1. MEETING WITH INVESTORS
TIM PARTICIPAÇÕES S.A.
APRIL 2014

2. KNOWING TIM 2
KNOWING TIM BETTER
Gross Revenues
(R$ Bln)
Customer base
EoP (Million)
1998 2013 1998 2013
15,000 km fiber
optical backbone
5,500 km fiber
optical backhauling
Organic
Growth
Growth
Via
Acquisition
Brazilian
Law
“Nível” 1 “Nível” 2
Legal
Requirements
Demand for
transparency and
disclosures
Highest level of
Corporate
Governance
Requirement of
protection for
minority
shareholders
 100% Tag Along
 Equal dividends rights
 One single class of shares
 Strict disclosure policy
 Statutory Audit Committee:
• Report to Board of Directors
• Oversight Financial reporting
• Analyze anonymous complaints
Unique Telco company listed on the Novo Mercado
CORPORATE GOVERNANCE
TIM: A Huge Brazilian Company
 Presence in Brazil since 1998.
 13th largest Private Company in Brazil (source: Exame
Magazine - 2013).
 Approximately R$31 billion of Market Capitalization.
 73.6 million customers (27% Share)
 The 2nd Player - Market and rev. share
 More than 430,000 points of sales
 More than 160 own stores
 15 Customer Care Centers (16k attendants)
 ~14,000 Antennas
 3,406 cities covered
 95% of urban pop. covered
 47,000 km of optical fiber network
 ~12,200 employees
 23,000 indirect jobs
 R$10.4 billion in taxes payments in 2013
 R$3.9 billion invested in 2013
Sales
Network
Social
&
Economic
73.4
29.6
GROWTH STRUCTURE

3. MACRO SCENARIO 3
MACRO SCENARIO: A DIFFERENT OUTLOOK
• Market consensus shows a
much softer growth.
• Telecom industry has shown
resilience, specially in the
mobile side, but it is not
completely immune.
• Mobile sector will continue
to benefit from fixed-mobile
substitution, now also strong
on data.
Real GPD Forecast
(% YoY Growth)
Inflation Forecast
(IPCA: % YoY Growth)
Interest Rate Forecast FX Rate Forecast
(R$/U$ - year average)(% Selic Target p.y. – year average)
Source: BaCen
3.3
3.8
2.4 2.3 2.4
2014 2015 2016
Old Scenario
New Scenario
5.5
5.0
5.9
5.6
5.4
2014 2015 2016
Old Scenario
New Scenario
8.7 9.0 8.8
10.9
11.9
10.0
2014 2015 2016
Market Consensus on Feb/12
Market Consensus on Feb/13
2.0 2.1 2.1 2.2
2.5 2.5 2.5
2.3
2014 2015 2016 2017
Market Consensus on Feb/13
Market Consensus on Feb/14
2.2
2013a
8.2%
2013a
6.3%
2013a
2.3%
2013a

4. Industry Overview

5. INDUSTRY OVERVIEW 5
BRAZILIAN TELCOS X-RAY
Fixed Mobile
Fixed Mobile Fixed BB/TV Fixed / Mobile
Fixed BB/TV Fixed / Mobile
Fixed BB
Oi
FY 2013
Vivo
FY 2013
Claro
FY 2013
TIM
FY 2013
Mobile Fixed Fixed BB TV Group
Customers (000´s) 73.431 662 60 n.d 74.153
Market share 27,1% 1,5% 0,3% n.d ---
Net Revs(R$ Mln) 19.264 657 19.921
Mobile Fixed Fixed BB TV Group
Customers(000´s) 77.245 10.312 4.306 594 92.457
Market share 28,5% 23,0% 19,7% 3,3% ---
Net Revs(R$ Mln) 23.002 11.720 34.722
Mobile Fixed Fixed BB TV Group
Customers (000´s) 50.216 17.775 6.376 829 75.196
Market share 18,5% 39,6% 29,2% 4,6% ---
Net Revs (R$ Mln) 9.290 19.132 28.422
Mobile Fixed Fixed BB TV Group
Customers(000´s) 68.704 10.641 6.564 9.661 95.570
Market share 25,3% 23,7% 30,1% 53,6% ---
Net Revs(R$ Mln) 12.770 20.427 33.197
Source: Companies Releases

6. STILL INCREASING INTERNET PENETRATION
AND DATA MARKET
Market Data Revenues Growth 2016 vs. 2012:
 >13 bln Reais on Mobile (+100%)
 >7 bln Reais on Fixed (+35%)
Source: CETIC´13
60%
36.8 mln
40%
24.5 mln
44%
16.2 mln
24%
8.8 mln
32%
11.8 mln
(40%)
(60%)
61.3 Mln
Possess
Internet
connection
Does NOT
Possess
Internet
connection
Other
Lack of
coverage
Too
Expensive
53% of active connection base
has currently a speed below
2Mbps
71%
65%
59%
48%
39%
24%
18%
12%
5%
2%
1%
1%
R$ 10
R$ 20
R$ 30
R$ 40
R$ 50
R$ 70
R$ 80
R$ 100
R$ 150
R$ 200
R$ 250
> R$ 250
Willingness to pay (% of Households)
Total Households Households which does NOT
possess
CABLE
FTTH
ADSL
VDSL
MBB
Households with internet connection and breakdown for
households without internet connection:
INDUSTRY OVERVIEW 6

7. Widespread use of Social Media
(Social Network Users in Brazil 2011-2017)
INDUSTRY OVERVIEW 7
BRAZILIAN INTERNET USAGE BOOM
Internet Penetration in South America
(Internet users per 100 inhabitants)
Strong adoption of VoIP and IM
(VoIP users in Brazil - mln)
High Penetration of E-commerce
(E-commerce revenues in Bln US$)
8.4
11.0
17.0
2010 2011 2012
Amazon lauched
operations in Brazil
in Dec/12
83 mln Internet users –
Brazil is the 5th largest
nation in the world of
internet users
66%
60% 59% 56%
46% 44% 41%
37%
32% 32% 30%
24%
Arg Col Chi Uru Bra Ecu Vem Per Guy Sur Bol Par
56.1
66.2
78.3
88.3
97.8
104.2
110.0
2011 2012 2013 2014 2015 2016 2017
#2 in
Facebook
active users
(76mln) only
after US
#2 in Twitter
users (41mln)
only after US
2nd largest
market
outside US
22% 18% 18%
13% 11% 7% 6%
% Growth YoY Social media users
0.6
1.9
2.7
3.4
3.9
4.3
2007 2008 2009 2010 2011 2012
28% of mobile
users in Brazil use
Instant Messaging
apps
Source: SocialBakers, e-Marketer, Semiocast, G1.com, Folha de São Paulo

8. Mobile 23.0
12.8 9.3
19.3
4.8
Fixed+Data
+Pay Tv
11.7
20.4
19.1
0.7
4.9
Total 34.7 33.2 28.4 19.9 4.8 4.9
Vivo/TLF
Claro/EB
T/NET
Oi
TIM/
Intelig
Nextel
GVT
LEVERAGING ON PURE MOBILE COMPETITIVE ADVANTAGE
Long Distance Leader
50% Market Share
2nd Overall
73.4 million customers
Prepaid Leader
28.9% Market Share
Source: Companies Releases, TIM estimates; CETIC jun’13; Akamai ; PNAD - IBGE
FMS
Focus
A pure mobile approach is the most suitable strategy to capture both opportunities
Oi
Claro
Vivo
TIM
29.7%
29.5% 29.1%
28.5%
25.1%
26.5% 26.9%
27.1%
25.4%
24.9% 24.9%
25.3%
19.4%
18.8% 18.8%
18.5%
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Customer Base Evolution
(Market Share)
Entering in Data World Via Mobile
(mln users)
Voice FMS: TIM, with no legacies, can only gain on the trend
(R$ billion, Net Revenue per Group 2013)
4Q13 x 4Q10
-1.2 p.p
+1.9 p.p
-0.1 p.p
-0.8 p.p
Source: ANATEL
Mobile
Fixed 4.1
14.6
33.1
52.5
94.8
11.4
13.8
16.3
19.1 20.9
2009 2010 2011 2012 2013
+83%
+23x
INDUSTRY OVERVIEW 8
28%
26%23%
16%
4% 4%
Vivo Claro Oi
TIM GVT Nextel
Revenue Share

9. Users’ Preference for Mobile
(%Households w/ mobile phones only)
EBITDA
(% YoY; Not including assets sales; Mobile as TIM,
Vivo numbers estimated)
Low Fixed Broadband Quality
(Brazil’s Average Speed; Source: Akamai)
Fixed
Incumbents
Mobile
41.1%
49.7%
51.0%
2009 2011 2012
3Q13 2.7 Mbps
ANATEL: >50% of fixed broadband
connections are below 2Mbps
-5.8%
-1.5% -1.6%
4Q11 4Q12 4Q13
-8.8%
4.5%
-9.2%
4Q11 4Q12 4Q13
11.0%
5.3% 5.7%
4Q11 4Q12 4Q13
9.5%
8.0%
5.1%
4Q11 4Q12 4Q13
Fixed
Incumbents
Mobile
Source: PNAD 2012
Net Revenues
(% YoY, Vivo numbers estimated)
PURE MOBILE STRATEGY PAYING OFF
INDUSTRY OVERVIEW 9

10. Recent Results: 4Q13 & 2013 in Few

11. RESULTS: MAIN HIGHLIGHTS
18.8
19.9
2012 2013
4.1%
1.8%
4.2% 5.2%
1Q 2Q 3Q 4Q
1.4
1.5
2012 2013
• Data Revenues +21.5% in FY13
• EBITDA Margin at 28.9% in 4Q13
• Services EBITDA Margin at 32% in FY13
Financial
Performance
Efficiency
Network
Improvement
Offer
Evolution
Net Revenues
(R$ bln)
SAC/ARPU (in months)
EBITDA
(Δ% YoY)
• Subs. acquisition costs: R$28 in FY13 -6% YoY
• Leased line cost reduction: -6.0% YoY in FY13
• Bad debt at lowest level: -4.4% YoY in FY13
• 39 cities fully covered with MBB project
• 3G & 4G expansion (4G RAN sharing)
• Network quality plan
• Deployment of LT Amazonas Backbone
• Plans ‘Controle’ and Express
• Promotional top up
• Infinity Web + SMS
• Base mix (Prepaid 83% / Postpaid 17%)
dec/12 dec/13
Total Base
73.4 mln users
1.6x 1.5x
1.6x
1.3x
1Q13 2Q13 3Q13 4Q13
Postpaid
Customer Base
+6%
Net Income
(R$ bln)
12.3
+15%
MBB Small Cells
& Wi-fi
Active Fiber
39
2Q13 3Q13 4Q13
786
1Q13 2Q13 3Q13 4Q13
47
1Q13 2Q13 3Q13 4Q13
‘000 Km
10.7
(# of cities)
+4%
+4% in
2013
RECENT RESULTS 11

12. REVISITING PRIORITIES
• Stabilized and improved network performance
• Prepared network for data evolution
• Optimized Capex and Opex allocation
• Improved customer base mix
• Managed customer base with segmented offers
• Evolved offers toward data and internet services
• TIMmusic: >250k users in 4Q and 32 mln songs downloaded
• Participating actively in industry discussions
• Recovered institutional image and dialogue
• “Open Doors” transparency initiative generated excellent
results on customer interactions (>400k collaborations/month)
• Took corporate governance to the next level (CAE)
• Seeking “Best Company to Work For” status
• Reinforcing compliance culture
• Driving sense of belonging and employee pride
3Q13 4Q13
% of sites with active fiber (FTTS
phase 2) on the targeted 35 cities
TIMmusic and
Infinity WEB + SMS
WEBSITE + APP
“Portas Abertas”
1
Network Quality
& Infrastructure
2
Strategy &
Offer Evolution
3
4
Institutional
Relationships
People &
Organization
TV Campaign featuring employees
63%
95%
RECENT RESULTS 12

13. CUSTOMER BASE EVOLUTION
67.0
71.6
76.1 77.2
59.2
64.1
70.4
73.4
57.5
60.4
65.2
68.7
42.8
45.5
49.2 50.2
Customer Base & Net Additions
(mln)
 Growing above market
 #1 player in prepaid
 #2 player in voice postpaid
 >3 mln net adds in 2013
 Accelerating postpaid
performance
 Austere disconnection policy
Base per Segment
(% YoY)
3G Market Share
(%; mln users)
4G Market Share
(%; thd users)
4Q123Q122Q12 1Q133Q11 4Q11 1Q12 2Q13 3Q13 4Q13
TIM
Total Net Adds:
11.3
13.1
8.7
6.2
4.6
6.3
4.9
3.8
1.1
3.1
3.5
1.0
47%
41%
20%
31%
21%
17%
12% 11%
2Q13 3Q13 4Q13
TIM
538
405
222
145
60.3 60.8 61.0 61.1
10.9 11.4 11.9 12.3
Pre
Paid
Post
Paid
1Q13 2Q13 3Q13 4Q13
%YoY
+15%
+2%
Source: ANATEL
Source: ANATEL Source: ANATEL
26%
23%23%
25%
41%
39%
9% 12%
4Q12 1Q13 2Q13 3Q13 4Q13
TIM
22.3
23.6
36.6
11.5
Source: ANATEL
39.3 mln Total Net Adds: 19.6 mln Total Net Adds: 9.3 mln
RECENT RESULTS 13

14. QUALITY IMPROVEMENT EVIDENCES
 Improvement in all key Anatel
indicators compared to 2012
 Narrowing gap between IDA’s 1st place
and TIM (2nd)
 Stable Anatel’s complaints metric
 Least claimed company at Procon
 War Room helping to improve network
KPIs
Network KPI’s on target (%)
(For the main 195 cities)
Claims at Consumer’s
Protection Agency (Procon)
(in thds)
Anatel Complaints
over 1,000 lines
Source: ANATEL Source: SINDEC-Procon
7.6
10.3
6.2
9.2
16.0
11.6
9.3
11.8
4Q11 2Q12 4Q12 2Q13 4Q13
65%
70%
75%
80%
85%
90%
mar/13 dec/13
0.24
0.350.34
0.360.38
0.34
0.51 0.55
dec/12 mar/13 jun/13 sep/13 nov/13
TIM
other
TIM
other
Anatel’s Index of
Caring Performance
(in points)
Source: ANATEL
98.2
92.4
93.3
91.9
91.1
87.2
84.4
76.2
dec/12 mar/13 jun/13 sep/13 nov/13
TIM
other
RECENT RESULTS 14

15. MAINTAINING EFFICIENCY
2012 2013
2012 2013
-6.0%
SAC - Subscriber
Acquisition Cost
(R$)
Bad Debt
(R$ mln)
-11% +7% -9% -10%YoY
73 68
56
44
1Q13 2Q13 3Q13 4Q13
29
27
31
24
1Q13 2Q13 3Q13 4Q13
SAC/
Gross Adds
SAC/ARPU 1.6x 1.5x 1.6x 1.3x
% over gross
revenues
Product Margin
(Revenue – Cost)
+22%
10.2
12.5
Handset Sold
(mln units)
Handset Business
(% YoY)
+50%
Network Cost
(% YoY)
2012 2013
Leased Lines
(R$ mln)
2012 2013
+15%
Total Voice Traffic
(bln minutes)
1.0% 0.9% 0.7% 0.6% 2013 Gross adds:
40 millions
 Postpaid Base:
12.3 mln +15% YoY
 Total Base:
73.4 mln +4.3% YoY
0
Total Data Traffic
(megabytes)
YTD Nov/12
+78%
YTD Nov/13
RECENT RESULTS 15

16. EVOLVING MARKETING PATH IN 2013:
TRANSPARENCY, SIMPLICITY, QUALITY & INNOVATION
129
136
148
2011 2012 2013
11%
21%
49% 47%
1Q 2Q 3Q 4Q
24%
48%
78% 64%
38%
26%
29%
8%
TIM Operator 1
Operator 2 Operator 3
2013
April July August October
Net Adds Postpaid Mix
(% Net Adds Postpaid/ Total)
4.4
5.4
18%
21%
2012 2013
VAS Revenue Growth
(% of VAS Revenues over Gross Revenues; R$ million)
Smart/webphone over new sales
(%)
Share of handset sales (FY13)
(%)
+22%
Handset & Revenues Highlights
Customer Base Highlights
48%
52%
Open Market
Operators
~39 mln smartphone/webphones users
2013
2012
VAS Prepaid VAS LDIQuality
March
MOU (Minutes of Use)
(minutes)
Outgoing ARPU
(R$)
1Q13 2Q13 3Q13 4Q13
70% 65%
83%
4Q11 4Q12 4Q13
+15%
RECENT RESULTS 16

17. STRATEGY TOWARDS DATA & INTERNET
Re-visiting Market Structure
TIM’s Position
3%
37%
51%
91%With Telephone
Only mobile phone
Mobile and fixed phone
Households profile
Fixed phone only
Purchase power
Salaries up to R$1.2k
Salaries up to R$3.1k
Consumption
People that access
Internet (10 years or +)
57 mln
32 mln
2 mln
81 mln
106 mln
23 mln
Households with internet connection
(%; CETIC jun’13)
53% of pop.
70% of pop.
27%
43%
55%
4Q11 4Q12 4Q13
BOU (Bytes of Use)
(average megabytes per user)
Source: Anatel; Company
Source: PNAD 2012, CETIC.br TIC Domicílios 2012
18
21
27
4Q11 4Q12 4Q13
Data Users
(Monthly unique users; CAGR 11-13
3G Subscribers
(mln users; CAGR 11-13)
Smart/webphone penetration
(% over total base)
7
12
24
4Q11 4Q12 4Q13
Nov/12 Nov/13
Big opportunity for FMS on Data
+82%
+25% +75%
Yes
No
24.3 mln of households
83 mln 49% of pop.
Fixed
Mobile 21%
74%
40%
60%
RECENT RESULTS 17

18. 30%
4Q10 4Q11 4Q12 4Q13
FINANCIAL RESULTS
Net Revenues
(R$ mln; % YoY)
EBITDA
(R$ mln)
Fixing EBITDA Drags
Intelig: EBITDA-CAPEX
(R$ mln)
FISTEL Payments
(R$ bln)
MTR Exposure
(%)
2,344 3,220
16,420 16,701
Thousands
Revenue
2012
Δ HandsetΔ Fixed
Services
Revenue
2013
Δ Mobile
Services
+876-255+537
Service
Handset
18,764
ΔYoY
19,921
+3.5% -28.0% +37.4%
+1.7%
+6.2%
+37.4%
5,012
EBITDA
2012
EBITDA
2013
ΔMkt
and Sales
ΔPers./G&A
and others
-95 -31
ΔNetwork
and ITX
+40
ΔServ.
Revs
26.7%
32.1%
+281
5,207
26.1%
32.0%
EBITDA Margin
Service EBITDA Margin
+3.9%
ΔYoY +1.7% +2.5% -0.7% +1.4%
Leased Lines Cost
(% YoY)
1.04 1.04
2012 2013
EBITDA
Revenues
+28%
+11%
+8%
-5%
-12%
-10%
0% -1%
1Q 2Q 3Q 4Q
20132012
1Q 2Q 3Q 4Q
-6% YoY 2013+9.7% YoY 2012 24%
4Q10 4Q11 4Q12 4Q13
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
-
+
RECENT RESULTS 18

19. FINANCIAL EVOLUTION
533
743
843
CAPEX Mix
(%)
Dividends
(R$ mln, payout)
Profit & Yield
1,278
1,449
1,506
2011 2012 2013
+13%
+4%
2011
2012
2013
CAPEX
(R$ bln)
3.0
3.8 3.9
2011 2012 2013
+90% in
infrastructure
 Focus in transport
infrastructure
 Zero subsidy policy on
handsets
Total: R$ 3.9 bln
5,207 -3,561*
571 2,216
EBITDA CAPEX Δ WC OFCF
*OFCF does not consider R$310 mln of LT Amazonas leasing as CAPEX
Net Income
(R$ mln)
56%
51%
42%
Capex/Sales 18.0% 20.6% 19.4%
Investments
Operating Free Cash Flow
(R$ mln)
 OFCF/Net Revenues: 11%
 Expansion of +21.4% YoY
Payout
+39.3%
+13.5%
RECENT RESULTS 19

20. Live TIM

21. TIM FIBER: RESHAPING THE FIXED BROADBAND MARKET
Building Up Size
2.9%
9.1%
2Q12 4Q13
Penetration of new
neighborhoods
(sales/addressable HH)
7
10
16
18
1Q13 2Q13 3Q13 4Q13
Net Adds in 2013
(000 users)
Accelerating Growth
Addressable HH
(000 HH)
522
1,069
4Q12 1Q13 2Q13 3Q13 4Q13
Customer Base
(000 users)
Sep/12 Dec/13
60
Changing market dynamics Evolving overall market performance
TIM
Fiber
44%Other
56%
UBB Market Share (SP + RJ)
(connections >34Mbps)
Average Speed
(Mbps)
Source: Anatel; Akamai 3Q13
84th position
43rd position
* 12 months average of price / Mbps
Source: Anatel; Akamai 3Q13
Net Adds speed mix (SP + RJ)
(Mbps)
Price per Mbps*
(R$/Mbps)
4.0
2.8
2012 2013
5.0
1.0
2012 2013
29.8
0.7
2012 2013
GVT NET
Vivo
38.9
22.1
13.3
9.8
5.7
5.5
4.9
2.7
Live TIM
South Korea
Japan
US
SP + RJ
Australia
Italy
Brazil
1st position
57%
34%
26%
15%
17%
50%
4Q12 4Q13
> 34 Mbps
12 - 34 Mbps
< 12 Mbps
LIVE TIM 21

22. Business Outlook

23. PERSPECTIVES FOR 2014
Network Evolution
Offer & Commercial
Strategy
 Network coverage expansion with
increased rollout of Macro, Small Cells
and Wi-Fi HotSpots
 Acceleration of Mobile Broadband
project from current 40 cities to over
100 cities
 Focus on operational excellence and
network availability by investing on
people, systems and processes
 Voice growth with migration to postpaid
and bundling for Voice FMS
 Speed up data growth with
smartphones and tablets, innovative
VAS, 4G offers and Data FMS
 Fixed business growth coming back with
positive contribution to results
 Restructuring commercial channels
 Rational approach to pricing
 Continuation of Quality Plan monitoring
and execution
 Expectation of 4G Auction for 700MHz
Spectrum
 Discussions on Sector Cost Modeling
and MTR evolution
 Keen attention to competitive
environment trends
Recap of 2014-16 Business Plan
Smartphone penetration
(Over total base of lines)
VAS Revenue Growth
(% of Mobile Gross Rev.)
Data Users
(% Customer Base)
Capex Evolution
(% of Capex for Access Network)
43%
55%
>75%
2012 2013 2016e
30%
37%
>50%
2012 2013 2016e
18% 21%
>40%
2012 2013 2016e
3yrs - Plan Guidance:
 Revenues: MID
single digit
 EBITDA: MID
single digit
 Capex: ~R$11 bln
2013 2014e
2G
3G
LTE
Macro
Environment
BUSINESS OUTLOOK 23

24. STRATEGY: INFRASTRUCTURE EVOLUTION
2016
MASSIVE LD
BACKBONE
65,000 KM OF FIBER
2013
FIBER TO THE
AMAZON
46,000 KM OF FIBER
BY YE13
Fiber to the site / Mobile Broadband
Project Key to Data Growth
 Targeting 38 cities in 2013,+100 cities till 2016.
 From 2-8 to +100 Mbps.
 LTE Ready.
 Macro coverage fine tuning.
 Focus on IP infrastructure, caching, peering.
INTELIG 15,000KM
2009
INTELIG
ACQUISITION
 New backbone routes- Increasing resilience.
82% urban
population
2013 2014 2015 2016
95% urban
population
#NodeB / eNodeB
(3G + 4G)
# BTS
(2G)
2012 2013 2014e 2015e 2016e
New Sites
Including
Small Cell.
POP MW
POP MW POP MW
POP MW
BSC-RNC Site
POP MW
2013 2014 2015 2016
LTE* 3G 2G
Fiber base
Infrastructure
Backhauling
Evolution Increased Coverage and Access Capacity
(# new elements)
Capex Evolution Towards Data
(% of total Capex)
Small Cell Approach
(# new elements)
BUSINESS OUTLOOK 24

25. OFFER EVOLUTION
136
148
>170
2012 2013 2016e
2012 2013 2016e
18%
21%
>40%
VAS
Gross
Revs.
VAS/Revs.
21.3
27.5
2012 2013 2016e
30% 37% >50%
BUSINESS OUTLOOK 25
43%
55%
>75%
2012 2013 2016
+xx%
+29%
+22%
+xx%
Smart/Web phone Penetration
(% over total base of lines)
Voice MOU
(minutes)
Data Users
(% of Data Users in CB; million users)
VAS Revenue Growth
(% of Mobile Services Gross Revenues; R$ mln)

26. TIM PART: 2014-2016 GUIDANCE
Total Net Revenues
EBITDA
CAPEX
18,764
19,921
2012 2013 2014e 2015e 2016e
5,012
5,207
2012 2013 2014e 2015e 2016e
R$ million
R$ million
626
3,139
3,871
3,487
384
2012 2013 2014e 2015e 2016e
R$ million
Infrastructure
Others/Licenses
3,765
Guidance
2013-2016 CAGR:
Mid Single Digit Growth
2013-2016 CAGR:
Mid Single Digit Growth
Total CAPEX 2014-2016:
~R$11 billion*
*Does not consider 4G licenses (700Mhz).
BUSINESS OUTLOOK 26

27. 4G Start Up

28. Vivo
Claro
Oi
TIM
4G DETAILS
Source: ANATEL
4G Market Share on 2500Mhz
(%; thd users)
47%
41%
20%
31%
21%
17%
12% 11%
2Q13 3Q13 4Q13
538
405
222
145
2500 MHZ
auction results
Spectrum
Characteristics
5800 Mhz
2100 Mhz
850 Mhz
700 Mhz
< 700 Mhz
BTS Range (km)
0 2 4 6 8 10
Numbers of BTS
20 15 10 7 5 2
Band W
Band X
Band V1
Band V2
2500 MHZ rural coverage
obligations
X band
W band
V2 band
V1 band
Roadmap
Presidential Decree Nº
5820/06
Rules to the Digital TV
migration
2006 2012
ANATEL’s Resolution
Creation of a study group to
define the future and the
atribution of the band
2013
Ordinance Nº 14/13
Premises to 700 Mhz
destination on the SMP
2015 2018
Shutting down
Period
Feb/Apr 2013 - Subrange Atribution CP
Nov/13 Res. Nº 625/2013 – Atribution of the
Subrange
Paid ~R$0.3 bln
Paid ~R$1 bln
Paid ~R$0.8 bln
Paid ~R$0.3 bln
4G START UP 28

29. Historical Data

30. CAPEX EVOLUTION
Capex Evolution
(R$ mln)
Capex per Technology
(R$ mln)
Fiber to the site expansion to ~100 cities Benchmark: Anatel Plan for 2012-2014
(R$ bln)
3G
2G
3G
2G
3G
4G
2011
~R$3,800R$2,983
2014e
5.9
4.8 4.6
2.1
5.0
3.5
2.6
3.4
TIM Claro Vivo Oi
10.9
+31% +52% +98%
Copper
(2-8Mbps)
Before FTTS After FTTS
Metro Ring
Own Fiber
(300 Mbps)
From Copper
To Fiber based
 Wi-Fi small cell approach
HISTORICAL DATA 30
Total
Capex
2,836
2,983
3,386
3,871
2011
2012
2013 19%
17%
20%
% over sales
2010
18%
CAGR
11%
Source: 5th monitoring cycle of mobile telecom improvements plan released by Anatel on Feb/14
8.3
7.2
5.5
Actual from 2012 to Oct/13 Forecasted to Nov/13 until 2014 end

31. RECENT TOWERS DEALS
HISTORICAL DATA 31

32. HISTORICAL DATA: FINANCIALS (R$ THOUSAND)
HISTORICAL DATA 32

33. HISTORICAL DATA: FINANCIALS (US$ THOUSAND)
HISTORICAL DATA 33

34. HISTORICAL DATA: OPERATIONAL & FINANCIAL RATIOS
ROA: NOPLAT/Avg. Total Assets.
Calculation considers organic Net Income and EBITDA
HISTORICAL DATA 34

35. Shareholders STRUCTURE AND STOCK PERFORMANCE
Stock Performance (base 100)*
0
20
40
60
80
100
120
140
160
180
TIMP3 Ibovespa TSU
*Last price as of 02/14/2014
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%
HISTORICAL DATA 35

36. Cofins PIS/ PASEP ICMS Fistel Fust/
FUNTEL
TotalTotalFust/
FUNTEL
PIS/
PASEP
ICMSCofins Fistel
2007 2012
2007 2012
% Gross Revenues
TELCOS’ TAX BURDEN & HIGH INVESTMENTS
3% ~1%
28%
~5%
1,5% ~39%
16.3
27.2
6.5
10.1
20% of
Revenues
+70%
Taxation represents almost 40% of companies gross
revenues.
Tax Burden Composition Mobile Industry Tax Payments
(R$ Bln)
Mobile Industry Investments
(R$ Bln)
+60%
HISTORICAL DATA 36

37. SAFE HARBOR AND IR CONTACTS
SAFE HARBOR AND IR CONTACTS 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
Leonardo Wanderley
E-mail: lwanderley@timbrasil.com.br
Phone: +55 21 4109-4017
Luiza Chaves
E-mail: luchaves@timbrasil.com.br
Phone: +55 21 4109-3751
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
Visit our Website
www.tim.com.br/ir
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.