Tim - Meeting with Investors_May19

TIM Brasil
Company Presentation
May, 2019
Brazil’s largest
4G coverage.

2
This presentation contains declarations
that constitute forward looking
statements regarding the intent, belief or
current expectations of the customer base,
estimates regarding future financial results
and other aspects of the activities.
Analysts and investors are cautioned not
to place undue reliance on those forward
looking statements, which speak only as of
the date of this presentation. TIM Part
undertakes no obligation to release publicly
the results of any revisions to these forward
looking statements.
Such forward looking statements are not
guarantees of future performance and
involve risks and uncertainties, and actual
results may differ materially from those
projected as a result of various factors.
Financial results are presented considering
impacts from IFRS 9 & IFRS 15 adoption,
disconsidering impacts from IFRS 16
adoption, in “1Q19 results” section and
presented on Pro Forma basis in “Strategic
Plan 2019-21” section.
Disclaimer
TIM Brasil | Meeting with Investors
Investor Relations

3
Agenda
Investor Relations
About Us …………………………………………………………………………………………………...……4
Market Overview and TIM Positioning ……………………………………………………………………10
Regulatory Updates ……………………………………………………………………………………....... 33
1Q19 Results ……………………………………………………………………………………………….....14
Strategic Plan 2019-21 …………………………………………………………….................................... 23
Appendix …………………………………………………………………………………………………....... 37

4
ABOUT US
Investor Relations

5
Solid Execution in 2018
The company in a nutshell
Investor Relations
Live Revs
+38.4%
YoY
All Time
High
EBITDA2
R$ 6.6B
EBITDA2
Growth
+10.3%
YoY
Net Serv
Rev
+4.7%
YoY
Operating
FCF¹
+2.9B
YoY
All Time
High
EBITDA
MARGIN2
38.5%
Presence in Brazil since 1998
#2 in Mobile Net Services Revenues
Strong legacy in prepaid
Introduced the first plan focus on data for smartphones
>90k km of fiber optical network throughout the country
#2 in mobile human postpaid (ex-data only)
ISE member for 11 years
R$28,5 billion of Enterprise Value
Telecom Italia subsidiary (67% of shares)
(1) Ex-licenses,
(2) Normalized,
(3) Financial KPIs are presented
on Pro Forma basis,
disconsidering impacts from new
IFRS adoption.
5
Best and Wider 4G Coverage

6
(1) Normalized Figures.
(2) Financial KPIs are presented on Pro Forma basis, disconsidering impacts from new IFRS adoption.
EBITDA¹ Margin
(%)
28,4%
31,5% 33,5%
36,6% 38,5%
2014 2015 2016 2017 2018
Solid results with sustainable growth above market average
Investor Relations
-1.319
638 728
1.801
2.585
2014 2015 2016 2017 2018
EBITDA¹ - CAPEX
(R$ MM)
Net Service Revenues
(Δ YoY)
2,7%
4,2%
1,7% 2,0%
-0,9%
7,4%
2,4%
-0,6% -0,3%
0,5%
-3,9%
-2,8%
-4,3% -6,5%
-7,1%
-3,0%
-5,8%
-4,3%
5,1% 4,7%
2014 2015 2016 2017 2018
TIM
P3
P1
P4
EBITDA¹
(R$ MM)
5.535 5.402 5.230
5.949
6.563
2014 2015 2016 2017 2018
+10,3%+13,7%

7
• 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
Investor Relations

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Corporate Social Responsibility
Investor Relations
PRINCIPLES AND STRATEGIES
1. Education
Every child and young person has the right to a science and mathematics
education that represents the advances in knowledge gained in these areas.
2. Applications
Technological innovation should serve human development
3. Work
Technological innovations are the basis for a new way of working.
4. Inclusion
People have the right to learn about new information and communication
technologies and how they influence their everyday decisions.
(Founded in July, 2013)
MISSION:
We are committed to creating and strengthening resources and
strategies for the democratization of science and innovation that
promote human development in Brazil, with mobile technology as
one of the main facilitators.
SUSTAINABILITY IN BUSINESS
Incentive in renewable energy sources, totalizing 26% of the Company´s
electricity consumption in 2018.
• Self-generation: 5 hidroeletric Generating Centers
• Energy purchase: Non regulated market
GRI 302-1-Standard
Joined UN Global
Compact in 2008
Member of ISE
(Sustainability Index) for
11 consecutive years
ISO 14001 Enviromental
Certification for Networking
process (1st Brazilian telco) and
ISO9001 Quality Certification for
Billing and Networking processes
Member of
ICO2 (Carbon
Efficient
Index) for 7
years

9
 Statutory Audit Committee:
• Report to Board of Directors
• Oversight Financial reporting
• Analyze anonymous complaints
 Compensation Board and Internal Control and Risk Board operate
indefinitely and act independently
 Whistleblower channel website
Unique Telco company listed on the Novo Mercado Committees to Reinforce and Guarantee Solid Corporate Governance
10 members
(4 independents)
3 members
(3 independents)
3 members
(3 independents)
3 members
5 members
(2 independents)
6 members
 Equal rights: vote, dividends and tag along
 Higher liquidity
• Single class of share (ordinary shares)
 Greater independence of Board of Directors (at least 20%)
 Strict disclosure policy
Brazilian Law
“Lei das S.A”
Legal
Requirements
Demand for
transparency and
disclosures
Highest level of
Corporate
Governance
Requirement of
protection for
minority
shareholders
Corporate Governance
Investor Relations

10
MARKET OVERVIEW AND TIM POSITIONING
Investor Relations

11
Evolving proposition for consistent and sustainable growth
Investor Relations
Quality
Price
2017-
Today
2016
Today
2016-2018 Turnaround Strategy
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).

12
40% Social media
Others
MTR Cuts
Changing Customer Base Mix
Total base in mln customers
R$
Prepaid
Total
Postpaid
New Customer Profile
0,41 0,42 0,42 0,42 0,42
0,36
0,32
0,24
0,16
0,10
0,06
0,03 0,02
07 08 09 10 11 12 13 14 15 16 17 18 19
Stabilization
Expansion
Consolidation
121
262
229
98
211
130
23
51 100
07 08 09 10 11 12 13 14 15 16 17 18
49%
47%
Only computer
Only mobile
Both
-2 p.p
YoY
+6 p.p
YoY
96%
49% of Brazil's
digital population
uses only mobile
device
Internet users by device
(2017 | % of internet users)
Time spent per day on internet
9h 14min per day1
In Brazil, 40% of the digital
time is spent on social
network
3º
Note: 1) Rank of internet time spent and social media users based on a list of 40 countries. Source: TIC Indivíduos (CETIC), Digital in 2018 (We are social).
Brazil is ranked 6th position
on social media time spent1
6º
Change in Customer Profile and Mix
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13
Brazilian Telcos: Revenues X-Ray
Investor Relations
Total Services Net Revenues
(R$ MM)
Total Services Net Revenues | Share Mobile Service Net Revenue | Share
Mobile Service Net Revenue
(R$ MM)
120.442 120.999 119.279 118.509 116.876
28.586
2014 2015 2016 2017 2018 1Q19
62.302 62.659 60.724 61.809 62.796
15.674
2014 2015 2016 2017 2018 1Q19
3,3% 3,1% 2,8% 2,3% 1,9% 1,9%
22,3% 21,5% 20,9% 19,7% 18,5% 17,6%
28,5% 29,1% 29,3% 29,4% 30,0% 30,0%
32,4% 33,6% 34,6% 35,6% 35,7% 36,2%
13,6% 12,7% 12,3% 13,1% 13,9% 14,0%
2014 2015 2016 2017 2018 1Q19
6,4% 6,0% 5,5% 4,4% 3,5% 3,5%
14,5% 14,1% 13,8% 13,0% 12,0% 11,6%
17,8% 18,7% 17,6% 17,8% 19,2% 19,3%
36,0% 37,7% 40,1% 41,1% 40,9% 41,4%
25,3% 23,5% 23,0% 23,8% 24,4% 24,2%
2014 2015 2016 2017 2018 1Q19
Nextel
TIM
Oi
Claro
Vivo
In 2018, AMX released its numbers considering the impacts from IFRS 9 and 15. In 2019 the company used IFRS 16.
TIM, Vivo and Oi released its numbers on a pro-forma basis in 2018, not considering the impacts of IFRS 9 and 15. In 2019, the companies used IFRS 9
and 15, but did not consider the impacts from IFRS 16.

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1Q19 RESULTS
Investor Relations
Financial results are presented considering
impacts from IFRS 9 & IFRS 15 adoption,
disconsidering impacts from IFRS 16
adoption.
The normalized numbers reported in this
presentation are adjusted by the effects
listed below.
Operating Costs and EBITDA normalized by adjustments to the sale-leaseback contract of towers (+R$ 1.5 million in 1Q19 and +R$ 220,000 in 1Q18).
Net Income normalized by adjustments to deferred taxes (+R$ 30.3 million in 1Q19 ).

15Investor Relations
Quarter
Highlights:
Solid Results
Despite Tough
Headwinds
(1) Client Generated Revenues.
(2) Open Signal Research.
EBITDA growing solidly 5.3% YoY to reach R$ 1.5 bln in Q1
Margin reached 35.7%, expanding 1.2 p.p.
Strong results on cost efficiency: OPEX -0.2% YoY
Excluding Bad Debt, OPEX would decrease by 2.4% YoY
Mobile ARPU up 5.3% YoY, with CGR¹ growing 2.3% YoY
Resilient growth amid tough macro and competition environments
TIM Live Revenues at strong pace: +34.9% YoY
Growth driven by ARPU (+14.4%) and user base (+18.3%)
Anatel’s 2018 satisfaction survey shows TIM’s improvement
Improving customer satisfaction for the 3rd consecutive year in
mobile and leading the pack in ultra broadband
Leadership in 4G mobile coverage and availability²
FTTH coverage growing fast to reach 1.3 mln households

• GDP growth estimatesdown to <1.5%
• Consumer confidence deterioration
• Volatile job market recovery
Operational Dynamics Working Despite External Challenges to Mobile Business
34
173
-43
Jan-19 Feb-19 Mar-19
Jobs creation (‘000)
Source: CAGED.
No support
from
economic
recovery...
...and tough
competition
dynamics in
prepaid
• Regional attack offers from all
players except TIM
• Core acquisition offers with ~50%
discount vs TIM
• Aggressive incentives for first month
and SIM card acquisition
Control to Pure
Migrations
Postpaid Base
Postpaid Gross
Adds
+18.4%
+45.3%
+11.4%
Avg Recharge Ticket
+11.9%
Avg Spending
by Recharger
Demands to call center
(Human Interactions)
-33.4%
Prepaid ARPU
+1.6%
(R$ 11.6/mo)
TIM Pre Top offer achieving its preliminary objectives, while
overall prepaid face some challenges (YoY)
Postpaid acquisition and upselling still showing positive
trends, amid a deceleration in net adds (YoY)
Postpaid Churn
Rate
+0.1p.p
Prepaid Churn
Rate
+0.2p.p
+3.4%

TIM Agribusiness Solutions (IoT) – Planting
the seeds…
Opportunity
• Agribusiness GDP: R$ 1.6 Tln
• Primary production: R$ 400 Bln
• Large farms >1.000ha
• ~50k farms
• ~100 Mln ha
TIM Live ARPU (R$) UBB Customer Base (000)
TIM Live Revenues (R$ mln)
71.1
79.6
1Q18 1Q19
+12.0%
410.7
485.7
1Q18 1Q19
+18.3%
82.9
111.8
1Q18 1Q19
+34.9%
High value portfolio driving ARPU
upward
 >50% of sales above 100 Mbps
 FTTH ARPU 17% higher than FTTC
Larger coverage, more opportunity to
grow
 ~25% of sales come from outside RJ
and SP
 FTTH coverage grew 6x in a year
Strong and consistent
revenue growth
 >30% revenue growth for
9 quarters
 TIM Live represents ~50%
of fixed revenues
Solutions already implemented
partnership to
promote 700MHz 4G
in countryside
High Delivery on TIM Live While Developing New Revenues Opportunities

0
1,149
182
2,100
262
2,245
2.1 GHz
1.8 GHz
1Q19
1Q18
1Q17
1Q19 Digitalization KPI’s NPS1
Infrastructure Development Puts TIM on the Right Track to Satisfaction
(1) Internal data.
4G in 700 MHz
(# Cities | % of Urban Pop.)
Refarming Evolution: LTE
(# Cities)
1,015
1,172
1,426 1,471
40.5%
56.2%
64.8% 65.7%
2Q18 3Q18 4Q18 1Q19
62%
66%
1Q18 1Q19
0.2
1.3
1Q18 1Q19
Backhaul
(% Sites w/ High Capacity)
FTTH Coverage
(Mln Households)
+4 pts
6.4x
E-Billing
Users
E-Payment
Users
Meu TIM App
Unique Users
+14%
(YoY)
2x
(YoY)
+54%
(YoY)
6.7 6.8
7.1
2016 2017 2018
Prepaid
6.8
7.2
7.4
2016 2017 2018
Postpaid
7.2
6.4
TIM Market
Fixed Broadband
Total
+6 pts
Prepaid
+6 pts
Control
+1 pts
Postpaid
+2 pts
E-Recharges
Anatel’s annual survey
(General satisfaction)
+7.3
p.p
(YoY)
Fiber Expansion: Transport and FTTH
4G Coverage and Capacity Expansions Ongoing Digital Transformation Signs of Improvements in Satisfaction

1Q18 1Q19 1Q18 1Q19
21.6
22.8
1Q18 1Q19
Total Net Revenues Breakdown (R$ mln | %YoY)
Mobile ARPU (R$ | %YoY)
+2.3% -18.5%
+11.6%
+24.6%
4,120
4,191
+5.3%
+1.7%
Sustaining Revenue Growth Even with Tough Headwinds
Pro-forma Client Generated Revs. Growth (%YoY)
Postpaid Prepaid
o Resilient Client Generated Revenues growing +2.3% YoY
o Interconnection revenues down 29.9% YoY, reflecting
MTR cut
o Mobile Service Revenues grew 0.4% YoY
o Fixed services growth driven by TIM Live (+34.9% YoY)
o Service Revenues (Mobile + Fixed) up by 1.0%
+9.3%
-9.2%
1Q16 1Q17 1Q18 1Q19
Breakdown
65%
47%
Postpaid
Prepaid
Non-TIM clients

899 906
240 249
253 247
1,011 921
180
199
116 173
1Q18 1Q19
Normalized Opex Breakdown1 (R$ mln | %YoY)
2,698
2,694
COGS
Traffic
(Network &
Interconnection)
Process
(G&A + Others)
Selling & Mkt
High-delivery on Efficiency Plan continues to be a key driver: 25%
completion in 2019, more than compensating bad debt rise.
Excluding bad debt, costs would have been -2.4% YoY in 1Q19.
Bad Debt
Personnel
-0.2%
Strong Execution on Cost Control Compensating Softer Revenues
Bad Debt Action Plan
Actions Status
Collection Model revision with all collection agencies
to improve credit recovery;
Partially
implemented
Implementation of a Collection Portal, multi-channel
with different payment methods;
Implemented
Improvements in billing systems to support new
strategies, speed and control;
Not implemented –
in development
Creation of a dedicated call center to treat early
delinquency;
Implemented
New method of payment for Control plans. Implemented
(1) OPEX normalized for the effects detailed in slide 2.
NEW

Consistent Margin Expansion and Cash Generation
(1) EBITDA normalized for the effects detailed in slide 2.
1.42 1.50
34.5%
35.7%
1Q18 1Q19
EBITDA1
EBITDA1
Margin
+5.3%
EBITDA & Margin Evolution1 (% | R$ bln | %YoY)
808
847
1Q18 1Q19
20% 20%
+4.7%
% Net
Revenues
EBITDA1 – CAPEX (R$ mln)
Net Debt/
LTM EBITDA1 0.46x 0.35x
2,819
2,231
1Q18 1Q19
Net Financial Position (R$ mln)
NFP
Pro-forma Margin Evolution1 (%)
29.5%
30.2%
32.0%
35.5%
36.5%
1Q15 1Q16 1Q17 1Q18 1Q19

Strategy and Vision Remain Solid with Adjustments to Recover Momentum
Despite
challenges…
…fundamentals remain strong and
ready for economic recovery…
OPEX (YoY)
- 0.2%
EBITDA (YoY)
+ 5.3%
EBITDA Margin
35.7%
CGR (YoY)
+ 2.3%
All Anatel’s
Survey Metrics
Improved
…adjustments to our approach
give confidence guidance bands
are achievable.
Efficient operation
EBITDA at solid
pace
Consistent
margin expansion
Resilient client
generated growth
Evolving customer
experience
Reclaim offer/
communication
innovation
leadership
Restore agile
approach to
accelerate
decision making
Refuel
accountability
culture to
empower
employees
Focus on key
areas of the
business
Reignite
Growth
MACRO
COMPETITION

23
STRATEGIC PLAN 2019-21
Investor Relations
Financial KPIs are presented on Pro Forma
basis, disconsidering impacts from new
IFRS adoption.

24
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
Investor Relations

25
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
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
Investor Relations
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

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B2B (mobile + fixed): penetrate clients through added value solutions, becoming a business partner
Investor Relations
• 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%
• Market share
• Share of wallet
• Market share
• Share of wallet
• Market share
• Share of wallet

27
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)
~1
Addressable market by 2021
>30bln
Reais
mln
lines
Digital: key strategic pillars to improve customer experience and exploit new revenue streams
Investor Relations
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
DIGITAL CHANNELS
Evolve platforms and
encourage usage with
offer benefits
TRADITIONAL
CHANNELS
Improve IVR
retention with
evolved platform

28
Infrastructure: capitalizing on existing infrastructure and expanding FTTH
Investor Relations
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
High-single to Low-Double
digit growth (CAGR)
• ~2.5x customer base growth
NOTE: Ultra BB: > 34 Mbps / very low BB penetration: < 34Mbps.
SOURCE: Anatel December 2018, IPC Maps 2018.

29
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
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Leverage on Efficiency Plan to maintain OPEX below inflation1 throughout the plan period
Investor Relations
Caring (Digital Interactions) E-Billing (% on total invoice)
2021e2018
+12MM
2018 2021e
+22p.p.
Digital Top Up
(% on Total Top Ups)
2018 2021e
+12p.p.
2018 2021e
+31p.p.
E-Payment
(% on total payments)
Accelerate Digital Transformation Initiatives
• 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
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
Efficiency Plan 2019-21: ~R$ 1.2 bln
(Full plan 2017-21 R$ 2.2 bln)
¹Inflation from BACEN Focus 18th January 2019.

31
Increasing Profitability and Cash Generation
Investor Relations
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
EBITDA
Capex
Mid-single digit
growth (CAGR)
+2% (CAGR)
~12.5 (∑‘19-’21)
11.1%
15.2%
≥ 20%
2017 2018 2019e 2020e 2021e

32
TIM Brasil 2019-’21 Targets
Investor Relations
Capex on Revenues:
Low 20’s
Capex:
~R$ 12.5 bln
(∑‘19-’21)
• Increase cash flow from operations
• Continue with debt and tax rate
optimization
• Accelerate digitalization efficiencies
• Maintain zero-based approach and
traditional initiatives
• Improve risk management models
• Further improve mobile ARPU
• Expand Residential BB Revenues
contribution
• Tap B2B opportunity
GOALS DRIVERS
Revenue Growth
Sustainability
Expand Cash
Generation
Improve
Profitability
LONG TERM TARGETS
EBITDA Margin:
≥40% in 2020
EBITDA-Capex on
Revenues:
≥20% in 2021
Service Revenues
Growth:
Mid single digit
(CAGR ‘18-’21)
SHORT TERM (2019)
TARGETS
EBITDA Growth:
Mid to High single
digit growth (YoY)
EBITDA-Capex on
Revenues:
>15%
Service Revenues
Growth:
3% – 5% (YoY)
• Additional Capex to grow fiber and
improve mobile capacity
Infrastructure
Development
Financial KPIs are presented on Pro Forma basis, disconsidering impacts from new IFRS adoption.

33
REGULATORY UPDATES
Investor Relations

34
Spectrum Distribution - Average MHz/Pop
14 MHz 90 MHz 80 MHz 20 MHz 150 MHz 135 MHz 100 MHz 190 MHz
450 MHz 700 MHz 850 MHz 900 MHz 1.800 MHz 2.100 MHz 2.300 MHz 2.500 MHz
<1 GHz = Coverage [35%l----l40%] >1 GHz <3 GHz = Capacity [30%l----l40%]
Total Mobile MHz
1.800 MHz (2G/4G)
40 40
20 20
29 25
22 24
20
26 29
35
43
14
5
21 18
11
14
20
20
700 MHz (4G)
800 MHz (2G/3G)
900 MHz (2G/3G)
1.900/2.100 MHz (3G/4G)
2.500/2.600 MHz (4G)
136
48
20
3
139
4
5
20
113
92
Trunking
5
Note: Does not include 450 MHz (14 MHz regional) and 2.500 MHz P Band (10 MHz local)
Brazilian Spectrum - Caps and Distribution
Investor Relations

35
Public Consultation for new frequency auctions in 2019, according to Anatel
Comments
New spectrum bands under discussion that could be auctioned in March 2020
Investor Relations
Frequency
Left over from 2014 auction700 MHz 10+10 MHz (FDD)
Spectrum
2.3 GHz 100 MHz (TDD)
Potential clean-up would be needed to solve
coexistence w/ satellite TV
3.5 GHz 300 MHz (TDD)
26 GHz 3,2 GHz (TDD)

36
1Q19
February MarchJanuary
Public Consultation
• Grant and
Licensing
• Human exposure
to electromagnetic
field (Act
proposal)
Act about Human
exposure to
electromagnetic
field
• Approved
Public Hearing
• Regulatory
Monitoring (BA, SP
and POA)
• Tax Collection
Public Consultation
• Network Security
and Emergency
Public Services
• Tax Collection
Regulatory Agenda
for 2019-2020
• Approved
Public Consultation
• Regulatory
Monitoring
• Concession
Agreements and
PGMU V
Public Hearing
• Regulatory
Monitoring (AM and
BSB)
Grant of Subsidies
• PGMU IV – 4G
localities
Main Regulatory Topics
Investor Relations
2Q19
May JuneApril
Public Consultation
• Tariff freedom and Local
Areas
• Propose of allocation of
RF iin the “S-band”
• Review of destination RF
in the “L-Band“
• Update of technical
requirements and test
procedures applicable to
product conformity
assessment Radio Base
Station Transceiver –
AAS (Active Antenna
System) for 5G
• Spectrum for Radio Links
Public Consultation
• Regulatory
Monitoring
(Complemmentary)
Public Consultation
• Femtocells

37
APPENDIX
Investor Relations

38
R$ Thousand
Description 2016 2017 1Q18 2018 1Q19
1Q19 vs. 1Q18
(%YoY)
1Q18 2018 1Q19
1Q19 vs. 1Q18
(%YoY)
Gross Revenues 22.745.590 22.611.075 5.843.726 24.301.252 6.121.995 4,8% 5.824.357 24.232.405 6.104.071 4,8%
Service Gross Revenues 21.367.819 21.433.515 5.588.822 23.064.619 5.836.173 4,4% 5.592.108 23.065.648 5.833.801 4,3%
Mobile Service Gross Revenues 20.188.962 20.147.586 5.241.980 21.523.481 5.438.516 3,7% 5.244.855 21.531.779 5.437.748 3,7%
Gross Revenue Fixed Services 1.178.856 1.285.930 346.842 1.541.138 397.657 14,7% 347.253 1.533.869 396.053 14,1%
Product Gross Revenues 1.377.771 1.177.559 254.904 1.236.633 285.822 12,1% 232.249 1.166.756 270.269 16,4%
Taxes and Discounts (7.128.176) (6.377.116) (1.704.505) (7.251.076) (1.913.244) 12,2% (1.704.505) (7.251.076) (1.913.244) 12,2%
Taxes and discounts on services (6.647.565) (5.959.373) (1.605.787) (6.859.411) (1.809.384) 12,7% (1.605.787) (6.859.411) (1.809.384) 12,7%
Taxes and discounts on product sales (480.611) (417.743) (98.717) (391.665) (103.860) 5,2% (98.717) (391.665) (103.860) 5,2%
Total Net Revenues 15.617.413 16.233.959 4.139.222 17.050.176 4.208.750 1,7% 4.119.853 16.981.329 4.190.826 1,7%
Net Revenues Services 14.720.253 15.474.142 3.983.035 16.205.208 4.026.789 1,1% 3.986.320 16.206.238 4.024.417 1,0%
Mobile Service 13.968.489 14.687.055 3.778.092 15.345.672 3.795.962 0,5% 3.780.967 15.353.970 3.795.195 0,4%
Client generated 12.557.567 13.379.590 3.424.186 14.056.512 3.506.428 2,4% 3.426.292 14.043.524 3.506.024 2,3%
Voice Local (Usage and Monthly fee) 4.891.342 3.725.231 751.250 2.890.149 644.955 -14,1% 751.528 2.885.978 644.869 -14,2%
Voice Long Distance 1.415.823 1.050.511 223.765 951.863 210.318 -6,0% 223.765 952.034 210.310 -6,0%
Data and Content VAS 6.250.402 8.603.848 2.449.171 10.214.500 2.651.155 8,2% 2.451.000 10.205.512 2.650.846 8,2%
Interconnection 1.061.019 835.198 197.689 712.194 138.551 -29,9% 197.689 712.194 138.551 -29,9%
Other Revenues 349.903 472.267 156.218 576.966 150.983 -3,4% 156.985 598.252 150.620 -4,1%
Fixed Service 751.765 787.087 204.942 859.537 230.827 12,6% 205.354 852.268 229.222 11,6%
of which TIM Live 192.359 283.017 57.543 264.925 77.409 34,5% 82.904 375.691 111.848 34,9%
Net Revenues Products 897.160 759.817 156.187 844.968 181.961 16,5% 133.532 775.091 166.409 24,6%
Operating Expenses (10.408.046) (10.286.935) (2.669.202) (10.486.638) (2.674.318) 0,2% (2.698.592) (10.609.486) (2.695.552) -0,1%
Personnel expenses (1.005.296) (956.416) (239.929) (1.031.569) (249.027) 3,8% (239.929) (1.031.569) (249.027) 3,8%
Selling & marketing expenses (3.597.101) (3.494.192) (869.227) (3.518.049) (882.530) 1,5% (898.616) (3.625.918) (906.097) 0,8%
Network & interconnection (3.773.782) (3.825.912) (1.011.029) (3.661.037) (920.706) -8,9% (1.011.029) (3.661.037) (920.706) -8,9%
General & administrative (540.487) (548.481) (144.222) (578.878) (146.084) 1,3% (144.222) (578.878) (146.084) 1,3%
Cost Of Goods Sold (975.959) (846.839) (180.306) (883.912) (198.633) 10,2% (180.306) (883.912) (198.633) 10,2%
Bad Debt (266.442) (316.387) (115.715) (529.902) (174.943) 51,2% (115.715) (544.881) (172.610) 49,2%
Other operational revenues (expenses) (248.979) (298.709) (108.775) (283.289) (102.396) -5,9% (108.775) (283.289) (102.396) -5,9%
Operating Expenses (Normalized) (10.387.386) (10.284.883) (2.668.983) (10.487.479) (2.672.846) 0,1% (2.698.372) (10.610.327) (2.694.080) -0,2%
EBITDA 5.209.367 5.947.023 1.470.019 6.563.538 1.534.432 4,4% 1.421.261 6.371.843 1.495.274 5,2%
EBITDA Margin 33,4% 36,6% 35,5% 38,5% 36,5% 94,4% 34,5% 37,5% 42,5% 804,4%
EBITDA (Normalized) 5.230.027 5.949.076 1.470.239 6.562.697 1.535.904 4,5% 1.421.480 6.371.002 1.496.746 5,3%
EBITDA Margin (Normalized) 33,5% 36,6% 35,5% 38,5% 36,5% 97,3% 34,5% 37,5% 42,6% 807,4%
Depreciation & Amortization (3.785.172) (4.013.671) (943.246) (4.124.567) (1.076.406) 14,1% (901.472) (3.954.321) (1.037.082) 15,0%
Depreciation (2.084.041) (2.180.247) (519.052) (2.250.226) (565.972) 9,0% (519.052) (2.250.226) (565.972) 9,0%
Amortization (1.701.131) (1.833.424) (424.194) (1.874.342) (510.434) 20,3% (382.420) (1.704.095) (471.110) 23,2%
EBIT 1.424.196 1.933.352 526.773 2.438.971 458.026 -13,1% 519.789 2.417.522 458.192 -11,9%
EBIT Margin 9,1% 11,9% 12,7% 14,3% 10,9% n.a. 12,6% 14,2% 10,7% n.a.
Net Financial Results (410.880) (497.836) (170.260) (537.333) (121.221) -28,8% (170.260) (537.333) (121.221) -28,8%
Financial expenses (1.156.485) (1.009.653) (243.443) (951.439) (175.550) -27,9% (243.443) (951.439) (175.550) -27,9%
Net exchange variance (4.845) (748) (237) 1.373 526 n.a. (237) 1.373 526 n.a.
Financial income 750.450 512.565 73.420 412.733 53.803 -26,7% 73.420 412.733 53.803 -26,7%
Income Before Taxes 1.013.316 1.435.516 356.513 1.901.638 336.806 -5,5% 349.529 1.880.190 336.971 -3,6%
Income Tax and Social Contribution (262.889) (201.009) (106.773) 657.619 (117.310) 9,9% (104.399) 664.911 (117.367) 12,4%
Net Income 750.427 1.234.507 249.740 2.559.258 219.495 -12,1% 245.130 2.545.101 219.605 -10,4%
Net Financial Results (Normalized) - - (170.260) (603.507) (121.221) -28,8% (170.260) (603.507) (121.221) -28,8%
Income Tax and Social Contribution (Normalized) (272.509) (201.026) (106.773) (268.958) (87.025) -18,5% (104.399) (261.666) (87.081) -16,6%
Net Income (Normalized) 761.466 1.236.543 249.960 1.565.664 251.253 0,5% 245.350 1.551.508 251.362 2,5%
Historical Data: P&L
Investor Relations
Pro-forma (excluding the effects of IFRS 9, 15 and 16) Excluding the effects of IFRS 16

39
R$ Million
Description 2016 2017 1Q18 2018 1Q19
1Q19 vs. 1Q18
(%YoY)
1Q18 2018 1Q19
1Q19 vs. 1Q18
(%YoY)
Initial Net Financial Position 1.733 2.721 2.697 2.697 1.465 -45,7% 2.697 2.697 1.465 -45,7%
EBITDA Normalized 5.230 5.949 1.470 6.563 1.536 4,5% 1.421 6.371 1.497 5,3%
Capex (4.502) (4.148) (646) (3.901) (685) 6,0% (613) (3.831) (650) 6,0%
EBITDA Normalized - Capex 728 1.802 824 2.662 851 3,2% 808 2.540 847 4,7%
D Working Capital 25 579 (517) 357 (1.491) 188,4% (501) 403 (1.486) 196,6%
Non recurring operating items (65) (2) - 1 (1) (0) 1 (1) 570,3%
Operating Free Cash Flow Ex-licenses 688 2.379 307 3.019 (642) n.a. 307 2.944 (641) n.a.
Clean UP 700MHZ - (859) (143) (143) - -100,0% (143) (143) - -100,0%
Operating Free Cash Flow Reported 688 1.520 164 2.876 (642) n.a. 164 2.801 (641) n.a.
Financial investments - - - - - - - -
Asset disposal 140 15 - 2 - - 2 -
Net impact of financial interests (672) (750) (215) (689) (145) -32,6% (215) (689) (145) -32,6%
Taxes Payments (350) (297) (74) (213) (45) -39,2% (73) (213) (45) -38,4%
Others impacts (334) (116) - (161) 380 (1) (86) 407 n.a.
Net Cash Flow before dividends and change in equity (528) 372 (125) 1.815 (452) 261,6% (125) 1.815 (424) 239,2%
Dividends (460) (333) - (588) (315) - (588) (343)
Change in Equity - (15) 3 5 1 -66,7% 3 5 1 -66,7%
Net Cash Flow (988) 24 (122) 1.232 (766) 527,9% (122) 1.232 (766) 527,9%
Final Net Financial Position 2.721 2.697 2.819 1.465 2.231 -20,9% 2.819 1.465 2.231 -20,9%
Investor Relations
Historical Data: Cash-Flow

40
Description 2016 2017 1Q18 2018 1Q19
1Q19 vs. 1Q18
(%YoY)
1Q18 2018 1Q19
1Q19 vs. 1Q18
(%YoY)
Mobile ARPU (R$) 17,9 20,2 21,6 22,4 22,8 5,4% 21,7 22,5 22,8 5,3%
Prepaid 11,3 11,5 11,4 11,5 11,6 1,6% 11,4 11,5 11,6 1,6%
Postpaid 37,7 39,7 40,0 39,9 38,2 -4,5% 40,0 39,8 38,2 -4,6%
SAC/Gross Adds (R$) 29 40 48 46 56 17,8% 57 55 63 11,1%
TIM Live ARPU (R$) 57,9 67,3 70,8 76,0 80,8 14,0% 71,1 74,9 79,6 12,0%
CAPEX(R$ Mln) 4.502 4.148 646 3.977 685 6,0% 613 3.831 650 6,0%
Organic CAPEX(R$Mln) 4.446 4.148 646 3.977 685 6,0%
Investor Relations
Historical Data: Financial Indicators

41
Description 2016 2017 1Q18 2018 1Q19
1Q19 vs. 1Q18
(%YoY)
Brazilian Wireless Subscriber Base (000`s) 244 236 236 229 229 -2,9%
Estimated Total Penetration 118,04% 113,52% 112,98%
Mobile Customer Base ('000) 63.418 58.634 57.894 55.923 55.083 -4,9%
Prepaid 48.537 40.836 39.426 35.694 34.504 -12,5%
Postpaid 14.881 17.799 18.468 20.229 20.579 11,4%
4G Users ('000) 16.866 27.611 29.546 34.488 35.580 20,4%
Market Share 25,98% 24,80% 24,55% 24,40% 24,07% -2,0%
Prepaid 29,47% 27,50% 27,16% 27,54% 27,25% 0,3%
Postpaid 18,75% 20,23% 20,38% 20,31% 20,13% -1,2%
Gross Additions (000's) 31.458 27.687 6.140 24.177 5.626 -8,4%
Net Additions (000's) -2.816 -4.784 -740 -2.712 -1.159 56,6%
Monthly Churn (%) 4,4% 4,5% 3,9% 3,9% 3,9% 0,0%
Fixed Telephopny Customer Base ('000)* 524 676 739 897 946 27,9%
TIM Live Customer Base ('000) 306 392 411 462 486 18,3%
Handsets sold ('000) 1.276 1.115 265 1.080 246 -7,2%
Smartphone Penetration (%) 72,8% 80,9% 82,1% 85,0% 85,7% 4,4%
Total MOU 117 110 115 123 124 7,4%
BOU 640 1.198 1.787 2.184 2.580 44,4%
Employees 9.863 9.519 9.681 9.661 9.411 -2,8%
*Base of Mar/2018
Investor Relations
Historical Data: Operational Indicators

42
Brazilian Telcos: Financial X-Ray 1Q19
Investor Relations
TIM, Vivo and Oi: IFRS 9 and 15
AMX: IFRS 16 (2019) and IFRS 9 and 15 (2018)
1Q19 1Q18 % YoY 1Q19 1Q18 % YoY 1Q19 1Q18 % YoY 1Q19 1Q18 % YoY 1Q19 1Q18 % YoY
4.191 4.120 1,7% 10.975 10.789 1,7% 8.940 8.848 1,0% 5.086 5.622 -9,5% 554 587 -5,7%
4.024 3.986 1,0% 10.376 10.450 -0,7% 8.595 8.734 -1,6% 5.040 5.575 -9,6% 551 570 -3,5%
Mobile Service Revenues 3.795 3.781 0,4% 6.482 6.379 1,6% 3.027 2.976 1,7% 1.820 1.903 -4,4% 551 570 -3,5%
Fixed Service Revenues 229 205 11,6% 3.894 4.024 -3,2% 5.632 5.758 -2,2% 3.220 3.672 -12,3% - - -
166 134 24,6% 598 386 55,1% 271 114 137,7% 46 47 -2,1% 3 16 -81,7%
1.497 1.421 5,3% 3.903 3.795 2,9% 3.307 2.645 25,0% 1.251 1.567 -20,2% 57 -5 n.a.
35,7% 34,5% 1,2 p.p. 35,6% 35,2% 0,4 p.p. 37,0% 29,9% 0,2 p.p. 24,6% 27,9% -3,3 p.p. 10,2% -0,8% 11,1 p.p.
650 613 6,1% 1.696 1.547 9,6% - - - 1.718 1.124 52,8% 26 26 1,8%
Capex/Net Revenues 15,5% 14,9% 0,6 p.p. 15,5% 14,3% 1,1 p.p. - - - 33,8% 20,0% 13,8 p.p. 5% 4% 0,4 p.p.
847 808 4,7% 2.207 2.247 -1,8% - - - 520 443 17,4% 30 -31 -
2.231 2.819 -20,8% 1.279 3.084 -58,5% - - - 10.107 7.309 38,3% - - -
Net Debt / EBITDA 12M 0,35 1,98 -82,5% 0,06 0,81 -92,2% - - - 1,8 2,6 -31,8% - - -
22,8 21,7 5,3% 29,5 28,6 3,1% 18,0 17,0 5,9% 16,1 16,3 -1,3% 53,0 55,1 -3,8%
EBITDA - Capex
Net Debt
ARPU
Oi Nextel
Capex
TIM Vivo Claro
Total Net Revenues
Service Revenues
Products Revenues
Organic EBITDA
Organic EBITDA Margin

43
Brazilian Telcos: Operational X-Ray
Source: Anatel.
Investor Relations
1Q19 1Q18 % YoY 1Q19 1Q18 % YoY 1Q19 1Q18 % YoY 1Q19 1Q18 % YoY 1Q19 1Q18 % YoY
Mobile Customer Base (MM) 55,1 57,9 -4,9% 73,5 75,1 -2,1% 56,4 58,8 -4,1% 37,7 38,8 -2,9% 3,4 2,9 16,5%
Market Share 24,1% 24,6% -0,5 p.p. 32,1% 31,8% 0,3 p.p. 24,6% 24,9% -0,3 p.p. 16,5% 16,4% 0,0 p.p. 1,5% 1,2% 0,2 p.p.
Human Postpaid Customer Base ex-M2M
(MM)
18,2 16,7 9,0% 32,3 30,8 4,9% 17,7 15,9 11,2% 9,0 7,7 17,2% 3,4 2,9 18,2%
Market Share 22,5% 22,4% 0,0 p.p. 39,9% 41,4% -1,5 p.p. 21,9% 21,4% 0,5 p.p. 11,1% 10,3% 0,8 p.p. 4,2% 3,8% 0,3 p.p.
Mix Postpaid 33,1% 28,9% 4,2 p.p. 44,0% 41,0% 2,9 p.p. 31,4% 27,1% 4,3 p.p. 23,8% 19,7% 4,1 p.p. 98,5% 97,0% 1,4 p.p.
4G Customer Base (MM) 35,6 29,5 20,4% 42,4 37,0 14,7% 31,9 24,7 29,5% 22,4 18,0 24,1% 3,3 1,1 188,9%
Market Share 26,2% 26,7% -0,5 p.p. 31,2% 33,4% -2,2 p.p. 23,5% 22,3% 1,2 p.p. 16,5% 16,3% 0,2 p.p. 2,4% 1,0% 1,4 p.p.
Mix 4G 65% 51% 13,6 p.p. 58% 49% 8,5 p.p. 57% 42% 14,7 p.p. 59% 46% 12,9 p.p. 96% 39% 57,4 p.p.
NextelTIM Vivo Claro Oi

44
228,9 MM (YoY)
VIVO 32,1% +0,3 p.p
CLARO 24,6% -0,3 p.p
TIM 24,1% -0,5 p.p
OI 16,5% +0,0 p.p
Brasil
(1Q19)
17,4 MM
VIVO 37,4% -1,9 p.p
TIM 21,7% +4,3 p.p
CLARO 21,5% -2,7 p.p
OI 19,3% +0,3 p.p
NO
22,7 MM
CLARO 37,7% +0,0 p.p
VIVO 34,3% -0,6 p.p
OI 15,7% +0,9 p.p
TIM 11,9% -0,4 p.p
CO
12,8 MM
VIVO 47,1% -0,8 p.p
CLARO 31,0% +1,2 p.p
OI 13,3% 0,0 p.p
TIM 8,3% -0,6 p.p
RS
20,8 MM
TIM 53,3% -0,5 p.p
VIVO 19,8% -0,5 p.p
CLARO 17,1% +0,2 p.p
OI 9,5% +0,8 p.p
PR/SC
21,7 MM
VIVO 40,7% +2,0 p.p
OI 21,7% -0,8 p.p
TIM 20,9% -0,9 p.p
CLARO 11,4% -0,5 p.p
MG
23,1 MM
VIVO 36,2% 0,0 p.p
CLARO 28,5% -2,3 p.p
TIM 15,5% +1,0 p.p
OI 13,6% +0,4 p.p
RJ/ES
35,8 MM
VIVO 38,1% +3,0 p.p
TIM 25,8% -2,4 p.p
CLARO 19,6% -1,5 p.p
OI 10,5% -0,5 p.p
SP Cap
27,7 MM
VIVO 34,5% -3,0 p.p
CLARO 32,1% +0,6 p.p
TIM 20,5% +1,0 p.p
OI 8,2% +0,4 p.p
SPInt
Posição TIM:
Líder
2ª
3ª
4ª
31,2 MM
TIM 33,4% 0,0 p.p
OI 30,0% +0,1p.p
CLARO 26,2% -0,7 p.p
VIVO 10,4% +0,7 p.p
NE
Investor RelationsSource: Anatel.
Mobile Market Share
15,6 MM
VIVO 34,6% +1,2 p.p
OI 24,34% +0,2 p.p
CLARO 21,59% -1,2 p.p
TIM 19,4% -0,2 p.p
BA/SE

45
Efficiency Across the Board: Tax Credits and Distributions (IoE)
Investor Relations
Corporate Structure Simplification
Project: Corporate Structure
Reorganization
• Designed to create a more efficient
process structure to capture operational
and financial synergies;
• In 3Q18, TIM booked a total deferred
tax asset of R$ 952.4 million¹ arising
from the reorganization.
Recoverable Tax over PIS/COFINS
Recoverable tax: (excessive payments in
the past)
Judicial Dispute over the
unconstitutionality of cascade taxes –
PIS/Cofins charged on ICMS.
• 3 Lawsuits: 1 already concluded, and
2 awaiting for final court sentence to
book credits;
• Assessment indicates
• ~R$ 3.2 billion² in tax credits, of
which R$ 353 million was booked in
4Q18 following a positive judicial
decision
• Remaining amount to be unlocked in
the next few quarters.
Distribution of Interest on Equity
(“Juros sobre Capital Próprio”)
• Payment via IoE generating tax
efficiency to bring Effective Tax
Rate down;
149 103
190
850
339
953
2017 2018
IOC
Dividends
Shareholder Remuneration
(Announced R$ mln; YoY)
~3 x
¹ Tax credits of R$ 702.6 million plus a negative effect at Social Contribution on Profits base in the amount of R$ 249.7 million.
² More details see Note 8 in Company’s Quarterly Financial Statements (ITR).

46
For further information | Investor Relations
Vicente Ferreira
E-mail: vdferreira@timbrasil.com.br
Phone: +55 21 98113-1400
Bernardo Guttmann
E-mail: bguttmann@timbrasil.com.br
Phone: +55 21 98113-1408
Camila Assano
E-mail: cacruz@timbrasil.com.br
Phone: +55 21 98113-4236
Lucas Carneiro
E-mail: lmcarneiro@timbrasil.com.br
Phone: +55 21 98113-1141
Guilherme Kopke
E-mail: gknascimento@timbrasil.com.br
Phone: +55 21 98113-0583
Visit our Website
www.tim.com.br/ir
E-mail: ri@timbrasil.com.br
850 João Cabral de Melo Neto Avenue – South Tower - 12th floor
Barra da Tijuca – 22775-057 – Rio de Janeiro, RJ

Tim - Meeting with Investors_May19

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