1.
TIM Brasil
Company Presentation
November, 2019

2.
2TIM Participações – Investor Relations
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 “3Q19 results”
section and presented on Pro Forma
basis in “Strategic Plan 2019-21”
section.
Disclaimer
Institutional Presentation | 3Q19

3.
3TIM Participações – Investor Relations
Agenda
About Us ……………………………………………………………………………………………...……4
Market Overview and TIM Positioning ………………………………………………………………. 8
Regulatory Updates …………………………………………………………………………..…....... 39
3Q19 Results ………………………………………………………………………………………….....17
Strategic Plan 2019-21 ……………………………...……………………….................................... 29
Appendix ………………………………...…………………………………………………………....... 43
Institutional Presentation | 3Q19

4.
4TIM Participações – Investor Relations
ABOUT US
Institutional Presentation | 3Q19

5.
5TIM Participações – Investor Relations
Solid Execution in 2018The Company in a nutshell
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
ISE member for 11 years
~R$ 30 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
Institutional Presentation | 3Q19

6.
6TIM Participações – Investor Relations
EBITDA¹ Margin
(%)
33.5%
36.6%
38.5%
2016 2017 2018
Solid results with sustainable growth above market average
728
1,801
2,585
2016 2017 2018
EBITDA¹ - CAPEX
(R$ MM)
Net Service Revenues
(Δ YoY)
1.7% 2.0%
-0.9%-0.6%
-0.3%
0.5%
-4.3% -6.5% -7.1%
-4.3%
5.1% 4.7%
2016 2017 2018
TIM
P3
P1
P4
EBITDA¹
(R$ MM)
5,230
5,949
6,563
2016 2017 2018
+10.3%
+13.7%
Institutional Presentation | 3Q19

7.
7TIM Participações – Investor Relations
UNIQUE TELCO COMPANY LISTED ON
THE NOVO MERCADO
82%
8%
10%
Adopted
Partially adopted
Not adopted
SHAREHOLDERS’ STRUCTURE 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)
7 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
→ Member of ISE for 11 years
Shareholders’ structure and highest level of corporate governance
Institutional Presentation | 3Q19
Corporate Governance Form1
vs 65% on
average2
24%
41%
35%
Institutional Shares
Brazil
USA
Rest of World
Telecom Italia S.p.A.
Telecom Italia
Finance S.A.
TIM Brasil Serv. E
Part. S.A.
Minority
TIM Participações
S.A.
TIM S.A.
100%
100%
67% 33%
100%
→ 40% of independent members: 2x of
required
→ 20% of female representation: 3x B3-Novo
Mercado average
General Assembly
Board of Directors Fiscal Council
Statutory Audit
Committee
Compensation
Board
Control and Risk
Board
Statutory Board of
Officers
(1) Desconsidera 5 itens não aplicáveis à TIM; (2) De acordo com Relatório de 2018 da EY.

8.
8TIM Participações – Investor Relations
MARKET OVERVIEW AND TIM
POSITIONING
Institutional Presentation | 3Q19

9.
9TIM Participações – Investor Relations
New consumer habits reinforce data service as essential,
especially over mobile network
Institutional Presentation | 3Q19
Source: We are Social, Mobile Time, Statista.
3%
56%
40%
Internet users by device
Only computer Only mobile
Both
+7 p.p
A/A
24%
10%
63%
3%
Internet users
Only Wi-Fi Only mobile
Both Don't know
73%
96%
66%
59%
37%
27%
6%
Whatsapp Facebook Youtube Instagram Twitter
Time spent per day
2º3º2º 2º
(Global ranking position)
2º Internet – 9h29m
2º Social Network – 3h34m
Social network penetration
(% population)
50%
64%
71%
2017 2018 2019
38%
20%
Movies and series Music
Paid streaming and car app users
(% of smartphone users)
+21 p.p.

10.
10TIM Participações – Investor Relations
Traditional services have been losing relevance in this new
framework and internet has been gaining prominence
Institutional Presentation | 3Q19
Source: Anatel.
25% 27%
31%
34% 36% 37%
42% 44%
2011 2012 2013 2014 2015 2016 2017 2018
Fixed Broadband Penetration
(% of households)
16%
32%
26%
26%
< 2 Mbps 2 - 12
12 - 34 > 34
Fixed Broadband Connections Speed
31.2 MM
lines
31%
47%
56%
66%
71% 74%
2011 2012 2013 2014 2015 2016 2017 2018
Mobile Internet Users
(% of >10 years population)
21%
25%
28% 29% 28% 27% 26% 25%
2011 2012 2013 2014 2015 2016 2017 2018
Pay TV Penetration
(% of households)
17.5 MM
accesses
69% 69% 69% 67% 64% 61% 58%
53%
2011 2012 2013 2014 2015 2016 2017 2018
Fixed Voice Penetration
(% of households)
37.5 MM
lines

11.
11TIM Participações – Investor Relations
Change in Market structure combined with new consumption
habits resulted in a transformation in the base profile
Institutional Presentation | 3Q19(1) Human Postpaid (ex-Data, Modem + M2M).
Source: Anatel, CETIC.
197 199 201 203 204 206 208 209
123% 131% 135% 138%
126% 118% 115% 110%
2011 2012 2013 2014 2015 2016 2017 2018
Mobile Penetration
Population (MM) Penetration
2,03 2,00 1,96 1,94
1,73 1,64 1,54 1,44
2011 2012 2013 2014 2015 2016 2017 2018
SIM Cards per Unique User
(Unit)
0,42
0,36
0,32
0,24
0,16
0,10
0,06 0,03
2011 2012 2013 2014 2015 2016 2017 2018
MTR Evolution
(R$ / min)
The maintenance of a high interconnection tariff
pushed the “community effect (on-net)” through the
possession of multiple SIM cards.
Mobile market has been experiencing organic growth
in total unique users.
Penetration is decreasing due to the reduction of total
SIM cards: weakening of the “community effect” due to
the decrease in ITX tariff (off-net reduction) and
dissemination of communication apps.
SIM consolidation despite the growing number of
mobile users.
198 211 212 213
185
165 149 130
36 37 44 51 56 62
70 77
2011 2012 2013 2014 2015 2016 2017 2018
Prepaid Human Postpaid
Mobile Base per Segment
(MM)
Postpaid base already represents ~50% of unique
users, besides that >60 MM Brazilians are in the credit
bureau blacklist.
229 MM
SIM Cards
144 MM
people
115 124 130 137 139 138 142 144
69%
74%
76%
79% 80% 79% 80% 80%
2011 2012 2013 2014 2015 2016 2017 2018
Unique user >10 years (MM) Penetration
Unique User Penetration

12.
12TIM Participações – Investor Relations
51% 52% 54%
49% 48% 46%
119,3 118,5 116,9
2016 2017 2018
Mobile Fixed
53% 55%
47% 45%
58,4 57,2
1H18 1H19
60,7
61,8
62,8
2016 2017 2018
31,1
31,3
1H18 1H19
Market revenue dynamic indicates mobile growth, and highlights
TIM’s evolution
Institutional Presentation | 3Q19(1) All: on Pro-forma basis, excluding IFRS 9, 15 and 16 impacts (2014-18); (2) TIM, Vivo and Oi: with IFRS 9 and 15 (1H18, 2019); (3)
AMX: with IFRS 9, 15 and 16 (2019).
Source: Operators’ Earnings Releases.
20,9 19,7 18,5
2,8 2,3 1,9
29,3 29,4 30,0
34,6 35,6 35,7
12,3 13,1 13,9
2016 2017 2018
13,8 13,0 12,0
5,5 4,4 3,5
17,6 17,8 19,2
40,1 41,1 40,9
23,0 23,8 24,4
2016 2017 2018
Total Services Net Revenues Share
(%)
Mobile Service Net Revenue Share
(%)
18,9 17,6
1,9 1,9
29,9 30,3
35,6 36,0
13,6 14,1
1H18 1H19
Nexte
l
TIM
Oi
Claro
Vivo
12,1 11,6
3,6 3,6
19,1 19,5
40,9 40,9
24,3 24,4
1H18 1H19
Nexte
l
TIM
Oi
Claro
Vivo
Market | Total Services Net Revenues
(R$ MM)
Market | Mobile Service Net Revenues
(R$ MM)
-1.0%
CAGR
+1.7%
CAGR

13.
13TIM Participações – Investor Relations
Evolving proposition for consistent and sustainable growth
Institutional Presentation | 3Q19
Quality
Price
2017-
2018
2016
Today
2016-2018 Turnaround Strategy
Quality
Price
2017-
2018
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).

14.
14TIM Participações – Investor Relations
TIM is well positioned to attend the new demand, with no legacy
to defend
Institutional Presentation | 3Q19
41,2
39,6
37,5
34,8
2016 2017 2018 Sep-19
Fixed Line Base
(MM)
18,8
18,1
17,5
16,3
2016 2017 2018 Aug-19
Pay-TV Base
(MM)
62,1
69,7
77,5
80,8
2016 2017 2018 Aug-19
Human Postpaid Base
(MM)
26,9
28,9
31,2
32,7
2016 2017 2018 Sep-19
Broadband Base
(MM)
-6.0%
CAGR
Fixed-mobile
substitution
Traditional-OTT
ssubstitution
+16.8%
CAGR
Market
+10.3%
CAGR
+11.9%
CAGR
Market
-5.1%
CAGR
Market
+7.6%
CAGR
+23.5%
CAGR
Market
Source: Anatel.

15.
15TIM Participações – Investor Relations
Customer base transformation process, driven by pre-postpaid
migration, supported an evolution at the top of the pyramid
(1) Revenues on Pro-forma basis, excluding IFRS 9, 15 and 16 impacts; (2) Other revenues considering non-TIM clients, interconection and other revenues
(according to the earnings release split). Source: Anatel.
77%
70%
64% 61%
20%
27%
32%
32%
3% 3% 5%
7%
2016 2017 2018 Set-19
TIM Base Mix
Prepaid Human Postpaid Data Only Postpaid (Modem + M2M)
+1.2 p.p.
YoY
-4.0 p.p.
YoY
44%
39%
32% 30%
43% 49%
57% 60%
13% 11% 11% 10%
2016 2017 2018 9M19
Mobile Service Revenue
Prepaid Postpaid Other
+2.5 p.p.
YoY
-2.2 p.p.
YoY

16.
16TIM Participações – Investor Relations
Mobile
Portfolio
(B2C)
UBB
Portfolio
Internet (WTTx)
Ultra
Ultra FibraFIBER
Complete Portfolio to Address Customer Desires
Institutional Presentation | 3Q19
Note: 1) Core offer for three users.
POSTPAID
Communication
Services
TIM Controle
TIM Black
TIM Black Família
Social
Entertainment
TIM Pré Top
≥R$ 20.00/two weeks ≥R$ 49.99/mo ≥R$ 119.99/mo ≥R$ 269.99/mo
speed from
40 mbps to 60 mbps
speed from
100 mbps to 2 gbpsallowance of
30 GB to 80 GBPlans
Value-Added
Services
Protection
+ Content (VoD, TIM Banca,
Ensina) + Power Wi-Fi
+ VoD Partnerships
≥ 2GB + unlimited calls
≥ 5GB + unlimited calls
+ GB bonus for portability
≥ 8GB + unlimited calls
+ GB bonus for portability
≥ 60 GB + unlimited calls
+ shared benefits
+ international roaming
Whatsapp + Facebook + Menssenger +
Twitter
Facebook + Instagram
+ Twitter (+ R$ 15)
all included
Instagram + Whatsapp +
Facebook +Twitter
Newspaper + Magazines
Newspaper + Magazines
+ Music
Newspaper + Magazines
+ Music
+ 1x GB to watch Netflix,
Youtube, E+, Looke and
Cartoon Network
Newspaper + Magazines
+ Music
+ Netflix monthly fee
included

17.
17TIM Participações – Investor Relations
3Q19 RESULTS
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.
Institutional Presentation | 3Q19
Operating Costs and EBITDA normalized by adjustments to the sale-leaseback contract of towers (+R$ 11 thousand in 2Q19, +R$ 1.5 million in 1Q19, +R$ 1.1
million in 2Q18 and +R$ 220 thousand in 1Q18), tax credit due to the exclusion of ICMS from the calculation basis of PIS/COFINS (-R$ 75 million in 3Q19 and -
R$ 1,720 million in 2Q19), non-recurring expenses with legal services connected to the PIS/COFINS court decision (+R$ 4.4 million in 3Q19 and +R$ 3.5
million in 2Q19), loss forecast revision for internal labor, taxes and civil contingencies (+R$ 11 million in 3Q19 and +R$ 222 million in 2Q19) and contractual
losses (+R$ 22 million in 3Q19). Net Financial Results adjusted by monetary correction over tax credits and labor, taxes and civil contingencies (-R$ 66 million
in 3Q19 and -R$ 1,051 million in 2Q19). Net Income normalized by the tax credit and other effects (+R$ 35 million in 3Q19 and +R$ 865 million in 2Q19),
deferred taxes (+R$ 30.3 million in 1Q19) and by the tax credit due to the merger of TIM Celular into TIM S.A. (-R$ 950 million in 3Q18).

18.
18TIM Participações – Investor Relations
1,0%
2,4%
3,0%
1Q19 2Q19 3Q19
5,3%
6,2%
6,8%
1Q19 2Q19 3Q19
37,9%
39,6%
3Q18 3Q19
2.634
2.619
3Q18 3Q19
Highlights 3Q19: Solid Results and Becoming Ready for Market
Developments
Institutional Presentation | 3Q19
(1) OPEX and EBITDA normalized for the effects detailed in the previous slide.
Gradual and continuous
growth acceleration
Service Revenues
EBITDA¹ EBITDA¹ Margin
R$4.2bln
R$ 1.7bln
Strong cash generation and
balance sheet
%YoYGrowth
742
794
3Q18 3Q19
18%
+7.0%
% Net
Revenues
Over-delivery on cost control driving
consistent margin evolution
EBITDA¹ - CAPEX
2,776
1,933
3Q18 3Q19
Net Debt/
LTM EBITDA1 0.29x
Net Financial
Position
OPEX
-0.6% YoY
NFP
R$mln
+1.7p.p. YoY
%YoYGrowth
17%
0.44x

19.
19TIM Participações – Investor Relations
Mobile Operations: While Prepaid Continue to Improve, on
Postpaid Somethings Still Need to be Fine Tuned
12,0
11,6
3Q193Q18
Prepaid ARPU
(R$ / month)
+4.0%
22,6
23,9
3Q18 3Q19
Mobile ARPU
(R$ / month)
+5.6%
44,143,7
3Q193Q18
Postpaid ex-M2M ARPU
(R$ / month)
+0.9%
60%
TIM Pré Top
(% of total prepaid subs)
TIM Pré Top
improving
prepaid
metrics
3Q18 3Q19
Prepaid Data Users
(mln)
+17.2%
Jan-19 May-19 Sep-19
Prepaid Rechargers
(% of total prepaid)
Postpaid
acquisitions
are working
well, while
churn
remains a
challenge
3Q18 1Q19 3Q19
+9.5%
50%
TIM Black Família
(% of pure postpaid gross adds)
Gross adds: acquisitions
on a positive path
(Human postpaid gross adds 12M)
Involuntary Churn: an
issue to be resolved
(Consumer human postpaid)
Jan-19 Apr-19 Jul-19 Sep-19
2018
avg
Institutional Presentation | 3Q19
19

20.
20TIM Participações – Investor Relations
OPERATIONS
RELOADED
Market opportunity to drive
data consumption in the
short-medium term
New concept gaining
relevance in TIM’s customer
acquisition
Regaining brand awareness:Simplification positively
impacts human customer care
demand
Mobile Operations: Back to the Basics to Achieve Consistent
Results and Regain Momentum
Offering simplification with a
new concept that ties recharge
to service packages
Increasing presence in high-
end segment with an
entertainment hub concept
Doing more with less: increased media presence while reducing marketing expenses by >30% YoY.
DEC/2018 JUN/2019 SEP/2019 NOW
TIM Black Família
(% of consumer pure postpaid gross adds)
3Q18 1Q19 3Q19
Prepaid human Interactions
(mln)
back to
2nd
position in
mobile market
Top of Mind
~58mln
devices to be
replaced
20mln
2G
38mln
3G
1st
position in
prepaid Top of
Mind
Customer engagement & Innovation to incentivize brand
recognition, while re-introducing Device as an important tool to
upsell the offer and avoid price/GB war
31%
50%
Jun-19 3Q19
and
Institutional Presentation | 3Q19

21.
21TIM Participações – Investor Relations
TIM Live: Sustaining a Solid Pace as We Complete the Catch up
with the Original Coverage Plan
→ YoY revenue growth sustained above 30%
96
127
3Q18 3Q19
Net Revenues
(R$ mln)
+31.5%
449
537
3Q18 3Q19
Customer Base
(000 Clients)
≥100 Mbps
<100 Mbps
+19.6%
75,3
81,8
3Q18 3Q19
ARPU
(R$/month)
+8.6%
Jan-19 Apr-19 Jul-19 Oct-19
New OLTs
(# of units)
Budget Act + Recovery Plan
→ +3 new cities in the
quarter1 22 in total
→ +16 new cities until
2020
Dec-19
7% 27%
93% 73%
Institutional Presentation | 3Q19
(1) Launches in 3Q: Recife (PE), Feira de Santana (BA) and Diadema (SP). 21

22.
22TIM Participações – Investor Relations
New Initiatives
Advanced
negotiations with
Vivo on sharing
agreements
MOU renewed!
Ensuring robust infrastructure Increasing Efficiency & Quality Data demand continues to
be high: monetization
opportunities ahead
Enabling High Level CEX and Monetization Opportunities Through
a Smart Capex Approach
73%
84%
3Q18 3Q19
4G Data Traffic
(% of total)
+10.5 p.p.
2.297
3.154
3Q18 3Q19
Mobile BOU
(MB per month)
+37.3%
761
1.905
3Q18 3Q19
FTTH Coverage
(# households)
+150%
+3,000 new cities
w/ NB-IoT:
~8x more than
the 2nd player
197
1.848
287
2.203
288
2.293
2.1
GHz
1.8
GHz
3Q19 3Q18 3Q17
85.601
94.878
3Q18 3Q19
Backbone + Backhaul
(Km)
+10.8% Approaching 4G
with 5G
technologies:
massive MIMO
1.172
1.644
3Q18 3Q19
Leadership in 4G Coverage
(700MHz # cities)
+40.3%
Spectrum Refarming
(# cities)
→ +69% YoY: cities w/
carrier aggregation
Leadership in 4.5GHz
coverage
1st
position
VoLTE coverage
~3.3k
cities
→ +54% cities YoY
NE1
PR/SC
Institutional Presentation | 3Q19

23.
23TIM Participações – Investor Relations
5G Protagonism: Exploring Applications and Building a Readiness
Ecosystem to the Technology Launch
Applications
→ Network virtualization: 37
data centers until 2021
→ 5G-ready equipment:
network migration through
software update
→ RFP Process: 4G and 5G
vendors for the next three
years
Network
Preparation
→ Trials on real network: all
vendors involved (Huawei,
Ericsson, Nokia)
→ Trials in stores: engaging
customers with 5G
technology in >10 stores
Trials
→ 5G Auction:
expected for
2H20, conditions
still under
discussion by
Anatel
Regulatory
IoT
MOOC
Telemedicine
VR
360º
Streaming
Connected
Band
Drones
Games
GB
Rate
Smart
Cities
Augmented
Reality
Industry
4.0
FWA
Institutional Presentation | 3Q19

24.
24TIM Participações – Investor Relations
Unlocking Efficiency With Customer Empowerment: the Tools of
the Digital Age
Delivering on the promise of digitalization… … and building new capabilities
Naked SIM
Expanding acquisition
channels throughout
the country.
Next Best Action
Customer base
management: the
right customer with
the right offer.
Cognitive IVR
Customer care agility
and assertiveness.
Next TIM
Artificial intelligence
in customer care.
(YoY)
>37%
Penetration of E-Recharges
+71%
Recharges via App
+11%
E-Payment base
+43%
E-Bills
(Penetration of ~60%)
-14%
# Human
interactions
+23%
Meu TIM unique users
Caring
Billing & Payment
+37%
Control E-Sales
+85%
Postpaid E-Sales
Recharges
Acquisition
Institutional Presentation | 3Q19
24

25.
25TIM Participações – Investor Relations
Development of new
credit models
Models built with new
internal and external
database to improve
acquisition quality and
client migration
(partially
implemented)
Improvement of
Recovery Rates
Using the new channels
and data to better
understand and approach
defaulting clients
(accelerating)
2,698 2,694
2,641 2,646
2,634 2,619
2018 2019
Strong Execution on Cost Control Despite Challenges to Reduce
Delinquency
Accumulated Efficiency in 2019
Normalized OPEX¹
+0.2%
-0.2%
2Q
1Q
Costs remain under control and well below inflation (~3%)²
OPEX ex-Bad Debt would have decreased 2.4% YoY in 9M19
9M19
OPEX:
TIM Brasil’s 2019-21 Industrial Plan estimates
savings up to R$ 1.2 bln for the 3-year period
3Q
-0.6%
Bad Debt: Action Plan
Improvement of Billing
Systems
New capabilities and
system repairs to support
the strategy
(on going)
First results in 4Q19 and 2020
Reduce delinquency and involuntary churn, while
improving acquisition quality
-0.2% YoY
Credit Billing Collection
190
330
461
3M 6M 9M
Institutional Presentation | 3Q19
(1) OPEX normalized for the effects detailed in slide 16.
(2) Last twelve months IPCA as of September 2019.

26.
26TIM Participações – Investor Relations
245 251
336 423
383
619
2018 2019
31,5%
33,4%
37,4%
38,9%
40,6%
3Q15 3Q16 3Q17 3Q18 3Q19
1,61
1,72
37,9%
39,6%
3Q18 3Q19
EBITDA1
EBITDA1
Margin
+6.8%
EBITDA1 & Margin1 Evolution (%; R$ bln, %YoY)
9M19 EBITDA1 +6.1% YoY
YTD Margin 37.8% (+1.4 p.p YoY)
Consistent Cash Generation and Margin Expansion
+34.1%
Net Income1 Expansion (R$ mln, %YoY)
Pro-forma2 Margin1 Evolution (%)
1,293
964
+61.4%
+26.0%
+2.5%
808 847
541
671
742
794
2018 2019
+10.6%
EBITDA¹ – CAPEX (R$ mln)
+7.0%
+24.1%
+4.7%
2,312
2,091
3
Institutional Presentation | 3Q19
(1) EBITDA and Net Income normalized for the effects detailed in slide 2, (2) Pro-forma excludes the effects of the adoption of IFRS 9,
15 and 16, (3) Normalized for incorporation of TIM Cel by TIM S.A, as detailed in slide 16.

27.
27TIM Participações – Investor Relations
1.789
-641
-209
1.091
4Q18 1Q19 2Q19 3Q19
Net Financial Position (R$ mln)
Solid Cash Flow Dynamics with a Strong Balance Sheet: Ready for
Strategic Opportunities
293
850
~1.000
2017 2018 2019
3.4x
Shareholder Remuneration (R$ mln)Normalized¹ FOCF Evolution (R$ mln)
R$ 750 mln already
announced
-70.4% n.a. -24.3% +15.9% n.a.
→ Reported FOCF (LTM) affected by changes in WC in
1H19 (mainly explained by an increase in assets due to
PIS/COFINS credits);
→ Cash Taxes positive impacts: increase in shareholder
remuneration through IOC distribution and NOL
credits usage;
→ NFE positively impacted by PIS/COFINS Credits
monetary correction.
%YoY
Growth
-847
-567
231
634
-294
2,776
1,933
NFP Sep/18 FOCF
(ex-license)
Net Financial
Expenses
Cash
Taxes
(IR/CSLL)
Dividends Paid Others NFP Sep/19Distribution
paid
Institutional Presentation | 3Q19
EBITDA and Working Capital normalized for the effects detailed in slide 16.

28.
28TIM Participações – Investor Relations
→ Accelerating the movement
“From Volume to Value”
→ Focus on operations quality:
sales, customer care and
network
→ Regaining innovation
leadership through offer
and technology
→ Re-construction of
communication strategy
and brand attributes to
reclaim positioning in
customers minds
→ Recovering customer
satisfaction
2020 Already Started: Building the
New Plan
Reloading Operations Focusing on
the Basics
Fundamentals are Solid and in a Clear Path
of Evolution
Recovering Momentum to Deliver 2019 Promises, While Preparing
for 2020
→ Mobile Advertising: from
drawing board to reality
First two contracts signed
→ Financial Services
Taking advantage of TIM’s
assets
Developing more than one
solution to be tested based
on client segmentation
→ 5G continued preparation
→ IoT Verticals development
Accelerating Mobile
Service Revenues
TIM Live Revenues
contributing more
Efficient Operations
Improving Marginality
Network Quality and
Innovation
CEX and Positioning
+1.7%
(9M19YoY)
+32.3%
(9M19YoY)
-0.2% OPEX9M19 YoY
1st in 4GCoverage
5G InitiativesLeadership
NPSImprovement+4p.p.
# 2Topof MindRecovered
1,2 1,4 1,7
1Q19 2Q19 3Q19
(Δ YoY EBITDA Mgn; p.p.)
49% 50% 54%
1Q19 2Q19 3Q19
(% of Fixed Revs)
0,4%
1,9%
2,8%
1Q19 2Q19 3Q19
(% YoY)
37.8%
(in9M19)
Institutional Presentation | 3Q19

29.
29TIM Participações – Investor Relations
STRATEGIC PLAN 2019-21
Financial KPIs are presented on Pro
Forma basis, disconsidering impacts
from new IFRS adoption.
Institutional Presentation | 3Q19

30.
30TIM Participações – Investor Relations
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
Institutional Presentation | 3Q19

31.
31TIM Participações – Investor Relations
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
Institutional Presentation | 3Q19
(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

32.
32TIM Participações – Investor Relations
B2B (mobile + fixed): penetrate clients through added value
solutions, becoming a business partner
• 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
Institutional Presentation | 3Q19

33.
33TIM Participações – Investor Relations
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
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
Institutional Presentation | 3Q19

34.
34TIM Participações – Investor Relations
Infrastructure: capitalizing on existing infrastructure and expanding
FTTH
Institutional Presentation | 3Q19NOTE: 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: 22 active
municipalities
Manaus – Oct-18
Salvador – Jul-18
Lauro de Freitas – Fev-19
Feira de Santana – Jul-19
Goiânia – Aug-18
Aparecida de Goiânia –
Oct-18
Anápolis – Jun-19 Rio de Janeiro – Oct-12 (FTTC)
Nov-17 (FTTH)
São Gonçalo – Jun-18
Nilópolis – Aug-18
Duque de Caxias – Nov-12 (FTTC) Jun-
19 (FTTH)
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 – Jun-19 | +1 – Aug-19
0
400
800
1200
2018 2019 2020 2021
FTTC
FTTH
High-single to Low-Double
digit growth (CAGR)
• ~2.5x customer base growth

35.
35TIM Participações – Investor Relations
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
Institutional Presentation | 3Q19

36.
36TIM Participações – Investor Relations
Leverage on Efficiency Plan to maintain OPEX below inflation1
throughout the plan period
Institutional Presentation | 3Q19
¹Inflation from BACEN Focus 18th January 2019.
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)

37.
37TIM Participações – Investor Relations
1.1%
1.3%
5.1%
4.7%
17 18 19 20 21
Net Service Revenues
(% YoY)
EBITDA - CAPEX
(R$ bin; %)
CAPEX
(R$ bin)
EBITDA and Margin Expansion
(R$ bln; %)
MKT
5.7 6.3
35.5%
37.2%
2017 2018 2021e2019e
EBITDA
Margin
EBITDA
≥ 39%
2020e2017 2018 2021e2019e 2020e
% over Net
Revenues
Increasing Profitability and Cash Generation
EBITDA
Capex
Mid-single digit
growth (CAGR)
+2% (CAGR)
~12.0 (∑‘19-’21)
11.1%
15.2%
≥ 20%
2017 2018 2019e 2020e 2021e
4.0
3.8
2017 2018 2019 2020 2021
Institutional Presentation | 3Q19

38.
38TIM Participações – Investor Relations
LONG TERM TARGETS
SHORT TERM (2019)
TARGETS
Capex on Revenues:
Low 20’s
Capex:
~R$ 12,0 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
EBITDA Margin:
≥39% in 2020
EBITDA-Capex on
Revenues:
≥20% em 2021
Service Revenues
Growth:
Mid single digit
(CAGR ‘18-’21)
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
TIM Brasil 2019-’21 Targets
Institutional Presentation | 3Q19

39.
39TIM Participações – Investor Relations
REGULATORY UPDATES
Institutional Presentation | 3Q19

40.
40TIM Participações – Investor Relations
3 5 5 1
20 20 20
11
21 185
3 4
5
35
26 29
43
1322 29
25
24
20
21
44
43
20
117
148
177
93
Spectrum Distribution
(Average of MHz / population)
Spectrum distribution reflects available capacity, though user
experience will also depend on network management
(1) Considers the mobile spectrum (SMP), (2) Spectrum caps calculated by the Regulator based on the spectrum share in each city.
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
450 MHz
700 MHz
850 MHz
900 MHz
1,800 MHz
2,100 MHz
2,500 MHz
<1 GHz = Coverage [35%l----l40%] >1 GHz <3 GHz = Capacity [30%l----l40%]
Mobile
Total
Spectrum Cap
Institutional Presentation | 3Q19

41.
41TIM Participações – Investor Relations
Public Consultation for new frequency auctions in 2020.
New spectrum bands under discussion that could be auctioned in 2H20
Frequency
700 MHz
2.3 GHz
3.5 GHz
26 GHz
10+10 MHz
(FDD)
Spectrum
90 MHz (TDD)
300 MHz
(TDD)
3,2 GHz (TDD)
1x 10+10 MHz
Lot proposal
1x 50 MHz (nationwide) + 23x 40
MHz (regional)
▪ National lots of 3x 80MHz + [ 1x
60MHz or 3x 20MHz ] or
▪ National lots of 3x 80MHz +
Regional lots of 60/20MHz
8x 400 MHz (nationwide)
Comments
Left over from 2014 auction
- Possibility to 1º round: 3x80 MHz and 1x60 MHz nationwide.
- Potential clean-up could be needed to solve coexistence w/
satellite TV
- The second option for regional lots could be acquired by the
winners of the national blocks
Up to 16x 200 MHz National (if the 400MHz lots are unsold)
There is a 10 MHz guard band at the end of band
Overview of Anatel Attorney's Office legal opinion on auction rules.
Institutional Presentation | 3Q19
Proposal of technical team.
New rapporteur proposal, released
in Oct, under discussion.

42.
42TIM Participações – Investor Relations
LGT (Law 9,472/1997)
• Concessions expire in 2025
• Reversible assets must return to the Federal Government
• Universalization Obligations (PGMU III)
• Payphones (TUP) – Locations with > 100 pop., max. distance
300m, min. density 4 Payphone/1k pop.
• Individual access – Locations with > 300 pop. in max 7 days
PGMU IV (Dec./2018) – TUP reduction x FWA in ~1,4k secondary
districts
• Migration option from expiring Concessions to
Authorizations with no deadline
• Obligation to maintain service in non competitive areas
• Additional broadband investments plan based on
• “NPV balance” expiring Concessions vs adapted
Authorization
• Reversible assets
• Public policy areas (and network sharing)
• Authorizations – Subsequent renewals (not limited to 2 periods)
• Renewal fee – Could be converted into investments
• Tenure – RF transfer among operators (secondary market) 50 MHz
(2022-2024)
50 MHz
(2023)
25 MHz
50 MHz
(2020-24)
• Authorizations – Max. 20+20 years (limited to one-time renewal)
• Renewal fee – 2% net revenues biennial payment (cash)
• Tenure – RF assigned only by Anatel (not tradable among private
players)
Fixed
Mobile
Spectrum
Law 13,879/2019 – Amendments to LGT
Region I
Region II
Region III
R II
R I
National LD
Regional
Law 13,879/2019 | The major change in TLC framework in 20 years
“Transittion to new model must take at least one year”
Leonardo Morais – Anatel President
19/11/2018

43.
43TIM Participações – Investor Relations
APPENDIX
Institutional Presentation | 3Q19

44.
44TIM Participações – Investor Relations
R$ Thousand
Description 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19 3Q19
3Q19 vs. 3Q18
(%YoY)
YTD 2018 YTD 2019
2019 vs. 2018
(%YoY)
Gross Revenues 5,824,357 5,920,301 6,062,608 6,425,139 24,232,405 6,104,071 6,264,065 6,281,682 3.6% 17,807,266 18,649,818 4.7%
Service Gross Revenues 5,592,108 5,620,368 5,788,386 6,064,787 23,065,648 5,833,801 5,930,275 5,964,999 3.1% 17,000,861 17,729,075 4.3%
Mobile Service Gross Revenues 5,244,855 5,258,842 5,385,284 5,642,798 21,531,779 5,437,748 5,518,044 5,537,073 2.8% 15,888,981 16,492,866 3.8%
Gross Revenue Fixed Services 347,253 361,526 403,101 421,989 1,533,869 396,053 412,230 427,926 6.2% 1,111,880 1,236,209 11.2%
Product Gross Revenues 232,249 299,933 274,222 360,352 1,166,756 270,269 333,790 316,683 15.5% 806,405 920,742 14.2%
Taxes and Discounts (1,704,505) (1,757,735) (1,821,019) (1,967,817) (7,251,076) (1,913,244) (2,001,324) (1,944,619) 6.8% (5,283,259) (5,859,188) 10.9%
Taxes and discounts on services (1,605,787) (1,652,429) (1,757,777) (1,843,418) (6,859,411) (1,809,384) (1,866,890) (1,813,087) 3.1% (5,015,993) (5,489,361) 9.4%
Taxes and discounts on product sales (98,717) (105,306) (63,243) (124,399) (391,665) (103,860) (134,433) (131,533) 108.0% (267,266) (369,826) 38.4%
Total Net Revenues 4,119,853 4,162,566 4,241,589 4,457,321 16,981,329 4,190,826 4,262,741 4,337,063 2.3% 12,524,007 12,790,630 2.1%
Net Revenues Services 3,986,320 3,967,939 4,030,609 4,221,369 16,206,238 4,024,417 4,063,385 4,151,912 3.0% 11,984,869 12,239,714 2.1%
Mobile Service 3,780,967 3,761,419 3,812,945 3,998,639 15,353,970 3,795,195 3,833,492 3,918,446 2.8% 11,355,331 11,547,133 1.7%
Client generated 3,426,292 3,460,434 3,507,877 3,648,921 14,043,524 3,506,024 3,503,994 3,575,665 1.9% 10,394,603 10,585,684 1.8%
Interconnection 197,689 162,443 163,455 188,607 712,194 138,551 105,002 122,244 -25.2% 523,587 365,798 -30.1%
Other Revenues 156,985 138,542 141,613 161,111 598,252 150,620 224,495 220,537 55.7% 437,140 595,651 36.3%
Fixed Service 205,354 206,520 217,664 222,730 852,268 229,222 229,893 233,466 7.3% 629,538 692,581 10.0%
of which TIM Live 82,904 87,858 96,319 108,610 375,691 111,848 114,750 126,694 31.5% 267,081 353,292 32.3%
Net Revenues Products 133,532 194,627 210,979 235,952 775,091 166,409 199,357 185,150 -12.2% 539,139 550,916 2.2%
Operating Expenses (Normalized) (2,698,372) (2,640,655) (2,634,048) (2,637,252) (10,610,327) (2,694,080) (2,646,403) (2,619,421) -0.6% (7,973,076) (7,959,904) -0.2%
Personnel expenses (239,929) (234,288) (261,178) (258,778) (994,172) (249,027) (254,237) (247,090) -5.4% (735,395) (750,354) 2.0%
Selling & marketing expenses (898,616) (906,455) (917,595) (903,252) (3,625,918) (906,097) (856,046) (838,858) -8.6% (2,722,666) (2,601,001) -4.5%
Network & interconnection (1,011,029) (901,293) (862,107) (886,609) (3,661,037) (920,706) (874,538) (855,813) -0.7% (2,774,428) (2,651,057) -4.4%
General & administrative (144,222) (134,188) (146,159) (154,310) (578,878) (146,084) (148,869) (160,594) 9.9% (424,569) (455,547) 7.3%
Cost Of Goods Sold (180,306) (221,431) (214,661) (267,514) (883,912) (198,633) (240,429) (221,242) 3.1% (616,398) (660,303) 7.1%
Bad Debt (115,715) (130,503) (149,293) (149,370) (544,881) (172,610) (188,234) (200,611) 34.4% (395,511) (561,455) 42.0%
Other operational revenues (expenses) (108,556) (112,498) (83,056) (17,419) (321,528) (100,924) (84,050) (95,214) 14.6% (304,109) (280,187) -7.9%
EBITDA (Normalized) 1,421,480 1,521,912 1,607,540 1,820,070 6,371,002 1,496,746 1,616,339 1,717,642 6.8% 4,550,932 4,830,726 6.1%
EBITDA Margin (Normalized) 34.5% 36.6% 37.9% 40.8% 37.5% 35.7% 37.9% 39.6% 1.7 p.p. 36.3% 37.8% 1.4 p.p.
Depreciation & Amortization (901,472) (1,004,025) (1,031,003) (1,017,821) (3,954,321) (1,037,082) (975,099) (1,059,839) 2.8% (2,936,500) (3,072,020) 4.6%
Depreciation (519,052) (562,646) (571,288) (597,240) (2,250,226) (565,972) (557,469) (577,723) 1.1% (1,652,986) (1,701,164) 2.9%
Amortization (382,420) (441,380) (459,715) (420,581) (1,704,095) (471,110) (417,630) (482,116) 4.9% (1,283,514) (1,370,856) 6.8%
EBIT (Normalized) 520,008 517,886 576,537 802,249 2,416,681 459,664 641,240 657,803 14.1% 1,614,432 1,758,706 8.9%
EBIT Margin (Normalized) 12.6% 12.4% 13.6% 18.0% 14.2% 11.0% 15.0% 15.2% 1.6 p.p. 12.9% 13.7% 0.9 p.p.
Net Financial Results (Normalized) (170,260) (181,457) (127,672) (124,119) (603,507) (121,221) (120,232) (180,731) 41.6% (479,389) (422,184) -11.9%
Financial expenses (243,443) (242,181) (187,936) (150,180) (823,740) (175,550) (164,882) (263,534) 40.2% (673,560) (603,967) -10.3%
Net exchange variance (237) 3,031 (659) (763) 1,373 526 (3,092) 2,476 n.a. 2,136 (90) n.a.
Financial income 73,420 57,693 60,923 26,824 218,860 53,803 47,743 80,327 31.9% 192,035 181,873 -5.3%
Income Before Taxes (Normalized) 349,749 336,429 448,866 678,131 1,813,174 338,443 521,008 477,071 6.3% 1,135,043 1,336,523 17.8%
Income Tax and Social Contribution (Normalized) (104,399) (828) (65,561) (90,878) (261,666) (87,081) (98,285) 141,582 n.a. (170,788) (43,784) -74.4%
Net Income (Normalized) 245,350 335,600 383,305 587,253 1,551,508 251,362 422,723 618,653 61.4% 964,255 1,292,739 34.1%
Reported Figures 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19 3Q19
3Q19 vs. 3Q18
(%YoY)
YTD 2018 YTD 2019
2019 vs. 2018
(%YoY)
Operating Expenses (2,698,592) (2,641,718) (2,634,048) (2,635,128) (10,609,486) (2,695,552) (1,151,912) (2,582,339) -2.0% (7,974,358) (6,429,803) -19.4%
EBITDA 1,421,261 1,520,848 1,607,540 1,822,194 6,371,843 1,495,274 3,110,830 1,754,724 9.2% 4,549,649 6,360,827 39.8%
EBIT 519,789 516,823 576,537 804,373 2,417,522 458,192 2,135,731 694,884 20.5% 1,613,149 3,288,807 103.9%
Net Financial Results (170,260) (181,457) (127,672) (57,944) (537,333) (121,221) 930,512 (114,353) n.a. (479,389) 694,938 -245.0%
Income Tax and Social Contribution (104,399) (828) 884,384 (114,246) 664,911 (117,367) (963,668) 106,406 n.a. 779,157 (974,629) n.a.
Net Income 245,130 334,537 1,333,250 632,183 2,545,101 219,605 2,102,575 686,937 -48.5% 1,912,918 3,009,116 57.3%
Historical Data: P&L (ex-IFRS 16 effects)
Institutional Presentation | 3Q19

45.
45TIM Participações – Investor Relations
R$ Million
Description 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19 3Q19
3Q19 vs. 3Q18
(%YoY)
YTD 2018 YTD 2019
2019 vs. 2018
(%YoY)
Initial Net Financial Position 2,697 2,819 3,231 2,776 2,697 1,465 2,231 2,590 -19.8% 2,697 1,465 -45.7%
EBITDA Normalized 1,421 1,522 1,608 1,820 6,371 1,497 1,616 1,718 6.8% 4,551 4,831 6.1%
Capex (613) (981) (866) (1,371) (3,831) (650) (945) (924) 6.7% (2,460) (2,519) 2.4%
EBITDA Normalized - Capex 808 541 742 449 2,540 847 671 794 7.0% 2,091 2,312 10.6%
D Working Capital (501) (535) 167 1,272 403 (1,486) (3,426) 194 16.2% (869) (4,718) 442.9%
Non recurring operating items (0) (1) - 2 1 (1) 1,494 37 n.a. (1) 1,530 n.a.
Operating Free Cash Flow Ex-licenses 307 5 908 1,723 2,944 (641) (1,260) 1,025 12.8% 1,221 (876) n.a.
Clean UP 700MHZ (143) - - - (143) - - - n.a. (143) - n.a.
Operating Free Cash Flow Reported 164 5 908 1,723 2,801 (641) (1,260) 1,025 12.8% 1,078 (876) n.a.
Financial investments - - - - - - - - n.a. - - n.a.
Asset disposal - 1 - 1 2 - 1 0 n.a. 1 1 24.5%
Net impact of financial interests (215) (222) (162) (90) (689) (145) 919 (117) -27.8% (599) 657 n.a.
Taxes Payments (73) (85) (5) (50) (213) (45) (37) (99) 1880.0% (163) (181) 11.0%
Others impacts (1) (15) (27) (42) (86) 407 18 (90) 227.9% (44) 335 n.a.
Net Cash Flow before dividends and change in equity (125) (316) 714 1,542 1,815 (424) (359) 719 0.7% 273 (64) n.a.
Dividends - (101) (259) (228) (588) (343) - (63) -75.7% (360) (406) 12.8%
Change in Equity 3 5 - (3) 5 1 - 1 n.a. 8 2 -75.0%
Net Cash Flow (122) (412) 455 1,311 1,232 (766) (359) 657 44.4% (79) (468) 492.4%
Final Net Financial Position 2,819 3,231 2,776 1,465 1,465 2,231 2,590 1,933 -30.4% 2,776 1,933 -30.4%
Historical Data: Cash-Flow (ex-IFRS 16 effects)
Institutional Presentation | 3Q19

46.
46TIM Participações – Investor Relations
Description 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19 3Q19
3Q19 vs. 3Q18
(%YoY)
YTD 2018 YTD 2019
2019 vs. 2018
(%YoY)
Mobile ARPU (R$) 21.7 21.9 22.6 23.7 22.5 22.8 23.2 23.9 5.6% 22.0 23.3 5.6%
Prepaid 11.4 11.2 11.6 12.0 11.5 11.6 11.6 12.0 4.0% 11.4 11.7 2.9%
Postpaid 40.0 39.7 39.7 39.9 39.8 38.2 37.1 37.5 -5.6% 39.8 37.6 -5.5%
Postpaid (ex-M2M) 43.9 43.7 43.7 44.2 43.9 42.6 42.8 44.1 0.9% 43.7 43.2 -1.3%
SAC/Gross Adds (R$) 56.6 57.1 51.4 52.9 54.5 62.9 51.1 50.1 -2.6% 55.0 54.5 -1.0%
TIM Live ARPU (R$) 71.1 72.3 75.3 80.2 74.9 79.6 78.0 81.8 8.6% 73.0 79.8 9.4%
CAPEX (R$ Mln) 613 981 866 1,371 3,831 650 945 924 6.7% 2,460 2,519 2.4%
CAPEX ex-licenses (R$Mln) 613 981 866 1,371 3,831 650 945 924 6.7% 2,460 2,519 2.4%
Historical Data: Financial Indicators (ex-IFRS 16 effects)
Institutional Presentation | 3Q19

47.
47TIM Participações – Investor Relations
Description 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19 3Q19
3Q19 vs. 3Q18
(%YoY)
YTD 2018 YTD 2019
2019 vs. 2018
(%YoY)
Brazilian Wireless Subscriber Base (million)* 235.8 235.1 234.3 229.2 229.2 228.9 228.4 228.2 -2.6% 234.3 228.2 -2.6%
Estimated Total Penetration* 112.98% 112.68% 111.84% 109.90% 109.90% 108.89% 108.47% 109,50% -2.3 p.p. 111.84% 109,50% -2.3 p.p.
Mobile Customer Base ('000) 57,894 56,554 56,241 55,923 55,923 55,083 54,972 54,527 -3.0% 56,241 54,527 -3.0%
Prepaid 39,426 37,477 36,604 35,694 35,694 34,504 33,644 33,281 -9.1% 36,604 33,281 -9.1%
Postpaid 18,468 19,077 19,637 20,229 20,229 20,579 21,327 21,246 8.2% 19,637 21,246 8.2%
Postpaid ex-M2M 16,711 17,238 17,668 18,054 18,054 18,210 18,062 17,773 0.6% 17,668 17,773 0.6%
M2M 1,757 1,842 1,969 2,175 2,175 2,368 3,265 3,474 76.4% 1,969 3,474 76.4%
4G Users ('000) 29,546 31,313 33,112 34,488 34,488 35,580 36,333 37,247 12.5% 33,112 37,247 12.5%
Market Share* 24.55% 24.06% 24.01% 24.40% 24.40% 24.07% 24.07% 23.96% -0.1 p.p. 24.01% 23.96% -0.1 p.p.
Prepaid 27.16% 26.40% 26.45% 27.54% 27.54% 27.25% 27.16% 27.36% 0.9 p.p. 26.45% 27.36% 0.9 p.p.
Postpaid 20.38% 20.49% 20.48% 20.31% 20.31% 20.13% 20.40% 20.02% -0.5 p.p. 20.48% 20.02% -0.5 p.p.
Gross Additions (000's) 6,140 5,885 6,069 6,083 24,177 5,626 6,213 5,934 -2.2% 18,094 17,773 -1.8%
Net Additions (000's) -740 -1,340 -312 -319 -2,712 -840 -111 -444 42.3% -2,393 -1,395 -41.7%
Monthly Churn (%) 3.9% 4.2% 3.8% 3.8% 3.9% 3.9% 3.8% 3.9% 0.1 p.p. 4.0% 3.9% -0.1 p.p.
Fixed Telephopny Customer Base ('000) 739 785 840 897 897 946 1,006 1,051 25.0% 840 1,051 25.0%
TIM Live Customer Base ('000) 411 423 449 467 467 486 507 537 19.5% 449 537 19.5%
FTTH Customer Base ('000) 3 13 28 48 48 71 98 132 379.5% 28 132 379.5%
FTTC Customer Base ('000) 408 410 421 419 419 414 408 404 -4.0% 421 404 -4.0%
Handsets sold ('000) 265 275 256 284 1,081 246 244 234 -8.6% 796 724 -9.0%
Smartphone Penetration (%) 82.1% 83.9% 83.0% 85.0% 85.0% 85.7% 86.8% 86.2% 3.2 p.p. 83.0% 86.2% 3.2 p.p.
BOU 1,787 2,066 2,297 2,585 2,184 2,660 2,808 3,154 37.3% 2,057 2,875 39.8%
Total MOU 115 122 129 127 123 124 124 125 -2.9% 119 124 4.2%
Employees 9,681 9,621 9,537 9,661 9,661 9,411 9,414 9,540 0.0% 9,519 9,661 1.5%
*Base of August/19
Historical Data: Operational Indicators
Institutional Presentation | 3Q19

48.
48TIM Participações – Investor Relations
Brazilian Telcos: Financial X-Ray 3Q19
Institutional Presentation | 3Q19
TIM, Vivo and Oi: IFRS 9 and 15
AMX: IFRS 16 (2019) and IFRS 9 and 15 (2018)
To be releaased

49.
49TIM Participações – Investor Relations
Brazilian Telcos: Operational X-Ray
Institutional Presentation | 3Q19
Source: Anatel.

50.
50TIM Participações – Investor Relations
TIM has different opportunities in terms of regionality
Institutional Presentation | 3Q19
Source: Anatel.
2nd
Leader
3rd
4th
TIM’s Position
YoY p.p.
NE
32.8%
30.1%
26.1%
11.0%
+0.2 p.p.
BA/SE
34.6%
24.7%
21.5%
19.1%
RJ/ES
35.9%
28.2%
15.9%
13.8%
SP Capital
39.6%
25.2%
19.1%
10.0%
SP Interior
33.6%
32.1%
22.7%
8.6%
MG
41.4%
21.6%
20.2%
11.5%
RS
46.8%
31.6%
13.0%
8.3%
PR/SC
52.2%
19.9%
17.2%
10.1%
CO
38.1%
34.3%
15.4%
11.7%
NO
36.5%
23.7%
20.7%
19.1%
BRASIL Pen: 109.5%
32.3%
24.8%
24.0%
16.4%
-0.9 p.p.
+1.2 p.p.
(Market Share | Aug-19)
-1.7 p.p.
-0.1 p.p.
-1.2 p.p.
-0.2 p.p.
-1.9 p.p.
+3.1 p.p.
-0.1 p.p.

51.
51TIM Participações – Investor Relations
Recoverable Tax over PIS/COFINS: R$ 3.4 bln from three lawsuits
Institutional Presentation | 3Q19(1) Monetary correction recognition will increase until the compensation of the tax credits.
(2) In 2018, Company paid ~R$880mn of PIS/Cofins.
In 2017 Brazilian Supreme Court stated that ICMS (State Tax) can not be included in the calculation basis of PIS
and COFINS (Federal Tax). PIS/COFINS are levied on revenues and the Supreme Court stated that ICMS can not
be considered a revenue. Any tax credit generated by this decision when booked incurs in payment of income
tax (IR/CSLL).
Gross Tax credits of:
R$ 3,377 mln1
To be used in ~3/4 years2APR/2017
Leading Case: Favorable
decision
Booked after final
court decision: TIM
NE
4Q18 2Q19
R$ 353mn R$ 2.876 mn
Final court decision.
To be booked: TIM
S.A
R$ 148mn
Booked after final
court decision: TIM
CEL
3Q19

52.
For further information
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
ri.tim.com.br
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