EXHIBIT 4.1





EXECUTION
VERSION



PROMISSORY
NOTE



U.S.$99,538,823.53
(ninety-nine million five hundred thirty eight thousand eight hundred twenty-three United States dollars and fifty-three cents)



|Sao Paulo/ | SP June 08, 2016.
|---------- | -----------------



FOR
VALUE RECEIVED as a loan, the undersigned TIM Celular S.A., a corporation duly constituted and domiciled in the Federative Republic
of Brazil and enrolled with the CNPJ under number 04.206.050/0001-80 with domicile at Av. Giovanni Gronchi 7143, Sao Paulo –
SP, 05724-006 (the “Borrower”), unconditionally promises to pay to the order of BAN K OF AMERICA, N.A. (the “Bank”),
the principal sum of US$99,538,823.53 (ninety-nine million five hundred thirty eight thousand eight hundred twenty-three United
States dollars and fifty-three cents) on the Maturity Date (as defined below).



The
Borrower promises to pay interest on the unpaid balance of the Loan (as defined below) from and including the date of the Loan
but excluding the date such Loan is due at a rate per annum for such period equal to LIBOR Rate plus Margin, subject to the provisions
of Section ‎3(c) hereof. Accrued interest shall be payable
on each Interest Period and the Maturity Date, provided that (a) interest payable at the Default Rate (as defined below) pursuant
to Section ‎3(c) hereof shall be payable upon demand and (b)
if the time for any payment is extended by operation of law or otherwise, interest shall continue to accrue for such extended
period.



All
payments hereunder shall be made in U.S. Dollars and in immediately available funds, without deduction, set-off or counterclaim.
The Bank shall maintain on its books records setting forth the amounts of principal interest and other sums paid or payable by
the Borrower from time to time hereunder. In the event of any dispute, action or proceeding relating to this Note, such records
shall be conclusive in the absence of manifest error.



1.Certain Definitions. As used herein, the following terms shall have the corresponding
meanings.



“Anti-Terrorism
Laws” means the Executive Order, the regulations administered by OFAC, the Ban k Secrecy Act (31 U.S.C. §§
5311 et seq.), the Money Laundering Control Act of 1986 (18 U.S.C.§§ 1956 et seq.), the United States of America Patriot
Act and any similar law or regulation enacted in the United States, or any similar regulation or sanction enacted, administered
or enforced by the United Nations Security Council, any institution of the European Union. Her Majesty’s Treasure or any
government authority, including (without limitation) regulations or sanctions relating to restrictive measures against Iran.









“Banking
Day” means any day on which commercial banks are not authorized or required to close in New York City or Sao Paulo and
which is also a day on which dealings in U.S. Dollar deposits are carried out in the London interbank market.



“Borrower’s
Economic Group” means Tim Participações S.A., lntelig Telecomunicações Ltda. and Tim Celular
S.A.



“Brazil”
shall mean the Federative Republic of Brazil.



“Brazilian
Note” means the promissory note of the Borrower payable to the Bank governed by Brazilian Law, in the form of Exhibit
A hereto.



“Change
of Control” means at any moment Telecom Italia S.p.A. ceases to be, in relation to the Borrower, the holder, directly
or indirectly, of at least (i) 50% plus one of the shares representative of the voting capital stock of the Borrower; or (ii)
portion of the capital stock of the Borrower assuring it to have the rights to elect the board of directors of the Borrower or
manage and guide the operations and corporate activities of the Borrower unless the new director indirect controlling shareholder(s)
are(a) company(ies) with a minim um rating equivalent to or better than a rating classification by Moody’s of Bal or by
S&P of BB+.



“Commitment”
means U.S.$99,538,823.53.



“Default
Rate” means, in respect of any amount not paid when due, a rate per annum during the period commencing on the due date
until such amount is paid in full equal to a fixed rate of 1.00% per annum above the rate of interest applicable to principal
hereof (including the Margin).



“Designated
Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any
Sanction.



“Designated
Person” means a person: (a) listed in the annex to, or otherwise subject to the provisions of, the Executive Order;
(b) named as a “Specially Designated National and Blocked Person” on the most current list published by OFAC at its
official website or any replacement website or other replacement official publication of such list; (c) publicly designated by
the U.S. Secretary of the Treasury to be owned or controlled by, or acting for or on behalf of, any person referred to in clause
(a) or (b) above, or otherwise determined by the U.S. Secretary of State to be subject to the terms of Section I of the Executive
Order; (d) or entity publicly designated by the U.S. Secretary of State to have committed, or to pose a significant risk of committing,
acts of “terrorism” as defined in the Executive Order that threaten the security of U.S. nationals or the national
security, foreign policy, or economy of the United States; or (e) which otherwise is, by public designation of the United Nations
Security Council or U.S. or E.U. government authority, the subject of any Sanction.



“Drawdown
Date” means June 14, 2016, the day on which the Bank makes the Loan to the Borrower.



2





“EBITDA”
means earnings before amortization, depreciation, interest paid and received results of equity investments, results of non-operational
income, income tax and social contribution.



“Event
of Default” shall have the meaning set forth in Section ‎10
hereof.



“Excluded
Debt”: (i) any financial indebtedness and subsidized loans owed by the Borrower to any local or foreign development
bank, including, but not limited to, Banco Nacional de Desenvolvimento Econõmico e Social (BNDES), Export Credit Agencies
(ECAs), Inter-American Development Bank (IDB) and European Investment Bank (EIB), (ii) any local or foreign long term capital
market transactions with an average life equal or longer than three (3) years owed by the Borrower and; (iii) any financial indebtedness
given by any governmental owned bank, including, but not limited to Kreditansalt fur Wiederaufbau (Ktw) and Bank of China; and;
(iv) any guarantees (of any nature) given by the Borrower in connection with any of the transactions referred to in the items
(i), (ii) and (iii) above.



“Executive
Order” means U.S. Executive Order No. 13224 on Blocking Property and Prohibiting Transactions with Persons who Commit,
Threaten to Commit, or Support Terrorism, which came into effect on 24 September 2001, as amended.



“Export-Control
Laws” means with respect to the Borrower, (i) any laws, statutes, decrees, regulations or ordinances of Brazil which
regulates the export of goods (whether directly or indirectly) to or for the rendering of services in a certain country or countries
and (ii) the U.S. Export Administration Regulations.



“Federal
Funds Rate” means, with respect to a Variable Rate Loan (i) for the first day of the Loan, the rate per annum at which
U.S. Dollar deposits with an overnight maturity and in a comparable principal amount to the Loan are offered by the Bank in the
Federal funds market at approximately the time the Borrower requests the Loan on such day, and (ii) for each day thereafter that
the Loan is outstanding, the rate per annum at which U.S. Dollar deposits with an overnight maturity and in a comparable principle
amount to the Loan are offered by the Bank in the Federal funds market at approximately the time the Borrower notifies the Bank
pursuant to Section ‎5(b) hereof of its election to continue
the Loan; provided that if the Borrower fails to notify the Bank pursuant to Section ‎5(b)
of its election to continue or repay the Loan, the Federal Funds Rate shall mean the rate per annum at which U.S. Dollar deposits
with an overnight maturity and in a comparable amount are offered by the Bank in the Federal funds market at approximately 2:00
p.m. New York City time.



“Indebtedness”
means, with respect to any Person, any amount payable by such Person pursuant to an agreement or instrument involving or evidencing
money borrowed or received, the advance of cred it, debt capital markets transactions (including bonds and debentures), a lease,
a conditional sale or a transfer with recourse or with an obligation to repurchase, pursuant to a lease with substantially the
same economic effect as any such agreement or instrument, or any such agreement, instrument or arrangement secured by any lien
or other encumbrance upon any property owned by such Person, even though



3





such
Person has not assumed or become liable for the payment of any money under such agreement, instrument or arrangement, to which
such Person is a party as debtor, borrower or guarantor.



“Interest
Period” for the Loan means each of the following interest payment dates: (i) September 14, 2016; (ii) December 14, 2016;
(iii) March 14, 2017; (iv) June 14, 2017; (v) September 14, 2017; (vi) December 14, 2017; (vii) March 14, 2018; (viii) June 14,
2018; and (ix) September 14, 2018, provided that:



(x)
 any Interest Period that would otherwise end on a day that is not a Banking Day shall
be extended to the next succeeding Banking Day unless such Ban king Day falls in another calendar month, in which case such Interest
Period shall end on the next preceding Banking Day; and



(y)  any
Interest Period which begins on the last Banking Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Banking Day of the calendar month at the end
of such Interest Period.



“LIBOR
Rate”·means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Reuters
BBA Libor Rates Page 3750 (or on any successor or substitute page of such page) providing rate quotations com parable to those
currently provided on such page of such page, as determined by the Bank from time to time for purposes of providing quotations
of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m. London time, two Banking
Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity com parable to such Interest
Period. In the event that such rate is not available at such time for any reason, then the LIBOR Rate with respect to such Eurodollar
Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such
Interest Period are offered by the principal London office of the Bank in immediately available funds in the London interbank
market at approximately 11:00 a.m., London time, two Banking Days prior to, the commencement of such Interest Period. If such
rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.



“Loan”·shall
have the meaning set forth in Section ‎2.



“Margin”
shall mean 2.00% per annum.



“Maturity
Date”·means September 14, 2018.



“Moody’s”
means Moody’s Investors Service, Inc. and its successors.



“Net
Worth” means, for any Person, the patrimony (net worth) of such Person, as stated in its annual or quarterly audited
financial statements disclosed.



“Note”·means
this Promissory Note.



4





“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.



“Person”
means any corporation, natural person, firm, joint venture, partnership, trust, unincorporated organization or government, or
any political subdivision, department or agency of any government.



“Prime
Rate” means the rate of interest per annum publicly announced from time to time by the Bank as its prime rate in effect
at its branch office in New York City; any change in the Prime Rate shall be effective from and including the date such change
is publicly announced as being effective.



“Regulatory
Change” means any change after the date hereof in United States federal, state or foreign laws or regulations (including
Regulation D (as defined in the definition of Reserve Requirement)) or the adoption or making after such date of any interpretation
s, directives or requests applying to a class of banks including the Bank of or under any United States federal or state, or any
foreign, laws or regulations, including Basel III advisory opinions, (whether or not having the force of law) by any court or
governmental or monetary authority charged with the interpretation or administration thereof.



“Reserve
Requirement” means, with respect to any Interest Period, the average maxi mum rate at which reserves (including any
marginal, supplemental or emergency reserves) are required to be maintained during the Interest Period under Regulation D of the
Board of Governors of the Federal Reserve System as amended or supplemented from time to time (“Regulation D”) by
member banks of the Federal Reserve System in New York City with deposits exceeding one billion U.S. Dollars against “Eurocurrency
Liabilities” (as such term is used in Regulation D). Without limiting the effect of the foregoing, the Reserve Requirement
shall reflect any other reserves required to be maintained by such member banks by reason of any Regulatory Change against (i)
any category of liabilities which includes deposits by reference to which the LIBO Rate is to be determined or (ii) any category
of extensions of cred it or other assets which includes the Loan evidenced by this Note.



“Sanction”
means any international economic sanction administered or enforced by OFAC, the United Nations Security Council or the European
Union.



“Subsidiary”
means, with respect to the Borrower, at any time, any entity of which more than fifty percent (50%) of the outstanding voting
stock or other equity interest entitled ordinarily to vote in the election of the directors or other governing body (however designated)
of such entity is at the time beneficially owned or controlled directly or indirectly by the Borrower.



“S&P”
means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc. and its successors.



“Total
Net Debt” means the sum of (a) all financial debt, including loans, advances on foreign exchange contracts, exchange acceptances,
derivative contracts of



5





every
order, including options, futures and forwards, and lease agreements; al l obligations arising from the issuance of debt securities
(whether issued domestically or abroad), including debentures, bond s, promissory notes or other securities representing debt
minus (b) free and unencumbered cash position which includes marketable securities, cash and cash equivalents.



“Variable
Rate” means, for any day, the higher of (i) Federal Funds Rate for such day plus 0.5% and (ii) the Prime Rate.



2.The Loan.



(a)The Bank agrees, on the terms and conditions of this Note, to make one loan (the “Loan”)
to the Borrower on the Drawdown Date in an aggregate principal amount up to but not exceeding the aggregate amount of the Commitment.



(b)The Borrower may borrow the Loan by giving the Bank notice by 11:00am New York City time
in a form reasonably requested by the Bank (the “Notice of Borrowing”), at least three Banking Days prior to Drawdown
Date. Upon receipt of the Notice of Borrowing, the Bank shall disburse the Loan in Dollars into the account designated by the
Borrower in such Notice of Borrowing.



(c)Amounts that are prepaid or repaid may not be reborrowed.



3.Payments; Prepayments; Fees.



(a)Place and Time of Payment. All payments of principal of and interest on this Note
and all other amounts payable hereunder shall be made by deposit to account no 1233817137 Swift Code: BOFAUS3N/ABA 026009593,
Account Name: Bank of America, Ann: International Loan Services of the Bank at the Branch Office not later than 12:00 p.m. (New
York time) on the dates due, or to such other account as the Bank may designate in writing to the Borrower.



(b)Payments to be made on Banking Days. Whenever any payment hereunder shall be stated
to be due on a day other than a Banking Day, such payment shall be made on the next succeeding Banking Day (unless such next succeeding
Banking Day would fall in the succeeding calendar month in which case such payment shall be made on the next preceding Banking
Day), and any such extension or reduction of time shall in such case be reflected in the computation of payment of interest.



(c)Interest on Overdue Principal and Other Amounts. In the event that any principal hereof,
any interest hereon or any other amount payable by the Borrower hereunder is not paid when due (by reason of demand or otherwise)
in accordance with the terms of this Note, the Borrower will pay, to the extent permitted by applicable law, interest on such
past due amount from the date such amount becomes due until the date the same is paid in full, at a rate per annum equal to the
Default Rate in effect from time to time.



6





(d)Voluntary Prepayments. The Borrower may, upon five Ban king Days’ notice to
the Bank, prepay this Note on any Ban king Day; provided, however, that (x) the minimum amount of any such prepayment
shall be $5.000,000.00 or any larger multiple thereof and (y) such prepayment is made together with accrued interest and any break-funding
amounts due pursuant to Section ‎5(c). For avoidance of doubt, there will be no break-funding cost if the Prepayment
occurs on an Interest Period.



4.Interest. All computations of interest hereon shall be made on the basis of a year
of 360 days for the actual number of days (including the first day but excluding the last day) occurring in the period for which
interest is payable.



5.Additional Costs, Etc.; Illegality



(a)If as a result of any Regulatory Change the Bank reasonably determines, with evidence supporting
such determination, that the cost to the Bank of making or maintaining the Loan is increased, or any amount received or receivable
by the Bank hereunder is reduced, or the Bank is required to make any payment in connection with any transaction contemplated
hereby, then the Borrower shall pay to the Bank, upon the Bank’s written demand, such additional amount or amounts as the
Bank reasonably determines will compensate the Ban k for such increased cost, reduction or payment provided that (A) before the
Bank gives such written demand, the Bank agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to designate a different office (lending branch) if such designation would (i) avoid the need of the Bank for giving
such written demand for compensation, (ii) allow the Bank to make and maintain the Loan hereunder and (iii) not, in the reasonable
judgment of the Bank, be materially disadvantageous (economically or otherwise) to the Bank; and (B) if the Bank gives to the
Borrower such written demand, the Bank will provide to the Borrower, together with such written demand, information in connection
to the circumstances giving rise to, and the amount of, such compensation and, where practicable the details of the calculation
of the amount of such compensation. If any event of additional cost occurs the Borrower will be able to prepay the Loan without
break-funding cost ·within 60 days from the written notice of the Bank.



(b)Notwithstanding any other provision of this Note, if the adoption of or any change in any
applicable law or regulation or in the interpretation or application thereof by any governmental authority (in each case, at any
time on or after the date hereof) shall make it (or be asserted by i t to be) unlawful for the Bank to honor its obligation to
make or maintain its Loan hereunder (and, in the opinion of the Bank, the designation of a different applicable Bank office would
either not avoid such unlawfulness or would be disadvantageous to the Bank), then the Bank shall promptly notify the Borrower.
following which notice: (i) the Bank’s commitment (if still available) shall be suspended until such time as the Bank may
again make and maintain its Loans or (ii) if such applicable law shall so mandate, the Bank’s Loans shall be prepaid by
the Borrower, together with accrued and unpaid interest thereon and all other amounts payable to the Bank by the Borrower under
the Loan Documents, on or before such date as shall be mandated by such applicable law; provided that if it is lawful for the
Bank to maintain its Loan until the Maturity Date (and not otherwise deemed undesirable by the Bank in its



7





sole
discretion), then such payment shall be made on the Maturity Date. Any such funds so prepaid may not be reborrowed.



(c)The Borrower shall pay to the Bank, upon the request of the Bank, such amount or amounts
as shall be sufficient (in the reasonable opinion of the Ban k) to compensate it for any loss, cost or expense which the Bank
determines is attributable to any prepayment of any Loan, provided that the Bank previously delivers to the Borrower information
relating to such costs, expenses and/or charges.



6.Taxes.



(a)Payments Free and Clear. Any and all payments by the Borrower hereunder shall be made
free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings,
and all interest, penalties or other liabilities with respect thereto including but not limited to the taxes imposed by Brazilian
tax authorities, such as the Imposto sobre Operações Financeiras (IOF) created pursuant to certain applicable
laws (including, but not limited to, Decree 6,306/2007), excluding taxes imposed on or measured by the net income or capital
of the Bank by the jurisdiction (or any political subdivision of such jurisdiction) in which the Bank’s lending office is
located or under which the Bank is organized (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings
and liabilities being hereinafter called “Taxes”). If the Borrower shall be required by law to deduct any Taxes from
or in respect of any sum payable hereunder to the Bank, (x) the Borrower shall forthwith pay to the Bank such additional amount
as may be necessary so that after making all required deductions for Taxes (including deductions applicable to additional amounts
payable under this Section ‎6) the Bank receives an amount equal to the sum it would have received had no such deductions
been made, (y) the Borrower shall make such deductions and (z) the Borrower shall pay the full amount deducted to the relevant
taxing authority or other authority in accordance with applicable law.



(b)Payment of Stamp Taxes. In add it ion, the Borrower shall pay any present or future
stamp or documentary taxes or other excise or property taxes, charges or similar levies which arise in any jurisdiction from any
payment made hereunder or from the execution, delivery, registration or enforcement of, or otherwise with respect to, this Note
(all such taxes, charges or levies being herein called “Other Taxes”).



(c)Reimbursement of Taxes Paid by the Bank. The Borrower will reimburse the Bank for
the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed on amounts payable under
this Section ‎6) paid by the Bank or any liabilities (including, without limitation, penalties, interest and expenses
other than those attributable to the gross negligence of the Bank) arising therefrom or with respect thereto. Reimbursement under
this Section ‎6(c) for any Taxes, Other Taxes or liabilities shall be made within 30 days from the date the Bank makes
written demand therefor.



8





(d)Tax Certificates. Within 30 days after the date of any payment of Taxes, the Borrower
will furnish to the Bank the original or a certified copy of a receipt evidencing payment thereof.



7.Conditions Precedent to the Loan.



In
addition to having received a Notice of Borrowing as set forth in Section ‎2(b)
hereto, the obligation of the Bank to make the Loan hereunder is subject to the condition precedent that all of the following
conditions shall have been fulfilled to the satisfaction of the Bank and its counsel on or before the Drawdown Date:



(a)Corporate Documents. The Bank shall have received certified copies of the charter
and by-laws (or equivalent documents) of the Borrower and of all corporate authority for the Borrower (including, without limitation,
board of director resolutions, powers of attorney and evidence of the incumbency of officers) with respect to the execution, delivery
and performance of this Note and each other document to be delivered by the Borrower in connection herewith.



(b)Documents Supporting the Loan. The Bank shall have received this Note duly executed
by the Borrower.



(c)Process Agent Acceptance. The Borrower irrevocably appoints Telecom Italia Sparkle
of North America, Inc. as its agent o(process. The Bank shall have received an executed letter, in form and substance satisfactory
to the Bank, from Telecom Italia Spark le of North America, Inc. acceptable to the Bank, acknowledging such agent’s acceptance
of its appointment as agent for service of process with respect to the Borrower for a period of time ending no earlier than the
date six months after the Maturity Date and that all of the fees payable to such process agent, if any, shall have been paid in
full.



(d)No Material Adverse Change. There shall not have occurred any event which, in the
opinion of the Bank, would involve a material adverse change in the business, economic or financial condition of the Borrower
or in genera l market conditions.



(e)No Eve n t of Default; Accuracy of Representations and Warranties. On the Date of
this agreement, (x) no Event of Default or event that with notice or lapse of time or both would become an Event of Default shall
have occurred and be continuing; and (y) the representations and warranties made by the Borrower in Section ‎8 hereof
shall be true and correct on and as of the Drawdown Date.



(f)Government Approvals. The Bank shall have received the Financial Transaction Registration
(ROF) issued by the Central Bank of Brazil.



(g)Other Documents. The Bank shall have received such other documents as the Bank or
its counsel may reasonably request.



8.Representations and Warranties. The Borrower represents and warrants to the Bank as
follows:



9





(a)In corporation and Existence. The Borrower is a company duly organized, validly existing
and in good standing under the laws of Brazil and has the power and authority to execute and deliver this Note, to incur the obligations
to be incurred by it hereunder and to perform and observe the provisions hereof.



(b)Corporate Power and Authority. The Borrower has taken all necessary action to authorize
the execution and delivery of this Note and all other documents to be executed and delivered by it in connection herewith and
the performance of its obligations hereunder.



(c)Legally Enforceable Note. This Note has been duly executed and delivered by the Borrower
and constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its
terms, subject to applicable bankruptcy, insolvency, moratorium and similar laws affecting creditors’ rights generally,
and subject, as to enforceability, to general principles of equity (regard less of whether enforcement is sought in a proceeding
in equity or at law).



(d)Governmental Authorizations. All governmental authorizations, including, without limitation.
Financial Transaction Registration (ROF) issued by the Central Bank of Brazil, and actions of any kind necessary for the due execution,
delivery and performance of this Note by the Borrower or required for the validity or enforceability against the Borrower of this
Note, have been obtained or performed and are valid and subsisting in full force and effect.



(e)Consent and Approvals. No consent or approval of, or notice to, any creditor of the
Borrower is required by the terms of any agreement or instrument evidencing any Indebtedness of the Borrower for the execution
or delivery of, or the performance of the obligations of the Borrower under this Note, and such execution, delivery and performance
will not result in any breach or violation of, or constitute a default under, the charter or by-laws of the Borrower or any agreement,
instrument, judgment, order statute, rule or regulation applicable to the Borrower or to any of its property.



(f)Pari Passu Status. The payment obligations of the Borrower under this Note rank at
least pari passu with al I of its other senior unsecured Indebtedness, whether now existing or hereafter outstanding, except for
obligations accorded preference by mandatory provisions of law.



(g)Absence of Litigation. There are no actions, proceedings Judicial or administrative)
or claims pending or, to the knowledge of the Borrower, threatened, the adverse determination of which might have a material adverse
effect on the financial condition of the Borrower or impair its ability to perform its obligations under, or affect the validity
or enforceability of, this Note.



(h)IBF Language. The Borrower, an entity located outside the United States of America,
understands that it is the policy of the Board of Governors of the Federal Reserve System of the United States that extensions
of cred it by international banking



10





facilities,
such as the Loan hereunder, may be used only to finance the non-U.S. operations of the Borrower or the Borrower’s affiliates
located outside the United States.



(i)Waiver of Sovereign Immunity; Commercial Activity. Neither the Borrower nor its property
has any right of immunity on the grounds of sovereignty or otherwise from jurisdiction, attachment (before or after judgment)
or execution in respect of any action or proceeding relating in any way to this Note that may be brought in the courts of Brazil
or New York and the Borrower hereby irrevocably waives any right to immunity. The execution, delivery and performance of this
Note by the Borrower constitute commercial transactions.



(j)Use of Proceeds. The proceeds of the Loan shall be used for working capital purposes
and only to finance the non-U.S. operations of the Borrower or the Borrower’s affiliates located outside the United States.



(k)Absence of Event Default. No Event of Default exists or has occurred and is continuing
and no Event of Default will occur as a result of the execution of this Note and disbursement of the Loan.



(l)No Violation of Laws. The execution, delivery and performance by the Borrower of this
Note does not and will not violate any provision of any law, regulation, order, writ, judgment, injunction, decree, determination
or award presently in effect having applicability to the Borrower.



(m)Compliance with Laws. The Borrower is in compliance with all laws, including environmental
laws.



(n)Margin Stock. The Borrower will not use the proceeds of borrowings made hereunder,
directly or indirectly, or immediately, incidentally or ultimately, for the purpose of purchasing or carrying any securities listed
in a public exchange market or to extend cred it to others for the purpose of purchasing or carrying equity securities or to refinance
or refund indebtedness originally incurred for such purpose.



(o)Operating Company. The Borrower is an operating company and not a holding company.
The Borrower is not or does not hold itself out as being engaged primarily, or proposing to engage primarily, in the business
of investing, reinvesting, or trading in securities. The Borrower is not engaged or proposing to engage in the business of investing,
reinvesting, owning, holding, or trading in securities nor does its own or propose to acquire investment securities having a value
exceeding 40% of the value of such Borrower’s total assets (exclusive of government securities and cash items) on an unconsolidated
basis.



(p)Form of Documents. This Note and the Brazilian Note attached hereto as Exhibit “A”
are in proper legal form under the laws of Brazil for the enforcement thereof against the Borrower, under such laws. Under the
laws of Brazil, (A) the choice of the laws of the State of New York as set forth in the Note to which the Borrower is party governed
by the law of the State of New York is a valid choice of law, and (B) the irrevocable submission to jurisdiction and consent to
service of process and appointment



11





of
an agent for service of process by the Borrower, in each case, as set forth herein is legal, valid, binding and effective.



(q)Anti-Terrorism. Neither the Borrower, nor any of its respective brokers or other agents:



(i)is in violation of any Anti-Terrorism Law or Export-Control Law;



(ii)is a Designated Person;



(iii)deals in any property or interest in property blocked pursuant to any Anti-Terrorism Law
or Export-Control Law; or



(iv)is located, incorporated or ordinarily resident in a Designated Jurisdiction.



(r)Anti-Corruption Laws. The Borrower and its Subsidiaries have conducted their businesses
in compliance with the United States Foreign Corrupt Practices Act of 1977, the U K Bribery Act 2010, and other similar anti-corruption
legislation in other jurisdictions and have instituted and maintained policies and procedures designed to promote and achieve
compliance with such laws.



Anything
to the contrary in this Section ‎8(q) notwithstanding, the
Borrower and the Bank agree that the Borrower’s existing international roaming agreements entered into with companies located
in Iran, Sudan and Cuba shall not be deemed to constitute a breach of any Anti-Terrorism Law or any Export-Control Law, but only
to the extent that (x) each such agreement was entered into on arms’length terms and conditions, (y) each such agreement
was entered into by the Borrower in the ordinary course of its business, and (z) the Borrower did not breach or evade any Anti-Terrorism
Law or any Export-Control Law.



9.Covenants. From the date hereof, the Borrower covenants as follows:



(a)Lines of Business. The Borrower will at all times continue to engage in the same line
of business engaged in by the Borrower on the date hereof, and will not (i) engage to any substantial extent in any line or lines
of business activity other than such current lines of business, or (ii) change its corporate purpose (objeto social).



(b)Limitation on Fundamental Changes. The Borrower will not convey, sell, lease, transfer
or otherwise dispose of, in one transaction or in a series of transactions, its property, or create, assume or suffer or permit
to exist any sale-lease back transactions except:



| | I. | in the ordinary course
of its business;
| | -- | ---------------------------------------



| | II. | of obsolete or unused
assets;
| | --- | -----------------------------



| | III. | within the Borrower’s
Economic Group in arm’s length transaction; and
| | ---- | ---------------------------------------------------------------------



12





| | IV. | any other disposal for
an aggregate consideration not exceeding 30% of Borrower’s total assets (as stated in its most recent annual or quarterly
financial statements disclosed).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



(c)Financial Information. The Borrower shall deliver, upon written request, to the Bank
(i) within 90 days following the end of each fiscal year of the Borrower, its annual audited financial statements; and (ii) within
90 days following the end of each fiscal year of Tim Participações S.A., the annual audited consolidated financial
statements of Tim Participações S.A.; (iii) within 45 days following the end of each fiscal quarter of Tim Participações
S.A., the quarterly audited consolidated financial statements of Tim Participações S.A.; all in accordance with
Brazilian GAAP or IFRS standards.



(d)Corporate Existence, Approvals. The Borrower shall maintain and keep in full force
and effect its legal and corporate existence, rights (including without limitation al l real and intellectual property rights),
privileges, licenses, franchises and al l approvals and consents required by third parties and/or any governmental authority for
the incurrence of the Loan and conduct of its business, as applicable.



(e)Compliance. The Borrower will do or cause to be done all things from time to time
necessary to comply and, as applicable, cause each of its Subsidiaries to comply in al l material respects with al l applicable
laws, rules, orders and regulations (including environmental laws).



(f)Notice of Event of Default. The Borrower will notify the Bank in writing as soon as
it becomes aware of the occurrence of any event that results or may result in the nonperformance or default by the Borrower of
any obligation under this Note and/or any other instrument related hereto.



(g)Insurance. The Borrower will maintain its property duly insured with reputable insurance
companies or associations in such amounts and covering such risks as are usually carried by companies engaged in similar businesses
and owning similar properties in Brazil, and, upon the request of the Bank, promptly furnish to the Bank copies or other evidence
of such insurance policies as may be in effect from time to time.



(h)Transactions with Affiliates. The Borrower will not enter, directly or indirectly,
into any transact ion with an affiliate, except (A) in the ordinary course of and pursuant to the reasonable requirements of its
business and upon commercially reasonable terms that are no less favorable to it than those which might be obtained in a com parable
arm’s-length transaction at the time from a Person which is not such an affiliate, and (B) for intercompany loans which,
in the aggregate, do not and will not result in the Borrower being in a materially weaker economic and financial condition. For
purposes hereof, “materially weaker economic and financial condition” means the ratio of Total Net Debt to EBITDA
of the Borrower exceeding 3.5x, based on its most recent financial statements.



(i)Additional Information and Documents. The Borrower will deliver to the Bank such other
in formation and/or documentation respecting the Borrower or the



13





Borrower’s
business, properties or the condition or operations, financial or otherwise, of the Borrower, as the Bank may from time to time
reasonably request.



(j)Ranking. The Borrower will take any and all actions necessary such that its payment
obligations hereunder as of the date hereof shall rank at least pari passu in all respects with all other senior unsecured Indebtedness
of the Borrower, whether now existing or hereafter outstanding,



(k)Mergers Etc. With the exception of any incorporation, merger, consolidation, division,
transfer or reorganization occurring among companies within the Borrower’s Economic Group, the Borrower will not be incorporated,
or merge or transfer all or substantially all its assets to another entity or as another entity if, by the time of such incorporation,
merger, consolidation, division, transfer or reorganization, the resulting entity, survivor or transferee, after such action,
(1) does not assume all the obligations stipulated in this Note or any other document in connection herewith in which it is a
party or to which its predecessor has been a party, by order of law or by means of an agreement reasonably satisfactory to the
Bank; and/or (2) has a materially weaker economic and financial condition than the Borrower, as appropriate and if applicable,
prior to such merger, consolidation, division, transfer or reorganization. For purposes of item (2) of this Section, “materially
weaker economic and financial condition” means the resulting entity, survivor or transferee presents a ratio of the Total
Net Debt to EBITDA exceeding 3.5x, based on its pro-forma consolidated financial statements.



(l)Dividends. The Borrower will not distribute or pay dividends, interest on own capital
or any other profit participation established in contract or in corporate documentation, above the minimum amount determined by
law or in corporate documentation in effect on any such date unless at the time of such distribution or payment there shall not
exist, and shall not thereby arise or result from such distribution or payment, any Event of Default or other event or condition
which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.



(m)Capital Expenditures, Investments, Loans and Advances. In case of any Event of Default
or event or condition which upon notice, lapse of time or both would, un less cured or waived, become an Event of Default the
Borrower will not, and will not perm it any subsidiary to, make any capital expenditure, investment, loan or advance other than
in the ordinary course of business consistent with past practices in relation to its existing business.



(n)Anti-Terrorism/Sanctions Covenants.



(i)The Borrower shall not engage in any transaction that violates any of the applicable prohibitions
set forth in any Anti-Terrorism Law or Export-Control Law.



(ii)To the knowledge of the Borrower, (i) none of the funds or assets of the Borrower that are
used to repay the Loan shall constitute property of, or shall be beneficially owned directly or indirectly by, any Designated
Person and (ii) no



14





Designated
Person shall have any direct or indirect interest in the Borrower that would constitute a violation of any Anti-Terrorism Laws
or Export-Control Laws.



(iii)The Borrower shall not fund al l or part of any payment under this Note out of proceeds derived
from transactions that violate the applicable prohibitions set forth in any AntiTerrorism Law or Export-Control Law.



(iv)The Borrower shall not, directly or indirectly, use the proceeds of the Loan to lend, contribute
or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person to fund activities of or business
with any Designated Person or any person or business located in a Designated Jurisdiction.



(v)No U.S. Subsidiary or any officer, director, employee or agent of the Borrower that is a
U.S. citizen, shall participate in or facilitate transactions or business planning involving any Designated Person or any Designated
Jurisdiction.



Anything
to the contrary in this Section ‎9(n) notwithstanding, the
Borrower and the Bank agree that the Borrower’s existing international roaming agreements entered into with companies located
in Iran, Sudan and Cuba shall not be deemed to constitute a breach of any Anti-Terrorism Law or any Export-Control Law, but only
to the extent that (x) each such agreement was entered into on arms’- length terms and conditions, (y) each such agreement
was entered into by the Borrower in the ordinary course of its business, and (z) the Borrower did not breach or evade any Anti-Terrorism
Law or any Export-Control Law.



(o)Process Agent Acceptance. The Borrower shall appoint an agent of process located in
New York and acceptable to the Bank, if Telecom Italia Spark le of North America, Inc. for any reason, ceases to act as its agent
of process. The Bank shall have received an executed letter, in form and substance satisfactory to the Bank, acknowledging such
agent’s acceptance of its appointment as agent for service of process with respect to the Borrower for a period of time
ending no earlier than the date six months after the Maturity Date and that all of the fees payable to such process agent, if
any, shall have been paid in full. The appointment shall take place within 3 Business Days after Italia Sparkle of North America,
Inc. ceases to act as its an agent of process.



(p)Most Favored Nation. If any indebtedness (other than Excluded Debt) incurred by the
Borrower after the date hereof (including, but not limited to Indebtedness incurred by the Borrower, or with respect to which
the Borrower is an obligor) has the benefit of any financial covenants (understood as the obligation to maintain certain financial
ratios) that, in the discretion of the Bank, is more favorable to the holders or lender of such indebtedness, than the terms of
this Note and the Brazilian Note, then this Note and the Brazilian Note shall be deemed to be automatically without further act
by any party amended, modified or supplemented to the extent necessary to incorporate such more favorable provision or provisions
for the benefit of the Bank, as appropriate in the discretion of the Bank, and if requested by the Bank, the Borrower will take
all such acts and do all such things as required by the Bank to effectuate any such amendment, modification or supplement.



15





10.Events of Default. If any of the following events (“Events of Default”)
shall occur and be continuing:



(a)The Borrower fails to pay any principal and interest or any port ion thereof within two (2)
calendar days from the date such amount becomes due and payable (whether at stated maturity or otherwise), provided that such
two (2) calendar days cure period is only granted to the Borrower by the Bank if the Borrower delivers to the Bank, on the date
immediately following such amount’s due date for payment, a notification, by the legal representative of the Borrower declaring
that the Borrower has sufficient cash, on that date, to honor its payment obligations due on such date, that the non-payment occurred
due to an operational error not within the Borrower’s control for remedy and that the payment will be made on the immediately
following day, and provided further thatsuch two (2) calendar days cure period does not affect the Borrower’s obligation
to pay overdue interest on any interest or other amount in accordance with Section ‎3(c) – Interest on Overdue
Principal and Other Amounts hereof; or



(b)The Borrower fails to perform or observe any covenant or agreement contained herein to be
performed or observed by it or any representation or warranty of the Borrower in this Note or in any other document delivered
in connection herewith proves to have been incorrect, incomplete or misleading in any material respect at the time it was made
or repeated or deemed to have been made or repeated; or



(c)The Borrower shall (i) be in default, event of default or other similar condition or event
(however described) under one or more agreements or instruments in respect of any Indebtedness entered into between the Borrower
and the Bank or its affiliates; or (ii) be in default, event of default or other similar condition or event (however described)
under one or more instruments or agreements in respect of any Indebtedness entered into between the Borrower and any party, other
than the Ban k or its affiliates, which default, event of default, other condition or event causes, involves or may cause or involve,
in accordance with the provisions of such agreements or instruments, the early maturity or acceleration of Indebtedness in an
aggregate amount ·exceeding US$100,000.000.00 (one hundred million United States dollars) (or its equivalent in other currencies);
or



(d)The Borrower (i) is dissolved, (ii) commences a voluntary case in bankrupt cy or any other
action or proceeding for any other relief under any law affecting creditors’ rights that is similar to a bankruptcy, debt
rehabilitation or reorganization proceeding, law or (iii) consents by answer or otherwise to the commencement against it of an
involuntary case in bankruptcy or any other such action or proceeding, or a proceeding is commenced in an involuntary case in
bankruptcy in respect of the Borrower or any material Subsidiary or any property of the Borrower or any such material Subsidiary;
or



(e)Any governmental authority or court takes any action that, in the reasonable opinion of the
Bank, materially adversely affects the condition of the Borrower or its ability to perform its obligations under this Note; or



16





(f)A moratorium is enacted by Brazil or the central bank or any agency or political subdivision
of Brazil affecting the Borrower’s right and obligation to effect payment under this Note or otherwise to perform its obligations
hereunder; or



(g)The payment obligations of the Borrower under this Note cease to rank at least pari passu
with all of its other senior unsecured Indebtedness, except for obligations accorded preference by mandatory provisions of law;
or



(h)The Borrower suffers protest of bills (Protesto) in an individual or aggregate amount equal
to or exceeding US$100,000,000.00 (one hundred million United States dollars) (or its equivalent in other currencies), and such
protest(s) is(are) not cancelled within 15 (fifteen) Sao Paulo business days; or



(i)This Note shall, at any time and for any reason, cease to be in full force and effect or
shall be declared to be null and void, or the validity or enforceability thereof shall be contested by the Borrower, or the Borrower
shall deny that it has any or further liability or obligation hereunder or thereunder; or



(j)Any judicial proceeding is filed against the Borrower which may materially adversely affect
is financial condition; or



(k)A Change of Control occurs;



THEN,
in any such case, if the Bank shall elect by notice to the Borrower, the unpaid principal amount of this Note, together with accrued
interest, shall become forthwith due and payable; provided that in the case of an Event of Default under clause (d) above, the
unpaid principal amount of this Note, together with accrued interest, shall immediately become due and payable without any notice
or other action by the Bank.



11.Notices. All notices, requests, demands or communications hereunder shall be in writing
and shall be given to or made upon the respective parties hereto at the following addresses:



|If
                           to the Borrower:
        
        Tim
        Celular S.A.                                                                                                                                                                                                                                                          | If
                           to the Bank:
        
        Bank
        of America, N.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Av.das
        Americas 3.434
        
        7°
        andar, Bloco 1
        
        Rio
        de Janeiro - RJ, 22640- 102, Brasil
        
        Attn:
        Rodrigo Guimarães Galvão
        
        (Gerência
        de Tesouraria)
        
        Tel:
        55-021-4009-3100
        
        Fax:
        55-021-4109-3943 | 50
        Rockefeller Plaza
        
        New
        York NY 10020-1605-EUA
        
        Attn.:
        Portia Poindexter
        
        Telefone:
        + 1.646-855-0870
        
        Fac-simile:
        +1.704-409-0655
        
        E-mail:
        portia.poindexter@bankofamerica.com
        
        With
        a copy to:
        
        Bank
        of America Merrill Lynch Banco Multiplo S.A.
        
        Avenida
        Brigadeiro Faria Lima, n ̊3400, 18 ̊ andar
        
        São
        Paulo, SP – 04538-132-Brasil
        
        Att.:
        Pedro Bruder / Arthur Roberto Penna
        
        Telefone:
        + 55 (11) 2188 4570 / 4548
        
        Fac-simile:
        + 55 (11) 2188 4009 / 4009
        
        E-mail:
        pedro.bruder@baml.com / Arthur.penna@baml.com
        
        c/c:
        Departamento Júridico
        
        Attn.:
        Andre Teixeira /a Alex Hatanaka

17





| | Telefone:
                           + 55 (11) 2188-4428 / + 55 (11) 2188-4134
        
        E-mail:
        andreaulus.teixeira@baml.com / alex hatanaka@baml.com
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



12.Miscellaneous.



(a)The Borrower waives presentment, notice of dishonor, protest and any other formality with
respect to this Note.



(b)This Note sets forth the entire agreement between the parties hereto, supersedes all prior
communications and understandings of any nature and may not be amended, supplemented or altered except in a writing signed by
both parties hereto.



(c)The Borrower agrees to reimburse the Bank in full on demand, whenever an Event of Default
has occurred, for all reasonable costs, expenses and charges including reasonable attorneys’ fees incurred by the Bank during
or as a result of such Event of Default, or incurred by the Bank in enforcing its rights and remedies under this Note or in accordance
with applicable law provided that the Bank previously delivers to the Borrower information relating to such costs, expenses and/or
charges.



(d)This Note shall be binding on the Borrower and its successors and assigns and shall inure
to the benefit of the Bank and its successors and assigns, except that the Borrower may not delegate any obligations hereunder
without the prior written consent of the Bank. The Bank may at any time, without consent from the Borrower, assign or otherwise
transfer or sell participations in this Note or any of its rights with respect thereto to any third party, including, but not
limited, to any Federal Reserve Bank or to any banks, financial institutions or any affiliates of the Bank (including, any entity
(whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing
in ban k loans and similar extensions of cred it in the ordinary course of its business and is administered or managed by the
Bank or an affiliate of the Bank).



(e)The Bank agrees (on behalf of itself and each of its affiliates, directors, officers, employees
and representatives) to use reasonable precautions to keep confidential, in accordance with safe and sound banking practices,
any non-public information supplied to it by the Borrower pursuant to this Note which is identified by the Borrower as being confidential
at the time the same is delivered to the Bank, provided that nothing herein shall limit the disclosure of any such information
(A) to any subsidiaries or affiliates of the Bank, (B) to the extent required by statute, rule, regulation or judicial process,
(C) to counsel for the Bank, (D) to bank examiners, auditors or accountants, (E) in connection with the exercise of any remedies
hereunder or any suit, action or proceeding relating to this Note or the enforcement of rights hereunder, (F) to any actual or
prospective assignee or participant, or (G) to any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and its obligations; provided, further, that in no event shall the Bank be obligated or required
to return any materials furnished by the Borrower.



18





(f)Any suit, action or proceeding against the Borrower with respect to this Note or on any judgment
entered by any court in respect thereof may be brought in the Supreme Court of the State of New York, County of New York, or in
the United States District Court for the Southern District of New York or in the courts of Brazil, as the Bank may elect in its
sole discretion, and the Borrower submits to the nonexclusive jurisdiction of such courts for the purpose of any such suit, action
or proceeding or judgment. The Borrower hereby waives any objection which it may now or hereafter have to the laying of the venue
of any suit, action or proceeding arising out of or relating to this Note brought in such courts, and hereby further irrevocably
waives any claim that any such sui t, action or proceeding brought in any such court has been brought in an inconvenient forum.
The Borrower irrevocably appoints Telecom Italia Sparkle of North America, Inc. 745 Fifth Avenue 27th Floor New York, New York
10151 Tel: (212) 310-9000, as its agent to receive service of process or other legal summons for purposes of any such suit,
action or proceeding, and agrees that the failure of such agent to give any notice of any such process or summons to the Borrower
shall not impair or affect the validity of such service or of any judgment based thereon. So long as the Borrower has any obligation
under this Note, it will maintain a duly appointed agent in New York City for the service of such process or summons.



(g)TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER WAIVES ITS RESPECTIVE RIGHTS TO A
TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS NOTE AND THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY.



(h)This Note shall be governed by and interpreted and construed in accordance with the law of
the State of New York, without regard to principles of conflicts of laws. For purposes solely of article 9 of Brazilian Decree-Law
No. 4.657 dated September 4, 1942, the transactions contemplated hereby have been proposed to the Borrower by the Bank. For any
purposes hereof, including, but not limited to, the enforcement, collection and payment of the Loan in Brazil, in the Bank’s
sole discretion, the parties hereto agree that (i) the Loan shall be deemed as an enforceable out-of-court debt instrument (titulo
executivo extra-judicial), pursuant to Section 784, II, of the Brazilian Civil Procedure Code (Law 13,105/2015); (ii) all
amounts (including, without limitation, the principal, interests, expenses and taxes) owed by the Borrower herein shall be deemed
as a net and certain debt (divida liquida e certa) to the extent that the Ban k is required to enforce, collect or defend
them before any Brazilian Courts and authorities against the Borrower. The Borrower further acknowledges and consents that any
discussion or enforcement and collection of the Loan and related amounts in Brazil shall be made through an expedited enforcement
claim (ação de execução) or any other means elected by the Bank, at its sole discretion; and
(iii) in accordance with Section 784, § 3rd, of the Brazilian Civil Procedure Code (Law 13; 105/2015), this Note
complies with all the requirements of, and contains all the formalities of, the place where it has been executed. The Borrower
agrees that any evidence of payment of the principal amount due under this Note in the amount set forth herein, shall constitute
valid and sufficient evidence of the validity and enforceability of this Note before any Brazilian Courts, as the case may be.
Finally, the Borrower agrees that the Bank shall be waived of any



19





requirement
to present any bonds or security, including, but not limited to, the one set forth in Article 835 of the Brazilian Civil Code
or any other sim i lar law, for the discussion or enforcement of this Note and/or the Loan before any Brazilian Courts, it being
agreed that the Borrower hereby expressly waives any right to request the Bank to post any bond required to initiate or file lawsuits
against the Borrower in any jurisdiction.



(i)To the extent that the Borrower may now or hereafter be entitled, in any jurisdiction in
which judicial proceedings may at any time be commenced with respect to this Note, to claim for itself or its revenues or properties
any immunity from the jurisdiction of any court or from legal process (whether from service or notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise), and to the extent that in any such jurisdiction
there may be attributed to the Borrower any such immunity (whether or not claimed), the Borrower hereby irrevocably agrees not
to claim, and hereby waives, such immunity in respect of its obligations under this Note.



(j)Each reference in this Note to U.S. Dollars is of the essence. The obligation of the Borrower
in respect of any amount due under the Note shall, notwithstanding any payment in any other currency (whether pursuant to a judgment
or otherwise), be discharged only to the extent of the amount in U.S. Dollars that the Bank may, in accordance with normal banking
procedures, purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Banking Day immediately
following the day on which the Bank receives such payment. If the amount in U.S. Dollars that may be so purchased for any reasons
falls short of the amount originally due, the Borrower shall pay such additional amounts, in U.S. Dollars, as may be necessary
to compensate for such a shortfall. Any obligation of the Borrower not discharged by such payment shall be due as a separate and
independent obligation and, until discharged as provided herein, shall continue in full force and effect.



(k)The Borrower acknowledges that the Bank may have and may in the future have investment and
commercial banking, trust and other relationships with other companies in respect of which the Borrower may have conflicting interests
regarding the transactions described herein and otherwise. The Borrower acknowledges that the Bank may perform its functions in
connection with such fiduciary or other relationships without regard to its relationship with the Borrower hereunder. The Bank
will not use confidential information obtained from Borrower by virtue of the transactions contemplated by this Note or its other
relationships with the Borrower in connection with the performance by the Ban k of services for other companies, and the Bank
will not furnish any such information to other companies. The Borrower also acknowledges that the Bank has no obligation to use
in connection with the transactions contemplated by this Note, or to furnish to the Borrower, confidential information obtained
from other companies.



(l)The Borrower hereby agrees to indemnify, protect, save and keep harmless the Bank, its officers,
directors, shareholders, employees, affiliates, successors, assigns, agents and servants (each, “Indemnified Party”)
from and to pay to the Bank promptly upon demand the amount of, any and all liabilities, obligations, losses, damages,



20





penalties,
claims, actions, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by
or asserted against any Indemnified Party in any way relating to or arising out of this Note or any action taken or omitted by
such Indemnified Party under this Note, provided, however, that the Borrower shall not be liable for any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting
from such Indemnified Party’s gross negligence or willful misconduct as found in a final, non-appealable judgment by a court
of competent jurisdiction.



(m)All payments made under this Notes shall be made in Dollars (the “Agreement Currency”),
and, if for any reason any payment made hereunder is made in a currency (the “Other Currency”) other than the
applicable Agreement Currency, then to the extent that the payment actually received by the Bank, when converted into the applicable
Agreement Currency at the Rate of Exchange (as defined below) on the date of payment (or, if conversion on such date is not practicable,
as soon thereafter as it is practicable for the Bank to purchase the applicable Agreement Currency) falls short of the amount
due under the terms of this Note or any Loan Document, the Borrower shall, as a separate and independent obligation of the Borrower,
indemnify the Bank and hold the Bank harm less from and against the amount of such shortfall. As used in this Section, the term
“Rate of Exchange” means the rate at which the Bank is able on the relevant date to purchase the applicable
Agreement Currency with the Other Currency and shall include any premiums and costs of exchange payable in connection with the
purchase of or conversion into, the applicable Agreement Currency.



(n)The Bank hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT
Act (Title III of Pub.L. 107-56 (signed into law October 26, 2001)) (the “Act”), the Bank is required to obtain,
verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and
other information that will allow the Bank to identify the Borrower in accordance with the Act. The Borrower shall, promptly following
a request by the Bank, provide all documentation and other information that the Bank requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.



(o)The agreements in this Section ‎12 shall survive the termination of the Commitment
and the repayment, satisfaction or discharge of all the other obligations and liabilities of the Borrower under Note.



IN
WITNESS WHEREOF, the Borrower has caused this Note to be duly executed by its duly authorized officer as of the day and year first
above written.



| | TIM Celular S.A. |                                           
| | ---------------- | ------------------------------------------
| |                  |                                           
| |                  |                                           
| | By:              | /s/
    Bruno     de Abreu e Lima Boarding
| |                  | Name:	Bruno de Abreu e Lima Boarding      
| |                  | Title:	  TIM CELULAR S.A.                 

| | Place and Date: | Finanças
    e Tesouraria | 
| | --------------- | ------------------------- | 

21





| |     |                                      
| | --- | -------------------------------------
| | By: | /s/ Roberto
    Marengo              
| |     | Name:	Roberto Marengo                
| |     | Title:	  Operative Financial Planning

| | Place and Date: | TIM CELULAR S.A. | 
| | --------------- | ---------------- | 





|WITNESSES
        
        /s/
        Rodrigo         Leske |                       | /s/
                                                                                                     Glaucia Crahim |    
|------------------------------------------------------------ | --------------------- | ----------------------------------------------------------------------------------------------------------------------- | ---
|By:                                                          | Rodrigo Leske         |                                                                                                                         | By:
|Id.:                                                         | TIM Celular S/A       |                                                                                                                         |    
|                                                             | Finanças e Tesouraria |                                                                                                                         |    

RG/Id 3117676
SSP PB



22





EXHIBIT
A



FORM
OF BRAZILIAN PROMISSORY NOTE



NOTA
PROMISSORIA



Valor: US$
99.538.823,53 (noventa e nove milhoes, quinhentos e trinta e oito mil, oitocentos e vi nte e tres d61arcs nortc-americanos e·cinquenta
e tres centavos)



Vencimento:
a vista



Pra i;:a
de Pagamento: Sao Paul o, Estado de Sao Paulo, Brasil



No dia do
vencimento acima indicado, pagaremos por esta (mica via de NOTA PROMISSORIA. de fonna irrevogavel e incondicional. ao Bank of
America, N.A.. ou a ordem, a quantia em Reais equivalente a Valor: USS 99.538.823.53 (noventa e nove milhoes, quinhentos e trinta
e oito mil. oitocentos e vinte e tres d61ares norte-americano s e cinquenta e tres centavos). apurada pela taxa media de venda
de d61ares dos Estados Unidos da A merica no mercado de cambio, divulgada pelo Banco Central do Brasil. em sua pagina na internet,
taxa essa referente ao dia l’.1til imediatamente anterior ao do efeti vo pagamento deste t itulo, ou qualquer outra taxa
de cambio que venha. por medida do Banco Central do Brasil. a substituir a referida ta.-xa de cambio.



A emitente
expressamente concorda que a apresentai;:iio para pagamento a vista desta nota promissória podera ser fei ta ate 16 de
setembro de 2019, de acordo com o estabelecido no Decrero n° 57.663/66 e Código Civil.



Esta nota
promissória sera regida e constituida de acordo com as leis da Republ ica Federativa do Brasil. O pagamento desta nota
promiss6ria devera ser feito na Comarca da Cidade de Sao Pau lo, Estado de Sao Paulo, Brasil. Fica eleito como foro competente
a Comarca da Cidade de Sao Paulo, Estado de Sao Paulo, Brasil.



Lugar e Data:
Sao Paulo. 08 de junho de 20 16



EMITENTE: TIM
CELULAR S.A.
CNPJ/M F: 04.206.050/0001-80
Endereço: Av. Giovanni Gronchi, 7143, São Paulo/SP, 05724-006