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Management Proposal Agm 2018

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Management Proposal Agm 2018 MANAGEMENT PROPOSAL AGM 2018 March 19, 2018 Summary Item Subject Page 1. Call Notice 1 Management’s report and Consolidated Financial Statements of the 2. 5 Company, dated as of December 31st, 2017 3. Item 10 from the Reference Form 7 Proposal for the allocation of the results related to the fiscal year 4. 31 2017 and distribution of dividends by the Company Elected members to the effective positions of the Board of Directors 5. 38 of the Company Appointed to the positions of effective members of the Company's 6. 47 Board of Directors Appointed to the positions of effective members and respective 7. 55 alternates of the Company's Fiscal Council Attendance of Effective and Alternates members in the Boards and 8. 72 Committees Meetings of the Company Boards and Committees Compensation Proposal for the Company’s Administrators and Fiscal 9. 74 Council members for the year of 2018 10. Item 13 from the Reference Form 76 11. Proposal of extension of the Cooperation and Support Agreement 120 12. 11th Amendment to the Cooperation and Support Agreement 128 13. Long Term Incentive Plan 132 01 – Call Notice 1 TIM PARTICIPAÇÕES S.A. Publicly‐Held Company CNPJ/MF 02.558.115/0001‐21 NIRE 33.300.276.963 CALL NOTICE – ANNUAL AND EXTRAORDINARY SHAREHOLDERS’ MEETING The Shareholders of TIM Participações S.A. (“Company”) are called upon, as set forth in the Section 124 of the Brazilian Law Nr. 6,404/1976, to attend the Company’s Annual and Extraordinary Shareholders’ Meetings to be held on April 19th, 2018, at 11am, at Avenida João Cabral de Mello Neto, nº 850, South Tower, 13rd floor, Barra da Tijuca, in the City and State of Rio de Janeiro, in order to resolve on the following Agenda: On Annual Shareholders’ Meeting: (1) To resolve on the management’s report and the financial statements of the Company, dated as of December 31st, 2017; (2) To resolve on the management’s proposal for the allocation of the results related to the fiscal year of 2017, and on the dividend distribution by the Company; (3) To confirm the appointments of the Board of Directors’ Members made at the Board of Directors’ Meetings held on November 29th, 2017 and March 16th, 2018, pursuant to Article 150 of Law Nr. 6,404/1976 and to Article 20, Section 2 of the Company’s By‐laws; (4) To appoint the new Board Members in replacement of the Board Members who resigned on March 16th, 2018 as per the Material Fact published on the same date; (5) To resolve on the composition of the Fiscal Council of the Company; (6) To appoint the regular and alternate members of the Fiscal Council of the Company; and (7) To resolve on the compensation proposal for the Company’s administrators, the members of the Committees and the members of the Fiscal Council, for the fiscal year of 2018. On Extraordinary Shareholders’ Meeting: (1) To resolve on the proposal for the extension of the Cooperation and Support Agreement, through 2 the execution of the 11th amendment to this agreement, to be entered into between Telecom Italia S.p.A., on the one hand, and the Company and its controlled companies, TIM Celular S.A. ("TCEL") and TIM S.A., on the other hand; and (2) To resolve on the proposal of the Long Term Incentive Plan of the Company. General Instructions: 1. All the documents and information regarding the subjects to be analyzed and resolved on at the Shareholders’ Meetings are at the Shareholders’ disposal at the Company’s head offices, as well as on the websites www.tim.com.br/ri, www.cvm.gov.br and www.bmfbovespa.com.br. 2. The Shareholders’ may participate either in person or represented by a duly constituted proxy, as provided by Article 126 of Law Nr. 6,404/1976 and by the sole paragraph of Article 12 of the Company's By‐laws, as well as by distance voting ballot, following the detailed guidelines below: a. In person: A Shareholder who chooses to participate in person must send a copy of the identity document and of the respective shareholding statement, issued at least five (5) business days prior to the Shareholders' Meeting, within two (2) business days prior to the Shareholders' Meeting; b. By proxy: The Shareholder to be represented at the Shareholders' Meeting must send to the Company's head offices the respective supporting documentation of its representation, including the power of attorney and/or the articles of incorporation related to the appointment, as the case may be, and the identification documents of the representative, within two (2) business days prior to the Shareholders' Meeting; c. By distance voting ballot: The Shareholder that, pursuant to CVM’s Instruction Nr. 481/2009, opts to participate by distance voting ballot, must send the instructions for filing the form to its respective custodian agents or the depositary institution of the Company’s shares, or must 3 send the form directly to the Company, in any case, up to 07 (seven) days prior to the Shareholders’ Meeting, as informed in the Management’s Proposal. 3. The documents mentioned herein shall be forwarded as follows: TIM Participações S.A., Investor Relations Officer, Mr. Adrian Calaza, Avenida João Cabral de Mello Neto, 850, North Tower, 12nd floor, Barra da Tijuca, in the City and State of Rio de Janeiro. Rio de Janeiro (RJ), March 19th, 2018. João Cox Neto Chairman of the Board of Directors 4 02 – Management’s report and Consolidated Financial Statements of the Company, dated as of December 31st, 2017 5 TIM PARTICIPAÇÕES S.A. MANAGEMENT REPORT, FINANCIAL STATEMENTS AND THE OPINION OF INDEPENDENT AUDITOR AND STATUTORY AUDIT COMMITTEE, FOR THE YEAR OF 2017 Dear Shareholders, In compliance with the Circular Letter CVM/SEP/Nº02/2018, and as set forth in the CVM Instruction Nr. 481/2009, TIM Participações S.A. informs that the Fiscal Council's Report is available on the website of the Brazilian Securities and Exchange Commission (CVM) filed in the category "Administration Meeting", type "Fiscal Council", type "Minute", subject "Opinion on Financial Statements". In addition, the Financial Statements, the Independent Auditors' Report and the DFP Form for the year 2017, as well as the Participation Manual of the Meeting, are available on the CVM website and on the Investor Relations website of the Company, at the following electronic addresses: www.cvm.gov.br/ www.tim.com.br/ir Rio de Janeiro, March 19, 2018. João Cox Neto Chairman of the Board of Directors 6 03 – Item 10 from the Reference Form 7 10.1. The officers shall comment on: The financial information included in this Reference Form, except as expressly provided, refers to the consolidated financial statements related to socials exercises ended on December 31st, 2015, 2016 and 2017. The information contained in item 10 of the Reference Form shall be read and analyzed in conjunction with the consolidated financial statements available on our website (www.tim.com.br/ri) and on the website of the Brazilian Securities and Exchange Commission (www.cvm.gov.br). a. general financial and equity conditions The Officers of TIM Participações understand that the Company has a healthy financial and equity condition to implement its strategic plan and comply with its short and long-term obligations. In 2017, the Company kept a comfortable financial and equity situation, presenting (i) gross debt was down by 22.9%, (ii) reduction of 33.6% in cash and securities position, mainly explained by the prepayment of higher-cost debt (iii) slight reduction of net debt, gross debt discounted of cash and securities position, and (iv) reduction in the level of indebtedness, Net Debt / EBITDA. EBITDA increased 14.2% in 2017, driven by revenue growth and strict cost control. The Company's debt is concentrated in long-term contracts (77% of the total), mainly through BNDES financing. Approximately 9% of total debt is denominated in foreign currency (USD) and is fully hedged in local currency. The average cost of debt excluding leasing effects was 10.5% p.y, a reduction when compared to the to the 12.5% p.y cost recorded in 2016. Aiming at an efficient management of the Company's indebtedness and cash position, in 2017, TIM decided to partially liquidate in advance higher- cost debt in the total amount R$ 1,717 million. Accompanied by its solid cash position, the Company also has stable liquidity ratios, showing overall ability to meet its short- and long-term obligations. Regarding liquidity ratios, the Company had: General Liquidity ((Current Assets + Non-Current Receivables) / (Current + Non-Current Liabilities)), considering as Non- current Receivables the Company’s Non-Current Assets, for the years 2015, 2016 and 2017 of 1.87, 1.98 and 2.26, respectively, and Current Liquidity (Current Assets / Current Liabilities) of 1.31, 1.39 and 1.05 respectively. As for the debt profile, the Company has maintained the concentration of its short-term obligations under control, having presented in the years 2015, 2016 and 2017 the Composition Index of Debt (Current Liabilities / (Total Liabilities - Shareholders' Equity), 48%, 42% and 50%, respectively. b. capital structure The Directors believe that the current capital structure of TIM Participações presents conservative leverage levels. The Leverage Ratio (Gross Debt / Shareholders' Equity) closed the years 2015, 2016 and 2017 in 51%, 48% and 35%, respectively. 8 The Overall Debt Ratio shows the Company's balance in the assets financing sources, shareholder's equity vs. third parties’ capital. In addition, the Company's concern to keep a capital structure that supports business needs is reflected in the debt profile, as indicated by the Composition Index of Debt.
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