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TIM BRASIL


MARIO CESAR ARAUJO
MARIO CESAR ARAUJO
                                                NOME COGNOME
                                                DEL RELATORE

TIM BRASIL

Agenda


              2007 results highlights


              The Brazilian market context


              2008-10 Plan overview


              Targets for 2008-10




                                                               1
MARIO CESAR ARAUJO
                                                                                         NOME COGNOME
                                                                                         DEL RELATORE

TIM BRASIL

Highlights 2007
   TIM Brasil is positioned as leader in value in the Brazilian mobile market, by means of its:
          National presence
          Innovation in terms of Marketing and Technology
                                                Technology
          Strong brand


   In 2007, main results achieved were:
          Leadership in service revenues share (since 2006)
          Best value customer mix (postpaid segment) and ARPU above market average
          Top of Mind (four times in the last 5 years) and best preference index
          Positive Net Cash Flow and positive Net Income
          All 2007 targets achieved


   In 2007, TIM Brasil decided to change through:
          Fixed line license acquisition: entrance in fixed and internet market
          Launch of a new business model targeting Low ARPU
          3G License acquisition



                                                                                                        2
MARIO CESAR ARAUJO
                                                                                                                                   NOME COGNOME
                                                                                                                                   DEL RELATORE

    TIM BRASIL

    Footprint of the major players 2007ye                                                                          Miln. lines           Market Share


          Telefonica/Vivo            Embratel/Claro                       Oi                      Brasil Telecom                           TIM
                                            Acquisition of frequency in
             Acquisition Telemig/                                              27.0% in player
                                             set/07 completion of a
           Amazonia Celular Ago/07                                                  area
                                                national coverage




Mobile

                              ~33                          ~30                    ~16                                    ~4                             ~31
                                                                                                 13,3% in player
                              28%                          25%                    13%                 area               4%                           26%

                                       Incumbent in long
                                           distance




Fixed

                              ~12                          ~1                     ~14                                      ~8
                             ~32%                          ~3%                   ~37%                                     ~21%               STFC license in
                                                                                                                                               May 2007




                                                                                                                                                     3
MARIO CESAR ARAUJO
                                                                                                                 NOME COGNOME
                                                                                                                 DEL RELATORE

TIM BRASIL

Leadership with profitability
BR GAAP


            Subscribers                                 Total Revenues                    EBITDA                     Net Income
            (mln lines)                                     (bln R$)                    (bln R$ (%))                  (bln R$)

                                                            14.6%         12.4           17.8%         2.9
             23.0%          31.3
                                                   10.9*
     25.4                                                                         2.4
                                                                                                                            Break-even
                                                                                 22.4%*            23.1%
                                                                                 24.0%**
                                                                                                              -0.3

     2006                   2007                   2006                   2007   2006                  2007   2006            2007




* Figure adjusted considering Bill & Keep elimination starting 01/01/06
**Restated local currency




                                                                                                                                  4
MARIO CESAR ARAUJO
                                                                                           NOME COGNOME
                                                                                           DEL RELATORE

TIM BRASIL

Achievement of all 2007 Targets
BR GAAP                                                     2007 Actual   2007 Targets

 Customers Portfolio
 (Mln SIM)
                                                                   31,3       ~29            
 M/S TIM Brasil on SIM                                            25.8%      ~26%            
 Revenues Growth - Organic*                                       14.6%      >10%            
 EBITDA margin - Organic                                          23.1%      >23%            
 Capex (Bln R$)                                                     1.9      >2**            
 Op. Free Cash Flow
 (mln R$)
                                                                  761.7
                                                                           Break Even
                                                                              2007           
* Figure adjusted considering Bill & Keep elimination starting 01/01/06
** Includes 3G and Wi-Max acquisitions


                                                                                                          5
MARIO CESAR ARAUJO
                                                NOME COGNOME
                                                DEL RELATORE

TIM BRASIL

Agenda


              2007 results highlights


              The Brazilian market context


              2008-10 Plan overview


              Targets for 2008-10




                                                               6
MARIO CESAR ARAUJO
                                                                                                                         NOME COGNOME
                                                                                                                         DEL RELATORE

TIM BRASIL

Political and Economic Scenario
        Gross domestic product growth                                  Minimum-salary increase* vs. inflation
                                                                              Inflation                 Agreement between Government and
                                                                              Minimum-salary increase    Trade Unions to readjust the minimum-
                                                                                                         salary until 2011.
                                                                                                         Minimum-Salary (Y)= GDP growth (Y-2) +
                                                                                              16,7%
                                     5.2%                                                                INPC growth (Y-1)
 4.9%                                                                             15,4%
                                                              4.5%

                                                4.4%
                                                       4.2%           8,3%
                                                                                                                   7,4%
                        2.9%
                                                                                                         8,6%
                                                                       7,6%
                                                                                   5,7%
              2.3%                                                                                       4,5%      4,6%        4,5%       4,3%
                                                                                               3,1%


2004         2005 2006             2007E        2008E 2009E   2010E    2004       2005        2006      2007      2008E      2009E       2010E

          PAC – investments approx. R$ 500 bln to R$ 900 bln between 2007 – 2010.
          Lower interest rates producing a record bank lending, powering consumer spending
          Positive Trade Balance since 2001
          In January „08, Brazil became a net foreign creditor for the first time in history.

Source: Brazilian Central Bank, Abinee, BNDES



                                                                                                                                              7
MARIO CESAR ARAUJO
                                                                                                 NOME COGNOME
                                                                                                 DEL RELATORE

TIM BRASIL

Regulatory framework

                                           2008                                   2009-10

                              Definition of cost based model by    Introduction of the new cost-based model
   Termination rate (VU-M)     Anatel                                of regulatory accountability.



  Number Portability (F+M)    Commercial launch 2H/08.             Full implementation (1Q/09)


                              Fixed license since 2Q07.
                              3G License of frequency available    3G and Wimax: high competition on
  3G License/Fixed license     in 1Q/08                              broadband market
                              Value payment R$ 1.3bln for 3G       Possibility of new auction of 3G
                                                                     frequencies (5 MHz band).
                                                                    Stringent obligations from 3G acquisition
                              License of frequency available in
        Wi-Max License         2008
                                                                     contracts


                              Partially regulated commercially
             Unbundling        not viable
                                                                    Commercially viable


                              Permission for telecom               Increase PayTV offers into Telecom market
         Bill 29 (PL 29)       companies to provide PayTV           Brazilian government stimulating national
                               content                               TV content




                                                                                                                 8
MARIO CESAR ARAUJO
                                                                           NOME COGNOME
                                                                           DEL RELATORE

TIM BRASIL

Competitive Scenario
                              Challenges ahead

  2007                                2008


              TIM will no longer be the only national player
              A 4th operator will start in São Paulo, 35% of Brazilian GDP
              Mergers & Acquisitions will continue in 2008
                    Oi and Brasil Telecom
                    Telemig acquisition by VIVO and Amazonia by Oi.
              Number portability
              New mobile operator rules (SMP)
              Launch of 3G
              Handset subsidy


                                                                                          9
MARIO CESAR ARAUJO
                                                                                                                                  NOME COGNOME
                                                                                                                                  DEL RELATORE

                TIM BRASIL

            Market Evolution
                                                                                                                                           CAGR 07-10



                                            Lines (millions)                                               Revenues (R$ bln)

                                                                     162
                                                               152         10.2%
                                                    142
                                                                                                                       +7.6%
                                                                                       Mobile*                38.0                                     47.3
                                            121
                              100
                86
     Mobile                                                                                                     42.6
                                                                                   Fixed (voice)                       -3.6%                    38.2

                39             39            39     39         39     39
Fixed (voice)                                                              0.5%
                                              8     10         11     13             Fixed (BB)      7.6               +20.3%           13.2
                4               6                                          20.5%
  Fixed (BB)




          2005               2006           2007   2008E   2009E     2010E                         2007                             2010




                Source: Internal estimate
                * Service revenues



                                                                                                                                                 10
MARIO CESAR ARAUJO
                                                                                                                                 NOME COGNOME
                                                                                                                                 DEL RELATORE

   TIM BRASIL

   Mobile residual market in lower classes and broadband
   penetration

           Mobile penetration by social class                                                Broadband penetration by social class


                  83%                                                                               67%
                                     77%

63.5%
                                                        53%


                                                                                                                     24%
                                                                          28%

                                                                                    10.0%
                                                                                                                                    5%
                                                                                                                                                1%


Brasil           Class A           Class B            Class C         Classes D/E   Brasil         Class A          Class B        Class C    Class D

                                                                                                MS = Minimum-salary = R$ 415.00 / month
                                                                                                Class A > 20 MS
                                                                                                Class B > 10 and < 20 MS
                                                                                                Class C > 5 and < 10 MS
                                                                                                Class D > 3 and < 5 MS
                                                                                                Class E > 1 and < 3 MS
   Source: IBGE (PNAD, 2006), CGI 2006, Consumer Market Sizing Research



                                                                                                                                                11
MARIO CESAR ARAUJO
                                                NOME COGNOME
                                                DEL RELATORE

TIM BRASIL

Agenda


              2007 results highlights


              The Brazilian market context


              2008-10 Plan overview


              Targets for 2008-10




                                                               12
MARIO CESAR ARAUJO
                                                                                                      NOME COGNOME
                                                                                                      DEL RELATORE

       TIM BRASIL

      In 2008 TIM will continue to execute on the following
          strategy
              Market Evidence               Strategic goals                           Guidelines

                                     Generate more value from the     Postpaid: increase cross/up selling and
                                                                     1 loyalty
Mobile




                                      customer base
                Core Business                                        2 Prepaid: efficiency in acquisition cost
                                     Optimize services offer to
                                      increase profitability         3 Corporate: increase portfolio share

                                                                         Increase focus on fixed voice services, through pure
                                                                     4
Convergence




                                                                         fixed offer, leveraging number portability.
               Potential market      Attack the fixed-line and          Compete on Broadband market with 3G/HSPA.
                                                                     5   Take advantage of PCs sales boom.
              revenue: ~R$50bln       broadband market
                                                                         Increase customer value with mobile, data and
                                                                     6   fixed bundle offer.
Low-ARPU




              Potential customers    Grow customer base ensuring    7    Micro-recharges: R$1; R$3 and R$5
                market: 60mln         profitability
                                                                     8    Extensive door-to-door sales channel




                                                                                                                          13
MARIO CESAR ARAUJO
                                                                                                    NOME COGNOME
                                                                                                    DEL RELATORE

TIM BRASIL

3G: Wireless Broadband
                                                       TIM‟s convergent offers
                                 2007                                     2008                         2009
        TIM Web, GPRS / EDGE, Speed up to200 Kbps

                                            3G licenses                  Evolution of offers for speeds up to:
                                            acquisition                                7.2 Mbps
                                       Total licenses cost:             Competitive plans with broadband
                                        R$ 1.325 bln                         Encouraging use of VAS
                                       National coverage
                                                                     231 cities covered           460 cities covered




       The PC market* in Brazil will grow +21.3% in 2008 reaching 12.9 mln units, of which 88.3% Desktops and 21.7%
        Laptops
       Brazil has the highest usage of internet per home user, 23 hours and 04 minutes per month **
       As of Sept 2007 Brazilian dial up internet home users totaled 7.1 mln

 * IBOPE/Netratings – November 2007
 ** IDC 2007



                                                                                                                     14
MARIO CESAR ARAUJO
                                                NOME COGNOME
                                                DEL RELATORE

TIM BRASIL

Agenda


              2007 results highlights


              The Brazilian market context


              2008-10 Plan overview


              Targets for 2008-10




                                                               15
MARIO CESAR ARAUJO
                                                                                                NOME COGNOME
                                                                                                DEL RELATORE

TIM BRASIL

TIM Brasil targets
BR GAAP                                                          2007 Actual   2008 Targets   2010 Targets
                                                                                               2010 Targets


  Customer Portfolio (Mln SIM)                                      31.3           ~37             ~43


            Mkt Share on SIM                                       25.8%          ~26%            stable


                                                                                                  ~8%
    Revenues Growth - Organic                                     14.6%*          > 12%
                                                                                              (CAGR ‟07-‟10)


      EBITDA margin - Organic                                      23.1%          > 23%          ~ 29%


                                                                                                  ~ 7.2
              CAPEX (Bln R$)                                        1.9          ~3.6**
                                                                                              (Cum. ‟08-10)
* Growth considering Bill & Keep elimination starting 01/01/06
  Revenues growth reported: 22.7%
** Including 3G licenses (R$1.3 Bln)




                                                                                                               16
MARIO CESAR ARAUJO
                           NOME COGNOME
                           DEL RELATORE

TIM BRASIL




              Back Up




                                          17
MARIO CESAR ARAUJO
                                                                           NOME COGNOME
                                                                           DEL RELATORE

TIM BRASIL

CAPEX evolution breakdown
BR GAAP, Bln Reais

                   100%=       1.6          1.9           ~7.2

                                      3%           4%
             Administrative                               21%       Of which 19% 3G License
                              20%          12%
               Commercial
                                                          17%
                                           26%
                         IT   26%
                                                          20%


                  Network     52%          57%            43%



                              2006         2007         2008-2010


       CAPEX/Net Revenues     15.7%        15.6%         16.1%




                                                                                          18
MARIO CESAR ARAUJO
                                                                                      NOME COGNOME
                                                                                      DEL RELATORE

    TIM BRASIL

    3G Licenses

Brazil's telecoms regulator Anatel, during the 2.100MHz
                                                                          IV                         VI
  3G Auction, raised a total of 5.3 bln Reais (US$2.9 bln),
  representing an 86.7% premium over the bid base prices

                                                                                                     I
                                                                               II
TIM Brasil acquired 10+10 MHz for all areas, but for:
                                                              VIII                           X
    Area III e IV, São Paulo Metropolitan area and North
                                                                     IX
       Region: TIM acquired 15+15 MHz                                                                VII
                                                                          XI
    Area VII, Cities of Minas Gerais State that are                                             V
       considered part of “Triangulo Mineiro”: Despite not                             III

       having acquired 2.100MHz license in this small area,
       TIM will be able to provide 3G services based on the
       current 850 MHz license



                                                                                                           19

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Tim Presentation On 2008 Telecom Italia Analyst & Investor Briefing

  • 2. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Agenda  2007 results highlights  The Brazilian market context  2008-10 Plan overview  Targets for 2008-10 1
  • 3. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Highlights 2007 TIM Brasil is positioned as leader in value in the Brazilian mobile market, by means of its:  National presence  Innovation in terms of Marketing and Technology Technology  Strong brand In 2007, main results achieved were:  Leadership in service revenues share (since 2006)  Best value customer mix (postpaid segment) and ARPU above market average  Top of Mind (four times in the last 5 years) and best preference index  Positive Net Cash Flow and positive Net Income  All 2007 targets achieved In 2007, TIM Brasil decided to change through:  Fixed line license acquisition: entrance in fixed and internet market  Launch of a new business model targeting Low ARPU  3G License acquisition 2
  • 4. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Footprint of the major players 2007ye Miln. lines Market Share Telefonica/Vivo Embratel/Claro Oi Brasil Telecom TIM Acquisition of frequency in Acquisition Telemig/ 27.0% in player set/07 completion of a Amazonia Celular Ago/07 area national coverage Mobile ~33 ~30 ~16 ~4 ~31 13,3% in player 28% 25% 13% area 4% 26% Incumbent in long distance Fixed ~12 ~1 ~14 ~8 ~32% ~3% ~37% ~21% STFC license in May 2007 3
  • 5. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Leadership with profitability BR GAAP Subscribers Total Revenues EBITDA Net Income (mln lines) (bln R$) (bln R$ (%)) (bln R$) 14.6% 12.4 17.8% 2.9 23.0% 31.3 10.9* 25.4 2.4 Break-even 22.4%* 23.1% 24.0%** -0.3 2006 2007 2006 2007 2006 2007 2006 2007 * Figure adjusted considering Bill & Keep elimination starting 01/01/06 **Restated local currency 4
  • 6. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Achievement of all 2007 Targets BR GAAP 2007 Actual 2007 Targets Customers Portfolio (Mln SIM) 31,3 ~29  M/S TIM Brasil on SIM 25.8% ~26%  Revenues Growth - Organic* 14.6% >10%  EBITDA margin - Organic 23.1% >23%  Capex (Bln R$) 1.9 >2**  Op. Free Cash Flow (mln R$) 761.7 Break Even 2007  * Figure adjusted considering Bill & Keep elimination starting 01/01/06 ** Includes 3G and Wi-Max acquisitions 5
  • 7. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Agenda  2007 results highlights  The Brazilian market context  2008-10 Plan overview  Targets for 2008-10 6
  • 8. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Political and Economic Scenario Gross domestic product growth Minimum-salary increase* vs. inflation Inflation Agreement between Government and Minimum-salary increase Trade Unions to readjust the minimum- salary until 2011. Minimum-Salary (Y)= GDP growth (Y-2) + 16,7% 5.2% INPC growth (Y-1) 4.9% 15,4% 4.5% 4.4% 4.2% 8,3% 7,4% 2.9% 8,6% 7,6% 5,7% 2.3% 4,5% 4,6% 4,5% 4,3% 3,1% 2004 2005 2006 2007E 2008E 2009E 2010E 2004 2005 2006 2007 2008E 2009E 2010E PAC – investments approx. R$ 500 bln to R$ 900 bln between 2007 – 2010. Lower interest rates producing a record bank lending, powering consumer spending Positive Trade Balance since 2001 In January „08, Brazil became a net foreign creditor for the first time in history. Source: Brazilian Central Bank, Abinee, BNDES 7
  • 9. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Regulatory framework 2008 2009-10  Definition of cost based model by  Introduction of the new cost-based model Termination rate (VU-M) Anatel of regulatory accountability. Number Portability (F+M)  Commercial launch 2H/08.  Full implementation (1Q/09)  Fixed license since 2Q07.  3G License of frequency available  3G and Wimax: high competition on 3G License/Fixed license in 1Q/08 broadband market  Value payment R$ 1.3bln for 3G  Possibility of new auction of 3G frequencies (5 MHz band).  Stringent obligations from 3G acquisition  License of frequency available in Wi-Max License 2008 contracts  Partially regulated commercially Unbundling not viable  Commercially viable  Permission for telecom  Increase PayTV offers into Telecom market Bill 29 (PL 29) companies to provide PayTV  Brazilian government stimulating national content TV content 8
  • 10. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Competitive Scenario Challenges ahead 2007 2008  TIM will no longer be the only national player  A 4th operator will start in São Paulo, 35% of Brazilian GDP  Mergers & Acquisitions will continue in 2008  Oi and Brasil Telecom  Telemig acquisition by VIVO and Amazonia by Oi.  Number portability  New mobile operator rules (SMP)  Launch of 3G  Handset subsidy 9
  • 11. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Market Evolution CAGR 07-10 Lines (millions) Revenues (R$ bln) 162 152 10.2% 142 +7.6% Mobile* 38.0 47.3 121 100 86 Mobile 42.6 Fixed (voice) -3.6% 38.2 39 39 39 39 39 39 Fixed (voice) 0.5% 8 10 11 13 Fixed (BB) 7.6 +20.3% 13.2 4 6 20.5% Fixed (BB) 2005 2006 2007 2008E 2009E 2010E 2007 2010 Source: Internal estimate * Service revenues 10
  • 12. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Mobile residual market in lower classes and broadband penetration Mobile penetration by social class Broadband penetration by social class 83% 67% 77% 63.5% 53% 24% 28% 10.0% 5% 1% Brasil Class A Class B Class C Classes D/E Brasil Class A Class B Class C Class D MS = Minimum-salary = R$ 415.00 / month Class A > 20 MS Class B > 10 and < 20 MS Class C > 5 and < 10 MS Class D > 3 and < 5 MS Class E > 1 and < 3 MS Source: IBGE (PNAD, 2006), CGI 2006, Consumer Market Sizing Research 11
  • 13. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Agenda  2007 results highlights  The Brazilian market context  2008-10 Plan overview  Targets for 2008-10 12
  • 14. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL In 2008 TIM will continue to execute on the following strategy Market Evidence Strategic goals Guidelines  Generate more value from the Postpaid: increase cross/up selling and 1 loyalty Mobile customer base Core Business 2 Prepaid: efficiency in acquisition cost  Optimize services offer to increase profitability 3 Corporate: increase portfolio share Increase focus on fixed voice services, through pure 4 Convergence fixed offer, leveraging number portability. Potential market  Attack the fixed-line and Compete on Broadband market with 3G/HSPA. 5 Take advantage of PCs sales boom. revenue: ~R$50bln broadband market Increase customer value with mobile, data and 6 fixed bundle offer. Low-ARPU Potential customers  Grow customer base ensuring 7 Micro-recharges: R$1; R$3 and R$5 market: 60mln profitability 8 Extensive door-to-door sales channel 13
  • 15. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL 3G: Wireless Broadband TIM‟s convergent offers 2007 2008 2009 TIM Web, GPRS / EDGE, Speed up to200 Kbps 3G licenses Evolution of offers for speeds up to: acquisition 7.2 Mbps  Total licenses cost: Competitive plans with broadband R$ 1.325 bln Encouraging use of VAS  National coverage 231 cities covered 460 cities covered  The PC market* in Brazil will grow +21.3% in 2008 reaching 12.9 mln units, of which 88.3% Desktops and 21.7% Laptops  Brazil has the highest usage of internet per home user, 23 hours and 04 minutes per month **  As of Sept 2007 Brazilian dial up internet home users totaled 7.1 mln * IBOPE/Netratings – November 2007 ** IDC 2007 14
  • 16. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL Agenda  2007 results highlights  The Brazilian market context  2008-10 Plan overview  Targets for 2008-10 15
  • 17. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL TIM Brasil targets BR GAAP 2007 Actual 2008 Targets 2010 Targets 2010 Targets Customer Portfolio (Mln SIM) 31.3 ~37 ~43 Mkt Share on SIM 25.8% ~26% stable ~8% Revenues Growth - Organic 14.6%* > 12% (CAGR ‟07-‟10) EBITDA margin - Organic 23.1% > 23% ~ 29% ~ 7.2 CAPEX (Bln R$) 1.9 ~3.6** (Cum. ‟08-10) * Growth considering Bill & Keep elimination starting 01/01/06 Revenues growth reported: 22.7% ** Including 3G licenses (R$1.3 Bln) 16
  • 18. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL  Back Up 17
  • 19. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL CAPEX evolution breakdown BR GAAP, Bln Reais 100%= 1.6 1.9 ~7.2 3% 4% Administrative 21% Of which 19% 3G License 20% 12% Commercial 17% 26% IT 26% 20% Network 52% 57% 43% 2006 2007 2008-2010 CAPEX/Net Revenues 15.7% 15.6% 16.1% 18
  • 20. MARIO CESAR ARAUJO NOME COGNOME DEL RELATORE TIM BRASIL 3G Licenses Brazil's telecoms regulator Anatel, during the 2.100MHz IV VI 3G Auction, raised a total of 5.3 bln Reais (US$2.9 bln), representing an 86.7% premium over the bid base prices I II TIM Brasil acquired 10+10 MHz for all areas, but for: VIII X Area III e IV, São Paulo Metropolitan area and North IX Region: TIM acquired 15+15 MHz VII XI Area VII, Cities of Minas Gerais State that are V considered part of “Triangulo Mineiro”: Despite not III having acquired 2.100MHz license in this small area, TIM will be able to provide 3G services based on the current 850 MHz license 19