----

----

----

| 1.   | The Republic      of Brazil and THE BANK concluded a Framework Agreement governing THE      BANK's activities in the Federative Republic of Brazil ("Brazil") (the      "Framework      Agreement"). |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | THE BORROWER      is a company established in, and having its principal place of business      in, Brazil and ultimately controlled by Telecom Italia SpA. At present,      THE BORROWER provides cellular telecommunications services in nine (9)      States and the Federal District pursuant to licences granted by Agência      Nacional de Telecomunicações ("Anatel"). |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The      Government of Brazil has acknowledged by letter dated 20th      February 2008 that the loan financing to be provided under the present      Contract falls within the scope of the Framework  Agreement. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | THE BORROWER,      together with TIM Celular S.A. is undertaking a project (the "Project") comprising      the expansion of a GSM network as well as the initial roll out of a UMTS      mobile network as more particularly described in the technical description      (the "Technical      Description") set out in Schedule A.1 hereto. THE BORROWER, TIM      Nordeste S.A. and TIM Participações constitute, for the purpose of this      Contract the group (the "Group"). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The total      cost of the Project, as estimated by THE BANK, is EUR 1 994 000 000 (one      thousand nine hundred and ninety-four million  euros). |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | THE BORROWER      has stated that it intends to finance the Project as    follows: |
|----------------|------------------------------------------------------------------------------------|

| Source of      funds | EUR      million |
|----------------------|------------------|

| Own      funds/other funds |          1603 |
|----------------------------|------------------------------|

| BNDES Loan |          186 |
|------------|-----------------------------|

| 7.   | In order to      complete the financing plan set out in Recital (6) THE BORROWER has      requested from THE BANK a credit of EUR 200 000 000 (two hundred million      euros) to be lent under two contracts, of which, EUR 34 000 000, or the      equivalent thereof, is to be lent under this Contract with THE BORROWER      and EUR 166 000 000, or the equivalent thereof, is to be lent under a      Contract to be signed with TIM Celular S.A. pursuant to the 4th      Asia and Latin AmericaMandate. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | In response      to THE BORROWER's request, being satisfied that the financing of the      Project comes within the scope of its functions, and relying, inter alia,      on the statements and facts cited in these Recitals, THE BANK is willing      to make available to THE BORROWER a credit of EUR 34 000 000 (thirty four      million euros) or the equivalent thereof under this Finance Contract (the      "Contract"). |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | In addition      to disbursements in usual convertible currencies THE BANK has agreed to      make an uncommitted Brazilian Real ("BRL") linked facility      available to THE BORROWER. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.   | F. Tanzi,      duly authorised to enter into the present Finance Contract, copy of such      authorisation is attached hereto as Annex I. Furthermore, it has been duly      certified in the form set out in Annex II that such borrowing is within      the corporate powers of THEBORROWER. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | The financial      obligations of THE BORROWER hereunder are to be guaranteed by means of a      guarantee in form and substance satisfactory to THE BANK (the "Guarantee")      issued by banks acceptable to THE BANK (each a "Guarantor"). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | TIM      Participações S.A. ("TIMP"), the Brazilian parent company of THE BORROWER,      has agreed to execute a guarantee and indemnity agreement, in form and      substance satisfactory to THE BANK, whereby it undertakes to further      guarantee and indemnify THE BANK for the financial obligations of THE      BORROWER (the "TIMP      Guarantee"). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | The Statute      of THE BANK provides that THE BANK shall ensure that its funds are used as      rationally as possible in the interests of the European Community ("EC")      and accordingly that the terms and conditions of its loan operations shall      be consistent with EC policy. In accordance with the Recommendations of      the Financial Action Task Force, as established within the Organisation      for Economic Co-operation and Development, THE BANK has adopted a policy      to pay especial attention to its transactions and its business relations      in those cases where it provides finance for a project located in a      country that does not sufficiently apply with those recommendations or to      a borrower or beneficiary resident in such  country. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.   | All      references herein to Articles, Recitals, Schedules and Annexes are      references respectively to articles of, and recitals, schedules and      annexes to this Contract; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)            | specify the      amount and currency of disbursement of the  Tranche; |
|-----------------------------------------|-----------------------------------------------------------------------|

| (ii)            | specify      whether the Tranche shall bear a fixed rate of interest (a "Fixed-Rate Tranche") in      accordance with Article 3.01A or a floating rate of interest (i.e. a "Floating-Rate Tranche")      determined pursuant to the respective provisions of Article      3.01B; |
|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)           | specify THE      BORROWER's preferred date for disbursement, which shall be a Relevant      Business Day (as defined in Article 5.01(b)) during the Avalaibility      Period, falling not less than fifteen (15) calendar days following the      date of the Disbursement Request, it being understood that THE BANK may      disburse the Tranche up to four calendar months from the date of the      Disbursement Request; |
|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)           | specify the      preferred interest payment periodicity for the Tranche, chosen in      accordance with Article 3.01; |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------|

| (v)            | specify the      preferred terms for repayment of principal chosen in accordance with      Article 4.01; and |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------|

----

| (vi)           | state the      bank account of THE BORROWER (in appropriate format for the relevant      currency to which disbursement should be made) provided that only one      account may be specified for each Tranche;and |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii)          | confirm that      as from the date of signature of this Contract and up to the date of the      Disbursement Request to the best knowledge of THE  BORROWER: |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | there has      been no Material Adverse Change in its financial condition that would or      may affect its ability to perform its obligations under this Contract;      and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | no situation      exists by virtue of which THE BANK may cancel or suspend the undisbursed      part of the Credit pursuant to Article1.068(i). |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)            | in the case      of a Fixed-Rate Tranche, the fixed interest rate applicable to it during      its lifetime; and |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------|

| (ii)      | in the case      of a Floating-Rate Tranche, the Spread (as defined in Article 3.01 B)      applicable to it during itslifetime. |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|

| (i)            | the amount      and currency of disbursement of theTranche; |
|-----------------------------------------|-------------------------------------------------------------|

| (ii)      | the interest      rate basis and, for a Fixed-Rate Tranche, the fixed interest rate and for      a Floating-Rate Tranche, the Spread and the periodicity of the payment of      interest; |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)           | the      applicable Payment Dates and principal repayment  terms; |
|-------------------------------------|-------------------------------------------------------------------|

| (iv)           | the date on      which the Tranche is scheduled to be disbursed (the "Scheduled Disbursement      Date"), disbursement being in any case subject to the conditions of      Article 1.04; and |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ì) | the requested      equivalent EUR amount of theTranche |
|--------|----------|--------------------------------------------------------|

|   |        (ii) | the preferred      date for disbursement which shall be a date falling not less than fifteen      (15) Luxembourg Business Days after the date of the Disbursement      Request; |
|--------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |        (iii) | the preferred      interest rate basis for such BRL-Linked Tranche which shall be floating,      fixed or zero coupon; |
|--------|-------------------|------------------------------------------------------------------------------------------------------------------------|

|   |        (iv) | the preferred      principal repayment characteristics for the Tranche which may be on an      amortizing or bullet basis providedthat: |
|--------|------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| (a)           | if the      request is for an amortizing BRL-Linked Tranche, the first repayment date      shall fall two (2) years after disbursement and the final repayment date      shall fall no later than nine (9) years after  disbursement; |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)           | if the      request is for a bullet BRL-Linked Tranche, the repayment date shall fall      no later than seven (7) years after  disbursement; |
|-----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   |        (v)       the bank account of THE      BORROWER. |
|--------|--------------------------------------------------------------------------------------------|

----

| (i)            | inform THE      BORROWER that it is not able to offer a BRL-Linked Tranche having      characteristics that are substantially similar to those set out in the BLT      Disbursement Request; |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | deliver to      THE BORROWER an offer to make available a BRL-Linked Tranche giving the      characteristics of the offered BRL-Linked Tranche substantially in the      form of Schedule F (each a "BLT      Offer"). |
|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)            | evidence of      compliance with Central Bank registration requirements in respect of such      Tranche consisting in a screen print-out of the computer generated update      of the ROF registered at Central Bank's Sisbacen;  and |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | in case of a      BRL-Linked Tranche identified as a zero-coupon BRL-Linked Tranche, payment      of the BLT Upfront Fee specified in the relevant BLT  Offer. |
|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)            | legal opinion      from THE BANK's Brazilian legal advisers covering substantially the issues      set out in Schedule H; |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------|

| (ii)            | executed by      the Guarantor and (b) the TIMP Guarantee duly executed together with a      legal opinion on the due execution of the TIMP Guarantee by TIMP and on      the validity and enforceability of TIMP's obligations under the TIMP      Guarantee; |
|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)           | THE BANK      shall have received from THE BORROWER details of the bank account      (specifying the account number and the account bank's "Bank Identifier Code")      to which the disbursement is to bemade; |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (iv)           | certificate      from THE BORROWER that insurances in accordance with the requirements of      Article 6.05 are in place; |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------|

| (v)            | evidence that      (i) THE BORROWER has registered the terms and conditions of this Contract      and the first Tranche to be disbursed under this Contract with the Central      Bank of Brazil by means of the registration through the SISBACEN system      named Registro de Operações Financeiras ("ROF") or any equivalent system      applicable at the date of registration and that (ii) such ROF registration      obtained by THE BORROWER pursuant to item (iii) above is valid and      effective to allow THE BORROWER to receive the disbursement of the Tranche      and, subsequently, to allow THE BORROWER to complement the ROF with the      terms and conditions of repayment of the Tranche ("Schedule of Payments")      in the appropriate Schedule of Payments screen so as to enable THE      BORROWER to comply in full with any of its payment obligations under or in      connection with this Contract; |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)           | The Agent of      Service pursuant to Article 11.03 has accepted its      appointment. |
|------------------------------------|----------------------------------------------------------------------------------------|

| (a)      | a list of the      contracts evidencing expenditure (net of taxes and duties payable in the      Federative Republic of Brazil) already incurred or to be incurred within      three (3) months from the Scheduled Disbursement Date by THE BORROWER in      respect of items specified in the Technical Description as eligible for      financing under the Credit, which contracts shall have been executed on      terms reasonably satisfactory to THE BANK having regard to THE BANK's      Procurement Guide 2004 edition (all such expenditure being herein referred      to as "Qualifying      Expenditure") for a minimum aggregate value equal to or exceeding      the amount of the Tranche to be disbursed by THE BANK under this Contract;      and |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)           | when      solicited by THE BANK, certified true copies of contracts and such other      documents evidencing the said expenditure in the form of, inter alia,      contracts and proof of payment. |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Evidence      that: |
|--------|---------------------|

| (i)            | THE BORROWER      has registered the terms and conditions of such further Tranche to be      disbursed under this Contract with the Central Bank of Brazil by means of      the registration through the ROF or any equivalent system applicable at      the date of registration; and |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | the ROF      obtained by THE BORROWER pursuant to Article 1.04A(v) is valid and      effective to allow THE BORROWER to receive the disbursement of such      further Tranche and, subsequently, to allow THE BORROWER to complement the      ROF with the Schedule of Payments in the appropriate "Schedule of Payments"      screen so as to enable THE BORROWER to comply in full with any of      its payment obligations under or in connection with this      Contract; |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)           | THE BORROWER      has complemented the ROF with the Schedule of Payments for all      previous Tranches disbursed under this  Contract; |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

----

| (iv)           | No Change of      Control (as defined in Article 4.03A (2)) has  occurred; |
|------------------------------------|----------------------------------------------------------------------------|

| (v)            | No event      mentioned in Article 10.01 (each an "Event of Default") and      no event which with the lapse of time, the fulfilment of any condition or      the making of any determination could reasonably be expected to be an      Event of Default (a "Potential Event of Default")      has occurred and not beenremedied; |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)           | no      Originating Event (as defined in Schedule D) has occurred or is imminent;      and |
|------------------------------------|--------------------------------------------------------------------------------------------|

| (vii)     | no Material      Adverse Change has occurred. |
|-------------------------------|-----------------------------------------------|

| "R1"   | means the      rate of interest that would have applied from time to time pursuant to      Article 3.01 and the relevant Disbursement Notice, if the Tranche had been      disbursed on the Scheduled DisbursementDate |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | and |
|--------|-----|

| "R2"   | means the      Relevant Interbank Rate less 0.125% (12.5 basis points); provided that for      the purpose of determining the Relevant Interbank Rate in relation to this      Article |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)            | if the      deferment exceeds one month in duration, shall accrue at the end of every      month and be payable in accordance with Article  1.08; |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | shall be      calculated using the day count convention applicable to R1; |
|------------------------------------------|---------------------------------------------------------------------------|

| (iii)           | where R2 exceeds      R1,      shall be set at zero. |
|-------------------------------------|-----------------------------------------------------------|

| (i)            | upon the      occurrence of an Event of Default or an event mentioned in Article      4.03A; |
|-----------------------------------------|----------------------------------------------------------------------------------------------|

| (ii)            | in      exceptional circumstances adversely affecting THE BANK's access to the      capital market, save as regards a Notified Tranche;  or |
|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   |   (I) | the interest      that would accrue thereafter on the Prepayment Amount over the period from      the Prepayment Date to the Maturity Date, if it were not      prepaid |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | over |
|--------|------|

|   |        (ii) | the interest      that so would accrue over that period, if it were calculated at the      EIB  Redeployment Rate (as defined below), less 15 basis      points. |
|--------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)            | that it      confirms the Prepayment Notice on the terms specified by THE BANK;      or |
|-----------------------------------------|-----------------------------------------------------------------------------------------|

| (ii)      | that it      withdraws the Prepayment Notice. |
|------------------------------------|-----------------------------------------------|

|   |         A. | Grounds      for prepayment |
|--------|----------------------|-----------------------------|

----

| B.           | Prepayment      mechanics |
|----------------------------------|---------------------------|

| C.           | Prepayment      indemnity |
|----------------------------------|---------------------------|

----

| (i)            | a      deposit: |
|-----------------------------------------|-----------------|

| (a)           | freely      disposable by THE BANK and made irrevocably in favour of THE BANK with the      Central Bank of the Host Country, or with any other authority or legal      entity for the time being entrusted with the relevant functions of a      central bank in the Host Country or |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)           | held on an      account in the name of THE BANK at such other credit institution licensed      to exercise banking activities in the Host Country as THE BANK shall      promptly notify to THE BORROWER upon the latter's request or any other      entity designated by THE BANK; or |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | at the      discretion of THE BANK, an instrument constituting a claim by THE BANK on      an acceptable credit institution in the Host Country or any third      country. |
|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)            | any action by      the Host Government which prevents THE BORROWER from converting funds in      local currency into the currency of any sum due under this Contract or      into a freely convertible currency or into another currency deemed      acceptable by THE BANK or from transferring outside the Host Country the      local currency concerned or the currency into which the local currency has      been converted, for the purpose of paying any sum due under this Contract;      or |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | any failure      by the Host Government to take action with a view to effecting or allowing      such conversion or such transfer by or on behalf of THE      BORROWER; |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)            | THE BORROWER      is able freely and lawfully to avail itself within the Host Country of the      local currency or other currency into which the local currency has been      converted; and |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | THE BORROWER      has without success for a period of thirty (30) days endeavoured by all      reasonable means to complete the necessary legal formalities to effect the      transfer or conversion. |
|------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | shall, no      later than five (5) Luxembourg Business Days after the due date of the      said sum (or such longer period as THE BANK shall agree), provide THE BANK      with evidence of the relevant Potential BNTC Event and, if THE BANK so      requires from THE BORROWER after examining that evidence, shall within a      like interval provide the further evidence so required;  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | shall, within      five (5) Luxembourg Business Days following receipt of notice by THE      BORROWER to the effect that THE BANK accepts that a Potential BNTC Event      has occurred and is continuing and that the sum in question is a Prevented      Payment, make a Convertible SFA in the amount of the Prevented Payment or,      if THE BANK by such notice informs THE BORROWER that it is satisfied,      having regard to any evidence supplied by THE BORROWER, that the laws and      regulations in force in the Host Country do not allow the creation of a      Convertible SFA, a Local Currency SFA having a value equivalent to that of      the Prevented Payment; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)            | THE BORROWER      continues to suffer the effects of a BNTC Event in respect of the      Prevented Payment and has done so continuously since the date of THE      BORROWER's payment default; and |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | at all      material times THE BORROWER has diligently endeavoured to make the payment      by all legal means available to it. |
|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|

| (i)            | interest      shall accrue on the Prevented Payment from its original due date to the      actual date of payment at the rate applicable under Article 3.01;      and |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | THE BORROWER      shall compensate THE BANK for any loss or expense incurred by it as a      consequence of THE BORROWER's initial payment default;  and |
|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)           | within      fifteen (15) Luxembourg Business Days following the date of making of the      Prevented Payment by THE BORROWER under this Article 4.05C, THE BANK      shall, to the extent possible under the laws of the Host Country, assign      or transfer to THE BORROWER the SFA and all interest thereupon accrued,      net of any loss or expense incurred by THE BANK in connection      therewith. |
|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)            | for a      Fixed-Rate Tranche, the following Relevant Business Day without adjustment      to the interest amount payable; and |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|

| (ii)           | for a      Floating-Rate Tranche, the next day, if any, of that calendar month that      is a Relevant Business Day or, failing that, the nearest preceding day      that is a Relevant Business Day, with a corresponding adjustment to the      interest amount payable. |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)            | for the EUR,      a day on which the Trans-European Automated Real-time Gross Settlement      Express Transfer (TARGET) payment system operates;  and |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)           | for any other      currency, a day on which banks are open for normal business in the      principal domestic financial centre of the currency    concerned. |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)            | for a      Fixed-Rate Tranche, a year of 360 days and a month of 30 days;      and |
|-----------------------------------------|------------------------------------------------------------------------------------|

| (ii)           | for an      Floating-Rate Tranche, a year of 360 days (but 365 days (invariable) for      GBP ("pounds sterling"))      and the number of dayselapsed. |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)            | "Maintenance": maintain,      repair, overhaul and renew all property forming part of the Project as      required to keep it in standard workingorder; |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)           | "Project assets": unless      THE BANK shall have given its prior consent in writing, retain title to      and possession of all or substantially all the assets comprising the      Project and maintain the Project in substantially continuous operation in      accordance with its original purpose; provided that THE BANK may withhold      its consent only where the proposed action would prejudice THE BANK's      interests as lender to THE BORROWERand |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (iii)          | "Insurance": insure all      works and property forming part of the Project with first class insurance      companies in accordance with the most comprehensive relevant industry      practice; |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)           | "Authorisations, rights etc":      obtain, maintain in force and where necessary renew all      authorisations, permits, consents, licenses, and all rights of way or use      necessary for the execution and operation of the  Project; |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)           | "Environment": implement      and operate the Project in conformity with the applicable law and      regulations of Brazil, as well as with the applicable international      treaties that have as principal objective the preservation, protection or      improvement of the Environment (including international guidelines      regarding electromagnetic field radiation such as established by ICNIRP,      International Commission on Non-Ionising Radiation Protection); for which      purpose "Environment" means the following: (a) human living conditions;      (b) fauna and flora; (c) soil, water, air, climate and the landscape; and      (d) cultural heritage and the built environment; and includes working      conditions of workers engaged on the Project and its social      effects; |
|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | "General law": execute and operate the Project in accordance      with all applicable laws and regulations and the condition of any      authorisation or other document referred to in (iv) above;      and |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  A | THE BORROWER      represents and warrants to THE BANKthat: |
|--------|---------|------------------------------------------------------------|

| (i)      | THE BORROWER      has obtained all material and necessary consents, authorisations, licences      or approvals of governmental or public bodies or authorities in connection      with the Project and all such consents, authorisations, licences or      approvals are in full force andeffect; |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (ii)            | it is a      corporation ("sociedade anônima") duly incorporated and validly existing      under the laws of Brazil and it has power to own its property and other      assets; it has the power to execute, deliver and perform its obligations      under this Contract and all necessary corporate, shareholder and other      action has been taken to authorise its execution, delivery and      performance; |
|-------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | this Contract      has been duly authorised by it and executed by its duly authorised      representatives and constitutes its valid and legally binding      obligations; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)           | the execution      and delivery of, the performance of its obligations under, and compliance      with the provisions of, this Contract do not and will  not: |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)           | contravene in      any material respect any existing applicable law or regulation, or any      judgement, decree or authorisation to which it is  subject; |
|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)           | conflict in      any material respect with, or result in any material breach of any of the      terms of, or constitute a material default under, any other agreement or      other instrument to which it is a party or is subject or by which either      of them or its property is bound which could have a Material Adverse      Change; or |
|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)           | conflict with      any provision of its by-laws; |
|-----------------------------------|--------------------------------------------------|

|   | (v) | every      material and necessary consent, authorisation, licence or approval of, or      registration with, or declaration to, governmental or public bodies or      authorities or courts required by it to authorise, or required by it in      connection with: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      implementation and operation of the Project;and |
|--------|-----|----------------------------------------------------------|

|   | (b) | the      execution, delivery, validity, enforceability or admissibility in evidence      of this Contract or the performance by it of its material obligations      under this Contract, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | the      consolidated audited accounts of THE BORROWER for the financial year on      the Accounting Date have been prepared on a basis consistent with previous      years and have been approved by its auditors as representing a true and      fair view of the results of its operations for that year and accurately      disclose or reserve against all the liabilities (actual or contingent) of      THE BORROWER; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | there has      been no Material Adverse Change and no Event of Default has occurred and      is continuing; |
|--------|-------|-------------------------------------------------------------------------------------------------------------|

|   |         (viii) | to the best      of its knowledge, there is no event outstanding, imminent or prevailing      which, with the lapse of time and the fulfilment of any other condition      would constitute an Originating Event (as defined in Schedule D);      and |
|--------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | no material      litigation, arbitration or regulatory proceedings or investigations are      current or, to the best of its knowledge, threatened in writing against it      which could result in any Material Adverse  Change. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |         B | So long as      any part of the Loan remains outstanding, THE BORROWER shall ensure that      all sums owed to THE BANK hereunder rank at least pari passu in right of      payment with all other present and future unsecured and unsubordinated      obligations under any debt instrument of THE BORROWER, in any case, save      those whose claims are preferred by any bankruptcy, insolvency,      liquidation or other laws of general  application. |
|--------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | take all      necessary steps to obtain approval of and register each Tranche as a      foreign direct loan with the Central Bank of Brazil, to preserve THE      BANK's rights arising from the registration of each Tranche and its      payment modalities with the Central Bank of Brazil through the ROF (or any      equivalent system applicable at the date of registration), complemented by      the relevant Schedules of Payments, and to apply for any amendment to the      registration to reflect any modification made to the terms and conditions      of each Tranche, including without limitation, any substitution of a      Guarantor pursuant to Article 7.02 that occurs after registration has been      completed; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | complement      the ROF obtained pursuant to Article 1.04 of this Contract with the      respective Schedule of Payments indicating the terms and conditions of      repayment set forth in the Disbursement Notice, no later than fifteen (15)      days after the closing of the foreign exchange contract related to the      disbursement of each Tranche and provide THE BANK with evidence of such      registration; |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | provide      evidence to THE BANK that the Contract and the TIMP Guarantee are is      registered, together with a sworn public translation of the Contract and      the TIMP Guarantee into Portuguese, with the appropriate Registry of      Titles and Deeds ("Registro de Títulos e      Documentos") within ninety (90) business days of its date of      signature together with an original or certified copy of the contract so      registered; |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | keep      available for inspection by the Central Bank of Brazil all the documents      mentioned in items (i), (ii) and (iii) above so long as the Loan is      outstanding and for a period of five (5) years after the for as payment of      all amounts due under thisContract. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (v) | upon request      by THE BANK or by the Central Bank of Brazil, or any other authority or      legal entity entrusted with foreign exchange control powers in Brazil,      file this Contract with the Central Bank of Brazil or any such other      authority or legal entity which shall from time to time replace      it. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the offering,      giving, receiving or soliciting of any improper advantage to influence the      action of a person holding a public office or function or a director or      employee of a public |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | any act which      improperly influences or aims improperly to influence the procurement      process or the implementation of the Project to the detriment of THE      BORROWER, including collusion betweentenderers. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A | The      obligations of THE BANK hereunder are conditional in a guarantee from TIMP      in form and substance acceptable to THEBANK. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------|

|   | B | The      obligations of THE BANK hereunder are conditional upon the prior full      execution and delivery to THE BANK of the Guarantee by a Qualifying      Guarantor (as defined below). THE BORROWER acknowledges and consents to      the terms of the Guarantee and Indemnity  Agreement. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | each credit      rating that it holds, from any of Standard and Poor's Rating Group,      Moody's Investor Services Inc., Fitch Ratings Limited or any other such      rating agency accepted by THE BANK in writing, in respect of its most      recent unsecured and unsubordinated medium/long-term credit rating, is      equal to or higher than: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | A-, A3 or A-,      or equivalent, from at least two of the above mentioned rating agencies      where THE BORROWER is rated by any three or more of the above mentioned      rating agencies; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | A-, A3, A-,      or equivalent, from both the relevant rating agencies, where the rating is      assigned by any two of the above mentioned rating agencies;      and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | A-, A3 or A-,      or equivalent, where the rating is assigned by any one of the above      mentioned rating agencies; |
|--------------------|------------------------------------------------------------------------------------------------------------------------|

|   | (b) | it is      accepted by THE BANK by notice in writing, with copy to THE BORROWER,      subject to the conditions THE BANK may in its discretion deem appropriate,      and to the acceptance of the terms of notice by the relevant Guarantor and      acknowledgement by THE BORROWER. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | any rating of      its most recent unsecured and unsubordinated long term debt is lower      than: |
|--------|-----|----------------------------------------------------------------------------------------------------|

| Ø   | A-, A3 or A-,      or equivalent from any three of the rating agencies mentioned in Article      7.01(a) above; |
|--------------------|-----------------------------------------------------------------------------------------------------------------|

| Ø   | A-, A3 or A-,      or equivalent from any two of the rating agencies mentioned in Article      7.01(a) above; |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| Ø   | A-, A3 or A-,      or equivalent from any one of the rating agencies mentioned in Article      7.01(a) above; |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| (ii)            | none of the      agencies rate its unsecured and unsubordinated long-term    debt; |
|------------------------------------------|------------------------------------------------------------------------------------|

| (iii)           | in the      reasonable opinion of THE BANK: (a) there has been an adverse change of      circumstances which is material in relation to such Qualifying Guarantor      or (b) the Guarantor's obligations cease to be valid, legal and      enforceable obligations; and |
|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)           | THE BANK may      at any time thereafter at its discretion demand that THE BORROWER or TIMP      shall, within a specified period of time of at least thirty (30) days,      either: |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)           | procure the      replacement of the Affected Guarantor by a Qualifying Guarantor;      or |
|-----------------------------------|-------------------------------------------------------------------------------------------|

| (b)           | save in the      case of indent (iii)(b) of this Article 7.02A, procure that the Affected      Guarantor either: (i) provide cash collateral in favour of THE BANK, on      such terms as THE BANK may reasonably require, as security for the      Affected Guarantor's obligations under the Guarantee; or (ii) execute      other security offering protection acceptable to THE  BANK. |
|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)            | any Security      Interest entered into pursuant to this Contract or disclosed in writing to      THE BANK in a disclosure letter to be delivered by THE BORROWER to THE      BANK not later than seven days after the date of this      Contract; |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)           | to any      vendor's lien or other encumbrance on land or other assets, where such      encumbrance secures only the purchase price or any credit, having a term      of not more than twelve months, obtained to finance  it; |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)          | any security,      lien or other encumbrance arising by operation of  law; |
|-------------------------------|----------------------------------------------------------------------------|

| (iv)          | any pledge      over inventories created to secure any short-term  credit; |
|------------------------------|----------------------------------------------------------------------------|

| (v)           | any Security      Interest granted over assets the aggregate value of which does not exceed      on a cumulative basis 10% of TIMP's net tangible worth based on its most      recent audited accounts; and |
|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)          | encumbrances      granted and/or given as a guarantee of financial indebtedness within the      framework of hedging operations carried out to manage the risk to that      indebtedness (including, but not limited to, credit support annexes and      agreements) provided that the aggregate value of which does not exceed on      a cumulative basis USD 50 000 000 or its equivalent in any other      currency. |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |        (vii) | any Security      Interest over or affecting any asset acquired by THE BORROWER after the      date hereof and subject to which such asset is acquired,    if: |
|--------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | such Security      Interest was not created in contemplation of the acquisition of such asset      by THE BORROWER |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| (b)   | the amount      thereby secured has not been increased in contemplation of, or since the      date of, the acquisition of such asset THE  BORROWER |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | any Security Interest relating to      loan granted or arranged by Banco Nacional de Desenvolvimento Economico e      Social ("BNDES") |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|

| (i)            | deliver to      THE BANK (a) the information in content and in form, and at the times,      specified in the Schedule A.2 or otherwise as agreed from time to time by      the parties to this Contract, and (b) any such information or further      document concerning the financing, procurement, implementation, operation      and environmental impact of or for the Project as THE BANK may reasonably      require; |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)           | submit for      the approval of THE BANK without delay any substantial change to the      price, design, plans, timetable or expenditure programme for the Project      in relation to the disclosures made to THE BANK prior to the signing of      this Contract; |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)          | provide to      THE BANK, if so requested: (a) a certificate of its insurers showing      fulfilment of the requirements of Article 6.05 (iii); and (b) a list of      policies in force covering the Project, together with confirmation of      payment of the current premiums; |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)          | promptly      inform THE BANK of (a) any material litigation or administrative      proceedings that is commenced or, to the best of its knowledge, threatened      against it; or (b) any fact or event known to THE BORROWER, which in      either case might reasonably be expected to substantially prejudice the      execution or operation of the Project or the fulfilment by THE BORROWER      obligations under this Contract; |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | deliver to      THE BANK: |
|--------|-----|---------------------------|

| (a)           | each year      within one month after their publication, its annual report, including its      audited balance sheet, profit and loss account and auditor's report;      and |
|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)           | from time to      time, such further information on its general financial situation as THE      BANK may reasonably require; |
|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | ensure that      its accounting records fully reflect the operations relating to the      financing, execution and operation of the  Project; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   |         (iii) | inform THE      BANK immediately of: |
|--------|-------------------------|--------------------------------------|

| (a)           | any material      alteration to its statutes after the date of this  Contract; |
|-----------------------------------|--------------------------------------------------------------------------------|

| (b)           | any material      alteration in any matter concerning it that is set out in the      Recitals; |
|-----------------------------------|------------------------------------------------------------------------------------------------|

| (c)           | any fact      which obliges it to prepay any Financial Indebtedness in advance of its      scheduled Maturity; |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------|

| (d)           | any intention      on its part to grant any security over any of its assets in favour of a      third party other than those set out in clause 7.03 paragraph 3      above; |
|-----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)           | any intention      on its part to make any disposal of any material component of the Project;      and |
|-----------------------------------|--------------------------------------------------------------------------------------------------------|

|   | (f) | any fact or      event that is reasonably likely to prevent the substantial fulfilment      of any of its      material obligations under thisContract. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)           | all      indebtedness of THE BORROWER for borrowedmoney; |
|-----------------------------------|----------------------------------------------------------|

| (b)           | all      indebtedness under any acceptance credit opened on behalf of THE BORROWER,      or in relation to any letter of credit issued for the account of that      person for the purpose of raisingfinance; |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)           | the face      amount of all bills of exchange for which THE BORROWER is      liable; |
|-----------------------------------|--------------------------------------------------------------------------------------|

| (d)           | all      indebtedness of THE BORROWER under any bond, debenture, note or similar      instrument issued for the purpose of raising  finance; |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (e)           | all      indebtedness of THE BORROWER under any interest rate or currency swap or      forward currency sale or purchase or other form of interest or currency      hedging transaction (including, amongst other things, caps, collars and      floors); |
|-----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | all payment      obligations of THE BORROWER under any finance lease;  and |
|--------|-----|----------------------------------------------------------------------------|

----

|   | (g) | all      liabilities of THE BORROWER (actual or contingent) under any guarantee,      bond, security, indemnity or other agreement in respect of any Financial      Indebtedness of any other person. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | to take such      action as THE BANK shall reasonably request to investigate and/or      terminate any alleged or suspected act of the nature described in Article      6.10; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | to inform THE      BANK of the measures taken to seek damages from the persons responsible      for any loss resulting from any such act; and to facilitate any      investigation that THE BANK may make concerning any such    act. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | A. | Immediate      demand |
|--------|----|-----------------------|

| (i)            | if THE      BORROWER fails on due date to repay any part of the Loan, to pay interest      thereon or to make any other payment to THE BANK as herein      provided; |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)            | if any      information or document given to THE BANK by or on behalf of THE BORROWER      in connection with the negotiation of this Contract or during its lifetime      will prove to have been incorrect in any material    particular; |
|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)           | if, following      any default in relation thereto, THE BORROWER or TIMP is required or will,      following expiry of any applicable contractual grace period, be required      to prepay or discharge ahead of maturity any other Financial Indebtedness      exceeding 1.5% of TIMP's net tangibleworth; |
|-------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)           | if THE      BORROWER or TIMP is unable to pay its debts as they fall due, or makes or,      without prior written notice to THE BANK, seeks to make a composition with      its creditors generally; |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)            | if an order      is made or an effective resolution is passed for the winding up of THE      BORROWER or TIMP, or if THE BORROWER or TIMP takes steps towards a      substantial reduction in its capital, is declared insolvent or ceases or      resolves to cease to carry on the whole or any substantial part of its      business or activities, save in the course of a material reconstruction,      amalgamation, reorganisation, merger or consolidation previously consented      to by THE BANK, such consent not to be unreasonably withheld by THE      BANK; |
|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (vi)           | if an      encumbrancer takes possession of, or a receiver, liquidator,      administrator, administrative receiver or similar officer is appointed,      whether by a court of competent jurisdiction or by any competent      administrative authority, of or over, any part of the business or material      assets of THE BORROWER or TIMP or any property forming part of the      Project, |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii)          | if any      distress, execution, sequestration or other process is levied or enforced      upon any material property of THE BORROWER or TIMP or any material      property forming part of the Project and is not discharged or opposed      within thirty (30) days, which would likely materially impair the ability      of THE BORROWER or TIMP to comply with its payment obligations hereunder      or to perform the Project; |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii)         | or if the      terms of one of its licences is modified, revoked or lapses with the      confirmed result that the ability of THE BORROWER or TIMP to comply with      its obligations under this Contract isimpaired. |
|--------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | B. | Demand      after notice to remedy |
|--------|----|------------------------------------|

| (i)            | if THE      BORROWER fails to comply with any material obligation under this Contract      not being an obligation mentioned in Article 10.01A(ii);  or |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)           | if any fact      stated in the Recitals materially alters and is not materially restored      and if the alteration prejudices the interests of THE BANK as lender to      THE BORROWER or adversely affects the implementation or operation of the      Project. |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C. | Other      rights at law |
|--------|----|--------------------------|

|   | A. | Fixed-Rate      Tranches |
|--------|----|--------------------------|

|   | B. | Floating-Rate      Tranches |
|--------|----|-----------------------------|

----

----

|   | - for THE BANK: |  100      boulevard Konrad Adenauer |
|--------|-----------------|------------------------------------------|

|   | L- 2950      Luxembourg. |
|--------|--------------------------|

|   | Attention:      Head of Division, Operations for Latin America Fax +352      437966599 |
|--------|----------------------------------------------------------------------------------------|

|   | - for THE      BORROWER: |  Avenida      das Americas 3434 Bloco 1 7° Andar |
|--------|--------------------------|------------------------------------------------------------|

|   | Barra de      Tijuca, RJ |
|--------|--------------------------|

----

| - Schedule      B | Definitions      of EURIBOR and LIBOR |
|-------------------|---------------------------------------|

| - Schedule      C | Form of      Disbursement Request |
|-------------------|-----------------------------------|

| - Schedule      D | Definition of      Originating Event |
|-------------------|--------------------------------------|

| - Schedule      E | Form of BLT      Disbursement Request (Article1.02D) |
|-------------------|------------------------------------------------------|

| - Schedule      F | Form of BLT      Offer |
|-------------------|------------------------|

| - Schedule      G | Amendments      and Supplemental Provisions applying to BRL­Linked      Tranches |
|-------------------|---------------------------------------------------------------------------------------|

| - Schedule      H | Legal      Opinion |
|-------------------|--------------------|

| - Annex      I | Authorisation      of signatories |
|----------------|-----------------------------------|

| - Annex      II | Certificate      of Borrowing Powers |
|-----------------|--------------------------------------|

----

|  | EMBAIXADA DA      REPÚBLICAFEDERATIVA DO      BRASIL EMBRUXELAS —      BÉLGICASERVIÇO      CONSULAR |
|--|--------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Company                    | TIM Celular      S.A                                                                                                             |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------|
| Contact      person        | Luiz      Alberto dos Santos                                                                                                     |
| Title                      |                                                                                                                             |
| Function I      Department | Finanças      e Tesouraria                                                                                                  |
| Address                    | Tim      Brasil - RJAv.      das Américas, 3-434-7°- andarBarra      da Tijuca – RJ – CEP: 22640-102Brasil |
| Phone                      | Fixed      + 55 21 4009-4791; Mobile + 55 21 8113-1640                                                                           |
| Fax                        | + 55 21      4009-3943                                                                                                           |
| Email                      | lalsantos@timbrasil.com.br                                                                                                       |

| Document      / information                                                                                                                         | Deadlines                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|
| Summary      report on evolution of quality of serviceindicators      such as claims to regulator, networkavailability      and dropped call rates. | 31      July 2008, 31 January2009 |

----

| Document      / information                                                                                                                                                                                                                                                                                                                             | Date      of deliveryto      the Bank |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|
| Project      Completion Report, including:                                                                                                                                                                                                                                                                                                              | 30.6.2009                             |
| -      A brief description of the technical characteristics of the      projectas      completed, explaining the reasons for any significant    change;                                                                                                                                                                                                 |                                  |
| -      The      date of completion of each of the main project'scomponents,      explaining reasons for any possible delay;                                                                                                                                                                                               |                                  |
| -      The final cost of the project, explaining reasons for anypossible      cost increases vs. initial budgeted cost, presenting thebreakdown      per technology (2G, 3G) and per region;- Thenumber of new jobs permanently      created by the      project for itsoperation      and maintenance. Man person necessary for projectimplementation; |                                  |
| -      A description of any major issue with impact on theenvironment.      Difficulties encountered during the project to rollout      new base stations;                                                                                                                                                                                              |                                  |
| -      Update on procurement procedures;                                                                                                                                                                                                                                                                                                                |                                  |
| -      Update on the project's demand or usage and comments(subscribers,      ARPU, market share, penetration). Details on                                                                                                                                                                                                                              |                                  |
| EDGE      and UMTS broadband usage.                                                                                                                                                                                                                                                                                                                     |                                  |
| -      Information and analysis about evolution of quality ofserviceindicators      such as claims to regulator, network availability anddropped      call rates. Evaluation of the influence of the projectinvestments      on such evolution.                                                                                                         |                                  |
| -      Any significant issue that has occurred and any significant      riskthat      may affect the project's operation;                                                                                                                                                                                                                               |                                  |
| -      Any legal action concerning the project that may be    ongoing.                                                                                                                                                                                                                                                                                  |                                  |

|  Language of      reports   |  English |
|--------------------------------------------|---------------|

----

| (i)            | in respect of      a relevant period of less than a month, the rate of interest for deposits      in EUR for a term of one month, and |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|

| (ii)           | in respect of      any relevant period, or any other period of time of one or more (but      whole) months, the rate of interest for deposits in EUR for a term being      the number of whole months or, |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)          | in respect of      any relevant period, or any other period of time, of more than one (but      not whole) months, the rate resulting from a linear interpolation by      reference to two rates for deposits in EUR, one of which applicable for a      period of whole months next shorter and the other for period of whole      months next longer than the length of the relevant  period. |
|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)            | in respect of      a relevant period of one month or less than a month, the rate of interest      for deposits in USD for a period of one (1)  month; |
|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)           | in respect of      any relevant period, or any other period of time of one or more (but      whole) months, the rate of interest for deposits in USD for a term being      the number of whole months or, |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (iii)          | in respect of      any relevant period, or any other period of time, of more than one (but      not whole) months, the resulting from a linear interpolation by reference      to two rates for deposits in USD, one of which applicable for a period of      whole months next shorter and the other for period of whole months next      longer than the length of the relevantperiod. |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)            | "New York Business Day"      means a day on which banks are open for normal business in New      York. |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------|

| (ii)           | All      percentages resulting from any calculations referred to in this Schedule      will be rounded, if necessary, to the nearest one hundred-thousandth of a      percentage point, with halves being roundedup. |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)           | THE BANK      shall inform THE BORROWER without delay of the quotations received by THE      BANK. |
|-------------------------------------|----------------------------------------------------------------------------------------------------|

| (iv)           | If any of the      foregoing provisions becomes inconsistent with provisions adopted under      the aegis of EURIBOR FBE and EURIBOR ACI in respect of EURIBOR or of the      British Bankers Association in respect of LIBOR, THE BANK may by notice to      THE BORROWER amend the provision to bring it into line with such other      provisions. |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Subject: | Finance      Contract between European Investment Bank and TIM Nordeste S.A. dated [XX,      XXXXXX 2007] (hereafter referred to as the "Finance Contract") ref      n° [•] reg. TIM CelularProject |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | there has      been no material change to any aspect of the Project on which THE BORROWER      is obliged to report under Article 8.01, save as previously communicated      by THE BORROWER; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | THE BORROWER      has sufficient funds available to ensure the timely completion and      implementation of the Project in accordance with Schedule    A.1; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | No Change of      Control (as defined in Article 4.03A2 has  occurred); |
|-----------------|-------------------------------------------------------------------------|

| (d)   | there is no      event outstanding, imminent or prevailing which, with the lapse of time      and the fulfilment of any other condition would constitute an Originating      Event. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | no Event of      default or Potential Event of Default has occurred and not been remedied;      and |
|-----------------|-----------------------------------------------------------------------------------------------------|

|   | (i no      litigation, arbitration or regulatory proceedings or investigations are      current or, to the best of its knowledge, threatened against it which      could be reasonably expected to result in any Material Adverse      Change. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Disbursement      Request                                                              Tranche      No:                                                    Date: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|--------|------------------------------------|--------|--------|
| Loan Name      (*):                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                |   | Reserved for      the EIB          |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Signature      Date (*):                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                |   | Loan      Amount:                  |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Reference      number:                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                |   | Disbursed to      date:            |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Disbursement      No:                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                |   | Balance for      disbursement:     |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Proposed      disbursement date:                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                |   | Disbursement      deadline:        |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Total request      (contract currency)                                                                                                                                                                                                                                                                                                                                                                                                                               |                                |   | Max. number      of disbursements: |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   | Minimum      Tranche size:         |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| To be      disbursed as follows                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                |   | Total      allocations to date:    |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Currency      (Art. 1.03)                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                |   | Conditions      precedent:         |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Amount                                                                                                                                                                                                                                                                                                                                                                                                                                                               | MinimumEUR      5.000.000           |   |                               |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Interest rate      basis interest rate/ spread (Art. 3.01)                                                                                                                                                                                                                                                                                                                                                                                                           | Fixed Rate      /Floating      Rate |   |                               |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Interest      frequency (Art. 3.01)                                                                                                                                                                                                                                                                                                                                                                                                                                  | Semi-annual                         |   |                               |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Repayment      (Art. 4.01)                                                                                                                                                                                                                                                                                                                                                                                                                                           |  ̈semi-annual      installments |   |                               |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Payment Dates      (Art. 5.01)                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                |   |                               |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| First      repayment date                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                |   |                               |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Last      repayment date                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                |   |                               |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |   |                               |   |   |
| Borrower’s      account to be      credited:                                                                Acc.      No: |                                |
| Bank name and      address:                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Please      transmit information relevant to request to:                                                                                                                                                                                                                                                                                                                                                                                                             |
| Borrower’s      authorized name(s) andsignature(s):                                                                                                                                                                                                                                                                                                                                                                                                            |

----

| 1. | "Denial Of Justice Event"      means any repudiation or breach by a Host Government of a Project      Agreement where the repudiation orbreach: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)            | prevents, or      materially contributes to preventing, THE BORROWER from performing its      obligations towards THE BANK; or |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|

| (ii)           | prevents any      Guarantor from realising the full value of security taken over the      revenues or other benefits derived from any security interest in the      Project Agreement, provided alwaysthat: |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)          | an Arbitral      Tribunal has rendered a Final Award providing for damages in respect of      the Relevant Party's claim for damages arising out of such breach or      repudiation; |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)     | such Final      Award is for a specified monetary amount, and is rendered for breach of a      contractual obligation under, or for repudiation of, a Project Agreement      by the Host Government; |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)           | the Relevant      Party affected by such repudiation or breach has made reasonable efforts      to exhaust all legal remedies to enforce the Final Award against the Host      Government for a period of 180 consecutive days from the date of the      award; and |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)          | the Host      Government's refusal to enforce the Final Award is arbitrary and/or      discriminatory. |
|------------------------------|--------------------------------------------------------------------------------------------------------|

| 2. | "EWCD Event" means: (i)      Expropriation, or (ii) War and Civil  Disturbance. |
|----|---------------------------------------------------------------------------------|

| 3. | "Expropriation" means:      any measure taken, directed, authorised, ratified or approved by the Host      Government, each being an administrative or legislative measure and      constituting an instance of expropriation within the meaning of this      definition. A measure constitutes an instance of expropriation for the      purposes of this definition if it has the effect of preventing THE      BORROWER or a Guarantor from paying or recovering a Guaranteed Sum and the      resultant failure to pay or recover endures for a period of ninety (90)      days; provided that: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | non-discriminatory      measures of general application adopted in good faith by the Host      Government and of the type which governments normally take in the public      interest for requirements such as public safety, the collection of tax      revenues, protection of the environment or regulation of economic activity      shall not be regarded as constituting Expropriation unless those measures      are intended by the Host Government to have a confiscatory effect;      and |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | non-fulfilment      by the Host Government of an obligation of a contractual nature towards      THE BORROWER or a Guarantor shall not in itself or by itself constitute      Expropriation. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | "Guaranteed Sum" means:      any sum of principal, interest, commission, liquidated damages, charge or      expense or any other sum which is expressed to be payable from time to      time by THE BORROWER to THE BANK under or pursuant to this Contract and      any other sum due from time to time from THE BORROWER to THE BANK in      connection with any advance or credit extended under this      Contract. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | "Host Government" means:      an authority having at any relevant time effective control of all or part      of the territory of the Host Country or any political or territorial      subdivision or public authority thereof or any other entity in or of the      Host Country on which regulatory or executive powers are conferred by the      laws of the Host Country. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | any action by      the Host Government which prevents THE BORROWER or a Guarantor from      converting funds in local currency into the currency of any sum due under      this Contract or into a freely convertible currency or into another      currency deemed acceptable by THE BANK or from transferring outside the      Host Country the local currency concerned or the currency into which the      local currency has been converted, for the purpose of (i) paying any      Guaranteed Sum, or (ii) receiving or recovering payment in respect of a      Guaranteed Sum which a Guarantor has paid;or |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | any failure      by the Host Government to take action with a view to effecting or allowing      such conversion or such transfer by or on behalf of THE BORROWER or a      Guarantor; |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | THE BORROWER      or, as the case may be, the Guarantor is able freely and lawfully to avail      itself within the Host Country of the local currency or other currency      into which the local currency has been converted;  and |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | THE BORROWER      or, as the case may be, the Guarantor has without success for a period of      thirty (30) days endeavoured by all reasonable means to complete the      necessary legal formalities to affect the transfer or      conversion. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | "Originating Event" in      relation to THE BORROWER or a Guarantor means each of the following events      affecting either of them respectively,namely: |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Non-Transfer      of Currency or NTC Event; |
|---------------|---------------------------------------------|

|   | - | Expropriation;      and |
|--------|---|-------------------------|

|   | - | War and Civil      Disturbance, |
|--------|---|---------------------------------|

| 8.   | "PotentialEWCD Event" means: an      event which with the lapse of time or the fulfilment of any condition      would constitute an EWCD Event. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.   | "Potential NTC Event"      means: an event which with the lapse of time or the fulfilment of      any condition would constitute an NTCEvent. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | "War and Civil Disturbance"      means: any act of war (declared or otherwise), revolution,      insurrection, civil war, riot or social strife, terrorism or sabotage      having the direct and immediate effect of preventing THE BORROWER or a      Guarantor for a period of ninety (90) days from paying or recovering a      Guaranteed Sum. In all cases, to fall within the scope of this definition,      the constitutive acts must have been undertaken with the primary intent of      achieving a political objective. Acts undertaken principally in order to      support labour, student or other non-political objectives shall not be      covered under this definition. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Subject: | Finance      Contract between European Investment Bank and TIM Nordeste S.A.      [    ] ref n° • (the "Finance      Contract"). |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | there has      been no material change to any aspect of the Project on which THE BORROWER      is obliged to report under Article 8.01, save as previously communicated      by THE BORROWER; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | THE BORROWER      has sufficient funds available to ensure the timely completion and      implementation of the Project in accordance with Schedule    A.1; |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | No Change of      Control (as defined in Article 4.03A2 has  occurred); |
|-------------------|-------------------------------------------------------------------------|

| (iv)   | there is no      event imminent or prevailing which is or with the lapse of time or      fulfilment of any condition would constitute an Originating      Event; |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | no Event of      Default or Potential Event of Default has occurred and not been remedied;      and |
|-----------------|-----------------------------------------------------------------------------------------------------|

| (vi)   | no      litigation, arbitration or regulatory proceedings or investigations are      current or, to the best of its knowledge, threatened against it which      could be reasonably expected to result in any Material Adverse      Change. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| BRL                      |  ̈                     |
|--------------------------|----------------------------|
| Disbursement      Date   |  ̈                     |
| Interest Rate      Basis | Fixed/Floating/Zero-coupon |
| Repayment      Basis     | Amortizing/Bullet          |
| Repayment      Date(s)1  |                       |

----

| Amount of      BRL-Linked Tranche: | BRL      [_]                                        |
|------------------------------------|-----------------------------------------------------|
| Payment      Currency:             | [_]                                                 |
| Amount in      Payment Currency:   | [_]                                                 |
| Disbursement      Date:            | [_]                                                 |
| Interest      Type:                | Floating/Fixed/Zero      Coupon                     |
|                               |                                                |
| Fixed      Interest Rate:          | [_]% per      annum                                 |
| Floating      Interest Rate        | [_]      determined in accordance with Annex I Zero |
|                               |                                                |

| (ì) | Discount      Rate           | [_] |
|----------|------------------------------|-----|
| (ii)     | Disbursement      Amount     | [_] |
| (iii)    | Zero-Coupon      Upfront Fee | [_] |

----

| Interest      Payment Dates | [_] in each      year commercing on [_] up to, and including, the Maturity Date (specified      below) subject in each case to adjustment in accordance with the Business      Day Convention. |
|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Repayment      Basis | Amortizing /      Bullet |
|----------------------|--------------------------|

| Repayment      Date(s) | If Interest      Type “amortizing”: [_] and [_] in each year up to and including the      Maturity Date subject to adjustment in accordance with the Business Day      Convenion. |
|------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | If Interest      Type “bullet”: The Maturity Date (specified  below). |
|--------|-----------------------------------------------------------------------------------|

| Maturity      Date: | [_] subject      to adjustment in accordance with the Business Day    Convention. |
|---------------------|-----------------------------------------------------------------------------------|

| Business Day      Convenion:2 | [_] |
|-------------------------------|-----|

| Day Count      Convention:3 | [_] |
|-----------------------------|-----|

| Payment      Business Days: | Days on which      commercial Banks are open for business in[_] |
|-----------------------------|-----------------------------------------------------------------|

| FX Exchange      Rate | [_] as      determined in accordance with the FX Exchange Rate Determination      Method |
|-----------------------|------------------------------------------------------------------------------------------|

| FX Exchange      Rate Determination Method:4 |   |
|----------------------------------------------|--------|

| FX Rate      Determination Time: | [time] am/pm.      ([place] time) |
|----------------------------------|-----------------------------------|

| FX Rate      Determination Date: | [_] FX      Business Days prior to the relevant paymentdate |
|----------------------------------|-------------------------------------------------------------|

| FX Business      Days | Days on which      Banks are open for business in [_] |
|-----------------------|-------------------------------------------------------|

|   | [_] |
|--------|-----|

|   | _________________________________________For and on      behalf of European Investment Bank |
|--------|---------------------------------------------------------------------------------------------|

----

| (a) | If the      applicable Interest Type is "Floating" or "Fixed", Article 3.01      shall not apply to the relevant BLT Tranche and shall be replaced for      these purposes by the following: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | If the      applicable Interest basis is "Zero Coupon", Article      3.01 shall not apply to the relevant BRL­Linked    Tranche. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (i) | THE BANK may      be required to disclose to THE BORROWER the price quotations obtained but      shall not be under any obligation to disclose the identity of the relevant      Hedging Counterparties; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if the      determination of the net BRL Hedging Amount pursuant to this definition      results in a sum being payable to THE BANK, the BRL Hedging Amount shall      be deemed to be zero for the purposes of the determination of the BRL      Indemnity Amount |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (i)   | THE BORROWER      is a limited liability company duly established and validly existing under      the law of the Federative Republic of Brazil, and has all requisite      corporate powers to carry on its business as now conducted and to enter      into and to perform the obligations imposed on it by the      Contract. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | Execution and      delivery of the Contract on behalf of THE BORROWER have been duly      authorised by all necessary corporateaction. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | The Contract      has been validly executed and constitutes legal, valid and binding      obligations of THE BORROWER, enforceable in the Federative Republic of      Brazil. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | THE BORROWER      has obtained all necessary exchange control consents required under the      laws of the Federative Republic of Brazil to permit THE BORROWER to      receive disbursement under the Contract, to repay the Loan (as defined in      Article 2.01 of the Contract) in the currency of disbursement, to pay      interest and all other amounts due under the Contract and to open and      maintenance the account to which THE BORROWER directs THE BANK to disburse      the Credit. No other consent, approval, order or authorisation of, or      declaration or filing with any Brazilian governmental authority is      required in connection with the valid authorization, execution or      performance by the Company of its obligations under the      Contract. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | All sums due      by THE BORROWER to THE BANK under the Contract shall be made gross without      deduction or withholding of any tax or other levies at    source. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)   | The      execution, delivery and performance by THE BORROWER of the Contract will      not violate or be in breach of the law of the Federative Republic of      Brazil or of any documents comprising the constitution of THE      BORROWER. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii)   | The      application of English law as the proper law of the Contract and the      submission by THE BORROWER to jurisdiction of the English courts are valid      and enforceable against THE BORROWER and will be recognised by the Courts      of Brazil. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii)   | A judgment      obtained in the English Courts will be enforced by the Brazilian Courts      without re­examining the merits of thecase. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (ix)   | Any approval,      consent, order, permit, licence or waiver by or from any governmental or      local authority necessary for THE BORROWER (a) to carry out its business      is in full force and effect and (b) to fulfil its obligations hereunder      (including all exchange control registrations and    consents). |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x)   | THE BORROWER      is not in breach of or in default under any agreement, document or      instrument to which it is a party or which is binding upon it or any of      its assets, and there are no actions, proceedings or claims currently      pending or, to the best of its knowledge, threatened, the adverse      determination of which might have a material adverse effect on the      financial condition of THEBORROWER. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a)   | A true copy      of the Memorandum and Articles of Association of [company name] has been      delivered to the European Investment Bank and no change thereto has been      made since the date of suchdelivery. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | As at the      date hereof [company name] has not exceeded any limits on its borrowing      powers contained in its Memorandum or Articles of Association or in any      contract or any other instrument; the receipt of the loan the subject of      the Finance Contract will not cause any of such limits to be exceeded, nor      result in the imposition of increased financial charges or requirements as      to security under any other contract or instrument to which [company name]      is a party. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The borrowing      to be made under the Finance Contract has been duly authorised by all      relevant internal procedures of [company name]; the resolution to enter      into the Finance Contract, a copy of which has been delivered to European      Investment Bank, is still in force and has not been cancelled or      modified. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Save as      already disclosed in writing to European Investment Bank, [company name]      has not at the date hereof changed any of its assets to any person, firm      or company. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| PROCURACÃO TIM. NORDESTE . S.A.,      com sede na Avenida Ayrton Senna da Silva, n° 1633, Bairro de      Piedade, Jaboatão dos Guararapes, Estado do Pernambuco; CEP 54.410-240,      inscrita no CNPJ/MF sob o n° 01.009.686/0001-44 ("OUTORGANTE"), neste      ato devidamente representada por seu Diretor Presidente, o Sr. MARIO CESAR PEREIRA DE ARAUJO,      brasileiro, casado, engenheiro, portador da carteira de identidade      n° 02.158.026 IFP/RJ, inscrito no CPF/MF sob o n° 235.485.337-87, e por      seu Diretor de Suprimentos, o Sr. CLAUDIO ROBERTO DE ARGOLLO      BASTOS, brasileiro, casado, engenheiro, portador da carteira de      identidade n° 07101376-7, inscrito no CPF/MF sob o n° 805.708.607-68,      ambos domiciliados na Avenida das Américas,' n° 3434, Bloco 1, 6° andar,      na Cidade e Estado do Rio de Janeiro, nomeia e constitui como seus      bastantes procuradores: (i) OSCAR CICCHETTI,      italiano, casado, administrador, portador do passaporte italiano n°      D-786130, válido até 10 de abril de 2015, domiciliado em Corso d'Italia,      n° 41, na Cidade de Roma, Itália; (ii) FRANCESCO TANZI,      italiano, casado, administrador, portador do passaporte italiano n°      B-074220, válido até 8 de outubro de 2013, domiciliado na Piazza      Degli.      Affari n° 2, na Cidade de Milão,Itália;(iii) FRANCESCO MANCINI, italiano,      casado, administrador, portador do passaporte italiano n° 696478U, válido      até 12 de janeiro de 2010, domiciliado na Via Negri, no 1, Cidade de      Milão, Itália, e; (iv) GIANANDREA CASTELLI RIVOLTA,      italiano, divorciado, administrador, portador do passaporte      italiano n" C­113621, válido até 10 de fevereiro de 2014, inscrito no      CPF/MF sob o n° 060.522.167-78, domiciliado na Avenida das Américas n°      3434, Bloco 1, 6° andar, Barra da Tijuca, Cidade e . Estado do Rio de      Janeiro (isoladamente "OUTORGADO" e, em,      conjunto, "OUTORGADOS"); com poderes para, individualmente, representar a      OUTORGANTE com o      propósito de: (i)        Negociar e assinar, em nome da OUTORGANTE, Contrato de      Financiamento, a ser celebrado entre a OUTORGANTE e European      Investment Bank ("EIB"), com sede na Boulevard Konrad Adenauer, n° 100,      Luxemburgo, L-2950, Luxemburgo, por um valor total de € 200.000.000,00      (duzentos milhões de euros) ("Contrato"), assim como outros documentos,      incluindo, mas não se limitando a, pedidos de saque e contra-garantias,      que possam ser necessários ou úteis de acordo ou em conexão com o      Contrato, e;  (ii)            proceder de forma semelhante em nome da      OUTORGANTE todas      as medidas e acordos legais que possam ser necessários ou úteis de acordo      e em conexão com o Contrato e qualquer medida complementar relacionada que      possa ser necessária ou útil para o fiel cumprimento deste      mandato.  Os OUTORGADOS devem      observar fiel e rigorosamente as competências fixadas no Estatuto Social,      na Política de Autorizações Societárias e no Código de Ética da OUTORGANTE, bem como os      preceitos gerais de probidade e legalidade no exercício deste      mandato. A OUTORGANTE se compromete      a aprovar e ratificar toda e qualquer medida que os OUTORGADOS venham a executar por      este mandato e a isentá-los contra todas as medidas executadas ou      pretendidas no escopo do presente mandato.  |   | POWER OF ATTORNEY TIM NORDESTE S.A., a      company, duly incorporated and existing under the laws of Brazil, with      registered office at Avenida Ayrton Senna da Silva, n° 1633, Piedade, in      the City of Jaboatão dos Guararapes, State of Pernambuco, Brazil, CEP      54.410­240, enrolled in the CNPJ/MF under number 01.009.686/0001-44      ("GRANTOR") herein      represented by its Directors, Mr. MARIO CESAR PEREIRA DE ARAUJO,      Brazilian, married, engineer, bearer of identity card number      02.158.026 IFP/RJ, enrolled in theIndividual      Taxpayers' . Register ("CPF/MF") under number 235.485.337­87, and Mr.      CLÁUDIO. ROBERTO DE      ARGOLLO BASTOS, Brazilian, married, engineer, bearer of identity      card number 07101376-7, enrolled in the CPF/MF under number      805.708.607-68, both domiciled at Avenida das Américas, n° 3434, Bloco 1,      6th      floor, in the City and State of Rio de Janeiro, appoints and      constitutes as its attorneys-in-fact: (i) OSCAR CICCHETTI,      Italian, married, business manager, bearer of the Italian passport      number D-786130, in force until April 10th,      2015, domiciled at Corso d'Italia n° 41, in the City of Rome,      Italy; (ii) FRANCESCO TANZI,      Italian, married,, business manager, bearer of the Italian passport      number B-074220, in force until ' October 8th, 2013,      domiciled at Piazza Degli Affari n° 2, in the City of Milan, Italy; (iii)      FRANCESCO MANCINI,      Italian, married, business manager, bearer of the Italian passport      number 696478U, in force until January 12th,      2010, domiciled at Via Negri, n° 1, in the City of Milan, Italy, and; (iv)      GIANANDREA CASTELLI      RIVOLTA, Italian, divorced, business manager, bearer of the italian      passport number 113621, in force until February 10th, 2 enrolled, in the      CPF/MF under number 060.522.167-78, domiciled at Avenida das Américas, n°      3434, Bloco 1, 6th      floor, Barra da Tijuca, in the City and State of Rio de Janeiro      (each the "GRANTEE" and, together, the "GRANTEES"); with powers      to, each acting individually, represent the GRANTOR for the purposes      of: (i)            negotiating and signin in the name and on      behalf of the GRANTOR a Finance      Contract to be entered into by and between the GRANTOR and the European      Investment Bank ("EIB"), with registered office at Boulevard Konrad      Adenauer, n° 100, Luxembourg, L-2950, Luxembourg, for a total principal      amount of € 200,000,000.00 (two hundred million euros) ("Agreement"), as      well as all other documents including, but not limiting to, drawdown      requests and counter/guarantees, which may be necessary or useful pursuant      to or in connection with the Agreement, and; (ii)            carrying out likewise in the name and on      behalf of the GRANTOR all legal      actions and consents which may be necessary or useful pursuant to or in      connection with the Agreement and whatever related or complementary      actions which may be necessary or useful for the complete fulfillment of      the power of attorney received herein. The GRANTEES must faithfully      and strictly consider the powers established by the GRANTOR's by-laws,      Corporate Authorization Policy and Ethical Code, as well as the general      precepts of probity and legality in the discharge of this power of      attorney.  The GRANTOR undertakes to      approve and ratify any and all actions which the GRANTEES shall execute      hereunder and to hold them harmless against all  executed      actions or purported to be done hereunder. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| O      presente mandato será válido apenas para a prática dos atos acima      declinados ou pelo      prazo de 1 (um) ano a contar da presente data, podendo ser revogado a      qualquer momento pela OUTORGANTE.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | This power of      attorney will be in force for the execution of the aforementioned actions      or for the period of one (1) year and can be revoked at any time by the      GRANTOR.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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| Rio de      Janeiro, 27 de maio de 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Rio      de Janeiro, 27 de maio de 2008.                                                                                                                               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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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| (Consta      assinatura)TIM      NORDESTE S.A.p. MÁRIO      CÉSAR PEREIRA DE ARAÚJO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (Consta      assinatura)TIM      NORDESTE S.A.p.      MÁRIO CÉSAR PEREIRA DE ARAÚJO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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| (Consta      assinatura)TIM      NORDESTE S.A.p. CLÁUDIO      ROBERTO DE ARGOLLO BASTOS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | (Consta      assinatura)TIM      NORDESTE S.A.p.      CLÁUDIO ROBERTO DE      ARGOLLO     BASTOS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| [signature]       | [signature]                    |
|-------------------------------------------------|--------------------------------|
| LARA      RIBEIRO PIAU MARQUES                  | LUCAS      DIETRICH E. BRENNER |

| President of      the Board and representative of | Secretary of      the Board |
|---------------------------------------------------|-----------------------------|

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| [signature]                                                                          CLÁUDIO      ROBERTO DE      ARGOLLO                                                                                    BASTOS                                                                Chairman of      the Board and representative ofTIM      Participações S.A. | [signature]LUCAS DIETERICH E. BRENNERSecretary of      the Board |
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