| Availability Period End Date                | :      | December 15th, 2014                                                                                                |
|---------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------|
|                                        |   |                                                                                                               |
| Term                                        | :      | The term of each Loan should be 60 Months with Semi Annual Payments in Arrears                                     |
|                                        |   |                                                                                                               |
| Rate of Interest                            | :      | The term for a specific drawdown agreed between the Borrower and the Lender in the relevant Request for Borrowing. |
|                                        |   |                                                                                                               |
| Default Rate                                | :      | 3.8 % (Three point Eight percent) per year                                                                         |
|                                        |   |                                                                                                               |
| Facility Limit                              | :      | $ 50,000,000.00 (Fifty Million and 00/100 United States Dollars)                                                   |
|                                        |   |                                                                                                               |
| Third Party Limit                           | :      | 40 % (forty percent)                                                                                               |
|                                        |   |                                                                                                               |
| Minimum Drawdown Amount                     | :      | $ 300,000.00 (Three Hundred Thousand and 00/100 United States Dollars)                                             |
|                                        |   |                                                                                                               |
| Maximum Drawdown Number                     | :      | $ 50,000,000.00 (Fifty Million  and 00/100 united States Dollars)                                        |
|                                        |   |                                                                                                               |
| Services Agreement                          | :      | Not applicable                                                                                                     |
|                                        |   |                                                                                                               |
| Legal name and address of Security Provider | :      | Not applicable                                                                                                     |

|   | 1.  | Representations and Warranties |
|--------|----------|--------------------------------|

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|   | 2.  | Additional Conditions Precedents |
|--------|----------|----------------------------------|

|   | 1.  | a copy of the ROF |
|--------|----------|-------------------|

|   | 3.  | Condition Subsequent |
|--------|----------|----------------------|

|   | 4.  | Additional Provisions |
|--------|----------|-----------------------|

| CISCO SYSTEMS CAPITAL CORPORATION        |                            |                                     |
|------------------------------------------|---------------------------------|------------------------------------------|
|                                     |                            |                                     |
| (authorized signatory and company stamp) |                            | (authorized signatory and company stamp) |
|                                     |                            |                                     |
| Date:                                    | 11.9.2014                       |                                     | Date: |   |
| By:                                      | /s/ Deborah Baker               |                                     | By: | /s/ Paolo Baorroero | /s/ Rodrigo G. Galvão |
| Name:                                    | Deborah Baker                   |                                     | Name: | Paolo Baorroero | Rodrigo G. Galvão |
| Title:                                   | Senior Director, AMS Operations |                                     | Title: | TIM Celular S.A. TIM - Finanças e Tesouraria |
|                                     |                            |                                     |   | Finanças e Tesouraria |
|                                     |                            |                                     |   |   |
| Witnessed by:                            |                            |                                     |   |
|                                     |                            |                                     |   |   |
| 1.                                       |                            |                                     | 2. | /s/ Glaucia Crahim |
| Name:                                    |                            |                                     | Name: | TIM Celular S/A |
| ID:                                      |                            |                                     | ID: | Finanças e Tesouraria |

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