| Party      A:          | BANCO      ABN AMRO REAL S.A.                                                                                                 |
|------------------------|-------------------------------------------------------------------------------------------------------------------------------|
| Party      B:          | TIM      CELULAR S.A.                                                                                                         |
| Negotiation      Date: | 07/07/2008                                                                                                                    |
| Start      Date:       | 07/07/2008                                                                                                                    |
| Liquidation      Date: | 06/28/2010                                                                                                                    |
| Reference      Value:  | 6,726,569.07      (six million seven hundred and twenty-six thousand, five hundred and      sixty-nine reais and seven cents) |

| Index:                    | %      of Index                              | Exchange      Rate (initial) | Exchange      Rate (final) | Minimum | Maximum | %      Interest p.a. |
|---------------------------|----------------------------------------------|------------------------------|----------------------------|---------|---------|----------------------|
| CDO      – CDI OVER | 114%      (one hundred and fourteen percent) | XXXXX                        | XXXXX                      | XXXXX   | XXXXX   | XXXXX                |

| Index: | %      of Index                 | Exchange      Rate (initial) | Exchange      Rate (final) | Minimum | Maximum | %      Interest p.a.                                 |
|--------|---------------------------------|------------------------------|----------------------------|---------|---------|------------------------------------------------------|
| USD    | 100%      (one hundred percent) | USD      PTAX800             | USD      PTAX800           | XXXXX   | XXXXX   | 6.19%      (six point one nineteen percent) perannum |

----

| [signature]                 |                  | [signature]                 |
|-----------------------------|-----------------------|-----------------------------|
| COUNTERPARTY:               | TIM      CELULAR S.A. | Lúcia      Benechis    |
| Marcio      Fagundes        |                  | Finance      & Treasury |
| Finance      & Treasury |                  | TIM      CELULAR S/A.       |
| TIM      CELULAR S/A.       |                  |                        |

| [signature]                                | [signature]              |
|--------------------------------------------|--------------------------|
| PARTICIPANT:      BANCO ABN AMRO REAL S.A. | Raul      Donatelli      |
| Luiza      H. Grillo                       | Cenape:      546.054.012 |
| CPF:      illegible                        |                     |

| Name:      Eduardo Bizarro Uchôa | Name:      Regiane C. dos Santos |
|---------------------------------------|----------------------------------|
| CPF/MF:      271.675.408-03           | CPF/MF:      491.217.014         |

----

| Party      A:          | BANCO      ABN AMRO REAL S.A.                                                                                                                  |
|------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|
| Party      B:          | TIM      CELULAR S.A.                                                                                                                          |
| Negotiation      Date: | 06/23/2008                                                                                                                                     |
| Start      Date:       | 06/23/2008                                                                                                                                     |
| Liquidation      Date: | 06/14/2010                                                                                                                                     |
| Reference      Value:  | R$      14,932,246.63 (fourteen million and nine hundred and thirty-two thousand,      two hundred and forty-six reais and sixty-three  cents) |

| Index:                    | %      of Index                              | Exchange      Rate (initial) | Exchange      Rate (final) | Minimum | Maximum | %      Interest p.a. |
|---------------------------|----------------------------------------------|------------------------------|----------------------------|---------|---------|----------------------|
| CDO      – CDI OVER | 114%      (one hundred and fourteen percent) | XXXXX                        | XXXXX                      | XXXXX   | XXXXX   | XXXXX                |

| Index: | %      of Index                 | Exchange      Rate (initial) | Exchange      Rate (final) | Minimum | Maximum | %      Interest p.a.                                 |
|--------|---------------------------------|------------------------------|----------------------------|---------|---------|------------------------------------------------------|
| USD    | 100%      (one hundred percent) | USD      PTAX800             | USD      PTAX800           | XXXXX   | XXXXX   | 5.89%      (five point eighty-nine percent) perannum |

----

| [signature]   | [signature]              |
|---------------|--------------------------|
| COUNTERPARTY: | Lúcia      Benechis |
|          | TIM      CELULAR S.A.    |

| [signature]                                | [signature]                 |
|--------------------------------------------|-----------------------------|
| PARTICIPANT:      BANCO ABN AMRO REAL S.A. | Cristiano      Torres Sofia |
| Luiza      H. Grilo                        | CPF:      110.064.948-47    |
| CPF:      illegible                        |                        |

| Name:      Rita Crepaldi | Name:      Eduardo Bizarro Uchôa |
|--------------------------|---------------------------------------|
| CPF/MF:      969.885.026 | CPF/MF:      271.675.408-03           |

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