Meeting with investors (April 2019)

TIM Brasil
Company Presentation
March, 2019

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 on Pro
Forma basis, disconsidering impacts
from new IFRS adoption.
Disclaimer
TIM Brasil | Meeting with Investors
Investor Relations

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Agenda
Investor Relations
About Us …………………………………………………………………………………………………...……4
Market Overview and TIM Positioning ……………………………………………………………………10
Regulatory Update ……………………………………………………………………………………….......36
4Q18 Results ……………………………………………………………………………………………….....14
Strategic Plan 2019-21 …………………………………………………………….................................... 26
Appendix …………………………………………………………………………………………………....... 40

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ABOUT US
Investor Relations

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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.
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Best and Wider 4G Coverage

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¹ Normalized Figures.
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%

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• 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
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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

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 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
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MARKET OVERVIEW AND TIM POSITIONING
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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).

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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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Brazilian Telcos: Revenues X-Ray
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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
2014 2015 2016 2017 2018
62.302
62.659
60.724
61.809
62.796
2014 2015 2016 2017 2018
3,3% 3,1% 2,8% 2,3% 1,9%
22,3% 21,5% 20,9% 19,7% 18,5%
28,5% 29,1% 29,3% 29,4% 30,0%
32,4% 33,6% 34,6% 35,6% 35,7%
13,6% 12,7% 12,3% 13,1% 13,9%
2014 2015 2016 2017 2018
6,4% 6,0% 5,5% 4,4% 3,5%
14,5% 14,1% 13,8% 13,0% 12,0%
17,8% 18,7% 17,6% 17,8% 19,2%
36,0% 37,7% 40,1% 41,1% 40,9%
25,3% 23,5% 23,0% 23,8% 24,4%
2014 2015 2016 2017 2018
Nextel
TIM
Oi
Claro
Vivo

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4Q18 RESULTS
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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
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
FY18 & 4Q Highlights – Strong Results Rewarding a Challenging Year
(1) EBITDA and Net Income normalized for the effects detailed in slide 2.

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2017 2018
2017 2018
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)
+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.
Maintaining Rationality Despite Aggressive Competition in Prepaid
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27%
56%
2017 2018
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$)
Tweaking Postpaid Approach to Maintain Growth with Quality
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TIM Live: Great
Year of Expansion
391 408 410 421 419
1
3 13
28 48
4Q17 1Q18 2Q18 3Q18 4Q18
72.1
82.1
4Q17 4Q18
4Q17 4Q18
4Q17 4Q18
 11 cities with FTTH, 14 active
cities.
 40% of new clients get ≥
100Mbps Plans.
 Bringing content to the offers
with 14 streaming channels
(i.e. Fox, Cartoon, NatGeo, etc.)
 TIM Live represented > 50% of
fixed revenues in 4Q18.
Managing Portfolio to Drive ARPU Up (R$ 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)
+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
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446
601
4Q17 4Q18
0.2
0.4
0.8
1.1
1Q18 2Q18 3Q18 4Q18
59%
67%
4Q17 4Q18
0
179
244
1,138
2,116
2,221
4Q16
4Q17
4Q18
1.8GHz
2.1GHz
4G Coverage and Capacity Expansions
Fiber Expansion: Transport and FTTH
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)
1Q18 2Q18 3Q18 4Q18
20.8
23.1
26.2
28.6
+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
Solid Network
Development
Supporting All
Business Lines
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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
Maintenance of Top Quality Indicators 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)
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
CEX: Client Perception Rewards Continuous Efforts in Infrastructure
Investor Relations
jun/18 sep/18 dec/18 jun/18 sep/18 dec/18
Audit Report Benchmark Brazil, P3 Communications. Performance in the country’s biggest cities (SP, RJ and Brasilia) National Satisfaction
Survey, Bridge Research. Source: Internal Caring Survey.

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4Q17 4Q18
2017
2018
2017
2018
2017 2018
Total Net Revenues Breakdown (R$ mln, %YoY) Mobile ARPU (R$,%YoY)
Client Generated Revs. Growth (%YoY)
+4.5% -5.4% +5.6%
+39.6%
4,257
4,479
+8.4%
23.7
21.9
 Top line grew 5.2% YoY and +5%
in 2018.
 Service Revenues up 3.7% YoY in
4Q and +4.7% in 2018.
 MSR increased 3.6% YoY in 4Q
and +4.5% in 2018.
 Client Generated Revenues
increased 4.5% YoY in 4Q and
+5.1% in 2018.
Client Generated Revs. Breakdown (%)
Postpaid
Prepaid
63%
Non-TIM Clients
+5.2%
+21.0% -14.8%
Postpaid Prepaid
Resilient Revenues
and ARPU Growth
amid Worsening
Environment
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2,198 2,205
77 138
4Q17 4Q18
3,494 3,518
956 994
845 900
3,826 3,661
847 884
316 530
2017 2018
Normalized Opex Breakdown (R$ 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)
Opex X-Ray: Cost Growth Below Inflation
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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
EBITDA1 & Margin1 Consistent Evolution (%; R$ bln, %YoY)
Investment According to Plan (R$ bln)
+26.6%
Strong EBITDA1 – CAPEX (R$ mln)
% Net
Revenues
26% 23%
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
All Time High
Profitability with
Solid Bottom Line
Investor Relations(1) EBITDA and Net Income normalized for the effects detailed in slide 2.

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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)
 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
614
170 -222
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
Strong Cash
Generation and
Healthy Balance
Sheet
Investor Relations(1) EBITDA and Net Income normalized for the effects detailed in slide 2.

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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
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
2018 Targets Delivered Despite Tougher Context
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STRATEGIC PLAN 2019-21
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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
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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
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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

30
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

31
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.

32
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
Investor Relations

33
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.

34
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

35
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

36
REGULATORY UPDATES
Investor Relations

37
Spectrum Distribution
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

38
Public Consultation for new frequency auctions in 2019, according to Anatel
700 MHz
2.3 GHz
3.5 GHz
10+10 MHz (FDD)
Frequency Spectrum Technology*
100 MHz (TDD)
200 MHz (TDD)
4G
5G
5G
Comments
Left over from 2014
auction
Potential clean-up would be
needed to solve coexistence
w/ satellite TV
*Mostly used for those technologies, however they can be used for any other technologies
New spectrum bands under discussion that could be auctioned in March 2020
Investor Relations

39
1Q2019
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
• To be approved
Public Consultation
• Regulatory
Monitoring
• Concession
Agreements and
PGMU IV
Public Hearing
• Regulatory
Monitoring (AM
and BSB)
Grant of Subsidies
• PGMU IV – 4G
localities
4Q18
November DecemberOctober
Public Consultation
• Auction Sercomtel
• Grant and
Licensing
Public Consultation
• Regulatory Monitoring
• Regulatory Agenda for
2019-2020
• Network Security and
Emergency Public
Services
• Concession
Agreements and
PGMU IV
• Tax Collection
PGMU IV (2016-2020)
• Approved
Public Policy of
Telecommunications
Decree
• Approved
Radiocommunication
of restricted radiation
• Approved
WACC
• Approved
Public Consultation
• Radiocommunicatio
n of restricted
radiation
• Conditions of Use of
3.5 GHz
New PPDESS
• Approved
New Spectrum
Management
• Approved
Anatel’s Open Data
Plan
• Approved
PLC 79/2016
• Urgency regime
Main Regulatory Topics
Investor Relations

40
APPENDIX
Investor Relations

41
R$ Thousand
Description 2015 2016 2017 2018 2018 vs 2017
Gross Revenues 25.771.500 22.745.590 22.611.075 24.301.252 7,5%
Service Gross Revenues 23.124.634 21.367.819 21.433.515 23.064.619 7,6%
Mobile Service Gross Revenues 22.121.450 20.188.962 20.147.586 21.523.481 6,8%
Gross Revenue Fixed Services 1.003.185 1.178.856 1.285.930 1.541.138 19,8%
Product Gross Revenues 2.646.866 1.377.771 1.177.559 1.236.633 5,0%
Taxes and Discounts (8.629.235) (7.128.176) (6.377.116) (7.251.076) 13,7%
Taxes and discounts on services (7.737.407) (6.647.565) (5.959.373) (6.859.411) 15,1%
Taxes and discounts on product sales (891.828) (480.611) (417.743) (391.666) -6,2%
Total Net Revenues 17.142.265 15.617.413 16.233.959 17.050.176 5,0%
Net Revenues Services 15.387.227 14.720.253 15.474.142 16.205.209 4,7%
Mobile Service 14.726.779 13.968.489 14.687.055 15.345.671 4,5%
Client generated 12.939.020 12.557.567 13.379.590 14.056.512 5,1%
Voice Local (Usage and Monthly fee) 5.595.440 4.891.342 3.725.231 2.890.149 -22,4%
Voice Long Distance 1.814.065 1.415.823 1.050.511 951.862 -9,4%
Data and Content VAS 5.529.515 6.250.402 8.603.848 10.214.501 18,7%
Interconnection 1.521.917 1.061.019 835.198 712.194 -14,7%
Other Revenues 265.842 349.903 472.267 576.966 22,2%
Fixed Service 660.449 751.765 787.087 859.538 9,2%
of which TIM Live 113.025 192.359 283.017 391.756 38,4%
Net Revenues Products 1.755.038 897.160 759.817 844.968 11,2%
Operating Expenses (10.528.854) (10.408.046) (10.286.935) (10.486.638) 1,9%
Personnel expenses (1.043.852) (1.005.296) (956.416) (1.031.570) 7,9%
Selling & marketing expenses (3.742.720) (3.597.101) (3.494.192) (3.518.049) 0,7%
Network & interconnection (3.823.481) (3.773.782) (3.825.912) (3.661.037) -4,3%
General & administrative (610.974) (540.487) (548.481) (578.878) 5,5%
Cost Of Goods Sold (1.856.668) (975.959) (846.839) (883.912) 4,4%
Bad Debt (230.357) (266.442) (316.387) (529.903) 67,5%
Other operational revenues (expenses) 779.198 (248.979) (298.709) (283.289) -5,2%
Operating Expenses (Normalized) (11.739.834) (10.387.386) (10.284.883) (10.487.479) 2,0%
EBITDA 6.613.411 5.209.367 5.947.023 6.563.539 10,4%
EBITDA Margin 38,6% 33,4% 36,6% 38,5% 5,1%
EBITDA (Normalized) 5.402.431 5.230.027 5.949.076 6.562.697 10,3%
EBITDA Margin (Normalized) 31,5% 33,5% 36,6% 38,5% 5,0%
Depreciation & Amortization (3.361.971) (3.785.172) (4.013.671) (4.124.567) 2,8%
Depreciation (1.851.261) (2.084.041) (2.180.247) (2.250.226) 3,2%
Amortization (1.510.710) (1.701.131) (1.833.424) (1.874.341) 2,2%
EBIT 3.251.440 1.424.196 1.933.352 2.438.971 26,2%
EBIT Margin 19,0% 9,1% 11,9% 14,3% 20,1%
Net Financial Results (250.406) (410.880) (497.836) (537.333) 7,9%
Financial expenses (1.115.524) (1.156.485) (1.009.653) (951.439) -5,8%
Net exchange variance 2.410 (4.845) (748) 1.372 -283,4%
Financial income 862.708 750.450 512.565 412.734 -19,5%
Income Before Taxes 3.001.034 1.013.316 1.435.516 1.901.638 32,5%
Income Tax and Social Contribution (915.591) (262.889) (201.009) 657.619 -427,2%
Net Income 2.085.443 750.427 1.234.507 2.559.258 107,3%
Net Financial Results (Normalized) - - - (124.119) n.a
Income Tax and Social Contribution (Normalized) (543.451) (272.509) (201.026) (160.887) -20,0%
Net Income (Normalized) 1.246.603 761.466 1.236.543 1.565.664 26,6%
Historical Data: P&L Pro-Forma
Investor Relations

42
Description 2015 2016 2017 2018 2018 vs 2017
Brazilian Wireless Subscriber Base (000`s) 257,8 244,1 236,5 229,2 -3%
Estimated Total Penetration 125,67% 118,04% 113,52% -114 p.p.
Mobile Customer Base ('000) 66.234 63.418 58.634 55.923 -5%
Prepaid 52.654 48.537 40.836 35.694 -13%
Postpaid 13.581 14.881 17.799 20.229 14%
4G Users ('000) 7.111 16.866 27.611 34.488 25%
Market Share 25,69% 25,98% 24,80% 24,40% 0 p.p.
Prepaid 28,53% 29,47% 27,50% 27,55% 0 p.p.
Postpaid 18,53% 18,75% 20,23% 20,30% 0 p.p.
Gross Additions (000's) 34.201 31.458 27.687 24.177 -13%
Net Additions (000's) -9.486 -2.816 -4.784 -2.712 -43%
Monthly Churn (%) 4,9% 4,4% 4,5% 3,9% -1 p.p.
Mobile ARPU (R$) 16,7 17,9 20,2 22,4 11%
Prepaid 10,4 11,3 11,5 11,5 0%
Postpaid 40,6 37,7 39,7 39,9 1%
Total MOU 119 117 110 123 12%
BOU 397 640 1.198 2.184 82%
SAC/Gross Adds (R$) 30 29 40 46 17%
Fixed Telephopny Customer Base ('000)* - 524 676 897 33%
TIM Live Customer Base ('000) 232 306 392 462 18%
TIM Live ARPU (R$) - 57,9 67,3 76,0 13%
Handsets sold ('000) 4.659 1.276 1.115 -100%
Smartphone Penetration (%) 67,6% 72,8% 80,9% 85,0% 4 p.p.
CAPEX (R$ Mln) 4.764 4.502 4.148 3.977 -4%
Organic CAPEX (R$Mln) 4.767 4.446 4.148 3.977 -4%
Employees 13.062 9.863 9.519 9.661 1%
*Base of Dec/2018
Historical Data: Operational
Investor Relations

43
R$ Million
Description 2015 2016 2017 2018 2018 vs 2017
Initial Net Financial Position 1.276 1.733 2.721 2.697 -1%
EBITDA Normalized 5.402 5.230 5.949 6.563 10%
Capex (4.764) (4.502) (4.148) (3.977) -4%
EBITDA Normalized - Capex 638 728 1.802 2.585 43%
D Working Capital (628) 25 579 357 -38%
Non recurring operating items - (65) (2) 1 -156%
Operating Free Cash Flow Ex-licenses 10 688 2.379 2.943 24%
Clean UP 700MHZ (370) - (859) (143) -83%
Operating Free Cash Flow Reported (360) 688 1.520 2.800 84%
Financial investments - - - - -
Asset disposal 2.503 140 15 2 -86%
Net impact of financial interests (487) (672) (750) (689) -8%
Taxes Payments (385) (350) (297) (213) -28%
Others impacts (1.368) (334) (116) (85) -27%
Net Cash Flow before dividends and change in equity (97) (528) 372 1.815 388%
Dividends (360) (460) (333) (588) 77%
Change in Equity - - (15) 5 -133%
Net Cash Flow (457) (988) 24 1.232 5033%
Final Net Financial Position 1.733 2.721 2.697 1.465 -46%
Historical Data: Cash Flow
Investor Relations

44
Brazilian Telcos: Financial X-Ray 4Q18
Investor Relations
4Q18 Financial Summary
4Q18 4Q17 % YoY 4Q18 4Q17 % YoY 4Q18 4Q17 % YoY 4Q18 4Q17 % YoY 4Q18 4Q17 % YoY
4.479 4.257 5,2% 11.094 11.034 0,5% 9.010 8.937 0,8% 5.317 5.782 -8,0% 539 614 -12,2%
4.224 4.075 3,7% 10.588 10.736 -1,4% 8.815 8.769 0,5% 5.255 5.722 -8,2% 532 599 -11,1%
Mobile Service Revenues 3.999 3.861 3,6% 6.551 6.553 0,0% 3.069 2.860 7,3% 1.879 1.994 -5,8% 532 599 -11,1%
Fixed Service Revenues 226 213 5,6% 4.038 4.184 -3,5% 5.746 5.887 -2,4% 3.376 3.727 -9,4% - - -
254 182 39,6% 506 297 70,0% 195 168 15,7% 62 60 4,3% 7 15 -54,5%
1.868 1.769 5,7% 4.104 3.946 4,0% 2.766 2.689 2,9% 1.287 1.300 129,9% 8 -54 -114,0%
41,7% 41,6% 0,2 p.p. 37,0% 35,8% 1,2 p.p. 32,2% 30,1% 2,1 p.p. 24,2% 22,5% 1,7 p.p. 1,4% -8,8% 10,2 p.p.
1.409 1.661 -15,2% 2.113 2.665 -20,7% - - - 2.085 1.835 13,6% 91 68 34,0%
Capex/Net Revenues 31,5% 39,0% -7,6 p.p. 19,0% 24,2% -5,1 p.p. - - - 39,2% 31,7% 7,5 p.p. 17% 11% 5,8 p.p.
460 108 326,2% 1.997 1.281 55,9% - - - -798 -535 49,2% -84 -122 -
1.465 2.697 -45,7% 2.224 3.810 -41,6% - - - 11.826 47.621 -69,9% - - -
Net Debt / EBITDA 12M 0,22 0,45 -50,8% 0,13 0,26 -52,3% - - - 21,3 16,2 31,2% - - -
23,7 21,9 8,4% 29,6 29,2 1,2% 17,0 16,0 10,3% 16,5 16,2 1,6% 53,0 57,0 -7,0%
Oi Nextel
Capex
TIM Vivo Claro
Total Net Revenues
Service Revenues
Products Revenues
Organic EBITDA
Organic EBITDA Margin
EBITDA - Capex
Net Debt
ARPU Móvel

45
Brazilian Telcos: Financial X-Ray 12M18
Investor Relations
2018 Financial Summary
2018 2017 % YoY 2018 2017 % YoY 2018 2017 % YoY 2018 2017 % YoY 2018 2017 % YoY
17.050 16.234 5,0% 43.448 43.207 0,6% 35.655 35.478 0,5% 21.860 23.557 -7,2% 2.247 2.776 -19,1%
16.205 15.474 4,7% 41.773 42.136 -0,9% 35.041 34.864 0,5% 21.665 23.327 -7,1% 2.192 2.707 -19,0%
Mobile Service Revenues 15.346 14.687 4,5% 25.658 25.388 1,1% 12.062 11.017 9,5% 7.538 8.010 -5,9% 2.192 2.707 -19,0%
Fixed Service Revenues 860 787 9,2% 16.115 16.749 -3,8% 22.982 23.805 -3,5% 14.127 15.317 -7,8% - - -
845 760 11,2% 1.675 1.070 56,5% 614 614 0,0% 195 230 -15,2% 54 69 -21,4%
6.563 5.949 10,3% 15.474 14.665 5,5% 10.680 10.130 5,4% 5.863 6.190 -5,3% 41 -95 -
38,5% 36,6% 1,8 p.p. 35,6% 33,9% 1,7 p.p. 30,0% 28,6% 1,4 p.p. 26,8% 26,3% 0,5 p.p. 1,8% -3,4% 5,3 p.p.
3.977 4.148 -4,1% 8.193 7.998 2,4% - - - 6.077 5.629 7,9% 243 163 48,9%
Capex/Net Revenues 23,3% 25,6% -2,2 p.p. 18,9% 18,5% 0,3 p.p. - - - 27,8% 23,9% 3,9 p.p. 11% 6% 4,9 p.p.
2.585 1.801 43,5% 7.287 6.666 9,3% - - - -214 561 -138,1% -202 -259 -
1.465 2.697 -45,7% 2.224 3.810 -41,6% - - - 11.826 47.621 -75,2% - - -
Net Debt / EBITDA 12M 0,22 0,45 -50,8% 0,13 0,26 -52,3% - - - 21,3 16,2 31,2% - - -
22,4 20,2 11,3% 28,6 28,5 0,4% 17,0 15,3 11,5% 16,2 16,0 1,7% 55,0 61,0 -9,8%
EBITDA Margin (Adjusted)
ARPU Móvel
Nextel
Total Net Revenues
Service Revenues
Products Revenues
EBITDA (Adjusted)
TIM Vivo Claro Oi
Capex
EBITDA - Capex
Net Debt

46
Brazilian Telcos: Operational X-Ray¹
Source: Anatel.
Investor Relations
4Q18 4Q17 % YoY 4Q18 4Q17 % YoY 4Q18 4Q17 % YoY 4Q18 4Q17 % YoY 4Q18 4Q17 % YoY
55,9 58,6 4,8% 73,2 74,9 2,4% 56,4 59,0 4,6% 37,7 38,9 3,3% 3,3 2,8 -15,5%
Market Share 24,4% 24,8% 0,4 p.p. 31,9% 31,7% -0,2 p.p. 24,6% 25,0% 0,3 p.p. 16,4% 16,5% 0,0 p.p. 1,4% 1,2% -0,3 p.p.
18,1 16,1 -10,8% 32,2 30,5 -5,4% 17,2 15,3 -11,2% 8,6 7,6 -11,2% 3,3 2,7 -16,4%
Market Share 22,6% 22,2% -0,5 p.p. 40,3% 41,9% 1,6 p.p. 21,5% 21,0% -0,5 p.p. 10,8% 10,5% -0,3 p.p. 4,1% 3,7% -0,3 p.p.
Mix Postpaid 32,3% 27,5% -4,8 p.p. 44,0% 40,6% -3,4 p.p. 30,5% 25,9% -4,6 p.p. 22,8% 19,6% -3,2 p.p. 98,6% 97,5% -1,0 p.p.
34,5 27,6 -19,9% 40,6 34,4 -15,3% 30,0 22,8 -24,2% 21,3 16,4 -23,3% 3,2 1,1 -64,7%
Market Share 26,6% 27,0% 0,4 p.p. 31,3% 33,6% 2,3 p.p. 23,1% 22,2% -0,9 p.p. 16,4% 16,0% -0,5 p.p. 2,4% 1,1% -1,4 p.p.
Mix 4G 62% 47% -14,6 p.p. 55% 46% -9,6 p.p. 53% 39% -14,6 p.p. 57% 42% -14,6 p.p. 96% 40% -56,1 p.p.
Banda Larga >34 Mbps1
460.956 391.866 -15,0% 2.155.242 1.488.968 -30,9% 4.415.002 2.062.648 -53,3% 157.989 62.697 -60,3% - - -
Market Share 5,7% 9,2% 3,5 p.p. 26,5% 34,7% 8,2 p.p. 54,3% 48,0% -6,3 p.p. 1,9% 1,5% -0,5 p.p. - - -
4G Customer Base (MM)
Nextel
Human Postpaid Customer Base ex-M2M
(MM)
TIM Vivo Claro Oi
Mobile Customer Base (MM)

47
229,2 MM (YoY)
VIVO 31,9% +0,2 p.p
CLARO 24,6% -0,3 p.p
TIM 24,4% -0,4 p.p
OI 16,4% 0,0 p.p
Brasil
(4Q18)
15,7 MM
VIVO 34,0% +0,7 p.p
OI 24,16% +0,1p.p
CLARO 22,13% -0,7 p.p
TIM 19,7% -0,1p.p
BA/SE
17,4 MM
VIVO 37,9% -1,7 p.p
TIM 22,3% -2,8 p.p
CLARO 20,6% +4,3 p.p
OI 19,2% +0,2 p.p
NO
22,9 MM
CLARO 37,4% -0,2 p.p
VIVO 34,4% -0,3 p.p
OI 15,6% +0,8 p.p
TIM 12,1% -0,4 p.p
CO
12,9 MM
VIVO 47,2% -0,3 p.p
CLARO 30,6% +0,8 p.p
OI 13,4% -0,1p.p
TIM 8,7% -0,6 p.p
RS
20,9 MM
TIM 53,6% -0,4 p.p
VIVO 19,7% -0,6 p.p
CLARO 17,1% +0,2 p.p
OI 9,3% +0,7 p.p
PR/SC
21,8 MM
VIVO 40,0% +1,8 p.p
OI 21,8% -0,6 p.p
TIM 21,3% -0,9 p.p
CLARO 11,6% -0,5 p.p
MG
23,1 MM
VIVO 36,2% +0,1p.p
CLARO 28,7% -2,6 p.p
TIM 15,5% +1,2 p.p
OI 13,5% +0,2 p.p
RJ/ES
35,6 MM
VIVO 37,2% +2,6 p.p
TIM 26,4% -2,3 p.p
CLARO 19,9% -1,1p.p
OI 10,8% -0,5 p.p
SP Cap
27,4 MM
VIVO 35,1% -2,6 p.p
CLARO 32,0% +0,1p.p
TIM 20,3% +0,8 p.p
OI 8,1% +0,5 p.p
SPInt
Posição TIM:
Líder
2ª
3ª
4ª
31,5 MM
TIM 33,9% +0,2 p.p
OI 29,8% -0,1p.p
CLARO 26,2% -0,6 p.p
VIVO 10,1% +0,5 p.p
NE
Mobile Market Share
Investor RelationsSource: Anatel.

48
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).

Meeting with investors (April 2019)

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