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Investor Presentaiton

TIM Brasil 2020-'22 Targets Guidance GOALS Revenue Growth Sustainability Improve Profitability Infrastructure Development DRIVERS -> Leverage mobile ARPU improve -> -> Expand Residential UBB operations Tap B2B opportunity -> Accelerate digital transformation -> Maintain zero-based budget approach -> Reliable bill to cash process -> Smart and selective Capex approach Expand Cash Generation -> Strict financial discipline →> Continue debt and tax rate optimization TIM (1) KPIs with IFRS 15/9, except when otherwise indicated. SHORT TERM TARGETS (2020) LONG TERM TARGETS Service Revenues Growth: Mid single digit (YoY) Service Revenues Growth: Mid single digit (CAGR '19-'22) EBITDA Growth: Mid single digit (YoY) EBITDA Margin: ≥40% in 2022 (≥47% w/ IFRS 16) Capex on Net Revenues: Low 20's EBITDA-Capex on Net Revenues: >16% (>20% w/ IFRS 16) Capex: R$ 12.0 12.5 bln (Σ'20-'22) EBITDA-Capex on Net Revenues: ≥20% in 2022 (≥25% w/ IFRS 16) TIM Brasil | Investor Relations Strategic Plan 2020-22 22
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