|   | FINANCING CONTRACT UNDER CREDIT OPENING NO. 09.2.0769.1, SIGNED BETWEEN BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL - BNDES AND TIM CELULAR S.A., WITH INTERVENING OF A THIRD PARTY, AS FOLLOWING: |
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|   | a) | The amount related to the TJLP portion which exceed six percent (6%) per year will be capitalized in the fifteenth (15th) day of each month of the term of this Contract and at the maturity or liquidation, subject to the provisions of Eighteenth Clause, and assessed on the incidence of the following capitalization term on the debit balance, considering all financial events occurred during the period |
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| TC =   | [(1 + TJLP)/1,06] n/360 -1 (The capitalization term equal to, open bracket, the ratio between the TJLP plus the unit, and one integer and six hundredths, closing bracket, to the power corresponding to the ratio between "n" and three hundred and sixty, less the result of such unit), as: |
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| TJLP –   | Long-Term Interest Rate, release by Central Bank of Brazil (Banco Central do Brasil); and |
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| n –   | number of days between the event day and the capitalization date, maturity or settlement of the obligation, considered as financial event all and any financial act or which result or may result modification in the debit balance of this Contract. |
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|   | b) | The percentage of three integers and eighty-two hundredths percent (3.82%) per year above the TJLP (payment), referred to in the caput of this Clause, plus the non capitalized TJLP portion of six percent (6%) per year and one percent (1%) per year (financing cost provided in the item II of the fifth paragraph of article 1 of the Provisional Presidential Decree no. 453 of 1/22/2009, with wording amended by Provisional Presidential Decree no. 462, of 5/14/2009), will be on the debit balance, on the dates of interest enforceability referred in the Second Paragraph, or at maturity or settlement of this Contract, subject to the provisions of subparagraph "a", and considering the number of days from the date of each financial event and the enforceability dates mentioned above for the calculation of daily interest. |
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| I - | the unused balance of each credit installment from the day after its date of availability until the utilization date, when your payment will be payable; and |
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| II - | the unused balance of credit, from the day of availability until the date of cancellation, made at the request of the BENEFICIARY, or BNDES, which payment will be payable on the date of the request or decision of the BNDES, as appropriate. |
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|   | I. | comply, as applicable, until the final settlement of the debt hereunder, the "PROVISIONS APPLICABLE TO BNDES CONTRACTS," adopted by Resolution no. 665 of December 10, 1987, partially amended by Resolution no. 775, December 16, 1991, by Resolution no. 863 of March 11, 1996, by Resolution no. 878 of September 04, 1996, by Resolution no. 894 of March 06, 1997, by Resolution no. 927 of April 1, 1998, by Resolution no. 976 of September 24, 2001 and Resolution no. 1.571/2008 of March 04, 2008, all by the Board of BNDES, published in the Official Gazette (Section I) of December 29, 1987, December 27, 1991, April 08, 1996, September 24, 1996, March 19, 1997, April 15, 1998, October 31, 2001 and March 25, 2008, respectively, which copy is delivered in this act, to the BENEFICIARY, which, after acknowledge all the contents thereof, agree to accept it as integral and inseparable part of this Contract, for all purposes and legal effect; |
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|   | II. | use of the full credit within twelve (12) months from the date of signing this Contract, without prevent the BNDES power to extend that period, before or after the deadline, under the bonds hereunder, upon written permission, by epistle, regardless of registration or other formality; |
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|   | III. | in the event of a significant reduction of the BENEFICIARY staff occurs due the now funding credit, provide training program focused on job opportunities in the region and/or outplacement program for workers in other companies having submitted to BNDES for consideration a document specifying and certifying the completion of negotiations with the responsible representative(s) of the workers involved in the process of resignation |
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|   | IV. | keep the obligations in good standing with the environmental agencies during the term of this Contract; |
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|   | V. | observe, during the term of this Contract, the provisions of the applicable laws related to people with disabilities; |
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|   | VI. | communicate to the BNDES, in the occasion of the event, name and CPF/MF of person who, exercise a remunerated activity according, or being among the owners, controllers or directors, has been sworn as a Congressman or Senator; |
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|   | VII. | submit annually, until April 30th of the subsequent year, the company's financial statements with the base date of December 31, audited by independent auditing firm, registered with the Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários - CVM) until final settlement of all obligations under this Contract; and |
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|   | VIII. | during the term of the contract, keep up their obligations to the National Telecommunications Agency of Brazil (Agência Nacional de Telecomunicações- Anatel), which failure could cause damage to the project implementation, and/or significantly affect the quality of service, and/or affect the capacity of payment by BENEFICIARY. |
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| I - | subject to prior consent of BNDES any matters proposals concerning the encumbrance of any owned title or shares, issued by the BENEFICIARY, to sale, acquisition, merger, consolidation, division of assets or any other act that matters, or could become important to the modifications of BENEFICIARY current configuration or to transfer BENEFICIARY equity control, or the alteration of their status as BENEFICIARY controlling shareholder under art. 116 of Law No. 6.404 of 12/15/76; |
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| II - | do not promote BENEFICIARY inclusion in corporate agreement, articles of incorporation or organization, of instrument which matters in: |
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|   | a. | restrictions on the growth capacity of the BENEFICIARY or its technological development; |
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|   | b. | restrict the BENEFICIARY access to the new markets, or |
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|   | c. | restrictions or losses to the ability to pay the financial obligations related to BNDES transactions; |
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| Ill - | do not promote actions or measures which may cause losses or change the economic-financial balance of the BENEFICIARY; |
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| IV - | keep during the term of this Contract, until its final maturity date, the following financial ratios according the stipulated values below, to be verified each calendar semester, June and December, based on its consolidated financial statements with limited review in the first half, and full review at year end, carried out by external auditors registered at the Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários – CVM). The external auditors must issue the report of verification of financial indices to the BNDES, simultaneously to the publication of audit reports within a maximum of three (3) months after the close of each calendar semester: |
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|   | a. | Capitalization Index (PL/AT): equal or higher than 0,35; |
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|   | b. | EBITDA/ Net Financial Charges: equal or higher than 3,50; |
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|   | c. | Total Financial Debt/EBITDA: equal or lower than 3,00; |
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|   | d. | Short-term Net Financial Debt /EBITDA: equal or lower than 0.40 in 2009 and 0.35 from 2010. |
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| V – | take the necessary measures to ensure the accomplishment of the present transaction purpose. |
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| I. | PL= Stockholder’s Equity, including the Minor Shares. |
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| II. | AT= Total Assets. |
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| III. | EBITDA related to the gross profit, less the marketing, general, managerial and other net operating costs, plus depreciation and amortization included in the costs of services, cost of goods sold and operating expenses above mentioned. |
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| IV. | Net Financial Expenses: sum of all financial expenses, less the sum of all financial revenue presented in the Income Statement sent to Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários - CVM), except interest on net equity or any other type of stockholders’ payment. |
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| V. | Total Financial Debt: equal to the sum of TIM Participações S.A. consolidated outstanding debts, including loans and financing; issuance of fixed income securities, promissory notes and debentures, convertible or not in the local or international capital market; and the sale or transfer of future receivables, should be recorded as obligations, and other financial operations of the company's indebtedness, recorded in current liabilities and long-term liabilities |
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| VI. | Short Term Financial Debt: equal to the sum of TIM Participações S.A. consolidated outstanding debts, registered in current liabilities, including loans and financing; issuance of fixed income securities, promissory notes and debentures, convertible or not in the local or international capital market, and the sale or transfer of future receivables, if they are recorded as obligations, and other financial indebtedness transactions of the company. |
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| VII. | Net Short Term Financial Debt: Short Term Financial Debt less Availabilities (cash and financial investments). |
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| VIII. | The parameters related to income (EBITDA and Net Financial Expenses) refer to the values of the last twelve (12) months previous to the assessment. |
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| IX. | It will not be considered noncompliance with the financial index mentioned in subparagraph “b” of item IV of the caput of this clause, if the value obtained for the index is negative due to negative Net Financial Expenses. |
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| I – | For the utilization of the first credit installment: the BENEFICIARY must open a current account in the BNDES; |
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| II – | For the utilization of each credit installment: |
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|   | a. | non-existence of any economic-financial situation that, on BNDES discretion, could compromise the implementation of the project now funded in order to change it or prevent its implementation, in accordance with the project approved by BNDES; |
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|   | b. | Debt Clearance Certificate (Certidão Negativa de Débito – CND) presentation by the BENEFICIARY, issued by the Internal Revenue Service of Brazil, through the INTERNET at www.previdenciasocial.gov.br or www.receita.fazenda.gov.br and verified by the BNDES in the same; and, |
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|   | c. | proof of good standing situation with the environmental agencies, or when such evidence has already been submitted and is in force, BENEFICIARY statement about the continuity of the validity of such a document. |
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| a. | the existence of a final sentence on the performance of activities by the Beneficiary, that may result in any breach to the legislation related to combating discrimination based on race or gender, child labor and slave labor; |
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| b. | inclusion in corporate agreement, articles of incorporation or organization of the BENEFICIARY, or its controlling companies, for instrument which is especially required quorum for deliberation or approval of material to limit or control any of these companies by their controlling shareholders, or even the inclusion therein, of instrument which matters in: |
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|   | i. | restrictions on the growth capacity of the BENEFICIARY or its technological development; |
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|   | ii. | restrict the BENEFICIARY access to the new markets, or |
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|   | iii. | restrictions or losses to the ability to pay the financial obligations related to BNDES transactions; |
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| c. | reduction in the BENEFICIARY staff without meeting the provisions of item III in the Ninth Clause. |
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| BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL – BNDES |

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| Signatures Sheet of the Financing Contract under Credit Opening no. 09.2.0769.1, to be executed between BNDES and Tim Celular S.A., with intervening of a third party. |
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| BENEFICIARY:                                                                                                                                                           |   |   |
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| TIM CELULAR S.A.                                                                                                                                                       |
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| INTERVENING PARTY:                                                                                                                                                     |   |   |
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| TIM PARTICIPAÇÕES S.A                                                                                                                                        |
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| Witnesses:                                                                                                                                                             |   |   |
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| Name:                                                                                                                                                                  |   | Name: |
| ID No.:                                                                                                                                                                |   | ID No.: |
| CPF (Taxpayer ID No.):                                                                                                                                                 |   | CPF (Taxpayer ID No.): |

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