Tim Presentation Morgan Stanley (Jan10)

0Florida – January 6-8th , 2010

TIM Participações S.A(Bovespa: TCSL4, TCSL3; NYSE: TSU)

Morgan StanleyLatin America CEO Conference

1

TIM PARTICIPAÇÕES S.A. | Investor Relations

2008 Issues and Re-Launch Plan Update

New Commercial Approach and Portfolio

Next Challenges

Intelig Deal Concluded

Attachments - Market Facts and Historical Data

2


2008 Issues…

Strategic Indecision:

- 2G or 3G? (slow 3G roll-out, 2G low quality)

- Fixed/Web or Core business - mobile?

- High Price with low quality

Offer obsolete:

- ‘TIM Brasil plans’ (Post-paid Consumer): since 2005

- ‘Nosso Modo plans’ (Post-paid Business): since 2002

- Pre-paid Promotion: Less Competitive (10x vs 20x/30x from peers; End of ‘7 cents’ promotion)

- Customer acquisition model “handset based”

Short-cuts to profitability:

- Price-up in the Q4 2008

- Exit from post-paid market

- Stop advertising and commercial efforts

3


... with a loss of competitiveness and post-paid base

4,6

4,94,7

5,15,3

Pre-paid - Total Post-paid - Voice

Jan-08 Dec-08

Mn Lines

29,825,2 26,2

29,027,3

+4,6 -0,7

ARPM Outgoing

0,27

0,19 0,190,21

0,18

Share of Investment Quarterly Share of investments on TV

Dec-08Jan-08 Jul-08Apr-08 Oct-08

Increased Tariff Stop Advertising

Profitability in the short term

Loss of competitiveness

Marketshare 26,1% 24,2%

R$

Mn Lines

Dec-08Jan-08 Jul-08Apr-08 Oct-08

-1,9pp

17,5%19,9% 22,2%18,2%

1Q 2Q 3Q 4Q

Jul-08Apr-08 Oct-08

Post-paid base erosion

4


TIM’s Strategic Guidelines

Vision:

- Short-term: Voice service will continue to be the killer application

- Voice is the mobile core business; Data is Fixed core business

- Fixed to Mobile substitution will happen in 2010; the process for data is more articulated

Mission:

- TIM is a company that thinks differently and seeks innovative ways for customers to talk more, spending less (MOU intensive strategy, community based concepts)

- The 2G Network is a competitive advantage to follow the MOU growth (capacity) and the Customer Base growth (cover)

- The data are not only brownsing: with microbrowsing it is possible to replicate the same voice’s path (anywhere, any time, for everybody), with consistency andsustainability

5


Our Path in 2009

Customer Base and Market Share

2Q09

Launch of Infinity Plans (Pre and Post-paid)

Loyalty (Handset and Monthly Fee Discounts)

Push on Sales:

- Focused on Post-paid and MNP

- Network Rationalization

- New ways to encourage Usage

MOU

3Q09

Encourage Usage:

- Infinity (Pre and Post) and launch of “Blue”Concept (Local and LD)

- Quick-win of pre-paid clients

Push on Sales and CRM action

Clients migration to new plans (Pre)

Δ Post-paid Clients and SAC/ARPU

4Q09

Focusing on Post-paid:- Liberty- Infinity / ÚnicoGo-2-Market Model: Chip Only, as alternative to traditional modelAcceleration and Network Development: - 2G Capacity - 3G CoverageIntelig

Awareness and Quality

1Q09

Brand: new format and increasing Share of Investments

Network Quality:capacity, access, transportation (LD)

Costumers Satisfaction Recoveryin all Consumer Segments

KPIs

6


Main Achievements

TIM reverses market share trend (net share of 27.3% in 3Q, after 29.1% in 2Q, vs. ~24% of market share)

Improving pre-paid customer base (Infinity Pre-paid: >11 million clients in 6 months)

End of post-paid base erosion, after 15 months (Infinity Post-paid and TIM Único)

Re-launch costs +R$ 0.5 Bln 9M YoYAdvertising, CRC, network quality and commissioning

Self-financing -R$ 0.7 Bln 9M YoYthrough Efficiency PlanInterconnection, Bad Debt and Personnel

ΔEBITDA +6.7% 9M YoYDespite -0.9% of revenues decrease

Brand: improve in Awareness and Top of Mind

Customer Satisfaction:

recovery quality level in all customer segments

Quality: confirmed #2 Anatel (with MOU +30% higher than 1Q09)

Subscriber’s base

Jul ‘08

7.41

Jan ’09

6.60

Jul ’09

7.47Overall

6.22 5.89 6.88Post-paid

Continuous improvement on KPIs QoQ

Sources: ABA (Associação Brasileira de Anunciantes)

Positioning(Brand and Quality)

Positioning(Brand and Quality) Subscriber Base GrowthSubscriber Base Growth Self-financingSelf-financing

7


Brand: improving in Awareness and Top of Mind

Sources: Ibope Monitor, TIM Brasil - Pesquisa de imagem (Synovate – third-party survey institute) and weekly communication tracking* RJ and SP – last week of the month

Share of Investments

Share of Voice

2006 2007 2008 Jan-Aug ‘09

TV – GRP 15”+

2008 Jan-Aug ‘09

TIMPlayer 1

Player 2Player 3

Top of Mind

Oct-Nov07

May-Jun08

Oct-Nov08

Jun/09

•ABA: #1•Folha de SP: # 2

Awareness

May/09 Jun/09 Jul/09 Aug/09 Sep/09

30%32%

15% 16%

29%

24% 19%

17%

26%

31%

26%28% 28%

26%

15%

18%

5%

10%

15%

20%

25%

30%

35%

40%

21%

32%

25%

20%

29%

23%23%21%

41%

27%23%

31%

44%

30%

42%

53%

34%

29% 29%

20%

32% 33%33% 34%

33%

50%

22%

31%

31%29%

28%29%29%27%

30%

27%

22%22%21%20%

19%18%20%

22%

8


Customer Satisfaction: quality level recovery in all customer segments

Customer Care SatisfactionCustomer satisfaction Index

Δ vs lastmeasure

Rankingoct/08 may/09

#1

#1

#1

#1

+0.44

+0.36

+0.72

+0.87

* Jul/09 and Aug/09Sources: TIM Brasil - 12nd Customer Satisfaction Monitoring - may-jun/09; CRC Monthly Satisfaction Research

CRC Average satisfaction, consumer segment

#3

#2

#4

#4

Client satisfaction recovery in all segments

From 0 (dissatisfied) to 10 (maximum satisfaction)

Pre-paid

Post-paid

8.43

8.50

8.06

7.96

Overall

Pre

Post

PostHigh

-0,5

+0,7

+0,5

7.57.4

7.07.1

7.5

6,7

6,9

7,1

7,3

7,5

7,7

7,9

3Q08 4Q08 1Q09 2Q09 3Q09*

6.76.6

6.3

6.06.1

5,7

5,9

6,1

6,3

6,5

6,7

6,9

7,1

3Q08 4Q08 1Q09 2Q09 3Q09*

9


90.7%

97.8%

87.6%

94.0%96.4%

82,00%

84,00%

86,00%

88,00%

90,00%

92,00%

94,00%

96,00%

98,00%

100,00%

4Q08 1H09 jul/09 aug/09 nov/09

Quality: Improvement of Customer Care and NetworkOverall Service Quality – YTD’ 2009 Overall Service Quality – Sept’ 2009

# 2

Network Service Quality (*)

Jan/09 Set/09 Delta (p.p.)

TIM 84.1% 97.3% +13.2

Player 1 100.0% 99.1% -0.9

Player 2 95.7% 96.5% +0.8

Player 3 53.8% 50.0% -3.8

MainMobileOperators

Fonte: Anatel(*) SMP Anatel 3, 5, 6, 7 and 12

86MOU 71 90

-0.2 +5.2 -0.9-7.8-5.1-1.2+2.1

% target achieved in overall service quality, TIM vs. competitors % target achieved in overall service quality, TIM vs. competitors

% target achieved in network quality , TIM vs. competitors % target achieved in TIM network quality

∆ppYTD 09vs. FY08

99.3%96.8% 95.5% 93.9% 92.6%

83.0%

90.2%

Player 1 TIM Player 6 Player 5 Player 4 Player 2 Player 3

99.2% 97.7% 95.5%90.9%

85.5% 81.8%

65.9%

Player 1 TIM Player 6 Player 4 Player 2 Player 5 Player 3

10


Net Additions

-17.2% 34.9% 27.5%

Pre-paidPost-paid

Net Adds YoY Growth (%)

(000’s lines)

(1) (250) (397)

42 87

1,393 1,446

91

1,687 1,687

3Q08 4Q08 1Q09 2Q09 3Q09

1,7741,7291,392

(306)

1,196

N/A-42.9%

..Invert the trend

After four quarters of market share erosion…

… TIM confirmed trend reversal

Net Share (%)

MarketShare (%)

27.3%

23.7% 23.8%

29.1%

17.4% 18.3%

26.5%

12.1%-10.1%

25.9%

25.0%25.4%24.2% 23.5%

3Q08 4Q08 1Q09 2Q09 3Q092Q08

Subscriber Base Growth: Reverting negative trends

1Q08

Returning to increase in post-paid… …and market share

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Self-financing the Re-launch plan…

Interconnection

Bad Debt

G&A

EBITDA

+0.5

-0.7

8.9 8.8

0

-0.08

+0.59

+0.13

Set-09 YTD vs. YA

-0.9%

+10.0%

+6.7%

-0.9%

3.8 3.1

3.1 3.6

+6.7%

Bln R$

ServiceRevenues

ServiceMargin*

EBITDA

More quality in:•Traffic

(on-net)•Clients•Organization

• Brand Re-shaping

• Recovery Customer Base

• Improve in Margin despite of Revenues decrease

Net Service Revenues

Commercial Expenses

(Fixed and Variable)

Network

1.97 2.10

Sep´-08 YTD Sep´-09 YTD

12




Next Challenges



13


Handset Revenue

SAC / ARPU

Innovative Commercial Approach

Segmented Offers Chip only (for all post-paid plans) Unique and distinctive

• Complete portfolio of plans with

segmented approach

• New Plans based on Community

concept (more than 40 million

clients nationwide)

• Community Free National

Roaming

• Exclusivity in devices (e.g.: Windows

Phone)

• Outsourcing of VAS platforms

multiplatform applications store:

music, games, adult (ex: Qualcomm)

• Presence of TIM in applications

store of main suppliers (e.g.:

“Brasileirão 2009” in Apple Store)

Subscriber Base and UsageMicrobrowsing

Infinity Pre Infinity Post Liberty

• Win-Win-Win:

- TIM: SAC/Bad Debt reduction,

competitive differentiation in

service vs. handset

- Sales: one more option for sales

- Client: flexibility

. Handset Benefit or

. Service Benefit

PlansPlans Business ModelBusiness Model Handsets and VASHandsets and VAS

14


New segmented portfolio: based on Community Concept

SuperHigh

Da Vinci

Infinity Post-paid

Infinity Pre-paid

Infinity ControleInfinity Infinity ControleControle

Infinity 30Infinity 30Infinity 30

TIM LibertyTIM LibertyTIM Liberty

On-Net Off-Net

All Unlimited

Bundle of off-net minutes

Unlimited

Unlimited call

Unlimited Call

Infinity Benefit in Low plan

Cheapest Controle offer in the market and also includes Infinity benefit

Price / Minute

FamilyFamilyFamily Free tariff among Family members

Including LD

Free bundle of minutes

Pre

Controle

Low

Mid

High

15


Increasing LD market share of traffic

(+ 10pp)

~60% of Gross Adds are new Business clients

>11 million clients

Infinity Pós

+40% Post-paid Gross Adds (Voice) Consumer 3Q YoY

9070

1Q09 3Q09

MOU

Leveraging onTIM Community

~40 million clients(Local and DDD)

1Q09 3Q09

% MOU on-net

+8 pp

+30%

Infinity Pré

TIM Único

Mundo Azul

Competitive advantage of

TIM’s offer

New Offers: Fast market reaction

16




Next Challenges



17


•Anytime, anywhere•Critical success factors:

3G Roll-out and smartphone

Microbrowsing

•Anywhere, HSDPA 7Mb/seg

•Critical success factors: spectrum and backhauling

Mobile Browsing

•Always Connect•Critical success factors:

capacity, last mile (fiber) and application

Browsing and connectivity

Kbit/seg

Last MileBackbone/backhaulingRadio Access

CapacityMobility

TIM World Intelig World

•F-M substitution•Critical success factors:

Radio Coverage

Voice

Telecommunication’s Evolution

18


Three waves of growth for the mobile market Driver of growth for the mobile market

Brazilian MarketIn 2012

~216 Mi Lines

~130 MOU

~18% VAS/Revenues

Waves of TIM’s growth

Convergence

2-play (voice & data)

Post-paid - Voice

Customer Base Evolution

Fixed

Web

Post-paid - Voice

Pre-paid

20090.3

0.5

5.0

34.5

139% 117%99% 87%

120%

‘09 ‘12

Sept ‘09

249133

76

833130

‘09 ‘12

MOU, 2Q09

44%29% 24%

12% 18%

‘09 ‘12

% data/Net Service Revenues, 2Q09

A

B

C

Pre-paid

MM acessos

2009 H2 2010 2011 2012

More 15 millionClients

2012

2012

UsagePenetrationand voice access

A B

Today

Broadband

C

H2 2010

19


“Breaking the Rules”

Service Offers:

- MOU intensive

- Community based

- Chip-only

- Differentiation and Segmentation per Area

Handset:

- Focusing on Microbrowsingexperience

Quality

QualityCapabilitiesCapabilities

Inno

vatio

n

Inno

vatio

n

“Best in class”

Network:

- “Close the gap” to “wide the gap” (Coverage)

- Voice Quality (Capacity)

Customer Care:

- Quality on E2E process, products and solutions

- New Caring model and simplifying internal process

“Focusing on Technology Infra-structure”

Push on 2G Capacity and Coverage

A consistency development of 3G Network

Efficiency: back-hauling and fast integration with Intelig Network

Improve IT capabilities

Next Challenges

20


Market Trend

TIMStrategy

Post-paid Offer Pre-paid Offer

Low importanceof the phone number

SAC elevado nos canais vendas

tradicionais (ex: GDO)

Pressure on Promotion:- bonus to on-net local calls- discount on chip (4x1)

High SACLow Differentiation

High Churn

Chip only (Low SAC)Traffic Differentiation:- MOU intensive- Community based

From price per minute to price per call (ARPU accretion)“Azul”: F to M substitution on DDDPush alternative channels Low SACNew services to increase phone number importance

Handset based

High InterconnectionCosts

Low MOUflat para as diretrizes

Increase Customer BaseDecrease of ARPU

Innovation: “Breaking the Rules”

21


Quality: “Best in Class”

Customer Satisfaction Index Consumer Customer Satisfaction Index Business

8,07,58,5

‘09 H1 ‘10 YE ‘10

5,7 6,5 7,0

‘09 H1 ‘10 YE ‘10

Index Index

Target:

#1 on AnatelRanking in

terms of CSI

Offer: simplifying portfolio (focusing on business segment)

Push on clients’ loyalty (focusing on consumer segment)

In sourcing Customer Care to PME segment in 2010

Internal Caring to post-paid high-end (in-house)

Outsourcing Customer Care to consumer segment low-end:

- Focusing on quality in partnerships

- Focusing on process and efficiency

- Responsible for Clients E2E

Process revision on Business segment (sales, after-sales e caring)

Actions to improve

Customer Satisfaction

Churn Rate reduction in all segments

22


North and Northeast Regions

2G Capacity

3G innovation

2G Capacity

Efficiency

Efficiency 3G innovation

Capabilities: “Focusing on Technology Infra-structure”

‘000 Microwaves ~9K MW em 3 anos

6,2

2009 2010 2011 2012

>4.,1K Node B em 3 anos

# Node B

3,9

2009 2010 2011 2012

TRX

>50K TRX em 3 anos

‘000 TRX

92,2

2009 2010 2011 2012

23




Next Challenges



24


Network Footprint

Central

Rede em Fibra Óptica

Estação satelital terrestre Central ATM/IP

Cabo submarino

MANPOP

Central

Rede em Fibra Óptica

Estação satelital terrestre Central ATM/IP

Cabo submarino

MANPOP

Rio Branco

Manaus

Goiás

Campo Grande

Florianópolis

São Paulo

Belo HorizonteVitória

Goiânia

MacapáBoa Vista

Porto Velho

Salvador

Uruguaiana

Joinville

Rib. PretoCampinas

JuizFora

Atlantis 2(Argentina)

Atlantis 2 (Europa)

Globnet (New York e Miami)Américas II (Florida)

Curitiba

Aracaju

Maceió

Recife

Fortaleza

Belém

Uberlândia

BrasíliaDF

JundiaíRio de Janeiro

PortoAlegre

Barueri

Rio Branco

Manaus

Goiás

Campo Grande

Florianópolis

São Paulo

Belo HorizonteVitória

Goiânia

MacapáBoa Vista

Porto Velho

Salvador

Uruguaiana

Joinville

Rib. PretoCampinas

JuizFora

Atlantis 2(Argentina)

Atlantis 2 (Europa)

Globnet (New York e Miami)Américas II (Florida)

Curitiba

Aracaju

Maceió

Recife

Fortaleza

Belém

Uberlândia

BrasíliaDF

JundiaíRio de Janeiro

PortoAlegre

Barueri

% of net revenue

Brief Description

Established in 1999 during the privatization process, being an alternative player (“mirror company”) to compete with incumbent operators

~ 500 employees

Since Jan/08, owned by Docas Investimento(Brazilian Media and Publishing Group)

National and international LD (Code 23)

Voice, data and images transmission nationwide. In 2003, launched a local fixed telecommunication service

Backbone: 14.500 km of fiber optic cables

Fiber optic cables length: ~500.000 km

Metropolitan Network: 18 capitals

Network Asset

Corporate – 100k clients

- LD (national and international)- Data solution for business segment

Wholesale - Data transmission (leased lines)

Retail - Local service (~260k lines)

- ISP (Internet service provider)- LD (national and international)

Business line

~50%

~35%

~15%


25


Before Intelig After Intelig

TIM Brasil Serv. e Part. S.A.

T : 69.86%ON: 81.32%PN: 63.94%

100%

100%

TIM Cel. S.A.

TIM Nord. S.A.

Free Float

T : 30.14%ON: 18.68%PN: 36.06%

TIM Brasil Serv. e Part. S.A.

T : 66.27%ON: 77.14%PN: 60.65%

100%

100% 100%

TIM Cel. S.A.

TIM Nord. S.A.

JVCO

T : 5.14%ON: 5.14%PN: 5.14%

T : 28.59%ON: 17.72%PN: 34.21%

New Shareholder Structure

Free Float

26


Rational behind the Deal

Grow current business New markets

Support long distance traffic growth to

mobile and fixed

Development of own network for data

transmission and 3G coverage

Deploying a network to support the data

traffic sudden increase

Growth in the Fixed residential market :

Revamp of long distance share

Convergent offers: multiple-play

Performance in the Corporate segment:

Convergent solutions (voice and data, F-M)

Custom applications

Gain of Efficiency

Integration of backbone network and

backhauling with leased lines migration

System integration (billing, customer care,

provisioning, processes, commercial)

27


Expected benefits: further profitability, further growth

Reduction of up to 50% of the inertial leased lines costs and structural growth in profitability

Integration completed in April

Saving from Q1 '10, under the Q4 '10

TIM’s Revenue growth driven by the strong growth in Intelig Fixed Business

Expected Costs

Inertial Costs

2009 2010 2011 20122008

~ -50%

Wholesale

Business

Residential

2009 2010 2011 20122008

Efficiency Gains Addressing new markets

Intelig RevenuesLeased Lines Cost

0

200

400

600

800

1000

1200

28




Next Challenges



29


TIM Part. Total Control Free Float

Common 843,281,477 650,537,118 192,744,359

Preferred 1,632,453,583 990,098,811 642,354,772

Total 2,475,735,059 1,640,635,929 835,099,130

100%

100%

77%

61%

23%

39%

100% 100%

(%) (%) (%)

100%

*Jan, 2010

*All Market Panel data refer to Dec 30, 2009.*All Market Panel data refer to Dec 30, 2009.

TIM ParticipaçõesTIM Participações

TIM CelularTIM Celular

TIM Brasil

100%

ON: 77%PN: 61%

Total: 66%

100%

Telecom Italia

Stock Exchange: : BOVESPA

Ticker Symbol: TCSL4 (Preferred)Price: R$ 5,12

52 Week Price Range:High – R$ 5.20

Low – R$ 2.64


Ticker Symbol: TCSL4 (Preferred)Price: R$ 5,12


Low – R$ 2.64


Ticker Symbol: TCSL3 (Common)Price: R$ 7,15


Low – R$ 4.91


Ticker Symbol: TCSL3 (Common)Price: R$ 7,15


Low – R$ 4.91

Market Panel*Market Panel*Market Panel*

Stock Exchange: : NYSE

Ticker Symbol: TSU (ADR)Price: US$ 29,76

52 Week Price Range:High – US$ 30.13

Low – US$ 11.99

Stock Exchange: : NYSE

Ticker Symbol: TSU (ADR)Price: US$ 29,76

52 Week Price Range:High – US$ 30.13

Low – US$ 11.99

Market Capitalization: R$ 13.00 BillionMarket Capitalization: R$ 13.00 Billion Market Capitalization: US$ 7,47 BillionMarket Capitalization: US$ 7,47 Billion

TCLS4 TCSL3 IBOV

Market Facts

New Shareholders StructureStock Performance

(20,0)

-

20,0

40,0

60,0

80,0

100,0

Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09

30


Historical indicators: operational results

QoQ YoY% %

3Q09 2Q09 3Q08

Brazilian Wireless Subscriber Base (million) 166.1 159.6 140.8 4.1% 18.0%Estimated Total Penetration 86.7% 83.5% 73.3% 3.2 p.p. 13.4 p.p.Municipalities Served - TIM GSM 2,958 2,944 2,765 0.5% 7.0%Market Share 23.8% 23.7% 25.0% 0.1 p.p. -1.2 p.p.Total Lines ('000) 39,600 37,826 35,206 4.7% 12.5%

Prepaid 33,297 31,610 28,386 5.3% 17.3%Postpaid 6,303 6,216 6,820 1.4% -7.6%

Gross Additions ('000) 5,930 4,855 4,573 22.1% 29.7%Net Additions ('000) 1,774 1,729 1,392 2.6% 27.5%Churn 10.9% 8.6% 9.4% 2.3 p.p 1.5 p.pARPU (R$) 26.5 26.6 30.1 -0.2% -12.0%MOU 90 73 101 23.2% -10.7%ARPM (R$) 0.29 0.36 0.30 -19.0% -1.5%SAC (R$) 113 120 110 -6.2% 2.1%Investment (R$ million) 535.9 422.5 510.7 26.8% 4.9%Employees 9,351 10,174 10,173 -8.1% -8.1%

Numbers are according to previously published earnings release, and therefore, may differ from the subsequent publishing due to rounding and re-classification.

31


Thousands R$

Numbers are according to previously published earnings release, and therefore, may differ from the subsequent publishing due to rounding and re-classification.

3Q08 2Q09 3Q09 QoQ % YoY %

Net Revenues 3.406.923 3.304.252 3.337.481 1,0% -2,0%Services 3.114.872 2.936.240 3.083.348 5,0% -1,0%

Handset Revenue 292.051 368.012 254.133 -30,9% -13,0%

Operating Expenses (2.608.467) (2.568.235) (2.578.700) 0,4% -1,1%Personal Expenses (152.654) (138.181) (144.695) 4,7% -5,2%

Selling and Marketing Expenses (715.019) (829.036) (873.341) 5,3% 22,1%

Network & Interconnection (1.077.171) (920.902) (964.315) 4,7% -10,5%

General & Administrative (101.496) (113.542) (100.954) -11,1% -0,5%

Cost of Goods Sold (378.072) (466.727) (335.308) -28,2% -11,3%

Bad Debt (143.250) (105.949) (99.552) -6,0% -30,5%

Other operational revenues (expenses) (40.804) 6.102 (60.534) - 48,4%

EBITDA 798.456 736.016 758.781 3,1% -5,0%

EBITDA - Margin over total net revenues 23,4% 22,3% 22,7% 0,5 p.p. -0,7 p.p.

Depreciation & Amortization (617.988) (647.451) (663.684) 2,5% 7,4%

EBIT 180.468 88.565 95.097 7,4% -47,3%

Net Financial Results (152.943) (65.857) (61.865) -6,1% -59,5%

Income (loss) before taxes and Minorities 27.526 22.708 33.232 46,3% 20,7%

Income tax and social contribution (39.579) (37.956) 27.579 - -

Net Income (Loss) (12.053) (15.247) 60.811 - -

Historical indicators: financial results

32


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.

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.

Investor Relations

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Avenida das Américas, 3434 - Bloco 016° andar – Barra da Tijuca22640-102 Rio de Janeiro, RJPhone: +55 21 4009-3742 / 4009-3446 / 4009-4017Fax: +55 21 4009-3990

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Transcript of Tim Presentation Morgan Stanley (Jan10)