TIM - Meeting with Investors, August 19

1. TIM Brasil
Company Presentation
August, 2019
TIM.
READY FOR
THE FUTURE.

2. 2
This presentation contains declarations
that constitute forward looking
statements regarding the intent, belief or
current expectations of the customer base,
estimates regarding future financial results
and other aspects of the activities.
Analysts and investors are cautioned not
to place undue reliance on those forward
looking statements, which speak only as of
the date of this presentation. TIM Part
undertakes no obligation to release publicly
the results of any revisions to these forward
looking statements.
Such forward looking statements are not
guarantees of future performance and
involve risks and uncertainties, and actual
results may differ materially from those
projected as a result of various factors.
Financial results are presented considering
impacts from IFRS 9 & IFRS 15 adoption,
disconsidering impacts from IFRS 16
adoption, in “2Q19 results” section and
presented on Pro Forma basis in “Strategic
Plan 2019-21” section.
Disclaimer
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3. 3
Agenda
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About Us …………………………………………………………………………………………………...……4
Market Overview and TIM Positioning ……………………………………………………………………. 9
Regulatory Updates ……………………………………………………………………………………....... 36
2Q19 Results ……………………………………………………………………………………………….....15
Strategic Plan 2019-21 …………………………………………………………….................................... 26
Appendix …………………………………………………………………………………………………....... 40

4. 4
ABOUT US
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5. 5
Solid Execution in 2018
The company in a nutshell
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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$29,1 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
(1) Enterprise Value on 30 July.

6. 6
(1) Normalized Figures.
(2) Financial KPIs are presented on Pro Forma basis, disconsidering impacts from new IFRS adoption.
EBITDA¹ Margin
(%)
33.5%
36.6%
38.5%
2016 2017 2018
Solid results with sustainable growth above market average
TIM Brasil | Meeting with Investors
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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%

7. 7
SUSTAINABILITY IN BUSINESS
Incentive in renewable energy sources, approximately 29% of the company's
electricity consumption performed in 1Q19.
• Self-generation:
• 6 Hydroelectric Generating Centers (5 in Minas Gerais and 1 in São Paulo);
• 1 Biogas Power Plant (Methane burning from landfill).
• Energy purchase: Free energy market.PRINCIPLES AND STRATEGIES
+ than 700,000 people involved
Partnership with 3 Ministries: MINC, MEC e MCTIC
Present in ~ 500 cities and 26 states (+DF)
500,00 students, 4,000 Public Schools and 16,000 teachers
Corporate Social Responsibility
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Joined UN Global
Compact in 2008
Member of ISE (Corporate
Sustainability Index) for
11 consecutive years
ISO 14001 Environmental Certification for
Management and Operation Network process (1st
Brazilian telco) and ISO 9001 Quality Certification
for Billing and Management Network processes
Member of ICO2
(Carbon Efficient
Index) for 7 years
Member of CDP (Carbon
Disclosure Project), responding
Investor and Supply Chain
questionnaires, since 2010
2018 Sustainability
Report based on
GRI Standard
GHG Inventory verified
by 3rd Part: Gold Stamp
Founded in 2013
To create and strengthen resources and strategies
for the democratization of science, technology and
innovation that promote human development in
Brazil, with mobile technology as one of its main
enablers.
MISSION
GARATEA-ISS BOLSAS INSTITUTO TIM-OBMEP ACADEMIC WORKING CAPITAL
MAIN PROJECTS
GRI 302-1 Standard

8. 8
Unique Telco company listed on the Novo Mercado:
Highest level of Corporate Governance
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
Corporate Governance
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Corporate Governance Form1
 40% of independent members: 2x of required
 20% of female representation: 3x B3-Novo Mercado average
82%
8%
10%
Adopted
Partially adopted
Not adopted
(1) Not considering 5 items not applicable to TIM.
(2) According to EY 2018 report.
vs 65% on
average2

9. 9
MARKET OVERVIEW AND TIM POSITIONING
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10. 10
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)
119,279 118,509 116,876
28,649
2016 2017 2018 1Q19
60,724 61,809 62,796
15,674
2016 2017 2018 1Q19
2.8% 2.3% 1.9% 1.9%
20.9% 19.7% 18.5% 17.6%
29.3% 29.4% 30.0% 30.2%
34.6% 35.6% 35.7% 36.2%
12.3% 13.1% 13.9% 14.0%
2016 2017 2018 1Q19
5.5% 4.4% 3.5% 3.5%
13.8% 13.0% 12.0% 11.6%
17.6% 17.8% 19.2% 19.3%
40.1% 41.1% 40.9% 41.4%
23.0% 23.8% 24.4% 24.2%
2016 2017 2018 1Q19
Nextel
TIM
Oi
Claro
Vivo
All: on pro-forma basis (2014-18)
TIM, Vivo and Oi: IFRS 9 and 15 (2019)
AMX: IFRS 9, 15 and 16 (2019)

11. 11
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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12. 12
Evolving proposition for consistent and sustainable growth
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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).

13. 13
POSTPAID
Complete Portfolio to Address Customer Desires
TIM Brasil | Meeting with Investors
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ENTERTAINMENT HUB
FOR THE FAMILY
Communication
Services
TIM banca
virtual
Trial +R$ 15/mo after
unlimited calls
TIM Controle
TIM Black
TIM Black Família
from 2GB
Social
unlimited calls
from 5GB
unlimited calls
from 8GB
unlimited calls
from 60GB1
Entertainment
international
roaming
1x
GB
GB bonus for
portability
shared benefits
(monthly fee included)
TIM Pré Top
Increase CEX with better Quality and Value Proposition
GB bonus for
portability
≥R$ 20.00/two weeks ≥R$ 49.99/mo ≥R$ 119.99/mo ≥R$ 269.99/mo

14. 14
Antenna tested on the
3.5GHz frequency
TIM Ready for The Future: Successfuly Performing a Pioneer 5G Test in Brazil
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Campina
Grande - PB
Santa Rita do
Sapucaí - MG
Florianópolis - SC
Download speeds
above 1Gbps
The goal of the project is to develop a 5G reference center focused on applications,
products and services to promote technology and new business models.

15. 15
2Q19 RESULTS
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Financial results are presented considering
impacts from IFRS 9 & IFRS 15 adoption,
disconsidering impacts from IFRS 16
adoption.
The normalized numbers reported in this
presentation are adjusted by the effects
listed below.
Operating Costs and EBITDA normalized by adjustments to the sale-leaseback contract of towers (+R$ 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$ 1,720
million in 2Q19), non-recurring expenses with legal services connected to the PIS/COFINS court decision (+R$ 3.5 million in 2Q19), loss forecast
revision for internal labor, taxes and civil contingencies (+R$ 222 million in 2Q19). Net Financial Results adjusted by monetary correction over tax
credits and labor, taxes and civil contingencies (-R$ 1,051 million in 2Q19). Net Income normalized by the tax credit and other effects (+R$ 865 million
in 2Q19) and deferred taxes (+R$ 30.3 million in 1Q19).

16. 16
Developing the network
towards 5G
Driven by innovative and
rational market approach
Highlights 2Q19: Strong Execution to Overcome External Challenges
Solid results
Service Revenues
Growth Reacceleration
Solid EBITDA¹
growth
Over delivery
on cost¹ control
+2.4% YoY
+1.0% QoQ
+6.2% YoY
+0.2% YoY
Consistent Margin¹
expansion
37.9%
+1.4p.p. YoY
TIM Black Família as an
entertainment hub
Refarming sustaining our
network capacity and quality
Rational and selective prepaid
offers to increase acquisition
rate
500k clients milestone in TIM
Live with 5 new cities
Exploring new business
opportunities in IoT
Network sharing with Vivo
Preparing for 5G with live
network pilots
Best 4G network quality:
leadership² in coverage
availability and latency
(1) OPEX and EBITDA normalized for the effects detailed in slide 2.
(2) According to Tecnoblog News, Jul-19.
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17. 17
Regaining Time-to-Market in B2C segment
17.2
18.1
2Q18 2Q19
Postpaid Base
ex-M2M (mln)
+4.8%
Pure Postpaid
→ TIM Black Família launch:
Increasing presence in high-end
segment
→ Entertainment Hub: 1st in Brazil
to include Netflix monthly fee
Control
→ New Campaign: Consistent presence in media
→ Portability bonus of 1GB
→ Adjusting migration strategy prioritizing
customer base quality
Prepaid
→ New offer: TIM Chip Top (Chip + R$ 10 / two weeks)
→ New TIM Ads: Sponsored Data for prepaid customers
→ WhatsApp as a caring channel: Top up, check data usage
and account balance
11.2
11.6
2Q18 2Q19
Prepaid ARPU
(R$/mo)
+2.9%43.7 42.8
2Q18 2Q19
Postpaid ex-M2M
ARPU (R$/mo)
-1.9%
21.9
23.2
2Q18 2Q19
Mobile ARPU
(R$/mo)
+5.8%
2Q18 2Q19
Prepaid Data Users
(mln)
+21.8%
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18. 18
TIM Black Família: Entertainment Hub Creating Opportunities Not to Compete on Price and to
Improve Upselling
 Completing postpaid
portfolio
 Price point starting from
R$ 269.99/mo1
 1st and unique in Brazil to
include Netflix monthly fee
 Management of shared data
package
 Special caring (new app
interface and specialized
human attendant)
unlimited
calls
international roaming
package (WhatsApp +
voice calls)
data
rollover
Communication
Services
(monthly fee included)
Social
networks
Entertainment
Pure Postpaid Gross Adds
(Jul-19 | % over Total)
TIM
Black
Família
Others
Data Packages (main line + dependents)
TIM Black Família
30GB
(2 users)
100GB
(4 users) 180GB
(6 users)
60GB
(3 users)
Core offer
(1) Core offer for three users..
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19. 19
Another Consistent Quarter on TIM Live
TIM Live ARPU
(R$)
72.3
78.0
2Q18 2Q19
+7.8%
UBB Customer Base
(000 Clients)
423.3
506.6
2Q18 2Q19
+19.7%
TIM Live Revenues
(R$ mln)
87.9
114.8
2Q18 2Q19
+30.6%
Strong and consistent revenue growth
→ >30% revenue growth for 10
quarters
→ TIM Live represents ~50% of fixed
revenues
Continuous Efforts to Maintain High Growth
Rates
→ 2H19 to show acceleration in adds and
revenues after network catch-up
→ 5 new cities1 with FTTH: totaling 17 cities with
fiber technology
→ ~27% of sales come from outside RJ and SP
Larger coverage, more opportunity to
grow
→ Important milestone: >500k clients
with ~20% in FTTH
→ FTTH coverage reached over 1,560k
households in the quarter
High value portfolio driving ARPU
upward
→ >55% of sales above 100 Mbps
→ FTTH ARPU 18% higher than FTTC
Jan-19 Apr-19 Jul-19 Oct-19
Budget Act New plan
OLTs installed
(# of units)
(1) Duque de Caxias (RJ), Francisco Morato (SP), Franco da Rocha (SP), Camaçari (SP) and Anápolis (GO).
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20. 20
Not Only B2C: Evolving from Connectivity to Value-Added Service and Solutions Provider
Porto Seguro Conecta
→ New M2M customer base: vehicle/fleet
tracking and financial services (POS);
→ New SIM card management platform:
upselling opportunity for value-added
services.
ConectarAGRO
→ New farm covered: Amagg;
→ Partnership to promote 700MHz 4G in
countryside;
→ Implemented solutions:
Connected Car
→ Development of agreements with car
manufacturers;
→ Connected sensors to monitor, protect,
and maintain the car;
→ Management using new e-SIM platform;
→ Upselling opportunity for human lines
and VAS.
2.5
0.8
1.8
3.3
2Q18 2Q19
M2M Base
(mln)
+77.3%
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Porto
Conecta

21. 21
72.5
69.6
62.7
60.9
P4
P1
P3
TIM
0.9
2.5
3.1
3.3
P4
P3
P1
TIM
Thousands
61.4
71.9
72.1
82.4
P4
P3
P1
TIM
Infrastructure Evolution to Digital Transformation
4G in 700 MHz
(# Cities | % of Urban Pop.)
4G Coverage and Capacity Expansions
1,172
1,426 1,471 1,548
56.2%
64.8% 65.7% 68.0%
3Q18 4Q18 1Q19 2Q19
Fiber Expansion: Transport and FTTH
Spectrum Refarming Evolution
(# Cities)
95
1,393
183
2,135
276
2,264
2.1 GHz
1.8 GHz
2Q19
2Q18
2Q17
IT supporting business developments and
building the future
Backhaul
(% Sites w/ High Capacity)
FTTH Coverage
(mln Households)
63%
68%
2Q18 2Q19
+5 pts
0.4
1.6
2Q18 2Q19
3.8x
→ New IoT Platform
→ Migration of M2M management system from Porto Conecta
→ Network virtualization: new contract to implement 37 data
centers until 2021
→ New charging and billing capabilities to support marketing
actions (family plan) and customer care
Once again leading network user experience
KPIs
4G Availability1
(% of Time)
Latency1
(ms)
1st 1st
4G Coverage
(000 of Cities)
1st
>57% of urban population with 4.5G
(1) According to Tecnoblog News, Jul-19.
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22. 22
New Network Initiatives
5G: Steps towards commercial launch
→ 5G tests on real network in the 3.5GHz frequency
→ Registered download speeds greater than FTTH (>1Gbps)
with more efficient capacity distribution between users
→ Edge computing (decentralization) and core virtualization
for better service responsiveness
Future
Increasing assets efficiency
→ MOU with Vivo to discuss sharing opportunities aiming
quality improvement and CAPEX / OPEX efficiency
 2G network in a single grid model
 4G network infrastructure in 700Mhz band – cities
with <30.000 inh. (could be expanded)
 Other frequencies and technologies
 Efficiency and cost reduction regarding Network
Operations and Maintenance
→ Use of 5G technologies to improve 4G capacity: massive
MIMO
 Greater spectrum capacity: 2 to 3x improvement in
live tests
 4th operator in the world to deploy this approach
Today
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23. 23
Digitalization Initiatives Together with Strong Execution Help Maintaining OPEX Under Control
(1) OPEX normalized for the effects detailed in slide 2.
2,698 2,694
2,641 2,646
2018 2019
Accumulated Savings in 1st Half
Normalized OPEX¹
~R$ 330 mln
+0.2%
-0.2%
2Q
1Q
Bad Debt is still the challenge.
OPEX ex-Bad Debt would have decreased
2.2% YoY in 1H19
Flat
OPEX
2019
TIM Brasil’s 2019-21 Industrial Plan estimates savings up
to R$ 1.2 bln for the 3-year period
>35%
Penetration of E-
Recharges
+71%
Recharges via App
+31%
E-Payment amount
+66%
E-Bills
(Penetration of ~60%)
-10%
# Human
interactions
+33%
Meu TIM
unique users (11.1 mln)
Caring
Billing &
Payment
Acquisition
(YoY)
+40%
Control E-Sales
+55%
Postpaid E-Sales
Recharges
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24. 24
1.52
1.62
36.6% 37.9%
2Q18 2Q19
EBITDA1
EBITDA1
Margin
+6.2%
EBITDA1 & Margin1 Evolution (%; R$ bln, %YoY)
541
671
2Q18 2Q19
13% 16%
+24.1%
% Net
Revenues
Strong EBITDA1 – CAPEX
(R$ mln)
6M19 EBITDA1 +5.8% YoY
YTD Margin 36.8% (+1.4 p.p YoY)
(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.
Financial Summary
Total Net Revenues (R$ mln)
TIM Live grew 30.6% YoY, driving
FSR up by 11.3% YoY
Mobile ARPU up by 5.8% YoY,
pushing MSR increase to 1.9% YoY
+2.4%
336
423
2Q18 2Q19
+26.0%
Net Income1 Expansion
(R$ mln, %YoY)
6M19 Net Income1: +16.0% YoY
Pro-forma2 Margin1 Evolution (%)
29.5%
31.5%
35.3%
37.6%
38.6%
2Q15 2Q16 2Q17 2Q18 2Q19
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25. 25
Looking for Opportunities Ahead to Accelerate Value Creation
Accelerate TIM Live with large cities and renewed focus in quality;
Development of new verticals (IoT, M2M) and FWA to provide UBB through 5G;
Customer satisfaction improvement;
Consistent Delivery with Focus on Annual
Targets
Continuous deployment of digitalization, automation and advanced analytics;
Back to the basics to achieve solid and precision execution;
Closing 1st Half and Preparing to Accelerate Growth
Pension reform approval should unlock a positive macroeconomic agenda;
More rationality expected in mobile competitive environment going forward.
Withdrawals of R$42bn from FGTS could support a short term repair in the GDP
growth expectation;
Expectations of a positive external environment by the end of 2019
(1) Of which R$3.2bln already booked (R$ 353mln in 4Q18 and R$ 2,876mln in 2Q19).
A new Brazilian proposal for tax reform is evolving, which is extremely important
for country’s development;
Exploring advertising as a new source of revenues.
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Focus on Efficiency: Flat Opex in 1H19
Consistent EBITDA Growth: +5.8% in 1H19
Strong Cash Generation: 18.0% (EBITDA-
Capex over revenues) in 1H19
Tax Efficiency: PIS/COFINS Disputes
Concluded (R$3.4bn1 in credits)
IOE Distribution (~R$ 369mn in July +
~R$630mn for the rest of 2019)
Restore Go-to-Market Approach

26. 26
STRATEGIC PLAN 2019-21
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Financial KPIs are presented on Pro Forma
basis, disconsidering impacts from new
IFRS adoption.

27. 27
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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28. 28
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

29. 29
B2B (mobile + fixed): penetrate clients through added value solutions, becoming a business partner
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• 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. 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
TIM Brasil | Meeting with Investors
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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. 31
Infrastructure: capitalizing on existing infrastructure and expanding FTTH
TIM Brasil | Meeting with Investors
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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: 19 active
municipalities
Manaus – Oct-18
Salvador – Jul-18
Lauro de Freitas – Fev-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 * Jun-19
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
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. 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
TIM Brasil | Meeting with Investors
Investor Relations

33. 33
Leverage on Efficiency Plan to maintain OPEX below inflation1 throughout the plan period
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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. 34
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
TIM Brasil | Meeting with Investors
Investor Relations

35. 35
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
TIM Brasil | Meeting with Investors
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36. 36
REGULATORY UPDATES
TIM Brasil | Meeting with Investors
Investor Relations

37. 37
Spectrum Distribution - Average MHz/Pop
14 MHz 90 MHz 80 MHz 20 MHz 150 MHz 135 MHz 100 MHz 190 MHz
450 MHz 700 MHz 850 MHz 900 MHz 1.800 MHz 2.100 MHz 2.300 MHz 2.500 MHz
<1 GHz = Coverage [35%l----l40%] >1 GHz <3 GHz = Capacity [30%l----l40%]
Total Mobile MHz
1.800 MHz (2G/4G)
40 40
20 20
29 25
22 24
20
26 29
35
43
14
5
21 18
11
14
20
20
700 MHz (4G)
800 MHz (2G/3G)
900 MHz (2G/3G)
1.900/2.100 MHz (3G/4G)
2.500/2.600 MHz (4G)
136
48
20
3
139
4
5
20
113
92
Trunking
5
Note: Does not include 450 MHz (14 MHz regional) and 2.500 MHz P Band (10 MHz local)
Brazilian Spectrum - Caps and Distribution
TIM Brasil | Meeting with Investors
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38. 38
Public Consultation for new frequency auctions in September 2019.
New spectrum bands under discussion that could be auctioned in 1H20
TIM Brasil | Meeting with Investors
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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) +
1x 40 MHz (regional)
3x 80 MHz (nationwide) +
1x 60 MHz (regional) or
3x 20 MHz (regional)
8x 400 MHz (nationwide)
Comments
Left over from 2014 auction
- 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

39. 39
Main Regulatory Topics
TIM Brasil | Meeting with Investors
Investor Relations
2Q19
May JuneApril
Public
Consultation
• “S-band”
(Allocation of RF)
• “L-Band“
(Destination of
RF)
• Technical
requirements and
test procedures –
AAS (Active
Antenna System)
for 5G
• Spectrum for
Radio Links
Public Consultation
• Human exposure
to electromagnetic
field (Act update)
• Update of the list of
projects to be
concluded in TAC
Call for Subsidies
• Regulatory
Monitoring (Anatel
Ombudsman)
Public Consultation
• Femtocells
• PDFF 2019 (Attribution
of radio communication
services in Brazil
according to Global
Conferences)
Call for Subsidies
• Legality of offers of
programmed
audiovisual content at
the internet (sVOD)
Approved Resolutions
• Destination of RF and
use conditions – 3.5
GHz
• Destination of RF and
use conditions – 2.3
GHz
• Sector Data Collection
3Q19
August SeptemberJuly
Public Consultation
• 5G Brazilian Strategy
(MCTIC)
• Opening of
databases
• Anatel Internal
Regiment (one-off
change)
Call for Subsidies
• Infrastructure
sharing – Poles
(ombudsman)
Approved Resolutions
• Separation and
Allocation of
Accounts
Public Hearing
• IoT/M2M
Public Consultation
• IoT/M2M
• Reversible assets
(expected)
Expectation of
Approval
• RQUAL
Public Consultation
• 5G Auction
(expected)
• Operationalization of
universalization
goals

40. 40
APPENDIX
TIM Brasil | Meeting with Investors
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41. 41
Historical Data: P&L (ex-IFRS 16 effects)
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R$ Thousand
Description 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19
2Q19 vs. 2Q18
(% 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 5,8% 11.744.659 12.368.136 5,3%
Service Gross Revenues 5.592.108 5.620.368 5.788.386 6.064.787 23.065.648 5.833.801 5.930.275 5,5% 11.212.476 11.764.076 4,9%
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 4,9% 10.503.697 10.955.793 4,3%
Gross Revenue Fixed Services 347.253 361.526 403.101 421.989 1.533.869 396.053 412.230 14,0% 708.779 808.283 14,0%
Product Gross Revenues 232.249 299.933 274.222 360.352 1.166.756 270.269 333.790 11,3% 532.183 604.059 13,5%
Taxes and Discounts (1.704.505) (1.757.735) (1.821.019) (1.967.817) (7.251.076) (1.913.244) (2.001.324) 13,9% (3.462.240) (3.914.568) 13,1%
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) 13,0% (3.258.216) (3.676.274) 12,8%
Taxes and discounts on product sales (98.717) (105.306) (63.243) (124.399) (391.665) (103.860) (134.433) 27,7% (204.024) (238.294) 16,8%
Total Net Revenues 4.119.853 4.162.566 4.241.589 4.457.321 16.981.329 4.190.826 4.262.741 2,4% 8.282.419 8.453.568 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 2,4% 7.954.260 8.087.802 1,7%
Mobile Service 3.780.967 3.761.419 3.812.945 3.998.639 15.353.970 3.795.195 3.833.492 1,9% 7.542.386 7.628.687 1,1%
Client generated 3.426.292 3.460.434 3.507.877 3.648.921 14.043.524 3.506.024 3.503.994 1,3% 6.886.726 7.010.018 1,8%
Interconnection 197.689 162.443 163.455 188.607 712.194 138.551 105.002 -35,4% 360.132 243.553 -32,4%
Other Revenues 156.985 138.542 141.613 161.111 598.252 150.620 224.495 62,0% 295.528 375.115 26,9%
Fixed Service 205.354 206.520 217.664 222.730 852.268 229.222 229.893 11,3% 411.874 459.115 11,5%
of which TIM Live 82.904 87.858 96.319 108.610 375.691 111.848 114.750 30,6% 170.762 226.598 32,7%
Net Revenues Products 133.532 194.627 210.979 235.952 775.091 166.409 199.357 2,4% 328.159 365.766 11,5%
Operating Expenses (Normalized) (2.698.372) (2.640.655) (2.634.048) (2.637.252) (10.610.327) (2.694.080) (2.646.403) 0,2% (5.339.027) (5.340.483) 0,0%
Personnel expenses (239.929) (234.288) (261.178) (258.778) (994.172) (249.027) (254.237) 8,5% (474.217) (503.265) 6,1%
Selling & marketing expenses (898.616) (906.455) (917.595) (903.252) (3.625.918) (906.097) (856.046) -5,6% (1.805.071) (1.762.143) -2,4%
Network & interconnection (1.011.029) (901.293) (862.107) (886.609) (3.661.037) (920.706) (874.538) -3,0% (1.912.321) (1.795.244) -6,1%
General & administrative (144.222) (134.188) (146.159) (154.310) (578.878) (146.084) (148.869) 10,9% (278.409) (294.952) 5,9%
Cost Of Goods Sold (180.306) (221.431) (214.661) (267.514) (883.912) (198.633) (240.429) 8,6% (401.737) (439.061) 9,3%
Bad Debt (115.715) (130.503) (149.293) (149.370) (544.881) (172.610) (188.234) 44,2% (246.218) (360.844) 46,6%
Other operational revenues (expenses) (108.556) (112.498) (83.056) (17.419) (321.528) (100.924) (84.050) -25,3% (221.054) (184.974) -16,3%
EBITDA (Normalized) 1.421.480 1.521.912 1.607.540 1.820.070 6.371.002 1.496.746 1.616.339 6,2% 2.943.392 3.113.085 5,8%
EBITDA Margin (Normalized) 34,5% 36,6% 37,9% 40,8% 37,5% 35,7% 37,9% 1,4 p.p. 71,1% 73,6% 2,6 p.p.
Depreciation & Amortization (901.472) (1.004.025) (1.031.003) (1.017.821) (3.954.321) (1.037.082) (975.099) -2,9% (1.905.497) (2.012.181) 5,6%
Depreciation (519.052) (562.646) (571.288) (597.240) (2.250.226) (565.972) (557.469) -0,9% (1.081.698) (1.123.441) 3,9%
Amortization (382.420) (441.380) (459.715) (420.581) (1.704.095) (471.110) (417.630) -5,4% (823.799) (888.740) 7,9%
EBIT (Normalized) 520.008 517.886 576.537 802.249 2.416.681 459.664 641.240 23,8% 1.037.895 1.100.904 6,1%
EBIT Margin (Normalized) 12,6% 12,4% 13,6% 18,0% 14,2% 11,0% 15,0% 2,6 p.p. 25,1% 26,0% 0,9 p.p.
Net Financial Results (Normalized) (170.260) (181.457) (127.672) (124.119) (603.507) (121.221) (120.232) -33,7% (351.717) (241.452) -31,4%
Financial expenses (243.443) (242.181) (187.936) (150.180) (823.740) (175.550) (164.882) -31,9% (485.624) (340.432) -29,9%
Net exchange variance (237) 3.031 (659) (763) 1.373 526 (3.092) n.a. 2.794 (2.566) n.a.
Financial income 73.420 57.693 60.923 26.824 218.860 53.803 47.743 -17,2% 131.113 101.546 -22,6%
Income Before Taxes (Normalized) 349.749 336.429 448.866 678.131 1.813.174 338.443 521.008 54,9% 686.177 859.452 25,3%
Income Tax and Social Contribution (Normalized) (104.399) (828) (65.561) (90.878) (261.666) (87.081) (98.285) 11766,9% (105.227) (185.366) 76,2%
Net Income (Normalized) 245.350 335.600 383.305 587.253 1.551.508 251.362 422.723 26,0% 580.951 674.086 16,0%
Reported Figures 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19
2Q19 vs. 2Q18
(% YoY)
YTD 2018 YTD 2019
2Q19 vs. 2Q18
(% YoY)
Operating Expenses (2.698.592) (2.641.718) (2.634.048) (2.635.128) (10.609.486) (2.695.552) (1.151.912) -56,4% (5.340.310) (3.847.464) -28,0%
EBITDA 1.421.261 1.520.848 1.607.540 1.822.194 6.371.843 1.495.274 3.110.830 104,5% 2.942.109 4.606.104 56,6%
EBIT 519.789 516.823 576.537 804.373 2.417.522 458.192 2.135.731 313,2% 1.036.612 2.593.923 150,2%
Net Financial Results (170.260) (181.457) (127.672) (57.944) (537.333) (121.221) 930.512 n.a. (351.717) 809.291 n.a.
Net Income 245.130 334.537 1.333.250 632.183 2.545.101 219.605 2.102.575 528,5% 579.668 2.322.179 300,6%

42. 42
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Investor Relations
Historical Data: Cash-Flow (ex-IFRS 16 effects)
R$ Million
Description 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19
2Q19 vs. 2Q18
(% 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 -20,9% 2.697 1.465 -45,7%
EBITDA Normalized 1.421 1.522 1.608 1.820 6.371 1.497 1.616 6,2% 2.943 3.113 5,8%
Capex (613) (981) (866) (1.371) (3.831) (650) (945) -3,7% (1.594) (1.595) 0,1%
EBITDA Normalized - Capex 808 541 742 449 2.540 847 671 24,1% 1.349 1.518 12,5%
Δ Working Capital (501) (535) 167 1.272 403 (1.486) (3.426) 540,4% (1.036) (4.912) 374,2%
Non recurring operating items (0) (1) - 2 1 (1) 1.494 n.a. (1) 1.493 n.a.
Operating Free Cash Flow Ex-licenses 307 5 908 1.723 2.944 (641) (1.260) n.a. 312 (1.901) 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) n.a. 169 (1.901) -1223,6%
Financial investments - - - - - - - n.a. - - n.a.
Asset disposal - 1 - 1 2 - 1 n.a. 1 1 -12,0%
Net impact of financial interests (215) (222) (162) (90) (689) (145) 919 n.a. (437) 774 -277,1%
Taxes Payments (73) (85) (5) (50) (213) (45) (37) -56,5% (158) (82) -48,1%
Others impacts (1) (15) (27) (42) (86) 407 18 -95,5% (16) 425 n.a.
Net Cash Flow before dividends and change in equity (125) (316) 714 1.542 1.815 (424) (359) 13,6% (441) (783) 77,6%
Dividends - (101) (259) (228) (588) (343) - -100,0% (101) (343) 239,6%
Change in Equity 3 5 - (3) 5 1 - -100,0% 8 1 -87,5%
Net Cash Flow (122) (412) 455 1.311 1.232 (766) (359) -12,9% (534) (1.125) 110,7%
Final Net Financial Position 2.819 3.231 2.776 1.465 1.465 2.231 2.590 -19,8% 3.231 2.590 -19,8%

43. 43
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Historical Data: Financial Indicators (ex-IFRS 16 effects)
Description 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19
2Q19 vs. 2Q18
(% YoY)
YTD 2018 YTD 2019
2019 vs. 2018
(% YoY)
Mobile ARPU (R$/mo) 21,7 21,9 22,6 23,7 22,5 22,8 23,2 5,8% 21,8 23,0 5,5%
Prepaid 11,4 11,2 11,6 12,0 11,5 11,6 11,6 2,9% 11,3 11,6 2,3%
Postpaid 40,0 39,7 39,7 39,9 39,8 38,2 37,1 -6,5% 39,8 37,6 -5,5%
Postpaid (ex-M2M) 43,9 43,7 43,7 44,2 43,9 42,6 42,8 -1,9% 43,8 42,7 -2,4%
SAC/Gross Adds (R$) 56,6 57,1 51,4 52,9 54,5 62,9 51,1 -10,6% 56,9 56,7 -0,3%
TIM Live ARPU (R$/mo) 71,1 72,3 75,3 80,2 74,9 79,6 78,0 7,8% 71,7 78,8 9,9%
CAPEX (R$ Mln) 613 981 866 1.371 3.831 650 945 -3,7% 1.594 1.595 0,1%
CAPEX ex-licenses (R$ Mln) 613 981 866 1.371 3.831 650 945 -3,7% 1.594 1.595 0,0%

44. 44
Description 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19
2Q19 vs. 2Q18
(% 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 -2,7% 235,1 228,4 -2,9%
Estimated Total Penetration 112,98% 112,68% 111,84% 109,90% 109,90% 108,89% 108,47% -3,6 p.p. 112,68% 108,47% -4,2 p.p.
Mobile Customer Base ('000) 57.894 56.554 56.241 55.923 55.923 55.083 54.972 -2,8% 56.554 54.972 -2,8%
Prepaid 39.426 37.477 36.604 35.694 35.694 34.504 33.644 -10,2% 37.477 33.644 -10,2%
Postpaid 18.468 19.077 19.637 20.229 20.229 20.579 21.327 11,8% 19.077 21.327 11,8%
Postpaid ex-M2M 16.711 17.238 17.668 18.054 18.054 18.210 18.062 4,8% 17.238 18.062 4,8%
M2M 1.757 1.842 1.969 2.175 2.175 2.368 3.265 77,3% 1.842 3.265 77,3%
4G Users ('000) 29.546 31.313 33.112 34.488 34.488 35.580 36.333 16,0% 31.313 36.333 16,0%
Market Share 24,55% 24,06% 24,01% 24,40% 24,40% 24,07% 24,07% 0,5 p.p. 24,06% 24,07% 0,0 p.p.
Prepaid 27,16% 26,40% 26,45% 27,54% 27,54% 27,25% 27,16% 3,2 p.p. 26,40% 27,16% 0,8 p.p.
Postpaid 20,38% 20,49% 20,48% 20,31% 20,31% 20,13% 20,40% 0,1 p.p. 20,49% 20,40% -0,1 p.p.
Gross Additions (000's) 6.140 5.885 6.069 6.083 24.177 5.626 6.213 5,6% 12.025 11.839 -1,5%
Net Additions (000's) -740 -1.340 -312 -319 -2.712 -840 -111 -91,7% -2.080 -951 -54,3%
Monthly Churn (%) 3,9% 4,2% 3,8% 3,8% 3,9% 3,9% 3,8% -9,5 p.p. 4,2% 3,8% -0,4 p.p.
Fixed Telephopny Customer Base ('000) 739 785 840 897 897 946 1.006 28,1% 785 1.006 28,1%
TIM Live Customer Base ('000) 411 423 449 467 467 486 507 19,7% 423 507 19,7%
Handsets sold ('000) 265 275 256 284 1.081 246 244 -11,3% 540 490 -9,3%
Smartphone Penetration (%) 82,1% 83,9% 83,0% 85,0% 83,9% 85,7% 86,8% 3,5 p.p. 83,9% 86,8% 2,9 p.p.
BOU 1.787 2.066 2.297 2.585 2.184 2.660 2.808 35,9% 1.926 2.734 41,9%
MOU 115 122 129 127 123 124 124 1,2% 119 124 4,2%
Employees 9.681 9.621 9.537 9.661 9.661 9.411 9.414 -2,2% 9.621 9.414 -2,2%
TIM Brasil | Meeting with Investors
Investor Relations
Historical Data: Operational Indicators

45. 45
Brazilian Telcos: Financial X-Ray 2Q19
TIM Brasil | Meeting with Investors
Investor Relations
TIM, Vivo and Oi: IFRS 9 and 15
AMX: IFRS 16 (2019) and IFRS 9 and 15 (2018)
To be disclosed.
2Q19 2Q18 % YoY 2Q19 2Q18 % YoY 2Q19 2Q18 % YoY 1Q19 1Q18 % YoY 1Q19 1Q18 % YoY
4.263 4.163 2,4% 10.870 10.823 0,4% 8.982 8.880 1,1% 5.086 5.619 -9,5% 554 587 -5,7%
4.063 3.968 2,4% 10.239 10.345 -1,0% 8.702 8.591 1,3% 5.040 5.572 -9,6% 551 570 -3,5%
Mobile Service Revenues 3.833 3.761 1,9% 6.341 6.338 0,1% 3.093 2.841 8,9% 1.820 1.903 -4,4% 551 570 -3,5%
Fixed Service Revenues 230 207 11,3% 3.897 4.008 -2,8% 5.609 5.751 -2,5% 3.220 3.669 -12,2% - - -
199 195 2,4% 631 478 31,9% 269 278 -3,2% 46 47 -2,3% 3 16 -81,7%
1.616 1.522 6,2% 3.791 3.753 1,0% 2.981 2.846 4,7% 1.251 1.561 -19,9% 57 -5 n.a.
37,9% 36,6% 1,4 p.p. 34,9% 34,7% 0,2 p.p. 33,1% 32,0% 1,1 p.p. 24,6% 27,8% -3,2 p.p. 10,2% -0,8% 11,1 p.p.
945 981 -3,7% 2.360 2.139 10,3% n.a. n.a. - 1.718 1.124 52,8% 26 26 1,8%
Capex/Net Revenues 22,2% 23,6% -1,4 p.p. 21,7% 19,8% 1,9 p.p. - - - 33,8% 20,0% 13,8 p.p. 5% 4% 0,4 p.p.
671 540 24,4% 1.431 3.065 -53,3% n.a. n.a. - 520 437 19,0% 30 -31 n.a.
2.590 3.231 -19,8% -610 1.503 -140,5% n.a. n.a. - 10.107 7.309 38,3% n.a. n.a. -
Net Debt / EBITDA 12M 0,40 0,52 -23,5% -0,04 0,20 -119,5% n.a. n.a. - 1,9 1,2 50,6% n.a. n.a. -
23,2 21,9 5,8% 28,7 28,3 1,3% 18,0 16,0 13,8% 16,1 16,3 -1,3% 53,0 55,1 -3,8%
EBITDA - Capex
Net Debt
ARPU
Oi Nextel
Capex
TIM Vivo Claro
Total Net Revenues
Service Revenues
Products Revenues
Organic EBITDA
Organic EBITDA Margin

46. 46
Brazilian Telcos: Operational X-Ray
Source: Anatel.
TIM Brasil | Meeting with Investors
Investor Relations
2Q19 2Q18 % YoY 2Q19 2Q18 % YoY 2Q19 2Q18 % YoY 2Q19 2Q18 % YoY 2Q19 2Q18 % YoY
Mobile Customer Base (MM) 55,0 56,6 -2,8% 73,7 75,3 -2,0% 56,4 59,0 -4,4% 37,5 38,9 -3,5% 3,5 3,1 13,5%
Market Share 24,1% 24,1% 0,0 p.p. 32,3% 32,0% 0,3 p.p. 24,7% 25,1% -0,4 p.p. 16,4% 16,5% -0,1 p.p. 1,5% 1,3% 0,2 p.p.
Human Postpaid Customer Base ex-M2M
(MM)
18,1 17,2 4,8% 32,6 31,3 4,0% 18,4 16,3 12,9% 9,4 7,9 19,0% 3,4 3,0 16,2%
Market Share 21,9% 22,6% -0,7 p.p. 39,6% 41,1% -1,5 p.p. 22,3% 21,3% 1,0 p.p. 11,4% 10,4% 1,0 p.p. 4,2% 3,9% 0,3 p.p.
Mix Postpaid 32,9% 30,5% 2,4 p.p. 44,2% 41,6% 2,6 p.p. 32,5% 27,6% 5,0 p.p. 25,0% 20,3% 4,7 p.p. 98,5% 96,2% 2,3 p.p.
4G Customer Base (MM) 36,3 31,3 16,0% 44,6 38,8 14,9% 32,1 27,3 17,5% 23,5 19,5 20,2% 3,4 1,2 172,0%
Market Share 25,9% 26,4% -0,5 p.p. 31,8% 32,8% -1,0 p.p. 22,9% 23,0% -0,2 p.p. 16,8% 16,5% 0,3 p.p. 2,4% 1,0% 1,4 p.p.
Mix 4G 66% 55% 10,7 p.p. 61% 52% 8,9 p.p. 57% 46% 10,6 p.p. 63% 50% 12,3 p.p. 96% 40% 56,0 p.p.
NextelTIM Vivo Claro Oi

47. 47
Market share
analysis for the
whole country can
be misleading
BRAZIL
YoY p.p.
SP Cap
RJ/ES
MG
BA/SE
NE
NO
CO
PR/SC
RS SP IntPop: 23,0
Pen: 148%
Pop: 21,8
Pen: 129%
Pop: 20,6
Pen: 126%
Pop: 21,0
Pen: 111%
Pop: 17,5
Pen: 101%
Pop: 20,5
Pen: 88%
Pop: 19,8
Pen: 128%
Pop: 11,3
Pen: 126%
Pop: 18,1
Pen: 121%
Pop: 32,4
Pen: 109%
34,6%
24,5%
21,7%
19,2% 0,0%
37,9%
34,4%
15,5%
11,7% -0,2%
41,2%
21,5%
20,5%
11,4%
-0,8%
32,9%
30,1%
26,2%
10,8%
0,1%
36,9%
22,9%
20,8%
19,3%
-2,2%
52,5%
20,0%
17,2%
9,8%
-0,8%
36,2%
28,2%
15,7%
13,7%
1,1%
47,1%
31,2%
13,2%
8,2% -0,4%
39,1%
25,6%
19,2%
10,2%
-1,7%
33,8%
32,2%
22,7%
8,4%
3,2%
32,3%
24,7%
24,1%
16,4%
0,0%
Mobile Market Share
TIM:
Leader
2nd
3rd
4th
Source: Anatel.
TIM Brasil | Meeting with Investors
Investor Relations
June-19

48. 48
(“Juros sobre Capital Próprio”)
• Payment via IoE generating tax efficiency to
bring Effective Tax Rate down.
Shareholder Remuneration
(Announced R$ mln; YoY)
~R$ 1 bln in IOE Distribution for 2019
Efficiency Across the Board: Tax Credits and Distributions (IoE)
TIM Brasil | Meeting with Investors
Investor Relations
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.
Corporate Structure Simplification
R$ 952.4 million¹
Distribution of Interest on Equity
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 9 in Company’s Quarterly Financial Statements (ITR).
850
369
2018 2019
~R$ 1,000

49. 49
Recoverable Tax over PIS/COFINS: R$ 3.4 bln from three lawsuits
TIM Brasil | Meeting with Investors
Investor Relations
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).
APR/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$ 189mn
Booked after
final court
decision: TIM CEL
3Q19
Gross Tax credits of:
R$ 3,418 mln1
To be used in ~3/4 years2
(1) Monetary correction recognition will increase until the compensation of the tax credits.
(2) In 2018, Company paid ~R$880mn of PIS/Cofins.

50. 50
TIM.
READY FOR
THE FUTURE.
For further information | Investor Relations
Vicente Ferreira
E-mail: vdferreira@timbrasil.com.br
Phone: +55 21 98113-1400
Bernardo Guttmann
E-mail: bguttmann@timbrasil.com.br
Phone: +55 21 98113-1408
Camila Assano
E-mail: cacruz@timbrasil.com.br
Phone: +55 21 98113-4236
Lucas Carneiro
E-mail: lmcarneiro@timbrasil.com.br
Phone: +55 21 98113-1141
Guilherme Kopke
E-mail: gknascimento@timbrasil.com.br
Phone: +55 21 98113-0583
Visit our Website
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