TIM - Meeting with Investors of June 2016

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Meeting with Investors

Investor Relations 1


Investor Relations

TIM Brasil Company’s Presentation June, 2016

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Investor Relations

Visit our website and download our IR

app: www.tim.com.br/ir

TIM IR app

(English) TIM RI app

(Portuguese)

Agenda

About us…………………………………………………………….………………...

Market Overview and TIM Positioning………………………..……….

1Q16 Results…………………………………………………………………………

Industrial Plan 2016-18………………………………………………………

Regulatory Update……………………………………………………………….

Appendix………………………………………………………………………………

4

7

13

27

30

38

http://www.tim.com.br/ir

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Investor Relations

About Us

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5%

27% 31%

44% 49% 51%

2010 2011 2012 2013 2014 2015

4.2 4.7 5.1 5.2 5.5 5.4

2010 2011 2012 2013 2014 2015

14.5 17.1

18.8 19.9 19.5 17.1

2010 2011 2012 2013 2014 2015

Presence in Brazil since 1998

18th largest Private Company in Brazil*

Approximately R$18 billion of Market Capitalization

Gross Revenues (R$ bln)

Data Penetration (over customer base)

EBITDA (R$ bln)

CAGR+3%

*Source: Exame Magazine - 2015

CAGR+5%

TIM: A Solid Path

2nd in Market & Revenue Share

66.2 million customers (26% Share)

More than 458,000 points of sales

15 Customer Care Centers (16k attendants)

Urban population covered: 82% in 3G and 60% in 4G

~15,000 Antennas

3,448 cities covered

~70,000 km of optical fiber network

2nd in Market & Revenue Share

23,000 indirect jobs

~R$4.7 billion invested in FY2015 (ex-licenses)

Growth via M&A

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Joined UN Global Compact in 2008

Member of ISE (Sustainability Index)

for 8 consecutive years

Member of ICO2 (Efficient Carbon

Index) for 6 consecutive years

ISO 14001 certified since 2010, 1st

Brazilian telco Sustainability

TIM Stands out in Sustainability

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.

In public schools

185,000 children and 6,300 professors

In museums and science and technology centers

More than 70,000 people

R$2.5 million in funding

In public administration

Participatory Urban Caretaker

o 4 municipalities

Cultural maps

o 7 municipalities and RS & CE government

In the federal institutions of professional and technological education

TIM Tec

o MOOC platform

Partnership with 5 federal institutes

Commitment with the 2014-16 Social Investment Plan: R$45 million

Corporate Social Responsibility

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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: www.tim.com.br/canal-

denuncia

Brazilian Law “Lei das S.A”

Legal Requirements

Demand for transparency

and disclosures

Highest level of Corporate

Governance Requirement of protection for

minority shareholders

Unique Telco company listed on the Novo Mercado

Committees to Reinforce and Guarantee Solid Corporate Governance

10 members (3 independents)

3 members (1 independent)


3 members


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 30%)

Strict disclosure policy

Corporate Governance

http://www.tim.com.br/canal-denuncia



7 Meeting with Investors

Investor Relations

Market Overview and TIM Positioning

8

The industry mobile revenue represented 52% of the total industry revenues in 1Q16

Mobile Fixed Fixed BB Pay-TV Group

Customers 1Q16 (000´s) 67,269 609 276 n.a. 68,154

Market share 1Q16 26.1% 1.4% 1.1% n.a. ---

Net Adds 12M (000´s) -8,480 54 105 n.a. -8,321

Net Revs 1Q16 (R$ Mln) 3,771 181 3,952

ARPU 1Q16 (R$) 17.2 n.a. n.a. n.a. ---


Customers 1Q16 (000´s) 73,271 14,857 7,396 1,780 97,304

Market share 1Q16 28.4% 34.4% 28.7% 9.4% ---

Net Adds 12M (000´s) -8,609 -351 258 50 -8,652

Net Revs 1Q16 (R$ Mln) 6,213 4,218 10,431

ARPU 1Q16 (R$) 26,9 n.a. n.a. n.a. ---


Customers 1Q16 (000´s) 65,289 11,429 8,198 9,850 94,766

Market share 1Q16 25.3% 26.5% 31.8% 52.0% ---

Net Adds 12M (000´s) -6,653 -304 467 -417 -6,907

Net Revs 1Q16 (R$ Mln) 3,006 5,948 8,954

ARPU 1Q16 (R$) 14.0 n.a. n.a. n.a. ---


Customers 1Q16 (000´s) 47,749 14,856 6,363 1,181 70,149

Market share 1Q16 18.5% 34.4% 24.7% 6.2% ---

Net Adds 12M (000´s) -2,640 -1,257 -126 -52 -4,075

Net Revs 1Q16 (R$ Mln) 2,032 4,507 6,539

ARPU 1Q16 (R$) 16.7 n.a. n.a. n.a. ---

TIM represents 23.1% of the industry mobile revenue1

1 - Mobile revenue considers only the 5 major players. Oi numbers are adjusted to include corporate mobile

Source: Anatel and players’ financial statements

Mobile Revenues Share

Nextel Oi Claro TIM Vivo

Brazilian Telcos X-Ray

30.5% 31.7% 33.2% 36.7% 38.0%

25.6% 26.6% 26.5% 24.1% 23.1%

17.5% 17.7% 17.5% 17.9% 18.4%

18.3% 17.4% 16.6% 15.5% 15.0%

8.1% 6.6% 6.1% 5.8% 5.4%

2012 2013 2014 2015 1Q16

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26.6%

47.9%

18.2%

4.9%

2.3% 4.8

10.0

98.2

54.6

37.3

Population by Social Class & Income Profile

A

B1

C

D/E

B2

Note: New criteria from Abep adopted after 2014 Source: IPC Maps 2015; Exchange Rate: 4.00 BRL/USD

Total of Individuals (E)

(MM)

Household Distribution by

Social Class

R$15,000 (US$3,750)

R$3,536 (US$844)

R$1,064 (US$266)

R$7,996 (US$1,999)

Unique Users Penetration by Social Class

83% 85%

67%

78%

54%

72%

41%

65%

31%

56%

2009 2011 2013 2015

AB

C1

C2

D/E

Pop >10yrs

48% 58% 65% 68% Brazil

Size (Mln)

Total (Mln)

174.5 205.2

40.8 52.2

34.3 47.4

33.4 50.9

30.9 54.6

Average Brazilian Household Income: R$2,794 (US$699)

Household Penetration per Income

Note: MW = minimum wage Source: Teleco (PNAD 2014 - IBGE)

90.4% 98.8% 99.6%

32.9%

76.0% 85.7%

Up to 10 MW 10 to 20 MW More than 20 MW

Mobile

Fixed

Brazilian Mobile Market is Reaching Maturity

Household Income Threshold (E)

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98

210

07 08 09 10 11 12 13 14 15e 16e 17e 18e

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 15e 16e 17e 18e 19e

64

602

14 15e 16e 17e 18e 19e

Community Era MTR

Stabilization Market

conditions require a new

STRATEGY

Multiple SIM cycle

Prepaid segment to follow SIM

card cycle

Data traffic booming

Data overcoming voice

revenues by 2016

Expansion Consolidation

07 08 09 10 11 12 13 14 15 16e 17e 18e 11 12 13 14 15e 16e 17e

Brazil Mobile Traffic (PB)

Mln customers

82 min

07 08 09 10 11 12 13 14 15e 16e

Voice slowdown

Avg Market MOU(min)

Source: Internal estimates and BofA ML Global Matrix

< 117 min

Data Era

R$

Reality Check: Transition Phase

Transition

Industry Evolution Path

https://www.google.com.br/url?url=https://logodownload.org/whatsapp-logo/&rct=j&frm=1&q=&esrc=s&sa=U&ei=RmuIVcKsKpD9sATun5WwDA&ved=0CBYQ9QEwAA&usg=AFQjCNGysfTGR2e0nWfVTUbt5Qcj_qA1_w

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o Volume Driven (market share)

o Base of Pyramid

o Offer Based on Community

o Handset leadership (focus on volume)

o Mass Channels

o Mobile + B2C

o Value Driven (value share)

o Big Middle of Pyramid + Value Clients

o Bundle of Voice + Data + Off-net

o Handset Support (focus on value)

o Value Channels

o Mobile + B2C + B2B + selective convergence

15 16 17 18 19

OLD go2market

NEW go2market

Commercial Strategy Evolution

Recurring billing

Protection of data value

Customer spending

concentration

Voice + data bundles

On-net + off-net voice

NEW PORTFOLIO

MODEL


Investor Relations

1Q16 Results

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Tough 1Q16 still reflects challenging macro scenario, but points to a beginning of turnaround in operational metrics

Operational

Results

1Q16

Net Postpaid Portability (# of lines)

Customer Base per Technology (% of users over total base)

1 Normalization is related to transformation costs/expenses in HR and G&A

Service Net Revenues

(YoY%) (R$ million)

Normalized¹ EBITDA

MOU – Minutes of Use (Minutes per user per month)

1Q15 2Q15 3Q15 4Q15 1Q16

MTR Impact

-R$142 mln

Industry Reshaping

- Traditional revenues: -20% YoY

- Innovative revenues +26% YoY

- Prepaid base reduction

LTM effect of 2015 inflation

GDP decline

Lower consumer confidence

• Restructuring’s costs

• Short term impact of new offer

• Tax impacts

-4% -5%

-7%

-8% -8%

1Q15 2Q15 3Q15 4Q15 1Q16

Trend stopped

1,344 1,287 1,296 1,475

1,162

1Q15 2Q15 3Q15 4Q15 1Q16

-13.5%

BOU – Bytes of Use (MB per data user per month)

120 119

1Q15 1Q16

340

502

1Q15 1Q16

+48% stable

31%

55%

14%

1Q15 2Q15 3Q15 4Q15 1Q16

2G & Other 3G 4G


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Fast reaction in multiple fronts, positioned for recovery path

Keep investment focus

+394 new cities with 4G vs. 1Q15

4G leadership position

Increasing customer base value

Off-net to all plans & focus on

mobile bundle

Defending results from tax impact

Actions to offset

ICMS increase

Workforce Restructuring program

Adapting to market reality

Company repositioning

New brand launch: quality,

innovation, customer experience

~10% of customer base in the new

portfolio

Price repositioning to

compensate tax

Rightsizing workforce

On track with Efficiency Plan

> R$ 1 bln in efficiency (2015-17)

~40% of program achieved in 1Q16

New phase launched in 2Q16

Infrastructure Offer Portfolio Efficiency Actions Positioning


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63

439

1,414 1,860

1Q15 1Q16

Infrastructure deployment towards data continues unabated

Coverage

Capacity

Quality

82% of urban

population with 3G

and 60% with 4G

#1 in 4G coverage

89% of total sites

within our own

infrastructure

Continuously

improving network

quality

Sites

Connected

with Fiber

Cities Sites (000)

194 Cities with MBB Project

94%

97%

95%

Feb-15 May-15 Aug-15 Nov-15 Feb-16

90% 97%

80%

Feb-15 May-15 Aug-15 Nov-15 Feb-16

Mobile

Broadband

Instant

Speed1

Mobile

Broadband

Average

Speed2

1 SMP10: Measures connection speed at any given time

above Anatel’s target. Minimum required of 95% of

measurements above target.

2 SMP11: Average connection speed registered within

the month. Required to provide at least 80% of the

contracted speed.

Anatel’s target

+32%

~3,800 ~4,800

1Q15 1Q16

+26%

10.7

12.5

1Q15 1Q16

4G

3G +17%

4G

3G

7x 4.0

8.0 2x


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28% market share

Data reaccelerating, driven by 4G

Fast growing on 4G

Changing

revenue profile

Data penetration increase Traffic acceleration

(BOU: bytes of use per data customers) (million users)

4G penetration

3G penetration

Innovative Revenues

(R$ bln; YoY growth) (R$; YoY growth)

Source: Anatel

340

502

1Q15 2Q15 3Q15 4Q15 1Q16

26% 48% YoY Growth

(3G & 4G user over customer base)

Source: Anatel

Data ARPU

1.0

1.3

1Q15 1Q16

5.7

7.4

1Q15 1Q16

68% +13pp YoY

Smartphone

penetration

+29% +26%

3.0

9.2

1Q15 2Q15 3Q15 4Q15 1Q16

~55%

~14%

1Q15 1Q16


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Base New OfferBase New Offer

New portfolio presenting positive results

Mobile number portability update

Improving Quality of Revenues…

ARPU improvement

in all segments 10% of total

base in the new offer

% of new offers over gross adds

Prepaid ARPU Postpaid ARPU

(postpaid users)

(R$) (R$)

17%

20%

1Q15 1Q16

Postpaid mix

63%

65%

nov/dec-15 1Q16

(postpaid and control users)


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POSTPAID PREPAID

Portfolio evolution: a better experience leading to higher ARPU

TIM PRÉ 150 R$7/week recurring

150MB + 100min off-net + SMS

TIM PRÉ 500 R$10/week recurring

500MB + 100min off + Deezer

TIM PRÉ Classic R$8/week

recurring 250MB + unlimited

on-net + SMS

TIM PRÉ 1GB R$35/month

recurring 1GB + 400 min off-

net + SMS

CONTROLE

TIM CONTROLE R$50/month

1.5GB + 500min off-net + WhatsApp

TIM PÓS R$139/month

5GB + 1,000min off-net + WhatsApp

Recurrence as base of all

propositions

VALUE BASE

Offer segmentation to

improve convenience

Better customer experience

for higher ARPU

New Portfolio Evolution

TIM PRÉ 300 R$10/week recurring 300MB + 100min off-

net + SMS

TIM PRÉ 150 R$7/week

recurring 150MB + 100min off-

net + SMS

TIM CONTROLE R$50/month

1GB + 500min off-net + WhatsApp

TIM PÓS R$99/month

2GB + 1,000min off-net + WhatsApp

New Portfolio

at launch

Upselling to improve

profitability

Stay always connected daily prepaid users can keep using data after

package ends (30Kbps)

Hire again your daily package

Increase your daily package

Keep navigating with reduced speed

NEW! Stay always connected


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1Q15 1Q16

1Q15 1Q16

Revenue transformation continues

Business Generated Revs Mix Data Revenues Mix Data Growth Reacceleration

MTR Cut - Last year of material impact

Total Net Revenues (R$ bln; % YoY)

4.55

3.85 +26.3 % -20.3%

-34.8% +14.3% -61.2%

1Q15 InnovativeServices

TraditionalServices

Incoming FixedBusiness

Handsets 1Q16

21% 21%

17%

9%

14%

1Q15 2Q15 3Q15 4Q15 1Q16

(% YoY)

SMS

Innovative Services

+26 %

-37 %

Mobile Net Service Revenues (R$ bln; % YoY)

-5.4% ex-MTR

Revenue Exposure

39% 47%

61%

53%

1Q15 2Q15 3Q15 4Q15 1Q16

Data

MTR Impact

Voice

3.79

3.58

3.44

(% of business generated net revenues)

-9.2%

(VAS net revenues mix; % YoY)

~7% ~10%


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26.2% 20.1%

1.6%

-2.8% -9.0%

-22.1%

-61.3%

7.1%

-4.3% Personnel

Efficiency plan on track and to be further accelerated

Normalized1 Opex Performance Ex-COGS (R$ mln)

2,550

2,438

41

1Q15 Growth Inflation ITX Efficiency Plan 1Q16

Efficiency Plan Status (2015-2017)

Jan/15 Dec/17

> R$1 bln

Mar/16

~ 40%

Recurring

% YoY

-4.4%

Reported %YoY


-2.8%

Transformation Impact

Normalized for HR additional

costs (R$33 mln)

Opex in

details (% YoY)

Selling & Marketing ITX & Network

G&A

COGS

Bad Debt

Commissions –9.6% Fistel (Condecine

and Net Adds) +8%

Leased Lines -16% Mobile ITX -21%

Power & Rental: +27%

Normalized for Headquarters

relocation costs (R$8 mln)

Products Margin +63%

Bad debt / Gross Revenues 1.2%

Normalized1

-

> R$90 mln Annual

Run rate savings ~R$7 mln

Leased Lines and other net. exp. > R$200 mln

+

Others Costs


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Process Improvement

Digging deeper into cost reduction – Efficiency Program 2.0

Optimization / Control

Strategic Sourcing

Organization/ Rightsizing

and Efficiency

Process Improvement

Business Model

Changes

> R$1 bln in savings

Jan/15 Dec/17

Business Model

Changes

• 3 years program

• Between R$ 300-350 mln per year

Mar/16

Corporate Efficiency Plan

Additional Efficiency & Cost Restructuring

• Enhancement of corporate efficiency program;

• Additional efforts in Sales & Marketing (commissioning

model and advertising);

• Full cash cost approach;

+ Sales & MKT

New Approach

Optimization / Control

+

Strategic Sourcing

+

Organization/ Rightsizing

and Efficiency

+

~ 40%


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1.34

1.12 1.16

-8% -1% +63%

+41 mln

1Q15 ∆ Other OPEX

ProductsMargin

1Q16 Reported TransformationCosts / Expenses

1Q16 Normalized

1Q15 1Q16

317

128

1Q15 1Q16

Defending margin despite tough environment

Net Debt Net Profit

MTR Cut - Last year of material impact EBITDA Evolution (R$ bln; % YoY)

EBITDA Margin

29.1% 29.5%

Normalized1 EBITDA (R$ bln; % YoY)

Normalized¹ EBITDA Exposure

-9.1% ex-MTR

-60%

7.9

3.5

4.4

Debt Cash Net Debt

(R$ bln)

Net Debt / 12M EBITDA: 0.54x

MTR Impact

1.34 1.16

1.22


(R$ mln)

Voice & Data Contribution Margin

Impact of off-net offers, investment

for repositioning & future growth

-13.5%

30.2%

-16.6%

-13.5%

1

~14% ~8%


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R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000

Conclusion & Outlook

Less impact from

MTR

-8.7% -9.2%

4Q15 1Q16 2Q16 3Q16 4Q16

-5.3%

-13.5%

4Q15 1Q16 2Q16 3Q16 4Q16

Mobile Service Net Revenues (%YoY)

Normalized¹ EBITDA (%YoY)


Headwinds should gradually reduce…

Traditional business

stabilization

Data services

resuming growth

Better customer

base mix

Continuous cost

efficiency program

intensified

Keeping focus on

Infrastructure

24

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R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

4,328 4,934

6,669

7,860

1Q13 1Q14 1Q15 1Q16

7.52%

9.04%

10.88%

12.49%

7.00%

10.40%

12.24%

14.37%

1Q13 1Q14 1Q15 1Q16

Net financial position details - Cash & Debt Evolution

Short term debt

Better Profile: Less Short Term Debt

Debt by Lender in 1Q16 (% of gross debt; post hedge)

Debt Position (R$ mln; % of total debt in short term)

Cash Position (R$ mln)

Comfortable liquidity margin 18% 22% 20% 18%

Higher cash yield and debt cost due to CDI increase in the period Bigger gap between cash yield and debt cost due to smaller cost of

new loans

Cash Yield vs. Debt Cost (% per year)

Net Financial Position (R$ mln)

Δ: 188 bps

Cash yield

Debt cost

Net debt/

EBITDA 12M 0.56x -0.25x -0.31x 0.54x

¹ Leasing from Towers Sale + LT Amazonas

2,773

3,619 3,550

4,384

1Q13 1Q14 1Q15 1Q16

1,555 1,315

3,119 3,476

1Q13 1Q14 1Q15 1Q16

BNDES 58%

Leasing¹ 18%

BEI 10%

Others 15%

25

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

1,162 -710

-2,174

-41 +136

-1,625

+193 -0.03 -147

-652

-2,232

EBITDA Capex Working Capital Inc. tax&soc.contr. paid

Other Cash flow Cash fromassets

Dividends Interest Other Decrease incash

420

452

1Q15 1Q16

-1,771 -1,626

1Q15 1Q16

Cash Flow Improvements

Normalized OFCF In 1Q16 (R$ mln; YoY)

EBITDA - Capex (R$ mln; YoY)

OFCF evolution (R$ mln; YoY)

-182 mln

YoY -214 mln

-97 mln

-5 mln

+11 mln

+145 mln

+73 mln

-28 mln

+44 mln

-724 mln

-549 mln



Investor Relations

Regulatory Update

27

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Investor Relations

Spectrum – caps and distribution

Band 850 MHz 900 MHz 1.800 MHz 2.100 MHz 2.500 MHz 700 MHz

Regulated Spectrum Cap (FDD Applications)

(12.5+12.5) MHz

(2.5+2.5) MHz

(25+25) MHz

(15+15) MHz

(30+30) MHz

(20+20) MHz

Global Cap of 80 MHz < Σ of Sub-Caps Specific Caps

4G Spectrum

3G Spectrum

36

11

20

40

40

20

20

20

20

TIM

VIVO

CLARO

OI

NEXTEL

29

24

24

24

20

4

5

5

5

23

18

9

VIVO

CLARO

TIM

OI

NEXTEL

21

18

11

5

3

4

5

26

26

29

35

24

29

25

22

20

40

40

20

20

20

20

0 20 40 60 80 100 120 140

Oi

Vivo

Claro

TIM

Brazil 25

1 Disregarding P Band (2.550 to 2.510 MHz / 2.620 to 2.630 MHz).

1,800 MHz 900 MHz 850 MHz 2,500 MHz ¹ 2,100 MHz 700 MHz

28

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R 197 G 189 B 193

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R 000 G 000 B 000




Investor Relations

Main regulatory topics for 2016

2Q16

May June

New regulatory model (1/3) • MiniCom Public

consultation.closed on Jan. 15th.

Net Neutrality • Minister of Justice

launched Public Consultation with the Decree proposal (pubished on May)..

Digital TV • New Analog TV

Switch Off Schedule Approval

• Approval of EAD’s 2nd Payment 1-year postponement to 31/1/2017.

Auction • Resuming Auction of

remaining 1.800, 1.900 and 2.500 MHz spectrum, with local blocks.

Digital TV • Feb 29th - Rio

Verde’s TV Analog Switch Off

Condecine • The Justice granted

preliminary suspension Condecine tax for companies affiliated SinditeleBrasil

April

1Q16

February March January

Auction • Expected Terms

signature of the Auction of remaining 1.800, 1.900 and 2.500 MHz spectrum, with local blocks.

New regulatory model (3/3) • Expected final

ANATEL decision on fixed concession conditions to 2016-2020 review.

Pay TV • New Regulation of

SeAC (Pay TV) under Public Consultation until June.

Condecine • The Supreme Court

determines the obligatory payment of Condecine and suspends the preliminary decision.

Broadband • Fixed data-capped

plans temporarily banned, until ANATEL’s decision

700 MHz • LTE deployment

approval in Rio Verde (expected June).

Res. 664/2016 • ANATEL postponed

(Dec/16) the review of concession contracts and universalization goals.

New regulatory framework (2/3) • MiniCom final report

with competition diagnosis and guideline for ANATEL's actions

Net Neutrality • Presidential Decree

published on May 11th including topics as Traffic discrimination, Transparency, Personal Data and Business Models (Zero Rating).

Brasil Inteligente • Lauched targets to

promote universal internet access (2019)


Investor Relations

Industrial Plan 2016-18

30

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R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

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R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

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Investor Relations

Brazil 2016-18: meeting the challenges

1.8% 2.7%

0.1%

-3.5% -3.8%

0.0%

1.7%

2012 2013 2014 2015E 2016E 2017E 2018E

5.8% 5.9% 6.4%

10.7%

7.0% 5.4% 5.0%

2012 2013 2014 2015 2016E 2017E 2018E

2.04 2.34 2.66

3.90 4.25 4.30 4.31

2012 2013 2014 2015 2016E 2017E 2018E

Source: latest IMF estimates for GDP; Internal Estimates for Exchange Rates forecast, Inflation, MTR Value, SIM/user and market revenues trend

Protecting results in a tougher Macroeconomic Scenario…

…and adapting fast to capture opportunities in a reshaped industry context

0.34 0.30

0.23 0.16

0.10 0.06 0.03 0.02

2012 2013 2014 2015 2016 2017 2018 2019

1.65 1.72

1.81 1.89

2.03 2.00 1.96 1.94

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Real GDP Growth (% YoY)

Inflation Rate (% YoY)

Exchange Rate (R$/USD)

MTR Glide Path (R$/min)

SIM / Unique User

Mobile Market Revenues (R$ bln)

2.7 10.5 23.0

39.7 33.8

45.7

36.5

25.1

36.5

50.8 61.7

64.8

2007 2011 2015e 2018e

Voice

Data

31

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R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

Highlights of the 2016-18 plan

Telecom industry transformation from Voice to Data

Market maturity and user behavior change impacting Customer Base and Positioning

Challenging Macroeconomic Scenario

Infrastructure requirements evolving with Data and 4G

Context Changes Key Strategic Priorities

Reset positioning: Network Quality / Offer Innovation / Customer Experience

Protect value of Prepaid base: From Market Share to Revenue Share

Increase share of Mid/High Value customers: focus on higher value

Stabilize Corporate Business: accelerate Top /Enterprise and turnaround SMB

Sustain Network Investment with prioritized approach and focus on 4G

Focus on Efficiency: as a structural element

I

II

III

IV

V

VI

32

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R 000 G 156 B 222

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R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

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R 000 G 000 B 000




Investor Relations

Market dynamics leading to slower growth in customer base with better quality and ARPU

Changing customer profile: increasing value

61.1 63.2

52.7

12.3 12.5 13.6

2013 2014 2015 2016e 2017e 2018e

Customer Base (mln users)

Prepaid

Postpaid

Recurring/Bundles

22.4% >40%

66.2 >60

Total ARPU (R$/month)

18.6 17.7

16.7

2013 2014 2015 2016e 2017e 2018e

Data (%) 24% 30% 37% 46% 54% 61%

Focus on recurring clients, decoupling method of payment and value

Smaller Prepaid base, but higher ARPU and better quality profile

Controle as key source of value generation, as users concentrate spending on TIM

Postpaid stabilization and growth as a result of new offers and business turnaround

Constant revenue share growth during

plan period

Mobile Service Revenues Share (%)

~23%

2015e 2016e 2017e 2018e

33

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R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

Enlarging our Data Opportunity

BOU (MB) 164 234 306 394

4G Total Population Coverage1

52% 48% 47% 46%

5%

TIMP1P3P4P5

27% 36% 59%

2013 2014 2015

Urban population

3G & 4G Users Evolution

17% 33%

52% 67%

4G

3G

% 3G+4G user/base

12.3 23.6

37.5 37.5 0.0

0.4

2.0 7.1

2012 2013 2014 2015

x3.5 YoY Mkt Share 28% (#2)

Flat YoY Mkt Share 25% (#2)

4G coverage leadership

Data adoption drives change of revenue profile

49% 55%

59% 63%

68%

45% 45% 43% 43% 48%

2014 1Q15 2Q15 3Q15 4Q15 2016e 2017e 2018e

% Smartphone/Base

% Data Users/Base

26%

42%

50%

74%

58%

50%

2012 2013 2014 2015 2016e 2017e 2018e

Voice

Data2

Data Penetration (on TIM Brasil’s User base)

Data Penetration (on TIM Brasil’s Generated Revenues)

1 Coverage calculated by Teleco website (www.teleco.com.br) 2 Data = Data connectivity, Content, Other VAS, SMS

+32pp

34

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R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

Capex Cycle: Accelerating 3G and 4G Data Coverage

3.9

4.7

2014 2015 2016e 2017e 2018e

After the 2015-16 cycle, Capex intensity* to gradually decline

4G coverage to overtake 3G

*Excluding Spectrum

• Fast transition from 3G to 4G: better quality and more efficient

• FTTS to support 4G reaching >80% of total traffic

Urban Population Covered

Capex per Technology

>14 bln

<14 bln

2014

2015

2016e

2017e

2018e

4G 3G 2G

• Leadership in 4G Coverage and match 3G coverage in 2 years

• Competitive 3G coverage in all states

• Refarming of 1.8 GHz as a short-term competitive advantage

Number of Sites (000)

36%

59%

79% 82%

~90%

2014 2015 2016e 2017e 2018e

4G

3G

Capex Plan (R$)

4G

Total Sites 12.5

13.3

15.0 16.4

17.7 19.5

2013 2014 2015 2016e 2017e 2018e

Other

Capex/Sales 20% 27%

35

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R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

Growing Support from Cost Efficiency

Efficiency Drivers Im

pa

ct /

Co

mp

lex

ity

- Optimization /

Control

Strategic Sourcing

Organization/ Rightsizing and

Efficiency

Process Improvement

Business Model Changes

2015-17 Efficiency Plan + Network Efficiencies

Jan/15

> R$1 bln

Dec/15

~ 35%

Dec/17

1. Zero Leased Lines Project

2. Rental & Power

3. In/Outsourcing and HR projects

4. Sales & Marketing initiatives

5. Process rationalization & automation

6. Zero Based Budget

7. Strict disconnection policy

Improving EBITDA Margin and FCF

26.1%

28.4%

31.5%

2013 2104 2015 2016e 2017e 2018e

EBITDA Margin (% over Net Revenues)

• Cost efficiencies defend EBITDA performance

• Long term margin expansion as revenues mix turns to data

• FCF will improve as pressures on EBITDA and Capex reduce

+

36

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R 243 G 150 B 016

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R 220 G 104 B 075

R 158 G 004 B 073

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R 000 G 000 B 000




Investor Relations

Guidance Summary

Targets reaffirm commitment to long term value creation for all shareholders

KPIs Targets

> R$1 bln in savings between 2015-17 Opex

Margin expansion for every year between 2016-18 EBITDA Margin

< R$14 bln between 2016-18 Capex*

Data as main revenue component from 2016, focus on Revenue Share Service Revenues

*Excluding Spectrum


Investor Relations

Appendix

38

23.2% 24.0% 23.4% 25.5%

42.3%

31.7%

10.3%

16.9%

1Q13 1Q14 1Q15 1Q16

44.0% 40.6%

32.2% 28.1%

11.3% 12.5%

12.5% 16.6%

1Q14 1Q15 1Q16

Source: Anatel

3G 4G

Mobile Market Share TIM Postpaid Base Evolution (% over customer base)

Nextel Oi Claro

TIM Vivo

26.9% 25.7%

24.9% 25.6%

29.1% 28.4%

18.8% 18.6%

17. 0%

19. 0%

21. 0%

23. 0%

25. 0%

27. 0%

29. 0%

1Q13 1Q14 1Q15 1Q16

Market Share per Technology

20%

17% 17% 15%

Mobile Base Analysis

1Q13 1Q14 1Q15 1Q16

39

Source: Anatel

Total Mobile Base Overview

40

Source: Anatel

Total Postpaid Base Overview

41

Source: Anatel

Total Prepaid Base Overview

42

Source: Anatel

Total Voice & Data (Modem+M2M) Postpaid Base Overview

43 Source: Anatel

Broadband Net Adds (thousand)

Pay TV Net Adds (thousand)

Live TIM Net Adds (thousand)

Fixed Business Net Adds

Nextel Oi Claro

TIM Vivo

18 13

-3

58

105 88 78

40 49

6

-37

-9

1Q13 1Q14 1Q15 1Q16

9

42

32

0

77

81

33

-10

31

1

-23

4

1Q13 1Q14 1Q15 1Q16

2

5

8

14

1Q13 1Q14 1Q15 1Q16

44

Source: Teleco (TIC Households, 2014)

Household Penetration Users per Age Group

Brazil Facts

Source: PNAD – 2014 (IBGE)

94.5% 97.1%

67.7%

91.1% 88.1%

72.1%

20.2%

42.1% 45.4%

37.1%

2007 2008 2009 2010 2011 2012 2013 2014

TV

Mobile Phone

Radio

Computer w/ internet

Fixed Phone

Mobile Phone

Internet

82%

64% 74%

15%

10-15 yrs 16-24 yrs 25-34 yrs 35-44 yrs 45-59 yrs 60 yrs ormore

Brazil’s Specifics

8.5% of Brazilian above 15 years are illiterate

5.8% of the cities accounts for 75% of GDP

30 mln people still live in the rural areas

Brazil is in the 7th position in terms of GDP

Average Brazilian age: 32 years

13 mln Brazilian between 30 and 60 years

45

• A longer then expected process of fiscal adjustments and a greater level of uncertainties in politics continues to trim economic activity

• Government and market consensus have postponed a resume in GDP growth to 2017

• Considering interest rates (SELIC) and FX at current levels, government base case suggests inflation should being to converge to target in 2017

Source: IBGE and Central Bank Inflation report (as of Jun/16) for Government Estimates

GDP Forecast (% YoY growth)

Inflation Forecast (IPCA: 12 months)

Interest Rate Forecast (% Selic Target p.y. - year end)

FX Rate Forecast (R$/U$ - end of period)

Market Consensus

Government Estimates

(3.7)

1.0

2.8

0.2

(3.8) (3.8)

0.9

2013a 2014a 2015a 2016e 2017e

6.5 4.8

6.2 6.3

10.7

7.1

5.5

2013a 2014a 2015a 2016e 2017e

Macro Scenario Outlook

14.25 14.25

10.00

11.75

14.25

12.88

11.25

2013a 2014a 2015a 2016e 2017e

3.7 3.9

2.4 2.7

4.0 3.9 3.9

2013a 2014a 2015a 2016e 2017e

46

Total Fust/ FUNTEL

PIS/ PASEP

ICMS Cofins Fistel

3% ~1%

28%

~5% 1.5% ~39%

Tax Burden Composition (% Gross Revenues)

Taxation represents almost 40% of companies gross revenues

Source: players Balance Sheet

2 Considers TIM, Telefonica, Oi and AMX

45.7 46.0

2012 2013

Telecom Industry Tax Payments2 (R$ bln)

Tax Burden over Net Revenues (over mobile phone services - voice)

Source Teleco study of July 2014

Tax Burden

47

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000


Investor Relations

Short term

TIM’s Debt Composition

Price/Book Value

Source: Bloomberg

2016 2015 2014

Long Term

Price/Earnings

Accounts Receivable Turnover (days)

Payable Turnover (days)

TIM

VIVO

OIBR

Market Average

ROE (Net Income/Shrd. Equity) ROA (NOPAT/Total Assets) ROIC (NOPAT/Invested Capital)

Balance Sheet Analysis

13.4% 11.9%

7.9% 8.7%

8.9% 6.8%

12.9% 11.6%

6.3%

2013 2014 2015

10.7% 10.3%

7.6% 8.5%

12.2%

5.8%

13.2%

0.0% 0.0%

2013 2014 2015

7.4% 6.7%

4.9% 5.6% 5.9%

4.8% 5.6% 4.7%

2.4%

2013 2014 2015

19.54 18.44

13.48 13.08 9.32

17.93

4.33 (1.71) (0.36)

2013 2014 2015

2.0 1.9

1.0 1.1 1.1

0.9 0.6 0.4

0.1

2013 2014 2015

1Q 2Q 3Q 4Q

145

166

134

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

45 45 45

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

48

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

Historical Data: P&L

49

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

Historical Data: Operational

50

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

Historical Data: Cash Flow

51

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

Stock Performance (base 100)* Last 12 months

*Last price as of 05/03/2016 Source: Bloomberg

Structure and Stock Performance

Shareholders Structure

Treasury Shares: 795,888 (0.03%) Total Shares: 2,421,032,479

-7%

-21%

-30%

20%

60%

100%

140%

TIM IBOV TSU

52

R 000 G 070 B 145

R 235 G 000 B 040

R 000 G 081 B 135

R 000 G 110 B 184

R 000 G 156 B 222

R 244 G 209 B 000

R 243 G 150 B 016

R 231 G 055 B 140

R 220 G 104 B 075

R 158 G 004 B 073

R 197 G 189 B 193

R 116 G 175 B 039

R 000 G 000 B 000




Investor Relations

Investor Relations Team

Avenida João Cabral de Melo Neto, n 850, North Tower,

12th floor – Barra da Tijuca

22775-057 Rio de Janeiro, RJ

E-mail: [email protected]

Rogério Tostes


Phone: +55 21 4109-3742

Vicente Ferreira


Phone: +55 21 4109-3360

Leonardo Wanderley


Phone: +55 21 4109-4017

Rodrigo Godoy


Phone: +55 21 4112-5517

Luiza Chaves


Phone: +55 21 4112-6088

Visit our Website

www.tim.com.br/ir

Statements in this presentation, as well as oral

statements made by the management of TIM

Participações S.A. (the “Company”, or “TIM”), that are not

historical fact constitute “forward looking statements”

that involve factors that could cause the actual results of

the Company to differ materially from historical results or

from any results expressed or implied by such forward

looking statements. The Company cautions users of this

presentation not to place undue reliance on forward

looking statements, which may be based on assumptions

and anticipated events that do not materialize.

Safe Harbor and IR Contacts

Safe Harbor Statements

http://www.tim.com.br/ir

TIM - Meeting with Investors of June 2016

Investor Relations

Transcript of TIM - Meeting with Investors of June 2016