards Social Class 0 1 2 3+ A 3% 67% 24% 6% B 7% 63% 24% 5% C 17% 62% 17% 3% DE 41% 47% 10% 1% Total 20% 59% 17% 3% Send SMS Listen Music Internet
  • 32. Historical Data: Financials (R$ Thousand) 32
  • 33. Historical Data: Financials (US$ Thousand) 33
  • 34. Historical Data: Operational & Financial Ratios 34 ROA: NOPLAT/Avg. Total Assets. Calculation considers organic Net Income and EBITDA 2013e: Consensus and dividend yield from approved 2012dividends of R$743 mln.
  • 35. 3% Tax Relief - 1º Step: M2M Fistel to drop and Smartphones tax exemption (Law 12,715/2012) Total ~34% Fust/ FUNTEL PIS/ PASEP 1.5% 0.65% ICMSCofins ~28% Tax reduction Reduction in the price to consumer Increase of Penetration Social Impacts Economic Impact Possibility of higher investment in network Better Quality Tax Composition 35 In 2012, TIM paid R$9.1 bln in taxes, fees and contributions (~48% of total net revenues). • R$1 bln in Fistel. • R$8.1 bln in taxes, contributions and others fees. % of Gross Revenues Taxation Over Telecom in Brazil
  • 36. Shareholders Structure and Stock performance Stock Performance (base 100)* 0 20 40 60 80 100 120 140 TIMP3 Ibovespa TSU 36*Last price as of 09/13/2013 TIM Celular S.A. Intelig 100% TIM Brasil Serv. e Part. S.A. Minorities Telecom Italia International N.V. Telecom Italia 100% TIM Participações S.A. ON: 33% (805,662,701)ON: 67% (1,611,969,946) 100%100%
  • 37. Investor Relations Team Avenida das Américas, 3434 - Bloco 01 6° andar – Barra da Tijuca 22640-102 Rio de Janeiro, RJ E-mail: ri@timbrasil.com.br Rogério Tostes E-mail: rtostes@timbrasil.com.br Phone: +55 21 4109-3742 Vicente Ferreira E-mail: vdferreira@timbrasil.com.br Phone: +55 21 4109-3360 Leonardo Wanderley E-mail: lwanderley@timbrasil.com.br Phone: +55 21 4109-4017 Gustavo Valente E-mail: gvalente@timbrasil.com.br Phone: +55 21 4109-3446 Luiza Chaves E-mail: luchaves@timbrasil.com.br Phone: +55 21 4109-3751 Visit our Website www.tim.com.br/ir Safe Harbor and IR Contacts Safe Harbor Statements 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. 37