Tim meeting with investors march 2019

TIM Brasil
Company Presentation
March, 2019

3
2018 Services Net Revenues
R$ 16.2 bln
(+ 4.7% YoY)
TIM Live Revs
R$ 392 mln
(+ 38.4% YoY)
2018
Mobile ARPU
R$ 22.4
(+ 11.3% YoY)
2018
TIM Live ARPU
R$ 76.0
(+ 13.0% YoY)
2018 ARPU
Consistent Growth
MSR
Dec’18 Client Base
20.2 mln
(+ 13.7% YoY)
36% of the base
Mobile Postpaid
Fixed Broadband
R$ 15.4 bln
(+ 4.5 % YoY)
16.6
17.9
20.2
22.4
2015 2016 2017 2018
FY18 & 4Q Highlights – Strong Results Rewarding a Challenging Year
(1) EBITDA and Net Income normalized for the effects detailed in slide 2.
34.5 mln
(+ 25% YoY)
62% of the base
4G Users
467 thd
(+ 19% YoY)
2018 Cash Generation
EBITDA¹ - Capex
Net Cash Flow¹
4Q18 at a Glance2018 EBITDA¹
R$ 6.6 bln
(+ 10.3% YoY)
38.5%
margin
(+1.9 pp YoY)
R$ 1.2 bln
0.6 0.7
1.8
2.6
2015 2016 2017 2018
Margin Evolution
83
113
4Q17 4Q18
TIM Live Net Revenues
(+ 35.4% YoY)
MSR
(+ 3.6% YoY)
3,861 3,999
4Q17 4Q18
EBITDA¹
(+ 5.6% YoY)
1,769
1,868
4Q17 4Q18
EBITDA¹ Margin 41.7%
31.5%
33.%
36.6%
38.5%
2015 2016 2017 2018

2017 2018
2017 2018
Maintaining Rationality Despite Aggressive Competition in Prepaid
2018: Increasing commitment while
avoiding price war
Average Recharge
(R$/# of recharges)
Prepaid ARPU
(R$)
1Q18 2Q18 3Q18 4Q18
flat
E-Recharges
(Prepaid Recharge MIx)
4
+5 p.p.
TIM Pré Top Package
o Unlimited Voice/SMS
o Unlimited Social Media
o Data package dependent on recharge size
o Encourage digital recharge channel with
benefits and web portal
TIM Pre Top New Offer
o Soft launch (Dec/18), Ad campaign (Jan/19)
o Offer simplification (CEX oriented): New
concept ties recharge to service packages
o Proactive migration strategy to penetrate
customer base
TIM Pré TOP
Recharges
Moving Forward: Innovation, Simplification and Rationality
TIM Pré Top Pricing
o Minimum recharge: R$10 (7 days)
o Up-selling optionality inside the
prepaid with TIM Pré Top Mais
TIM Pré TOP
Mais
RechargesR$ Days GB
15 7 1.8
20 10 2.7
30 15 4
40 20 5.4
60 30 8.1
R$ Days GB
10 7 1
15 10 1.4
20 14 2
30 21 3
40 28 4
+2.8% p.q.

27%
56%
2017 2018
Tweaking Postpaid Approach to Maintain Growth with Quality
5
o Lock-in offers to increase loyalty and drive churn reduction;
o Restructuring sales channels to rebalance acquisition;
o Smart targeting prepaid base to find new pockets of growth;
o Special benefits for “digital clients” (e-bill, app user, direct debt, etc.);
o Innovative offers avoiding price war;
o Blended ARPU showing resilience despite
competition;
o Recent customer base price-up (Feb/19).
Executing a multi-segment migration strategy while managing acquisition quality and credit risk
(1) B2C Pure Postpaid.
2017 2018
3%
18%
2017 2018 2017 2018
2.2 x
Control:
high single digit
ARPU growth,
working on more for
more
Pure Postpaid:
CB management
while evolving offer
portfolio
Migration + Gross adds
(´000)
Lock-in Offers
(% over gross adds)
Control to post migration¹
(‘000)
Lock-in Offers¹
(% over gross adds)
+12%
+15 p.p.
+ 29 p.p.
2017 2018
+0.5%
Postpaid ARPU
(R$)

391 408 410 421 419
1
3 13
28 48
4Q17 1Q18 2Q18 3Q18 4Q18
72.1
82.1
4Q17 4Q18
4Q17 4Q18
4Q17 4Q18
TIM Live: Great
Year of Expansion
 11 cities with FTTH, 14 active
cities.
 40% of new clients get ≥
100Mbps Plans.
 Bringing content to the offers
with 14 streaming channels
(i.e. Fox, Cartoon, NatGeo, etc.)
 TIM Live represented > 50% of
fixed revenues in 4Q18.
Managing Portfolio to Drive ARPU Up (R$ mln; %YoY)
Existing Customers
New Customers
Manaus – Oct-18
Salvador – Jul-18Goiânia – Aug-18
Aparecida de Goiânia –
Oct-18
Rio de Janeiro – Oct-12 * Nov-17
São Gonçalo – Jun-18
Nilópolis – Aug-18
Duque de Caxias – Nov-12 (FTTC only)
Nova Iguaçu – May-14 (FTTC only)
São João de Meriti – Aug-15 (FTTC only)
São Paulo – May-12(FTTC) Nov-17 (FTTH)
Mauá – Apr-18
Poá – Aug-18
Suzano – Jul-18
3.2 mln 4.3 mln
Households
2017 2018
Coverage Expansion Customer Base Expansion (000 Clients)
Revenues (R$ mln)
6
+14%
+11%
83 85
90
104
113
4Q17 1Q18 2Q18 3Q18 4Q18
2018 Net Adds: ~75k
FTTH Users: ~50k
+14%
+35%
Total ARPU
Price-up in August/18
FTTH FTTC
467k

446
601
4Q17 4Q18
0
179
244
1,138
2,116
2,221
4Q16
4Q17
4Q18
1.8GHz
2.1GHz
Solid Network
Development
Supporting All
Business Lines
4G Coverage and Capacity Expansions
Fiber Expansion: Transport and FTTH
7
Refarming Evolution: LTE on 1.8 GHz
and 2.1 GHz
(# Cities;)
4G in 700 MHz
(# Cities; % of Urban Pop.)
 Refarming pushing our network
capacity and quality.
 4G coverage leadership w/ 3,272
cities and 93% of urban pop.
 92% of the data traffic generated
in 4G devices (76% through the 4G
network).
 coverage: 2,522 cities and
76% of urban population.
975 1,015
1,172
1,426
32.4%
40.5%
56.2%
64.8%
1Q18 2Q18 3Q18 4Q18
4G Total Elements
(000 e-NodeB’s)
FTTCity
(Cities served by Fiber)
Backhaul
(% Sites w/ High Capacity)
FTTH Coverage
(Mln Households)
0.2
0.4
0.8
1.1
1Q18 2Q18 3Q18 4Q18
1Q18 2Q18 3Q18 4Q18
20.8
23.1
26.2
28.6
59%
67%
4Q17 4Q18
+35% +8 p.p. 5.5x
1.8: all Brazil, most cities with 10 MHz or more
2.1: N/NE of Brazil, cities with 5 or 10 MHz

4Q18 Network KPI’s
VoLTE
Open Signal
Netflix ISP Ranking
P3 Analytics¹
79%
1st place in 4G availability
>12 mln Clients
Improving Voice
Experience
1st place
(53 times in the last 56
months)
1st place
Best mobile operator
8
Maintenance of Top Quality Indicators
CEX: Client Perception Rewards Continuous Efforts in Infrastructure
Customer Perception Continuously ImprovingOngoing Digital Transformation
4Q18 Digitalization KPI’s
E-Billing Users
E-Payment Users
Meu TIM App
Unique Users
Non-human
Interactions
+ 33%
(YoY)
2x
(YoY)
+ 72%
(YoY)
+ 37%
(YoY)
(1) Audit Report Benchmark Brazil, P3 Communications. Performance in the country’s biggest cities
(SP, RJ and Brasilia)
(2) National Satisfaction Survey, Bridge Research.
(3) Source: Internal Caring Survey.
General Satisfaction¹
(National Average)
Image
Improvement³
(Preference Survey; %;QoQ)
+1 p.p. +1 p.p.
Prepaid
Preference
Total
Preference
Total Pure
Postpaid
General NPS²
(National Average; QoQ)
+5 pts +5 pts
Controle
NPS
Total
NPS
+2% +2%
Solid
Evolution
jun/18 set/18 dez/18jun/18 sep/18 dec/18 jun/18 set/18 dez/18jun/18 sep/18 dec/18

4Q17 4Q18
2017
2018
2017
2018
2017 2018
Total Net Revenues Breakdown (R$ mln, %YoY) Mobile ARPU (R$,%YoY)
Client Generated Revs. Growth (%YoY)
+4.5% -5.4% +5.6%
+39.6%
4,257
4,479
9
Resilient Revenues
and ARPU Growth
amid Worsening
Environment
+8.4%
23.7
21.9
 Top line grew 5.2% YoY and +5%
in 2018.
 Service Revenues up 3.7% YoY in
4Q and +4.7% in 2018.
 MSR increased 3.6% YoY in 4Q
and +4.5% in 2018.
 Client Generated Revenues
increased 4.5% YoY in 4Q and
+5.1% in 2018.
Client Generated Revs. Breakdown (%)
Postpaid
Prepaid
63%
Non-TIM Clients
+5.2%
+21.0% -14.8%
Postpaid Prepaid

2,198 2,205
77 138
4Q17 4Q18
3,494 3,518
956 994
845 900
3,826 3,661
847 884
316 530
2017 2018
Opex X-Ray: Cost Growth Below Inflation
Normalized Opex Breakdown
1
(R$ mln, %YoY)
10,285 10,487
COGS
Traffic
(Network & Interconnection)
Process
(G&A + Others)
Selling & Mkt
Over-delivery on Efficiency Plan: 118% completion, more than
compensating bad debt rise. Excluding bad debt, costs would have
decreased 0.1% YoY in 2018.
Traffic (-4.3% YoY):
MTR cut, lower pressure from off-net traffic, and lower cost with providers, more than compensating
higher costs with shared infrastructure and rent.
Selling & Marketing (+0.7% YoY) :
Growth explained by higher costs with Postpaid and Fixed Broadband sales and by expenses related to
TIM trademark rights.
Process (+6.5% YoY):
Higher expenses related to collection services, including the beginning of a new contact center operation
in September.
Bad Debt
Personnel
Personnel (+4.0% YoY):
Increase due to inflation and higher employee base, in addition temporary impacts.
COGS (+4.4% YoY):
Higher average sales price (+32.1% YoY) more than compensating decreasing volume.
(R$ mln; %YoY)Quarterly Normalized OPEX (Ex-COGS)
+3.0%
+2.0%
Bad Debt (+67.5% YoY) :
Increase in the revenue base exposed to delinquency, but remained under control at 2% of gross revenues.
Non-Recurring Items in Q4:
Judicial decision on the payment of
PIS/COFINS over ICMS tax (-R$ 159 mln) and
Contingencies reassessment (non-cash
effect of +R$ 157 mln).
Bad Debt & COGS in Q4:
Bad Debt grew 78.6% and COGS 25.8% in the
4Q YoY. Excluding these costs, OPEX would
have increased 0.3% in the quarter YoY.
2,275
2,343
Bad Debt
OPEX
(Ex-COGS & Bad Debt)

Net Income1 Expansion (R$ mln, %YoY)
1,237
1,566
2017 2018
4.1 4.0
2017 2018
5.4 5.2
5.9
6.6
31.5%
33.5%
36.6%
38.5%
2015 2016 2017 2018
All Time High
Profitability with
Solid Bottom Line
EBITDA1 & Margin1 Consistent Evolution (%; R$ bln, %YoY)
Investment According to Plan (R$ bln)
+26.6%
Strong EBITDA1 – CAPEX (R$ mln)
% Net
Revenues
26% 23%
1
EBITDA1
EBITDA1
Margin
+10.3% Once again, record high EBITDA1
(R$ 1.9 bln; +5.6%) and Margin1
(41.7%) for a 4th Quarter.
 Capex on track according to plan.
 Strong EBITDA1 – CAPEX, up
43.5% YoY in 2018. In 4Q18, grew
4x YoY.
Record high EBITDA and Margin for a year.
4 consecutive years of margin expansion.
1,801
2,585
2017 2018
11% 15%
+43.5%
% Net
Revenues
(1) EBITDA and Net Income normalized for the effects detailed in slide 2.

149 103
190
850
339
953
2017 2018
Shareholder Remuneration (Announced R$ mln; YoY)
Robust Free Operating Cash Flow (R$ mln, %YoY)
2,697
1,465
NFP
2017
NFP
2018
Solid Net Financial Position (R$ mln)
1
Strong Cash
Generation and
Healthy Balance
Sheet
 FOCF¹ expanded R$ 565 mln YoY
to R$ 2.9 bln
 Cash and Debt optimization: debt
prepayments and debentures
issuance of R$ 1bln.
 Debt 100% hedged. Capex and
Opex covered by FX bands and
derivative instrument.
Net Debt/
LTM EBITDA 0.45x 0.22x
2.8 x
IOC
Dividends
(1) EBITDA normalized for the effects detailed in slide 2.
614
[VALUE] -[VALUE]
3
2,379
2,943
FOCF 2017
(ex-license)
Δ EBITDA
(YoY)
Δ CAPEX
(YoY)
Δ WC
(YoY)
Δ Non-Recurring
Items (YoY)
FOCF 2018
(ex-license)
+23.7%
1 11
1

2018 Targets Delivered Despite Tougher Context
2018 external assumptions were not met:
 Macro recovery slower than expected
 Worse competition in mobile reduced the
ability to monetize offers
2019 Main Focus:
 Control prepaid revenue decline
 Maintain B2C postpaid solid performance
 Expand further residential broadband
 Back to growth in B2B (mobile and fixed)
 Continue efficiency
 Improve network capacity
 Digital Transformation
2018 GUIDANCE
New
Strategic
Plan on Feb
21st
1
Guidance
Metrics
Short Term
Targets (2018)
2018 Results
1) Service
Revenues
5 – 7% (YoY) 4.7%
2) EBITDA Growth Double Digit
(YoY)
10.3%
3) EBITDA – Capex
on Revenues
 13% 15.2%
4) IOC Distribution R$ 800 – 900 mln R$ 850mln
5 ) CAPEX ~ R$ 4 bln R$ 4.0 bln

15
TIM Brasil – Investor Relations
Strategic Plan 2019-21
Evolving proposition for consistent and sustainable growth
(1) Ex-licenses, (2) Normalized.
Quality
Price
2017-
Today
2016
Today
2016-2018 Turnaround Strategy
2018 Solid Execution
Live Revs
+38.4%
YoY
in 2018
All Time
High
EBITDA2
R$ 6.6B
in 2018
EBITDA2
Growth
+10.3%
YoY
in 2018
Net Serv
Rev +4.7%
YoY
in 2018
Operating
FCF¹
+2.9B
YoY in
2018
Best and
Wider
4G
Coverage
Quality
Price
2017-
Today
2016
2019-21
2019-2021
2019-21 Consolidation Strategy
2008
2012
Quality
Price
2008-2016
Accelerate the Digital
Transformation and increase
Customer Experience with
better Quality and Value
Proposition, leveraging on 2nd
wave of Mobile Upselling, FTTH
and other sources of revenues
(e.g. B2B, digital services).
All Time
High EBITDA
MARGIN2
38.5%
in 2018

16
116
2018 2021e
132
2018 2021e
99
2018 2021e
Slow economic recovery and competitive uncertainties leading market to grow below inflation
Macroeconomic scenario still
tough, recovery depending heavily
on structural economic reforms.
High unemployment rates still holding
down consumption acceleration
New wave of aggressiveness,
especially for Prepaid
segment, expected to continue in
2019
Mobile postpaid customer base
growth driving Net service
revenues increase
Key Market Trends
CAGR:
+2% CAGR:
-9%
CAGR:
+9%
Market Mobile Prepaid Base
mln lines
Market Net Services Revenues
R$ bln
Market Mobile Postpaid Base
mln lines

17
• Improved E2E Customer Experience
• Digitalization of customer care
processes
• Superior Network quality, notably on
4G and FTTH
• Suitable portfolio solutions (mobile,
residential, B2B and digital provider)
• Customer centric culture
• Sense of Ownership
• Engaged employees
focusing on customer
experience
• Efficiency
• Internal processes
digitalization
• Innovative revenue
streams
• Risk Management
Most Profitable
in the Industry
Most loved by
customers
Most Engaged
Employees
Consolidation of TIM Strategic framework focused on its main stakeholders

18
1
Mobile Post Paid Consumer (“the Controle wave”)
• Growth based on a «Mobile Challenger» approach pushing migration from
prepaid and upselling
• Leverage the benefits of 4G coverage leadership
• Customer long term relationship driven by loyalty initiatives
3 B2B & Residential BB
• Fiber deployment acceleration (backbone, backhaul and FTTH), with FTTH
offer in selected regions
• Opportunity to gain relevance in overall business Revenues leveraging on:
o Revision of Value Proposition
o More Convergent approach offering E2E solutions
o Increase in efficiency and sales productivity
2
4 Digital Provider
• New revenue streams: Enable innovative services that meet customers
needs
• Customer Experience: Digitalization of customer care process
• Time to Market: Support current business model with digital capabilities
Mobile Pre Paid
• Offer simplification to improve customer experience with continued
evolution of digital channels
Revenues
B2B & Residential BB
2
3
Mobile Post Paid
4 Digital Provider
Timing
Market
Consolidation
Illustrative Graph.
1 Mobile Pre Paid
Opportunities: TIM Brasil Growth Waves

19
B2C Mobile: managing client base focusing on upselling and churn dynamics
Pure
post
Control
Prepaid
Daily – Multi-day packages
Pre - Control
Control - Pure
Control - Control
Pure - Pure
New Offers:
• New TIM Pre Offer1
• New VAS revenues
• Family Plan
• International roaming
• Digital Plan
1 TIM Pré Top and TIM Pré Top Mais
2 Collection; Consumer Customer Care; Plans and Offers Information; Voice and Data Service; Billing and Allowance Complaints
Strategic Guidelines to Reduce Churn
Mix Pre vs Total Postpaid Blended ARPU (R$/month)
70%
<50%
30%
>50%
Prepaid
Postpaid
20182017 2021e2020e2019e
20.2 22.4
TARGET: Double digit decrease
• More selective migration from Prepaid will reduce early churn
• Stimulate loyalty and digital payment methods (credit card,
digital invoice, automatic debit)
• Proactive lock in of customer base (churn high propensity),
with Handset as a retention tool
• Dedicated retention operation
• Quality War Rooms² focused on eliminating dissatisfaction and
key pain points
20182017 2019e 2020e 2021e
Mid to High single
digit growth (CAGR)
Upselling 2nd Wave: Upselling between and within segments based on profiling

20
• Increase B2B investment to turnaround
results over the next three years
• Increase efficiency/productivity
– Revise back office and support
functions processes
– Review client caring model (digital)
Vision for B2B segment
(Revenue Growth)
Top
Enterprise
SMB
• Complement top clients offer and portfolio
• Increase sales force productivity and size
• Increase penetration on Brazilian Top
Companies
• Explore new opportunities to sell more
aggregated value solutions (e.g: IoT/Agro)
• Recover growth in Fixed segment
Levers Implications
• Specify value proposition for Enterprise
segment
• Define go-to-market, addressing channel mix
(direct vs indirect) optimization
• Explore convergence opportunities
• Optimized geographic approach to maximize
productivity
• Revise value proposition of SMB segment
• Focus commercial effort in fixed products and
uplift in sales force
• Increase digital channels on sales mix
2018 2021e
25%
B2B (mobile + fixed): penetrate clients through added value solutions, becoming a business partner
• Market share
• Share of wallet
• Market share
• Share of wallet
• Market share
• Share of wallet

21
New revenue streams: Enable
innovative services that meets
customers needs
Customer Experience: Improve
digital customer service, acquiring
capabilities, customer attendance and
internal processes and systems
Time to Market: Support current
business model with digital capabilities
• New revenues opportunity from being a
Platform provider (analytics, BD, mobile
advertising, etc.)
• Content offer aggregation to support
Mobile + Fixed service revenue growth
• Increased role in IoT growing ecosystem
(beyond connectivity)
PARTNERSHSIP
ACCELERATION
Open Innovation. API
based development.
DIGITAL FIRST
Works across all
digital devices and all
channels
CUSTOMER
ORIENTED
Continuous Customer
Feedback (closed loop)
AGILE DRIVEN
Agile methods and
practices integrated into
the platform
COGNITIVE
Data-driven
architecture providing
actionable information
and automation
ANALYTICS DRIVEN
Customers personalized
experience, marketing,
campaign, NBA
~1
Addressable market by 2021
>30bln
Reais
mln
lines
DIGITAL CHANNELS
Evolve platforms and
encourage usage with
offer benefits
TRADITIONAL
CHANNELS
Improve IVR
retention with
evolved platform
Digital: key strategic pillars to improve customer experience and exploit new revenue streams

22
Strategic Plan 2019-21NOTE: Ultra BB: > 34 Mbps / very low BB penetration: < 34Mbps.
SOURCE: Anatel December 2018, IPC Maps 2018.
Residential Broadband Penetration - Brazil
• Broadband Penetration at 45% of HH; Ultra-
BB Penetration only 12% of HH
• 96% of cities (~50% pop.) have very low BB
penetration (~25%)
• 16% of BB connections have speeds < 2Mbps
Relevant opportunity to capture a strong
unserved demand for Residential
Broadband and Ultra-BB connectivity
0-20%
40-60%
>60%
20-40%
Main trends
• ~3x participation on total revenue
Capitalize
current
assets
Expansion
• Focus on execution excellence
• Optimize go-to-market, exploiting
existing infrastructure
• Leverage fiber coverage from mobile
network (FTTS – fiber to the site)
• Shift in product mix (growth coming
from FTTH) leading to a bigger ARPU
Levers
• Expand FTTH to several new cities in
the next 3 years using cluster approach
76,0
2018 2019e 2020e 2021e
FTTX Customer Base (‘000)
TIM Live ARPU (R$/month)
Geographic Expansion: 14 active
municipalities
Manaus – Oct-18
Salvador – Jul-18Goiânia – Aug-18
Aparecida de Goiânia –
Oct-18
Rio de Janeiro – Oct-12 * Nov-17
São Gonçalo – Jun-18
Nilópolis – Aug-18
Duque de Caxias – Nov-12 (FTTC only)
Nova Iguaçu – May-14 (FTTC only)
São João de Meriti – Aug-15 (FTTC only)
São Paulo – May-12(FTTC) Nov-17 (FTTH)
Mauá – Apr-18
Poá – Aug-18
Suzano – Jul-18
0
400
800
1200
2018 2019 2020 2021
FTTC
FTTH
Infrastructure: capitalizing on existing infrastructure and expanding FTTH
High-single to Low-Double
digit growth (CAGR)
• ~2.5x customer base growth

23
TRANSPORT INFRASTRUCTURE
Capillarity to support Mobile and Fixed Services (B2C and B2B)
4G EVOLUTION
Spectrum Mix Usage
68% ~82%
601
cities >1.5k cities
2018 NEW plan! (2021)
High Capacity
Backhaul (%)
FTTH
Coverage
FTTH
Coverage
FTTX
Coverage
UBB COVERAGE BOOST
Focus on FTTH and FTTC
11 >40cities
1.1 >4 HH (MM)
4.3 >7HH (MM)
2018 NEW plan! (2021)
90k Km ~115k Km
Backbone
Additional capacity : 1.8/2.1 GHz refarming and 700 MHz deployment
48%
64% 72% 80% 80%
2017 2018 2019 2020 2021
4G
3G+2G
Infrastructure development focusing on mobile capacity and fiber expansion
FTTCity

24
Sustain and Develop Traditional Initiatives
Description – Plan 2019-21
Risk/PDD
• Create new credit models
• Implement new fraud model and collection channels
Legal
• Re-structure multi-functional team to mitigate entries of
new lawsuits
• Introduce variable incentives scheme for the external offices
HR • Assess internalization vs. outsourcing
Purchasing • Review purchasing practices for key categories
Energy
• Cleaner electricity matrix and less exposed to the regulated
market movements and regulations
• Put in operation the first biogas power plant of solid urban
residue
Accelerate Digital Transformation Initiatives
¹Inflation from BACEN Focus 18th January 2019
• Customer facing: digital interactions, e-billing, e-payment,
customer acquisition, recharges, IVR
• Internal process and systems: automation of support
processes, upgrade and strengthen IT Architecture
• Accelerate the adoption of automatic debit in stores
Caring (Digital Interactions) E-Billing (% on total invoice)
2021e2018
+12MM
2018 2021e
+22p.p.
Efficiency Plan 2019-21: ~R$ 1.2 bln
(Full plan 2017-21 R$ 2.2 bln)
Digital Top Up
(% on Total Top Ups)
2018 2021e
+12p.p.
2018 2021e
+31p.p.
E-Payment
(% on total payments)
Leverage on Efficiency Plan to maintain OPEX below inflation1 throughout the plan period

25
2017 2018 2019 2020 2021
2017 2018 2019 2020 2021
4,1
4,0
2017 2018 2019 2020 2021
Net Service Revenues
(% YoY)
EBITDA - CAPEX
(R$ bln; %)
CAPEX
(R$ bln)
EBITDA and Margin Expansion
(R$ bln; %)
1,1%
1,3%
5,1%
4,7%
17 18 19 20 21
MKT
5,9 6,6
36.6%
38.5%
2017 2018 2021e2019e
EBITDA
Margin
EBITDA
≥ 40%
2020e2017 2018 2021e2019e 2020e
% over Net
Revenues
Increasing Profitability and Cash Generation
EBITDA
Capex
Mid-single digit
growth (CAGR)
+2% (CAGR)
~12.5 (∑‘19-’21)
11.1%
15.2%
≥ 20%
2017 2018 2019e 2020e 2021e

26
TIM Brasil 2019-’21 Targets
• Further improve mobile ARPU
• Expand Residential BB Revenues
contribution
• Tap B2B opportunity
GOALS DRIVERS
• Accelerate digitalization efficiencies
• Maintain zero-based approach and
traditional initiatives
• Improve risk management models
Revenue
Growth
Sustainability
Expand Cash
Generation
Improve
Profitability
LONG TERM TARGETS
Service Revenues
Growth:
Mid single digit
(CAGR ‘18-’21)
EBITDA Margin:
≥40% in 2020
• Increase cash flow from operations
• Continue with debt and tax rate
optimization
EBITDA-Capex on
Revenues:
≥20% in 2021
SHORT TERM (2019)
TARGETS
Service Revenues
Growth:
3% – 5% (YoY)
EBITDA Growth:
Mid to High single
digit growth (YoY)
Capex on Revenues:
Low 20’s
Capex:
~R$ 12.5 bln
(∑‘19-’21)
EBITDA-Capex on
Revenues:
>15%
Infrastructure
Development
• Additional Capex to grow fiber and
improve mobile capacity

Tim meeting with investors march 2019

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Tim meeting with investors march 2019