Tim Participacoes reported its 3Q08 results. Key highlights included growing the subscriber base 20.7% YoY to 35.2 million users, stabilizing ARPU at R$29.7, and increasing EBITDA 47.5% YoY to R$799.8 million through tight expense control and lower bad debt. The company launched new convergent offers like TIM Fixo wireline telephony and expanded its 3G broadband portfolio. Operational improvements and financial discipline helped deliver on commitments to improve profitability.

1. Results
3Q08
November 5th, 2008

2. Agenda
3Q Highlights
Industry Overview
Operational Review
Financial Performance
Action Plan & Results

3. TIM PARTICIPAÇÕES S.A. Investor Relations
Key 3Q08 highlights
Focus on value: Revenue share of 28%1 vs. market share of 25%
Strategy
Convergent offer: launching ‘TIM Fixo’ and widening our 3G mobile broadband offer
Total subscribers base reached 35.2 million users +20.7% YoY
QoQ rebound:
Operational . Gross addition peaked +13%
. MOU remained strong at 101 min.
. ARPU best in class and stable at R$29.7
Net service revenue 6.5% higher YoY to R$3,066 million
VAS gross revenues up 25.2% YoY, representing 10% of gross service revenues
Financials EBITDA margin rebound QoQ and YoY at 23.8%
Bad debt returned to expected level (4.7% of net service revenues)
Net income reached R$22.5 million and positive free cash flow of R$468 million
1) Internal estimates – Net service revenue
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4. TIM PARTICIPAÇÕES S.A. Investor Relations
Industry Overview
Mn lines
Mobile Fixed Broadband
73% 74% 74% 17%
69% 71%
64% 66% 70%
59% 14% 9.6
133.2 140.8 41.1
121.0 125.8 39.8 38.8 39.4 10%
112.8 7.7
7%
5.6
3.9
6.6
5.4
4.2
3.1
3Q07 4Q07 1Q08 2Q08 3Q08 2005 2006 2007 3Q08* 2005 2006 2007 3Q08*
% Penetration per % Penetration per ADSL Cable &
total population Mobile lines
total households Access Others
* Internal estimates Access
Mobile market growth remains strong on YoY basis New players in fixed environment triggered competition and
reverted net addition downward trend
12 month accumulated net addition reached 28 million lines
Number portability will stimulate further competition in fixed
Market growth continues to be fueled by intense commercial service
activity from major players and naked SIM-card sales Broadband penetration is still low but growing at a fast pace
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5. TIM PARTICIPAÇÕES S.A. Investor Relations
TIM Performance
Subscribers base (Mn) Revenue vs. Market share
20.7% Market Revenue
share Share*
33.8 35.2
31.3 32.5
29.2
25% 28%
24.5 25.8 27.0 28.4
22.6
6.6 6.8 6.8 6.8 6.8
3Q07 4Q07 1Q08 2Q08 3Q08 TIM Competitors
Post-paid Pre-paid Source: Anatel and internal estimates - * net service revenues
Pre-paid growth supported by on-net promotions and naked A selective approach on subscriber base growth, with focus on
SIM-Card sales (>50% of total gross adds) profitability and a strict disconnection policy;
Pos-paid
. Selective approach on acquisition with focus on value and quality Capturing additional value from subscriber base through cross-
. Commercial focus on retention selling offer
. Launch of new premium customer care channel 5
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6. TIM PARTICIPAÇÕES S.A. Investor Relations
KPI’s performance
ARPU MOU
R$ Minutes
+7%
-13% 100 101
94 94
34.0
29.5 29.8 29.7
3Q07 1Q08 2Q08 3Q08 3Q07 1Q08 2Q08 3Q08
ARPU performance: MOU performance:
The highest ARPU among peers in 3Q08 YoY: Outgoing MOU growth fueled by on-net traffic
Since 1Q08 ARPU remained stable due to promotion
optimization and alignment QoQ:
• Slightly usage increased even after promotions realignment
YoY:
• Incoming MOU remained stable
• Pre-paid growth and change in subscriber mix
• ARPM remained flat despite the increase of pre-paid mix
• Slowdown in incoming revenue growth
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• Outgoing price reduction due to promotions 6

7. TIM PARTICIPAÇÕES S.A. Investor Relations
Addressing Unattended Market
TIM FIXO
- Monthly fee of R$29.90, including
250 minutes F2F calls
- Special tariff to TIM’s numbers
- Including caller ID, receive SMS,
waiting call and conference call
- Plug and play concept.
Wireline market overview TIM´s positioning
Low competitive environment (total revenue ~R$48Bn*) Alternative player and new source of revenues
Significant customers dissatisfaction Client’s cost and benefit oriented
Low household penetration Available nationwide through GSM platform
Number portability threat Number portability opportunity
High monthly fee Best value for price
No value-added service included VAS included (Caller ID, SMS, conference call)
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* Last 12 month until June/2008

8. TIM PARTICIPAÇÕES S.A. Investor Relations
Commercial activities in 3Q08
Commercial activities roadmap in 3Q08 VOICE: Remodeling tariffs and promotions dynamics
Post-paid focus with
smartphone ► Change in promotions conditions aiming profitability
‘Nova Tarifa Zero’
Stimulating VAS traffic ► Shortening promotion validity
‘Mega TIM Torpedo’
► Handset subsidy value oriented (on retention and acquisition)
Post-paid focus Pre-paid
► Stimulating customer’s recharges through promotional bonus
‘Tarifa Zero’ reinforce offer
‘Use e Ganhe’
VAS: Push on innovative services
► Segregate VAS promotion from voice
JUL/08 AUG/08 SEP/08 OCT/08 ► Stimulating usage through data package offer
► VAS empowered by 3G roll-out
► Further enhance partnerships
TIM + ASUS
Enhance partnership
CONVERGENCE: Strengthening our portfolio
‘TIM Web’ Broadband
Convergent offer
‘TIM FIXO’ launch ► Widening our TIM Web plan to address different needs
Convergent offer
► Focus on number portability opportunity
► Cross-selling convergent offers via TIM Web, TIM Fixo and
‘TIM TV 3G’
Innovative service Mobile
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9. TIM PARTICIPAÇÕES S.A. Investor Relations
KPI’s performance
SAC
R$ -14%
SAC performance:
-7%
SAC management consistent with segmented
approach
129 SAC remained under control even with gross adds
117 119 110 growing by 14% YoY and 13% QoQ
SAC/ARPU ratio shows an improvement on pay-
back period.
3Q07 1Q08 2Q08 3Q08
SAC/
3.8 4.0 4.0 3.7
ARPU
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10. TIM PARTICIPAÇÕES S.A. Investor Relations
Net Revenue performance
Total Net Revenues Outgoing voice revenues: Growth fueled by higher traffic
R$ Mn on local and long distance services. Push on traffic elasticity
to leverage long term outgoing usage pattern
3,358
3,163 2,993 3,186 Value-added-services: Yearly growth of 25.2% was
sustained by innovative services (including broadband),
which accounted for 72% of VAS revenue, and as a result of
focus on data package offers and partnerships with strong
content providers
2,971 3,066
2,878 2,838
Incoming revenues: Showing a recovering trend on QoQ
and YoY mainly due to promotion adjustments, slightly
increment on traffic volume and partial effect from tariff
285 155 215 292 adjustment
3Q07 1Q08 2Q08 3Q08
Net Service Revenue Net Handsets Revenue Handset revenues: YoY comparison was impacted by
receivables write-off in 3Q07. Adjusting for this one-time
YoY 1Q 2Q 3Q event, net handset revenue would have decreased 14.1%, as
a result of lower handset prices. On QoQ analysis, the
Total net revenue +5.3% +4.1% +6.1%
increase follows higher handset sales volume and better
Service revenue +6.6% +6.8% +6.5% handset mix.
Handset revenue -14.5% -22.4% +2.3%*
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* -14% adjusting for write-off of receivables in 3Q07

11. TIM PARTICIPAÇÕES S.A. Investor Relations
KPI’s performance
BAD DEBT
R$ Mn Bad debt performance:
Additional bad debt impact
275 272
Bad debt back to expected level, on track to 6% target
~119* ~95** 203 on yearly basis;
~60**
Maintaining strict credit control on post-paid acquisition
177
156 143 Focus on quality and value
143
3Q07 1Q08 2Q08 3Q08
Bad debt / net service revenue
Reported 9.6% 9.6% 6.8% 4.7%
Adjusted 5.4% 6.2% 4.8% 4.7%
* Impact from write-off of receivables in 3Q07 **Impact from telesales channel in Q1 and Q2
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12. TIM PARTICIPAÇÕES S.A. Investor Relations
EBITDA
EBITDA and EBITDA margin
R$ Mn Additional bad debt impact
EBITDA performance:
12% EBITDA growth of 12% YoY on normalized figures
800
Yearly and Quarterly EBITDA gain was backed
715 697
by strong voice, long distance and VAS services.
630 ~60
~173*
~95 . On the operational side, tight control on personnel,
G&A and selling/marketing expenses and a
637 significant reduction on bad debt due to new rules
542 535
and strict credit analysis
. Worth noting that even though total outgoing traffic
volume increased by 45% YoY, interconnection
3Q07 1Q08 2Q08 3Q08
cost remained flat
Reported
Margin 17.1% 17.9% 20.0% 23.8%
Adj.
Margin
22.2% 21.1% 21.9% 23.8%
*Impact from write-off of receivables in 3Q07: R$119 Mn in bad debt and R$55 Mn in handset revenue
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13. TIM PARTICIPAÇÕES S.A. Investor Relations
R$ Mln
EBITDA and EBITDA margin YoY performance
132.1 9.5 799.8
715.1 (173) 187.8 6.6 (40.3)
(80.6)
42.6
542.1 (48.4) If adjusted by write- 13.0 If adjusted by write-off
off of receivables in 3Q07 of receivables in 3Q07
Adjusted Receivables Reported Service Handsets Selling Network COGS Bad Debt Other EBITDA
EBITDA Write-off EBITDA Revenue Revenue Expenses Expenses Expenses 3Q08
3Q07 3Q07
Change
+6.5% +2.3% +6.0% +8.1% -10.1% -48.0% -3.8%
% YoY
22.2% 17.1% 23.8%
Adjusted Reported
EBITDA Margin EBITDA Margin 13

14. TIM PARTICIPAÇÕES S.A. Investor Relations
From EBITDA to bottom line – 3Q08
EBITDA Depreciation Net Financial Taxes and
EBIT Net Income
R$ Mn 3Q08 Amortization Expenses Others*
(618.0)
799.8
(118.4) (41.0)
181.8
22.5
Change YoY +47.5% +8.6% - +46.3% +116.2% -
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* Other non-operating expenses/revenues

15. TIM PARTICIPAÇÕES S.A. Investor Relations
Net financial position and FCF – 3Q08
Net Debt Operating Free Cash Flow
R$ Mn R$ Mn
2Q08 OpFCF Non 3Q08 344 (511)
OpFCF
800
Positive 633
Net Cash Flow
+468
(165) (2,743) EBITDA ΔWkC Capex OpFCF
(3,210) 633
R$ 4.1 billion (of which 41% long term)
Gross Debt ~24% of total debt is denominated in foreign currency (fully hedged)
Average annual cost 12.5% in 3Q08 versus 11.03% in 3Q07
During 3Q08, BNDES approved a credit line of R$1.5 billion aiming the
Liquidity investment plan for 2008-2013 in network and IT expansion 15

16. TIM PARTICIPAÇÕES S.A. Investor Relations
Action Plan Follow-up: Delivering on 2Q08 promises
Recovery actions (announced in 2Q08) 3Q08 Main Results
Voice: Refocus on postpaid high value segments, remodeling of ARPU best in class and stable at R$29.7
prepaid (started in 2Q08) and innovation of promotional dynamics MOU remained strong at 101 min.
to enhance ARPM
Offer VAS: Further push on innovative services leveraging on 3G VAS revenues up 25.2% YoY
mobile broadband and enriching media content Innovative revenue boosted 83% YoY
Convergence: Capture opportunities from mobile BB and NP (as Convergent offer: launching ‘TIM Fixo’
of Sept’08), by offering services as alternative player to fixed and widening our mobile broadband offer
Focus on value: Revenue share of 28%
Focus on high margin customers: Deeper segmentation of vs. market share of 25%
acquisition, retention and loyalty strategy
SAC: management consistent, dropping
Profitability Commissioning: Increase customer value linked to compensation 14% YoY
and develop profitability targets per channel
&
Bad debt: returned to expected level
Operational (4.7% of net service revenues)
Bad debt: Reorganization of monitoring process with stricter rules
excellence for credit analysis (implemented in 2Q08) Network: . starting the optical fiber project in
RJ metro aiming leased line costs reduction.
. Interconnection flat YoY
Efficiency: Invest in transmission capacity for cost-effective
management and selective reduction/revision of outsourcing model Cost control: tight control on personnel,
G&A and selling/marketing expenses.
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17. TIM PARTICIPAÇÕES S.A. Investor Relations
“Safe Harbor” Statements
Statements in this presentation, as well as oral statements made by the management of
TIM Participações S.A. (the “Company”, or “TIM”), that are not historical fact constitute
“forward looking statements” that involve factors that could cause the actual results of
the Company to differ materially from historical results or from any results expressed or
implied by such forward looking statements. The Company cautions users of this
presentation not to place undue reliance on forward looking statements, which may be
based on assumptions and anticipated events that do not materialize.
Investor Relations Visit our Website
Avenida das Américas, 3434 - Bloco 01 http://www.timpartri.com.br
6° andar – Barra da Tijuca
22640-102 Rio de Janeiro, RJ
Phone: +55 21 4009-3742 / 4009-3446 / 4009-4017
Fax: +55 21 4009-3990
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