| BANK CREDIT BILL NO.87/293644.1   | CLIENT BRANCH/ACCOUNT NUMBER0403/0.704691 8                                                                                                                                                                                                                                |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| I. BANK                           | BANCO SANTANDER (BRASIL) SA, with registered office in SÃO PAULO/SP, at Avenida Presidente Juscelino Kubitschek, 2041 e 2235, Bloco A, Vila Olímpia, registered with the Taxpayers’ Registry of the Ministry of Finance under no. CNPJ/MF 90400888/0001-42 |
| II. CLIENT                        | Corporate nameTIM CELULAR S.A.                                                                                                                                                                                                                                             | CNPJ04206050/0001-80 |
| AddressAV. GIOVANNI GRONCHI, 7143 | City/StateSÃO PAULO/SP                                                                                                                                                                                                                                                |
| III. JOINT DEBTOR / ENDORSEMENT   | Corporate Name/NameINEFFECTIVE                                                                                                                                                                                                                                             | CNPJ/MF or CPF/MF |

| [signature]________________________________TIM CELULAR S.A.[stamp:]Claudio ZezzaCFO and RI Director  | [signature]______________________________________BANCO SANTANDER (BRASIL) SA |
|-----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------|
| [signature]TIM CELULAR S.A.[stamp:]Marco ChiarucciFinancial Manager                                  |
| [stamp:] [initial]TIM LEGAL DEPARTMENT                                                                    | [signature][stamp:]Rodrigo G. GalvãoTIM Finance and Treasury            |

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| JOINT DEBTOR(S) / ENDORSEMENT(S)                       | SPOUSE AUTHORIZATION(required for endorsement guarantee):                             |
|-------------------------------------------------------------|---------------------------------------------------------------------------------------|
|   ____________________________________INEFFECTIVE |   ____________________________________Name: INEFFECTIVECPF:Marriage regime: |
|   ____________________________________INEFFECTIVE |   ____________________________________Name: INEFFECTIVECPF:Marriage regime: |
|   ____________________________________INEFFECTIVE |   ____________________________________Name: INEFFECTIVECPF:Marriage regime: |
|   ____________________________________INEFFECTIVE |   ____________________________________Name: INEFFECTIVECPF:Marriage regime: |

| 1. [signature]________________________________Name:              [stamp:]CPF/MF:          Cristiane Gonçalves Silva                         RG. 44495829-0  | 2. [signature]\____________________________________Name:CPF/MF                [stamp:]                             Yara Cerqueira Assunção Neves                             CPF 129751518-88                             RG 20595368-1 |
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| [logo:] Banco Real ABN AMRO | 872936441CCB |
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| BANK CREDIT BILL NO.WORKING CAPITAL: 872936441                                                                                                                                                                                                                                               | BRANCH CODE: 403CLIENT ACCOUNT NUMBER                                                                      0704691        |
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| I. BANK                                                                                                                                                                                                                                                                                      | BANCO ABN AMRO REAL S/A, with registered office in São Paulo/SP, at Avenida Paulista 1374 – 3°andar, registered with the Taxpayers’ Registry of the Ministry of Finance under no. CNPJ/MF 33066408/0001-15                                                                                                                                                                                                                                                        |
| II. CLIENT                                                                                                                                                                                                                                                                                   | Corporate nameTIM CELULAR S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                          | CNPJ004206050/0001-80 |
| AddressAV. GIOVANNI GRONCHI, 7143                                                                                                                                                                                                                                                            | CitySÃO PAULO                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | StateSP |
| III. JOINT DEBTOR / ENDORSEMENT                                                                                                                                                                                                                                                              | 1) Corporate Name/Name                                                                                                                                                                                                                                                                                                                                                                                                                                                             | CNPJ/MF or CPF/MF |
| Address                                                                                                                                                                                                                                                                                 | City                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | State |
| 2) Corporate Name/Name                                                                                                                                                                                                                                                                  | CNPJ/MF or CPF/MF                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Address                                                                                                                                                                                                                                                                                 | City                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | State |
| 3) Corporate Name/Name                                                                                                                                                                                                                                                                  | CNPJ/MF or CPF/MF                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Address                                                                                                                                                                                                                                                                                 | City                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | State |
| IV – SPECIFICATION OF CREDIT OPERATION                                                                                                                                                                                                                                                 | 1. Amount of loanR$ 150,000,000.00                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2. Date of 1st installment10/15/2008 | 3. Installment amount(for fixed installments)ACCORDING TO ATTACHED PAYMENT SCHEDULE |
| 4. Number of installments6                                                                                                                                                                                                                                                                   | 5. Final payment04/04/2011                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 6. Acquisition FeeR$ 150.00 (paid cash) |
| 7. IOF amountR$ 2,820,000.00(  ) financed(X) cash(  ) exempted                                                                                                                                                                                                           | 8. Effective Rate0% month0% year                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 9. Location of paymentRIO DE JANEIRO |
| 10. Interest(  ) Prefixed: interest equal to Effective Rate(  ) Post-fixed: interest equal to Effective Rate + TR(X) Floating rate: interest equal to Effective Rate + 110% CDI                                                                                          |
| 11. Payment terms(  ) Principal on final payment and monthly interest(  ) Principal and interest on final payment(  ) Principal and monthly interest in equal installments(X) Principal according to attached schedule added with interest incurring on period |
| V. SPECIFICATION OF GUARANTEE                                                                                                                                                                                                                                                                | (  ) Secured transaction of assets described in the document attached , part of this Section(  ) Conditional Assignment of credit rights or notes described in the document attached , part of this Section(  ) Pledge of  assets and credit rights or notes described in the document attached , part of this Section(  ) Mortgage on assets described in the attached mortgage agreement, part of this Section(  ) Others |

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| [logo:] Banco Real ABN AMRO | 872936441CCB |
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| (a) | Prefixed: equal to Effective Rate in table IV; |
|-----|------------------------------------------------|

| (b) | Post-fixed: equal to Effective Rate in table IV, added with TR – Reference Fee variation in the incurrence period; and |
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| (c) | Floating rate: equal to Effective Rate in table IV, added with floating rate corresponding to the percentage indicated in table IV in the preamble  of the CDI rate (average rate for receipt of funds in the Brazilian inter-financial market for operations outside group, named DI-Over, published daily by CETIP – Chamber of Custody and Settlement), accrued in the incurrence period. |
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| a)   | Acquisition Fee, in the amount set forth in table IV in the preamble, published at the branches of the BANK or at the BANK website (www.bancoreal.com.br); and |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | IOF (Tax over Credit Operations), in the amount set forth in table IV in the preamble |
|----------------|---------------------------------------------------------------------------------------|

| a)   | fail to comply with any pecuniary or non-pecuniary obligation agreed upon hereunder or in the collateral agreements, if any, provided that (a) the pecuniary non-compliance is caused by an error of technical or administrative nature, (b) this amount is paid within five (5) days from the due date, and (c) the non-pecuniary non-compliance continues with no remedy for thirty (30) days from the date when the CLIENT is notified about the non-compliance; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | provide any statement, representation or guarantee made or deemed to be made by the CLIENT under this Bill that is or is found to be incorrect or misleading in any relevant aspect when made or deemed to be made, unless the circumstances originating this false statements are (a) subject to be remedied (b) remedied within thirty days from the date when the CLIENT is notified about the non-compliance; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | failure to comply with any obligation arising out of agreements signed with the BANK or third parties in amounts equal or above R$ 75,000,000.00 (seventy five million reais); |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | be subject to enforcement measures against credit notes and/or documents representing debts over R$ 15,000,000.00 (fifteen million reais) for which payment they are responsible, unless the CLIENT proves that the enforcement measure was adopted by error or in bad faith or, also, if the enforcement measure is cancelled within seventy two (72) hours after the BANK is informed. |
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|   | [initial]  | F132624 | [stamp:] TIM Legal Department [initial]   | 2/7 |
|--------|-----------------|---------|-----------------------------------------------------|-----|

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| [logo] Banco Real ABN AMRO | 872936441CCB |
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| e)   | are subject to any judicial or extrajudicial measure that, at BANK’s sole discretion, may affect their ability to comply with obligations agreed upon under this Bill or collateral agreements, if any; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f)   | file for, or any member of the Limited Group files, judicial or extrajudicial recovery, or file for or have bankruptcy procedures requested, including by any member of the Limited Group; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g)   | terminate their activities or are subject to corporate restructure or corporate control directly or indirectly assigned to third parties, without authorization from the BANK; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h)   | acquire companies that are not of the Telecommunications sector; |
|----------------|------------------------------------------------------------------|

| i)   | hold, or any member of the Limited Group hold, any license or concession that is revoked, cancelled or terminated, that is necessary for their business operations, except for long-distance telecommunication businesses; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| j)   | are subject to enforcement measures or collateral enforcement measures against assets of the Limited Group, where the individual accounting value or market value of such assets, whatever higher, exceeds R$ 75,000,000.00 (seventy five million reais) and which is not deemed to be inapplicable or is suspended within thirty (30) days or a judicial measure is issued against the Limited Group under the terms of any bankruptcy, insolvency or  any similar law in effect on this date, or after, except, however, that this circumstance is not applicable to the CLIENT if the process is (i) incoherent or vexing, and is challenged in good faith by duly filed actions; and (ii) deemed to be inapplicable or suspended within sixty (60) days after valid notification of the enforcement measure or if a judicial measure is issued against the Limited Group, under the terms of any bankruptcy, insolvency or  any similar law in effect on this date, or after; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| k)   | fail to make, or any member of the Limited Group fails to make, the payment on the due date of any amount due under the terms of an unappealable decision in amount equal or beyond R$ 75,000,000.00 (seventy five million reais); |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| l)   | sell, offer as collateral to third parties, or create any kind of lien or encumbrance on any of its assets or rights, without prior and express authorization by the BANK, except those related to long distance services; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| m)   | are subject, or any member of the Restricted Group is subject, to condemnation, seizure, intervention or expropriation by any governmental authority of the total or significant portion of its assets or income, except for the license and assets related to the provision of long distance telecommunication services; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| n)   | fail to maintain their assets, subject to insurance, duly insured against deterioration or perishing; |
|----------------|-------------------------------------------------------------------------------------------------------|

| o)   | are subject to relevant changes to their economic financial status that, at BANK’s sole discretion, may compromise their ability to comply with obligations agreed upon under this Bill or collateral agreements, if any; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| p)   | fail to grant to the BANK the same rights and privileges applicable to any other CLIENT’s creditor, present and future, with the same credit rating, thus being treated with equality under all aspects, and CLIENT, when needed, must execute all required documents, including amendments to this Bill, to ensure such equalitarian treatment to the BANK, except those arising   out of funding operations executed with BNDES or security credits. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | borrowed cash and debt balances with financial institutions; |
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| (ii) | any amount raised by acceptance according to any credit facility; |
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| (iii) | any amount raised under the terms of any purchase of notes or issuance of obligations, titles, debentures, loans for the purchase of shares or similar notes; |
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|   | [initial]  | F132624 | [stamp:] TIM Legal Department [initial]   | 3/7 |
|--------|-----------------|---------|-----------------------------------------------------|-----|

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| [logo:] Banco Real ABN AMRO | 872936441CCB |
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| (iv) | the amount of any liability related to any lease or rent and purchase agreement that, according to generally acceptable accounting principles, is deemed as financial lease or lease of property, plant, and equipment; |
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| (v) | receivables sold or discounted (except receivables sold with no right of subrogation); |
|-----|----------------------------------------------------------------------------------------|

| (vi) | any counter-indemnity obligation related to a guarantee, an indemnity, obligation, standby or document letter of credit or any other instrument issued by a bank or financial institution (except any related to commercial credit under regular course of business); |
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| (vii) | any amounts raised by the issuance of redeemable shares, redeemable at holder’s discretion before August 26, 2005; |
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| (viii) | any amounts of any liability related to an advancement agreement or deferred purchase agreement if one of the main reasons to execute such agreement is to raise funds; |
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| (ix) | any amounts raised in any other transaction (including any forward sale or purchase agreement) with commercial effects as loan; and |
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| (x) | (with no duplicity) any amounts of any liability related to any guarantee or indemnity related to any of the above mentioned items. |
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| (i) | prior to deduction of any Consolidated Net Financial Debt; |
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| (ii) | prior to consideration of any items classified as extraordinary or exceptional; |
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| (iii) | prior to deduction of any amount of any profit of TB Group that is attributable to any company where the member of TB Group is entitled to minor shareholder’s voting; |
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| (iv) | prior to deduction of any amount attributable to amortization of intangible assets or depreciation of tangible assets. |
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| (i) | including, in case of leases, only the then capitalized amount; |
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| (ii) | excluding any obligation before any member of the TB Group; |
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| (iii) | deducting the value of all Availabilities and Applications in Availabilities freely available held by any member of the TB Group at the time, ensuring that no amount is included or excluded more than once. |
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| (i) | excluding any obligation before any member of the TB Group; |
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| (ii) | including interest if lease and rent and purchase payments to be paid by any member of the TB Group; |
|------|------------------------------------------------------------------------------------------------------|

| (iii) | including any commission, fee, discount and other payments accrued to be paid by any member of the TB Group under the terms of any interest rate hedge; |
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| (iv) | deducting any commission, fee, discount and other payments due to any member of the TB Group under the terms of any interest rate hedge; |
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| (v) | deducting any interest accrued due by any member of the TB Group on any deposit or bank account; and |
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| (vi) | adding the amount of any dividend in cash or distribution paid or made by the CLIENT related to such measuring period. |
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|   | [initial]  | F132624 | [stamp:] TIM Legal Department [initial]   | 4/7 |
|--------|-----------------|---------|-----------------------------------------------------|-----|

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| [logo] Banco Real | 872936777CCB |
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|   | [initial]  | F132624 | [stamp:] TIM Legal Department [initial]   | 5/7 |
|--------|-----------------|---------|-----------------------------------------------------|-----|

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| [logo:] Banco Real ABN AMRO | 872936441CCB |
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|                                                                                                                                       | [circular stamp  [illegible] powers granted]         |                                                                                                                                                           |
|--------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| [signature]____________________________TIM CELULAR SA[stamp :]Gianandrea Castelli RivoltaFinance Administration, and Control Director | [signature][stamp:]Mario Cesar Pereira de AraújoPresident | [signature]_____________________________[stamp:]Banco ABN Amro Real SA[stamp:]Luiza Helena GriloCPF [illegible][signature][stamp]José Carlos LopesManager |

|   |   |   |       |   |
|--------|--------|--------|------------|--------|
| 1.     |   |   |       | 2.     |   |   |
| Name   |   |   | Name  |   |

|   |   |   |   |   |
|--------|--------|--------|--------|--------|
| 3.     |   |   |   |   |   |   |
| Name   |   |   |   |   |

|   | [initial]  | F132624 | [stamp:] TIM Legal Department [initial]   | 6/7 |
|--------|-----------------|---------|-----------------------------------------------------|-----|

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| [logo:] Banco Real ABN AMRO | 872936441CCB |
|-----------------------------|--------------|

| INSTALLMENT | DATE       | INSTALLMENT AMOUNT + DUTIES |
|-------------|------------|-----------------------------|
| 01          | 10/15/2008 | R$ 1.00                     |
| 02          | 04/13/2009 | R$ 1.00                     |
| 03          | 10/13/2009 | R$ 1.00                     |
| 04          | 04/08/2010 | R$ 1.00                     |
| 05          | 10/05/2010 | R$ 1.00                     |
| 06          | 04/04/2011 | R$ 149,999,995.00           |

|   | [initial]  | F132624 | [stamp:] TIM Legal Department [initial]   | 7/7 |
|--------|-----------------|---------|-----------------------------------------------------|-----|

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